In the first quarter, Clovis Oncology’s (CLVS) product revenue rose YoY (year-over-year) to $18.5 million from $7 million. This revenue primarily consisted of US Rubraca (rucaparib) sales.
Clovis’s product costs of sales rose YoY to $4 million from $1.1 million due to higher product sales in the first quarter, and its research and development expenses rose YoY to $43.5 million from $32.4 million due to higher rucaparib clinical trial costs resulting from higher enrolment.
Its selling, general, and administrative expenses rose YoY to $39.2 million from $29.2 million due to the preparation of commercialization activities in Europe, and its total operating expenses rose YoY to $87.2 million from $63.2 million. As a result, its operating loss widened YoY to $68.6 million from $56.1 million.
Clovis’s interest expenses increased marginally YoY in the first quarter, to $2.63 million from $2.58 million. It incurred a legal settlement loss of $8.0 million due to a one-time charge related to a potential litigation claim against the company.
As a consequence, Clovis’s net loss increased YoY to $77.7 million from $58.4 million, widening its net loss per share to $1.54 from $1.33. In the next part of this series, we’ll look at Clovis Oncology’s cash flow and valuation.