Clovis Oncology (CLVS) Misses Q1 EPS by 12c

Clovis Oncology (NASDAQ: CLVS) reported Q1 EPS of ($1.39), $0.12 worse than the analyst estimate of ($1.27). Revenue for the quarter came in at $42.56 million versus the consensus estimate of $41.41 million.

“We are pleased with our sales growth in the first quarter and believe that Rubraca is well-positioned as an oncology treatment option in the COVID-19 era,” said Patrick J. Mahaffy, President and CEO of Clovis Oncology. “While we may see some impact on near-term revenues as oncology practices and patients adjust to the impact of this virus in the U.S. and Europe, it is obvious that cancer patients will continue to be diagnosed and treated given the evident risks in not actively managing their disease. We believe that Rubraca has significant advantages as a maintenance option in an environment in which physicians are trying to reduce patient visits to their clinics. Rubraca is an oral agent and is both delivered directly to and taken at home. Unlike observation, which on average requires a return to immunosuppressive chemotherapy after approximately five months, Rubraca has proven to extend progression-free survival by independent assessment on average nearly fourteen months. And finally, Rubraca only requires monthly routine monitoring. In addition to seeking to establish Rubraca as the maintenance treatment option of choice in recurrent ovarian cancer, we also look forward to the potential launch in the United States of Rubraca in BRCA1/2-mutant recurrent, metastatic castrate-resistant prostate cancer.”

For earnings history and earnings-related data on Clovis Oncology (CLVS) click here.

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