Clovis Oncology Announces Product Revenues for the Fourth Quarter and Full Year 2018
January 7, 2019
-
Estimated $30.3-$30.8M in Rubraca® sales
for Q4 2018 and $95.3-$95.8M for FY2018 - Q4/FY2018 Operating Results planned for February 26, 2019
BOULDER, Colo.–(BUSINESS WIRE)–Clovis
Oncology, Inc. (NASDAQ:CLVS) today announced its preliminary,
unaudited revenues for the fourth quarter and full year ended December
31, 2018. The financial information presented in this news release may
be adjusted as a result of completion of customary quarterly review and
audit procedures.
Unaudited preliminary results include:
-
$30.3-$30.8M in Rubraca® product revenues
for the fourth quarter of 2018 compared to $22.8M for Q3 2018 and
$17.0M for Q4 2017 -
$95.3-$95.8M in Rubraca product revenues for the full year 2018
compared to $55.5M for FY2017 -
Free drug was an additional approximately 25 to 27 percent of
overall commercial supply for Q4 and FY2018 -
$518-$521M in cash, cash equivalents and available-for-sale
securities at December 31, 2018
Clovis plans to discuss these results with investors this week at the 37th
Annual J.P. Morgan Healthcare Conference in San Francisco.
“We are very pleased with our sales performance in the fourth quarter
and the momentum it provides going into this year,” said Patrick J.
Mahaffy, CEO and President of Clovis Oncology. “Following the recent
CHMP recommendation for our second ovarian cancer approval in Europe,
Breakthrough Therapy Designation and a potential supplemental NDA in
prostate cancer by the end of this year, as well as our successful
defense last month of the rucaparib camsylate salt/polymorph patent in
Europe, we feel extremely well-positioned for a strong 2019.”
Clovis Oncology to Present at 37th Annual
J.P. Morgan Healthcare Conference on January 8, 2019
Clovis’ President and CEO, Patrick J. Mahaffy, will present at the 37th
Annual J.P. Morgan Healthcare Conference to be held at the Westin St.
Francis hotel in San Francisco on Tuesday, January 8, at 4:30 p.m. PT. A
live webcast of the presentation and Q&A session can be accessed through
the investor relations section of the Company’s website at clovisoncology.com.
Following the live presentation, a replay of the webcast will be
available on the Company’s website for 30 days.
Fourth Quarter and Full Year 2018 Financial Results Release Planned
for February 26, 2019
The Company plans to report financial results for the fourth quarter and
full year ended December 31, 2018, on Tuesday, February 26, 2019, after
the close of the U.S. financial markets. Clovis’ senior management will
host a conference call and live audio webcast at 4:30 p.m. ET to discuss
the company’s results in greater detail.
About Rubraca (rucaparib)
Rubraca is an oral, small molecule inhibitor of PARP1, PARP2 and PARP3
being developed in ovarian cancer as well as several additional solid
tumor indications. Studies open for enrollment or under consideration
include ovarian, prostate, breast, gastroesophageal, pancreatic, lung
and bladder cancers. Clovis holds worldwide rights for Rubraca.
In the United States, Rubraca is approved for the maintenance treatment
of adult patients with recurrent epithelial ovarian, fallopian tube, or
primary peritoneal cancer who are in a complete or partial response to
platinum-based chemotherapy. Rubraca is also approved in the United
States for the treatment of adult patients with deleterious BRCA
mutation (germline and/or somatic) associated epithelial ovarian,
fallopian tube, or primary peritoneal cancer who have been treated with
two or more chemotherapies and selected for therapy based on an
FDA-approved companion diagnostic for Rubraca.
Rubraca is an unlicensed medical product outside of the U.S. and EU.
Clovis Oncology, Inc. is a biopharmaceutical company focused on
acquiring, developing and commercializing innovative anti-cancer agents
in the U.S., Europe and additional international markets. Clovis
Oncology targets development programs at specific subsets of cancer
populations, and simultaneously develops, with partners, diagnostic
tools intended to direct a compound in development to the population
that is most likely to benefit from its use. Clovis Oncology is
headquartered in Boulder, Colorado, and has additional offices in San
Francisco and Oakland, California, and Cambridge, UK. Please visit clovisoncology.com
for more information.
To the extent that statements contained in this press release are not
descriptions of historical facts regarding Clovis Oncology, they are
forward-looking statements reflecting the current beliefs and
expectations of management. Examples of forward-looking statements
contained in this press release include, among others, statements
regarding our preliminary estimates of fourth quarter and fiscal year
2018 revenue, free drug and cash position, and our expectations for
submission of regulatory filings. Such forward-looking statements
involve substantial risks and uncertainties that could cause our future
results, performance or achievements to differ significantly from that
expressed or implied by the forward-looking statements. Such risks and
uncertainties include, among others, the uncertainties inherent in
actions or decisions by the FDA, the EMA or other regulatory authorities
regarding whether to accept or approve drug applications that may be
filed, including delays or denials of regulatory approvals, clearances
or authorizations for applications, as well as their decisions regarding
drug labeling, reimbursement and pricing. Furthermore, we are in the
process of finalizing our financial results for the fourth quarter and
fiscal year 2018, and therefore our finalized and audited results and
final analysis of those results are not yet available. The preliminary
expectations regarding 2018 revenue, free drug and year-end cash, cash
equivalents and available for sale securities are subject to
management’s review and actual results could differ from management’s
expectations. The actual results are also subject to audit by our
independent registered public accounting firm and no assurance is given
by our independent registered public accounting firm on such preliminary
expectations. You should not draw any conclusions as to any other
financial results as of and for the year ended December 31, 2018, based
on the foregoing estimates. These forward-looking statements speak only
as of the date hereof. Clovis Oncology does not undertake to update or
revise any forward-looking statements. A further description of risks
and uncertainties can be found in Clovis Oncology’s filings with
the Securities and Exchange Commission, including its Annual Report on
Form 10-K and its reports on Form 10-Q and Form 8-K.
Contacts
Breanna Burkart
303.625.5023
bburkart@clovisoncology.com
Anna Sussman
303.625.5022
asussman@clovisoncology.com