Seattle Genetics down on light 2019 Adcetris sales guidance

Seattle Genetics Inc. (NASDAQ:SGEN) fell $8.73 (12%) to $65.02 Friday after announcing late Thursday 2019 guidance for Adcetris brentuximab vedotin sales below the consensus estimate. The move represents a market cap loss of almost $1.4 billion.

Seattle Genetics expects 2019 Adcetris sales of $610-$640 million; the Street was expecting $660 million. The biotech guided to 2019 total revenues of $790-$840 million, also below consensus estimate of $860.5 million...