Clovis Oncology posts $98.95M loss in final quarter of 2021

BOULDER — Clovis Oncology Inc. (Nasdaq: CLVS) posted a larger loss than expected by Wall Street Tuesday morning but stated optimism for its scheduled clinical results this year.

The Boulder company posted revenues of $43.29 million and a loss of $1.02 per share in the final quarter of 2020, just beating consensus revenue estimates by $90,000 and missing loss estimates by 26 cents, according to data from finance site Seeking Alpha.

Its net loss in the period was $98.95 million.

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For 2020, the company’s flagship drug Rubraca sold $164.52 million, a 15% increase from the year prior despite a drop in cancer screenings and other non-COVID medical activity during the pandemic. However, the company posted a net loss of $369.21 million for the entirety of 2020.

In a statement, CEO Patrick Mahaffy said the company is positioned for major clinical milestone in 2021, including top-line data from the final clinical trial for Rubraca as a maintenance treatment for ovarian cancer patients due in the second half of the year, along with a combined Phase I/II study for FAP-2286. That drug candidate inhibits fibroblast activation protein, an enzyme that’s highly active in about 90% of human cancers.

“Despite the evident COVID-related challenges of 2020, we are pleased with our overall sales performance and pipeline progress,” he said.

The company said its $240.2 million in cash and liquid equivalents as of Dec. 31 should allow it to fund its operating plan through early 2023.

Clovis’ stock fell 7.26% in early trading Tuesday morning to $6.20 per share as of 11 a.m. Mountain Time.

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