Clovis revenue drops 11% in first quarter

BOULDER — Clovis Oncology Inc. (NYSE: CLVS) posted declining revenue for the first quarter of 2021, with $38.1 million in revenue representing a year-over-year decline of 11%, according to the company’s earnings report released Wednesday. 

Clovis reported a net loss for the quarter of $66.3 million, or 64 cents per share, compared with a net loss of $99.3 million a year ago. The loss beat analysts’ expectations of a loss of 72 cents per share.

In a news release, the company attributed the revenue decline to a decrease in cancer diagnoses and fewer patients starting on Clovis’ cancer drug, Rubraca, largely because of the COVID-19 pandemic. 

Clovis reduced its expenses and cash burn for the quarter, posting year-over-year declines of 30% and 28%, respectively. 

Looking forward, the company has about $190.9 million in cash and cash equivalents, giving Clovis a runway through early 2023 based on current revenue and expense forecasts.

Shares of Clovis spiked as much as 14.4% Wednesday after the earnings announcement.

© 2021 BizWest Media LLC

BOULDER — Clovis Oncology Inc. (NYSE: CLVS) posted declining revenue for the first quarter of 2021, with $38.1 million in revenue representing a year-over-year decline of 11%, according to the company’s earnings report released Wednesday. 

Clovis reported a net loss for the quarter of $66.3 million, or 64 cents per share, compared with a net loss of $99.3 million a year ago. The loss beat analysts’ expectations of a loss of 72 cents per share.

In a news release, the company attributed the revenue decline to a decrease in cancer diagnoses and fewer patients starting on Clovis’ cancer drug, Rubraca, largely because of the COVID-19 pandemic. 

Clovis reduced its expenses and cash burn for the quarter, posting year-over-year declines of 30% and 28%, respectively. 

Looking forward, the company has about $190.9 million in cash and cash equivalents, giving Clovis a runway through early 2023 based on current revenue and expense forecasts.

Shares of Clovis spiked as much as 14.4% Wednesday after the earnings announcement.

© 2021 BizWest Media LLC