Medivation (MDVN) Misses Q1 EPS by 10c
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Medivation (NASDAQ: MDVN) reported Q1 EPS of $0.17, $0.10 worse than the analyst estimate of $0.27. Revenue for the quarter came in at $127.8 million versus the consensus estimate of $149 million.
U.S. net sales of XTANDI� (enzalutamide) capsules, as reported by Astellas Pharma Inc., were $224.0 million for the quarter (+80% vs. prior year). On its February 25, 2015 earnings call, Medivation stated its expectation that first quarter U.S. net sales may be at or below fourth quarter 2014 net sales of $230.2 million. First quarter U.S. net sales of $224.0 million were driven by an increase in underlying demand (low teens percent) offset by an anticipated higher gross-to-net rate as compared with fourth quarter net sales of $230.2 million, which included an increase in channel partner inventory of approximately one week.
Ex-U.S. net sales of XTANDI, as reported by Astellas, were approximately $133 million for the quarter (+161% vs. prior year). First quarter ex-U.S. net sales increased by 6% compared with fourth quarter 2014 net sales of approximately $126 million, and were adversely affected by approximately 9%, due to a strengthening of the U.S. dollar, against the euro and yen.
"We are pleased with the commercial performance of XTANDI during the quarter, which was in line with our expectations and consistent with our previous guidance," said David Hung, M.D., president and chief executive officer of Medivation. "Looking ahead, we remain focused on creating additional shareholder value through the continued commercialization of XTANDI in mCRPC as well as the development of our proprietary programs which are focused, among other areas, in oncology and neurology."
For earnings history and earnings-related data on Medivation (MDVN) click here.
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