Clovis Oncology (CLVS) Stock: Rocketing On Product Revenue

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Clovis Oncology CLVS Stock News

Clovis Oncology Inc (NASDAQ: CLVS) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced unaudited results for the fourth quarter and full year, exciting investors and sending the stock screaming for the top. Today, we’ll talk about:

  • The results;
  • what we’re seeing from CLVS stock; and
  • what we’ll be watching for ahead.

CLVS Impresses With Product Revenues

As mentioned above, Clovis Oncology is having an incredibly strong start to the trading session this morning after providing unaudited results. Here’s what we saw from the preliminary report:

  • Q4 Rubraca Revenue – In the fourth warter, the company said that it generated revenue from its Rubraca product in the range between $30.3 million and $30.8 million. That figure compares well to the $22.8 million reported in the third quarter and the $17.0 million reported in Q4 of 2017.
  • Full Year – On a full year basis, Rubraca product revenues came in between $85.3 and $95.8 million. In the year 2017, Rubraca led to revenue in the amount of $55.5 million.
  • Free Drug – In the release, CLVS said that free drug was an additional 25% to 27% of the overall commercial supply for both Q4 and 2018.
  • Cash Position – Finally, the company said that as of December 31, 2018, it had between $518 and $521 million in cash, cash equivalents and available-for-sale securities.

Finally, the company said that it plans to discuss its financial results with investors this week at the 37th annual J.P. Morgan Healthcare Conference in San Francisco. In a statement, Patrick J. Mahaffy, President and CEO at CLVS, had the following to offer:

We are very pleased with our sales performance in the fourth quarter and the momentum it provides going into this year… Following the recent CHMP recommendation for our second ovarian cancer approval in Europe, Breakthrough Therapy Designation and a potential supplemental NDA in prostate cancer by the end of this year, as well as our successful defense last month of the rucaparib camsylate salt/polymorph patent in Europe, we feel extremely well-positioned for a strong 2019.

What We’re Seeing From The Stock 

One of the first lessons that we learn when we start to work in the market is that the news leads to moves. When it comes to Clovis Oncology, the news proved to be overwhelmingly positive. While the results are preliminary and unaudited, they show strong growth in product revenues. So, it’s not surprising to see that excited investors are pushing the stock on a run for the top. As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:06), CLVS is trading at $20.77 per share after a gain of $2.43 per share or 13.25% thus far today.

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What We’ll Be Watching For Ahead

Moving forward, the iWatch Markets team will continue to keep a close eye on CLVS. In particular, we’re interested in continuing to follow Rubraca sales as the company seems to be generating pretty incredible growth. Nonetheless, we’ll continue to follow the news closely and bring it to you as it breaks!

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