Clovis Oncology (CLVS) Misses Q3 EPS by 10c

Clovis Oncology (NASDAQ: CLVS) reported Q3 EPS of ($1.17), $0.10 worse than the analyst estimate of ($1.07).

Net cash burn for the third quarter of 2014 totaled $35.0 million, and $85.0 million for the first nine months of 2014. As of September 30, Clovis had $516.6 million in cash and cash equivalents and 34.0 million outstanding shares of common stock. In September 2014, the Company raised net proceeds of $278.3 million through its sale of 2.5% convertible senior notes. The Company continues to expect operating cash burn for 2014 will total approximately $120 million and to end the year with approximately $480 million in cash

“We look forward to presenting interim data later this month at ENA 2014 from the Phase 2 TIGER-X study of rociletinib in EGFR-driven non-small cell lung cancer, and the first clinical outcomes data, including in the pre-specified BRCA-ness population, from the prospective ARIEL2 treatment study of rucaparib in ovarian cancer,” said Patrick J. Mahaffy, President and CEO of Clovis Oncology. “In addition, we remain on track to submit our NDA for rociletinib in mid-2015, and we continue to prepare for and build out our commercial and medical affairs leadership teams in anticipation of a potential U.S. launch by year-end 2015.”

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

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