Portola’s stock crashes 12% despite Q1 results beat

Shares of Portola Pharmaceuticals (NASDAQ: PTLA) plummeted 12.7% in morning trade on Wednesday despite the company achieving better-than-expected revenue and earnings for the first quarter of 2019.

Total revenues grew to $22.2 million during the first quarter of 2019 from $6.6 million in the prior-year period. Net product revenues from Andexxa sales totaled $20.3 million while revenue from Bevyxxa sales amounted to $77,000. Collaboration and license revenues were $1.8 million.

On a GAAP basis, net loss attributable to Portola was $78.2 million, or $1.17 per share, compared to $84.2 million, or $1.28 per share, last year. This year’s quarterly results include the effect of two charges related to the US FDA’s approval of the company’s Gen 2 manufacturing process. Adjusted net loss was $68.4 million, or $1.02 per share.

R&D expenses decreased to $35.6 million from $60.1 million in the year-ago quarter, mainly due to the manufacturing costs for Andexxa Gen 2 being capitalized and no longer flowing through R&D.

Portola stated that the full commercial launch of Andexxa in the US is off to a great start and the quarterly results reflected strong demand for the product. The company achieved another long-term growth catalyst with the approval of Ondexxya in Europe.

Portola is making progress with cerdulatinib and the company anticipates defining its safety and efficacy profile through a number of scientific presentations in the second quarter.

Portola’s shares have rallied 79% year to date.

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