Categories Earnings, Health Care

Clovis Oncology (NASDAQ: CLVS): Q4 2019 Earnings Snapshot

— Clovis Oncology (NASDAQ: CLVS) reported a fourth-quarter 2019 loss of $1.81 per share versus a loss of $1.71 per share expected.

— Product revenues grew by 30% to $39.3 million versus $38.97 million expected. The top line was driven by an increase in the US net product revenue.

Earnings Update by AlphaStreet

— The supply of free drugs distributed to eligible patients in the U.S. through the Rubraca patient assistance program for Q4 2019 was 18% of the overall US commercial supply, compared to 26% reported in Q4 2018.

— Research and development expenses increased by 2% year-over-year due primarily to higher research and development costs for rucaparib clinical trials.

— The company believes it has sufficient cash, cash equivalents, and available-for-sale securities to fund its operating plan into the second half of 2021. This is based on anticipated revenue, spending, available financing sources, and existing cash.

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