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Biotech / Medical : Immunomedics (IMMU) - moderated
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From: idahoranch12/8/2019 4:49:21 PM
2 Recommendations

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There have been opinions stated here that SGEN wouldn’t have messed this up. We don’t know that.

Over the years I’ve been fortunate to develop a lot of contacts who don’t post on here, but do a lot of groundwork, sometimes they send me things to look at and once in a while I’ll post something they found.

Someone I know follows SGEN fairly closely and they sent me a couple of items from SGEN’s from their 10K I believe they just released.

From page 79

<<Cost of sales increased in 2018 and 2017 as compared to prior years. The increase from 2017 to 2018 reflected higher ADCETRIS sales volumes in addition to an inventory write-off of $18.1 million recorded in the fourth quarter of 2018 related to in-process production that did not meet our manufacturing specifications. This inventory adjustment did not impact availability of product supply required to meet demand for ADCETRIS.>>

This is their approved treatment that they’ve been producing since around 2011. That’s a big writeoff and written off under “Cost of sales”, so it’s not anywhere near loss of revenue. But shows that ADC’s are not a slam dunk to manufacture. Even with all that experience in manufacturing THAT ADC, things went wrong. If that had been 132 in this application process, guess what, a CRL. The good news for them is that their controls were good enough to catch it, so they didn’t get hammered by FDA and patients being harmed.

From page 44

<<Additionally, as of December 31, 2018, we held 7.7 million shares of Immunomedics common stock>>

I think that’s little or no change from the last they reported.
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