BOULDER Clovis Oncology Inc. (NYSE: CLVS) posted declining revenue for the first quarter of 2021, with $38.1 million in revenue representing a year-over-year decline of 11%, according to the company’s earnings report released Wednesday.
Clovis reported a net loss for the quarter of $66.3 million, or 64 cents per share, compared with a net loss of $99.3 million a year ago. The loss beat analysts’ expectations of a loss of 72 cents per share.
In a news release, the company attributed the revenue decline to a decrease in cancer diagnoses and fewer patients starting on Clovis’ cancer drug, Rubraca, largely because of the COVID-19 pandemic.
Clovis reduced its expenses and cash burn for the quarter, posting year-over-year declines of 30% and 28%, respectively.
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Clovis Oncology Inc (NASDAQ: CLVS) is trading higher on Wednesday after the company reported better-than-expected first-quarter earnings.
What Happened: Clovis Oncology reported an earnings loss of 64 cents per share, beating the estimate for a loss of 72 cents per share. Revenue of $38.1. Read More. Don t Miss Any Updates! News Directly in Your Inbox Subscribe to:
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Clovis Oncology Inc (NASDAQ: CLVS) is trading higher on Wednesday after the company reported better-than-expected first-quarter earnings.
What Happened: Clovis Oncology reported an earnings loss of 64 cents per share, beating the estimate for a loss of 72 cents per share. Revenue of $38.1 million missed the estimate of $44.55 million.
“The second quarter of 2021 marks an important moment in our commitment to targeted radionuclide therapies, as the FDA clearance of our INDs for FAP-2286 enables us to initiate the Phase 1 portion of the LuMIERE study this quarter as planned. We are increasingly enthusiastic about FAP-2286 and its potential to treat patients with solid tumors, and about targeted radiotherapeutics as a class,” said Patrick Mahaffy, president and CEO of Clovis Oncology.
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