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.
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
ADVERTISEMENT
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.”