Adaptive Biotechnologies Looks Forward to 2020 Growth
Adaptive Biotechnologies Corp., a company that seeks to understand how the adaptive immune system works in order to recognize and cure diseases, announced in early March that it has an expected revenue of between $114 and $119 million in 2020.
According to CEO Chad Robbins, Adaptive saw “incredible growth” last year and expects this upward trend to continue.
“Overall, we made outstanding progress in 2019, and we will continue to execute across our platform, current products and clinical pipeline in 2020,” Robins said during the call in which he announced the numbers.
Last year’s revenue was $85.1 million, an impressive 53% increase from its 2018 numbers, which were around $55.7 million.
In addition to its growing 2020 revenue, Adaptive also estimates that its portfolio is worth approximately $48.7 billion. Two-thirds of this value is derived from the company’s innovations in cellular therapy in oncology.
Last year, Adaptive became one of the biggest names in biotech when it raised $345 million through its initial public offering in June.
The company had previously received $300 million in funding from Genentech to develop and produce accessible T cell therapies for cancer treatment. This agreement accounts for almost half of the company’s revenue in 2019, and Adaptive will continue to earn up to $1.8 billion over the coming years.
In 2019, Adaptive reported a deficit of $365.6 million – not uncommon for a new biotech company still rolling out projects. At the same time, it spent over $70 million on research and development and has $912 million in assets.
With 453 full-time employees, the Seattle-based biotech company is one of the largest in the area, just after Seattle Genetics Inc. and Juno Therapeutics Inc.
While Adaptive currently has a presence in Eastlake, it will soon move its headquarters to a new 100,000 square-foot property under construction by Alexandria Real Estate Equities. The company could see more growth shortly after moving in 2021, as it will maintain both properties for its staff.
Source: Puget Sound Business Journal