Worse-Than-Expected Xtandi Sales Hitting Shares of Medivation; William Blair Comments on Miss
Sales of Astellas prostate cancer drug Xtandi were reported at $82 million within the US earlier, bringing down shares of Medivation (NASDAQ: MDVN) Thursday morning.
An analyst at William Blair issued a note this morning highlighting the result for Xtandi as lower than the firm's estimates for both the United States and E.U. region. The William Blair analyst was looking for $85.2 million in Xtandi sales for the quarter.
Xtandi's sales in Europe were approximately $2.6 million for 2Q, nearly half of William Blair's $4.8 estimate.
Astellas guided sales of Xtandi for FY2013 for approximately $400 million versus the $459 million William Blair estimate.
Shares of Medivation dropped over 4 percent at the open, but have regained ground and are trading down about 1 percent at last check.
Latest Ratings for MDVN
|Apr 2016||JP Morgan||Terminates||Overweight|
|Apr 2016||BMO Capital||Initiates Coverage on||Market Perform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.