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.
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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.
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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…
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