Biotechnology company Seattle Genetics Inc. on Tuesday reported a first-quarter profit on a boost in revenue from the company's key partner, Genentech.
The company earned $11.5 million, or 11 cents per share, compared with a loss of $27.3 million, or 33 cents per share, during the same period a year prior. Revenue surged to $46.5 million from $9.1 million.
Analysts surveyed by Thomson Reuters expected profit of 4 cents per share on $41 million in revenue.
The company's key partnership is with Genentech, now part of Roche. The companies are developing potential cancer treatments. Seattle Genetics said the profit boost was driven by the earned portion of payments in the company's collaboration with Genentech.
Shares of Seattle Genetics fell 30 cents, or 2.6 percent, to close at $11.32. The stock has traded between $8.12 and $14.94 over the last 52 weeks.