*********STRONG WATCH FOR A BREAKOUT ON THIS NAME IN THE COMING WEEKS****** ANALYSTS ARE VERY OPTIMISTIC ON THE PROSPECTS WITH CREDIT SUISSE ISSUING A BUY RATING AND A $29 TARGET WHILE ON MAY THE 8th H.C WAINWRIGHT MAINTAINED A BUY RATING AND A $36 PRICE TARGET.
EARNINGS HIGHLIGHTS
Edited Transcript of Clovis Oncology Inc earnings conference call or presentation Tuesday, May 7, 2019 at 12:30:00pm GMT
Product revenue was $33.1 million in Q1 2019. This compares to $18.5 million in Q1 2018. This represents a 79% quarterly increase year-over-year.
This includes $31.9 million in U.S. product revenues and $1.2 million in ex U.S. product revenues, following the launches in Germany and the U.K. private pay market that occurred in March. The number of weeks of inventory at distributors at the end of Q1 was flat to Q4 2018. The supply of free drug provided through our U.S. patient assistance programs totaled $8.4 million in commercial value in Q1 2019 or approximately 21% of overall commercial supply. This is in line with the 22% reported in Q1 2018.
Ended the first quarter with $406.8 million in cash, cash equivalents and available-for-sale securities. Cash used in operating activities was $98.5 million for Q1 2019 compared with $100.6 million for Q1 2018. This is a sequential increase from the $82.7 million in cash used in Q4 2018 and is primarily due to higher drug purchase costs of $27.5 million in 2019 versus $22.7 million in drug purchase costs in Q4 2018.
We continue to target late 2019 for a potential supplemental NDA filing for BRCA-mutant patients with advanced metastatic castration-resistant prostate cancer. And having completed our financing with TPG for ATHENA, we substantially extended our projected cash runway, which allows us to move forward with these objectives I've described, which we believe will enhance shareholder value.
Average Analysts recommendation Overweight
9 Buy
3 Hold
Average Analysts price target $29.90
Company Description
Clovis Oncology, Inc. is a commercial stage biotechnology company, which engages in the acquisition, development, and commercialization of cancer treatments in the United States, Europe, and other markets. Its product development programs target specific subsets of cancer, and simultaneously develop, with partners, diagnostic tools intended to direct a compound in development to the patients most likely to benefit from its use.
EARNINGS HIGHLIGHTS
Edited Transcript of Clovis Oncology Inc earnings conference call or presentation Tuesday, May 7, 2019 at 12:30:00pm GMT
Product revenue was $33.1 million in Q1 2019. This compares to $18.5 million in Q1 2018. This represents a 79% quarterly increase year-over-year.
This includes $31.9 million in U.S. product revenues and $1.2 million in ex U.S. product revenues, following the launches in Germany and the U.K. private pay market that occurred in March. The number of weeks of inventory at distributors at the end of Q1 was flat to Q4 2018. The supply of free drug provided through our U.S. patient assistance programs totaled $8.4 million in commercial value in Q1 2019 or approximately 21% of overall commercial supply. This is in line with the 22% reported in Q1 2018.
Ended the first quarter with $406.8 million in cash, cash equivalents and available-for-sale securities. Cash used in operating activities was $98.5 million for Q1 2019 compared with $100.6 million for Q1 2018. This is a sequential increase from the $82.7 million in cash used in Q4 2018 and is primarily due to higher drug purchase costs of $27.5 million in 2019 versus $22.7 million in drug purchase costs in Q4 2018.
We continue to target late 2019 for a potential supplemental NDA filing for BRCA-mutant patients with advanced metastatic castration-resistant prostate cancer. And having completed our financing with TPG for ATHENA, we substantially extended our projected cash runway, which allows us to move forward with these objectives I've described, which we believe will enhance shareholder value.
Average Analysts recommendation Overweight
9 Buy
3 Hold
Average Analysts price target $29.90
Company Description
Clovis Oncology, Inc. is a commercial stage biotechnology company, which engages in the acquisition, development, and commercialization of cancer treatments in the United States, Europe, and other markets. Its product development programs target specific subsets of cancer, and simultaneously develop, with partners, diagnostic tools intended to direct a compound in development to the patients most likely to benefit from its use.