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Worse-Than-Expected Xtandi Sales Hitting Shares of Medivation; William Blair Comments on Miss

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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

DateFirmActionFromTo
Feb 2016Leerink SwannInitiates Coverage onMarket Perform
Jan 2016Credit SuisseMaintainsOutperform
Jan 2016Stifel NicolausMaintainsBuy

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