Clovis beats analyst expectations despite quarterly loss

BOULDER —  Clovis Oncology Inc. (Nasdaq: CLVS) posted a second quarter loss $1.94 per share, which still managed to beat analyst expectations by 33 cents per share.

The loss is an improvement on 2017’s second quarter results, when Clovis lost $3.88 cents per share. The company’s net loss was $101 million, an improvement on the year prior, when the company lost $175 million.

The Boulder-based bioscience firm had second quarter revenue of $23.76 million, a 62.5 percent increase over the same period in 2017, which beat analyst expectations by $1.32 million. The revenue is attributed to sales of Clovis’ product, Rubraca. In the second quarter of 2017, Rubraca had sales of $14.6 million.

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In April 2018, Rubraca was approved for expanded ovarian cancer maintenance treatment. In May, the drug was granted marketing authorization by the European Commission.

“We are pleased with the launch of Rubraca in the broader maintenance indication in the U.S. and are preparing for the planned launch in the EU early next year,” Patrick J. Mahaffy, CEO and president of Clovis Oncology, said in a prepared statement.

He added that the company plans to present initial data for Rubraca in patients with certain types of prostate cancer and is advancing combination studies for its products.