Clovis revenues rise by nearly half in 2019, but hampered by additional operating losses

BOULDER — Clovis Oncology Inc. (Nasdaq: CLVS) just barely topped expected revenue estimates for it last quarter of 2019 after a year when its cancer treatment sales rose by almost 50 percent.

The Boulder biopharmaceutical company posted $39.3 million in revenue last quarter, a $9.6 million increase from the same period in 2018. That beat Wall Street consensus estimates by just $330,000, according to data compiled by Seeking Alpha.

However, those additional sales were dragged down by an increase of $3.6 million in overall expenses. The company lost $1.81 per share in the period, 10 cents worse than expected by analysts.

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The company sold $143 million worth of its ovarian cancer treatment Rubraca in the 2019 calendar year, a 49 percent increase compared to sales in 2018. However, operating losses rose from $333.8 million in 2018 to $376.7 million last year.

In a statement, CEO Patrick Mahaffy said the company has further growth runway through 2021 as it launches Rubraca in several European countries and secured priority review from the U.S. Food and Drug Administration for reviewing clinical data on Rubraca in certain types of advanced prostate cancer.

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