Skip to main content

Market Overview

Clovis Oncology Reports 11% Drop In Q1 Sales As COVID-19 Hit Rubraca Sales

Clovis Oncology Reports 11% Drop In Q1 Sales As COVID-19 Hit Rubraca Sales
  • Clovis Oncology Inc (NASDAQ: CLVSreported a Q1 EPS loss of $0.64 better than the consensus loss of $0.72 and an improvement from an EPS loss of $1.39 a year ago.
  • Rubraca revenues came in at $38.10 million, lagging the consensus of $44.55 million, as well as an 11% Y/Y decrease over sales last year.
  • The decrease was primarily due to fewer diagnoses and fewer patient starts, primarily due to the ongoing COVID-19 pandemic.
  • In addition, first-quarter 2020 was the company's strongest quarter of U.S. Rubraca sales to date, and the pandemic had a limited impact on the net revenues.
  • R&D costs were down 23% at $52.8 million due primarily to lower spending on Rubraca clinical trials.
  • SG&A expenses decreased 30% at $29.9 million due to the COVID-19 situation globally and overall cost reduction efforts.
  • Clovis expects R&D and SG&A expenses to drop in the full year 2021 compared to 2020.
  • Clovis ended the quarter with $190.9 million in cash and equivalents, which is expected to fund its operating plan into early 2023.
  • Price Action: CLVS shares rise 9.2% at $6.02 in market trading hours on the last check Wednesday.

Related Articles (CLVS)

View Comments and Join the Discussion!

Posted-In: BriefsBiotech Earnings News Guidance Health Care Small Cap General

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at