Categories Earnings, Health Care

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.


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

Most Popular

WBA Earnings Preview: Will Walgreens’ Q3 report bring cheer to investors?

Walgreens Boots Alliance, Inc. (NASDAQ: WBA) has been facing challenges due to higher operating costs, rising competition, and an unfavorable retail environment. These factors have put pressure on the drugstore

Main points from Accenture’s (ACN) Q3 2024 earnings report

Shares of Accenture (NYSE: ACN) rose 6% on Thursday, following the company’s announcement of its third-quarter 2024 earnings results. Although revenue and profits missed expectations, the stock jumped after the

ACB Earnings: Aurora Cannabis reports narrower Q4 loss on higher revenues

Aurora Cannabis, Inc. (NASDAQ: ACB) on Thursday reported a net loss for the fourth quarter of 2024. The company’s revenues moved up 5% year-over-year during the quarter. The Canada-based recreational


Add Comment
Viewing Highlight