Market Overview

Portola Pharmaceuticals Reports Third Quarter 2019 Financial Results and Provides Corporate Update

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SOUTH SAN FRANCISCO, Calif., Nov. 5, 2019 /PRNewswire/ -- Portola Pharmaceuticals, Inc.® (NASDAQ:PTLA) today reported financial results for the three months ended September 30, 2019, and provided a corporate update.

Portola Pharmaceuticals, Inc. Logo (PRNewsfoto/Portola Pharmaceuticals, Inc.®)

"We delivered another quarter of strong Andexxa revenue in the U.S. and expanded our growth potential with our first sales of Ondexxya in Europe. The use of Factor Xa inhibitors in both markets continues to grow, driving the underlying market opportunity for Andexxa/Ondexxya and long-term value of Portola," said Scott Garland, Portola's president and chief executive officer. "Looking forward, we will continue to focus on exceptional launch execution, leveraging external support from health authorities and favorable society guidelines, and building the clinical evidence and awareness of Andexxa. In addition, we remain on track to initiate a registration trial for cerdulatinib in early 2020 and will present updated data at the ASH meeting in December."

Product Sales:

  • Total global revenues for the third quarter of 2019 were $36.8 million compared with $14.2 million for the third quarter of 2018. This includes $35.7 million in net product revenues from sales of Andexxa/Ondexxya [coagulation factor Xa (recombinant), inactivated-zhzo], $17,000 in revenues from Bevyxxa® (betrixaban) sales and $1.1 million in collaboration and license revenues.
  • Net loss attributable to Portola, according to generally accepted accounting principles in the U.S. (GAAP) was $49.6 million, or $0.68 net loss per share for the third quarter of 2019, compared with a net loss of $71.3 million, or $1.08 net loss per share, for the same period in 2018.

Operating Expenses:

For the third quarter of 2019, compared to the same period in 2018:

  • Research and development (R&D) expenses decreased by $14.6 million, or 36.3%, primarily due to the manufacturing costs for Andexxa Gen 2 being capitalized and no longer flowing through R&D.
  • Selling, general and administrative (SG&A) expenses increased by $13.3 million, or 34.2%, due to commercial costs to support the Andexxa launch including the expansion of the field sales teams and launch preparations in Europe.
  • Cost of Sales (COS) were $2.7 million for the third quarter of 2019, compared to $4.3 million for the same period in 2018. This decrease was primarily due to transition from our Gen 1 to our Gen 2 Andexxa product.
  • These amounts on a GAAP and non-GAAP basis are reflected in the table below. A table reflecting the reconciliation of GAAP to non-GAAP amounts is included at the end of this release.

 



Three Months Ended September 30,


Nine Months Ended September 30,

(In thousands)


2019


2018


2019


2018

Cost of Sales


$

2,684



$

4,292



$

14,825



$

5,680


Non-GAAP cost of sales


$

2,684



$

4,292



$

10,876



$

5,680











Research and development expenses


$

25,647



$

40,237



$

94,769



$

166,744


Non-GAAP research and development expenses


$

21,916



$

35,858



$

68,358



$

152,593











Selling, general and administrative expenses


$

52,050



$

38,792



$

158,939



$

110,547


Non-GAAP selling, general and administrative expenses


$

44,735



$

31,778



$

135,183



$

89,111











Totaling operating expenses


$

80,381



$

83,321



$

268,533



$

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