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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Portola Pharmaceuticals Inc | NASDAQ:PTLA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.03 | 18.00 | 18.10 | 0 | 01:00:00 |
SOUTH SAN FRANCISCO, Calif., Aug. 7, 2019 /PRNewswire/ -- Portola Pharmaceuticals, Inc.® (Nasdaq: PTLA) today reported financial results for the three months ended June 30, 2019, and provided a corporate update.
"This is our fifth consecutive quarter of strong revenue growth reflecting our exceptional launch execution and continued demand for Andexxa. Support for this novel therapy continues to grow with CMS' decision to increase our NTAP reimbursement and two recent updates from the Joint Commission which recommend specific reversal agents for Factor Xa inhibitors. In Europe, the team exceeded expectations on timing for the first sale of Ondexxya, and we are positioned well to continue our launch in key European countries," said Scott Garland, Portola's president and chief executive officer. "We look forward to building upon our momentum backed by a rapidly growing Factor Xa inhibitor market and increasing global demand for Andexxa. Beyond Andexxa, we plan to initiate a registrational trial for cerdulatinib."
Quarter Ending June 30, 2019
Recent Achievements and Events
Planned Upcoming Milestones
Conference Call Details
Portola will host a conference call today, Wednesday, August 7, 2019, at 4:30 p.m. ET, during which time management will discuss the second quarter 2019 financial results, updates on the U.S. launch of Andexxa, and other matters. The live call can be accessed by phone by calling (844) 452-6828 from the United States and Canada or 1 (765) 507-2588 internationally and using the passcode 8046269. The webcast can be accessed live on the Investor Relations section of the Company's website at http://investors.portola.com. It will be archived for 30 days following the call.
Use of Non-GAAP Financial Measures
This press release and the reconciliation table included herein include non-GAAP R&D expenses. The Company believes the presentation of non-GAAP financial measures provides useful information to management and investors regarding the company's financial condition and results of operations. When viewed in conjunction with GAAP financial measures, investors are provided with a more meaningful understanding of the Company's ongoing operating performance and are better able to compare the Company's performance between periods. In addition, these non-GAAP financial measures are among those that the Company uses as a basis for evaluating performance, allocating resources and planning and forecasting future periods. Non-GAAP financial measures are not intended to be considered in isolation or as a substitute for GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is provided in the accompanying table entitled "Reconciliation of GAAP to Non-GAAP Financial Information."
Unaudited Condensed Consolidated Statements of Operations | ||||||||
(In thousands, except share and per share data) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Revenues: | ||||||||
Product revenue, net | $ 27,164 | $ 2,265 | $ 47,526 | $ 2,871 | ||||
Collaboration and license revenue | 1,260 | 1,746 | 3,067 | 7,784 | ||||
Total revenues | 28,424 | 4,011 | 50,593 | 10,655 | ||||
Operating expenses: | ||||||||
Cost of Sales | 4,991 | 1,052 | 12,141 | 1,388 | ||||
Research and development | 33,538 | 66,440 | 69,122 | 126,507 | ||||
Selling, general and administrative | 53,855 | 40,214 | 106,889 | 71,755 | ||||
Total operating expenses | 92,384 | 107,706 | 188,152 | 199,650 | ||||
Loss from operations | (63,960) | (103,695) | (137,559) | (188,995) | ||||
Interest and other income, net | 4,021 | 1,828 | 6,005 | 5,199 | ||||
Interest expense | (8,538) | (4,104) | (15,019) | (6,685) | ||||
Net loss | (68,477) | (105,971) | (146,573) | (190,481) | ||||
Net (income) loss attributable to noncontrolling interest | 2,273 | (223) | 2,213 | 109 | ||||
Net loss attributable to Portola | $ (66,204) | $ (106,194) | $ (144,360) | $ (190,372) | ||||
Net loss per share attributable to Portola common stockholders: | ||||||||
Basic and diluted | $ (0.97) | $ (1.61) | $ (2.14) | $ (2.90) | ||||
Shares used to compute net loss per share attributable to Portola common stockholders: | ||||||||
Basic and diluted | 68,128,238 | 65,884,767 | 67,602,126 | 65,698,391 |
Unaudited Condensed Consolidated Balance Sheet Data | ||||
(In thousands) | ||||
June 30, 2019 | December 31, 2018 | |||
(Unaudited) | ||||
Cash, cash equivalents and investments | $ 273,938 | $ 316,964 | ||
Trade and other receivables, net | 13,955 | 5,849 | ||
Unbilled - collaboration and license revenue | 4,795 | 9,880 | ||
Inventories | 1,547 | 7,873 | ||
Property and equipment, net | 4,769 | 5,236 | ||
Intangible assets | 3,844 | 7,279 | ||
Other assets | 63,649 | 33,338 | ||
Total assets | 366,497 | 386,419 | ||
Current liabilities | 84,307 | 69,005 | ||
Long-term liabilities | 281,596 | 226,847 | ||
Total stockholders' equity | 594 | 90,567 | ||
Total liabilities and stockholders' equity | 366,497 | 386,419 |
PORTOLA PHARMACEUTICALS, INC. | ||
Reconciliation of GAAP to Non-GAAP Financial Information | ||
(In thousands) | ||
Three Months Ended | ||
Reconciliation of research and development: | ||
GAAP Research and development | 33,538 | |
SRX intangible impairment | (3,151) | |
Non-GAAP research and development expenses | $ 30,387 |
About Portola Pharmaceuticals, Inc.
Portola Pharmaceuticals is a global, commercial-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics that could significantly advance the fields of thrombosis and other hematologic conditions. The Company's first two commercialized products are Andexxa® [coagulation factor Xa (recombinant), inactivated-zhzo], marketed in Europe as Ondexxya® (andexanet alfa), and Bevyxxa® (betrixaban). The company also is advancing cerdulatinib, a SYK/JAK inhibitor being developed for the treatment of hematologic cancers. Founded in 2003 in South San Francisco, California, Portola has operations in the United States and Europe.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding the anticipated initiation of a registrational trial for cerdulatinib in PTCL, the growing demand for our products, our continued commercial launch for Ondexxya in Europe, potential label expansion opportunities for Andexxa and our plans to present new data and continue development of our products and product candidates. Risks that contribute to the uncertain nature of the forward-looking statements include: the risk that physicians, patients and payers may not see the benefits of utilizing Andexxa for the indications which it is approved; our ability to continue to manufacture our products and to expand approved manufacturing facilities; the possibility of unfavorable results from additional clinical trials involving Andexxa; our ability to grow our commercial operations in the EU and generate product revenue within projected timelines and budget; the risk that we may not obtain additional regulatory approvals necessary to expand approved indications for Andexxa; our expectation that we will incur losses for the foreseeable future and will need additional funds to finance our operations; the accuracy of our estimates regarding expenses and capital requirements; our ability to successfully build a hospital-based sales force and commercial infrastructure; our ability to obtain and maintain intellectual property protection for our product candidates; and our ability to retain key scientific or management personnel. These and other risks and uncertainties are described more fully in our most recent filings with the Securities and Exchange Commission, including our most recent quarterly report on Form 10-Q. All forward-looking statements contained in this press release speak only as of the date on which they were made. We undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
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SOURCE Portola Pharmaceuticals, Inc.
Copyright 2019 PR Newswire
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