Clovis finally brings in revenue but still operates at a loss

BOULDER — Although Clovis Oncology Inc. (Nasdaq: CLVS) posted first-quarter earnings per share that were a loss of $1.33, the company still beat analysts’ expectations by 15 cents.

The oncology research and development company was buoyed by the first-quarter launch of Rubraca, a drug used for the treatment of patients with a certain mutation associated with advanced ovarian cancer. It brought the company’s revenue to $7 million, beating expectations by $2.16 million. During the same period last year, the company brought in no revenue.
Despite that, Clovis operated at a loss of more than $56 million, and while it’s a 34 percent tightening from the same period of last year, it still resulted in a net loss for the company of more than $58 million.

Looking ahead, Clovis is looking at getting approval from the European Union for the oral version of a ovarian-cancer drug, with a potential early 2018 launch in Europe. The company also has several clinical trials planned for the year, including trials for prostate cancer and gynecologic cancers.

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