Categories Earnings, Other Industries

Clovis Oncology dips further as loss widens in Q2

Clovis Oncology (NASDAQ: CLVS) on Thursday reported second-quarter results that were weaker than the street expectations.  Total revenues rose 39% year-over-year to $32.98 million, vs. the Wall Street estimate of $34.92 million.

Q2 loss of $2.27 per share was wider than $1.94 per share it posted last year and worse than the analysts’ estimate of $1.71 per share loss.

pharma stocks
Image for representation (Photo by Drew Hays on Unsplash)

CLVS shares plunged 6% during pre-market trading on Thursday. The stock has declined almost 50% since the beginning of this year and is trading near an all-time low.

U.S. sales rose 3% sequentially in Q2. Ex-US net product revenues were lower sequentially in Q2 as initial launch stocking shipments were made in March and reported in Q1. Clovis expects ex-U.S. net product revenues to increase in Q3. 

READ: Exelixis surpasses Q2 earnings estimate by 6 cents

The Colorado-based biopharmaceutical company expects global net product revenue to be in the range of $137 million to $147 million for the full year.

CEO Patrick J. Mahaffy said in a statement, “We continue to make progress in the second-line ovarian cancer maintenance indication in the U.S., and we look forward to the potential prostate indication in the U.S. and launches in additional EU countries to support top-line growth in 2020.”

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

Netflix (NFLX): Four reasons why this leader will not be easy to overthrow

Netflix (NASDAQ: NFLX) has for long been the undisputed king of the streaming space. The streaming industry is seeing massive growth with several new players entering the field. It also

Fastenal (FAST) sees strong post-COVID prospects: Is the stock a buy?

The demand for services that involve minimal human interaction is on the rise as people continue to practice social distancing. Fastenal Co. (NASDAQ: FAST), a market-leading supplier of vending machines,

HEXO Corp. (HEXO) Earnings: 3Q21 Key Numbers

HEXO Corp. (NYSE: HEXO) reported its third-quarter 2021 earnings results today. Net revenue rose 2% year-over-year to CAD22.6 million. Net loss narrowed to CAD20.7 million from a loss of CAD19.5

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top