Clovis Oncology Inc. (NASDAQ:CLVS) Reports Q3 2020 Results With Rubraca Sales Of $38.8 Million

Clovis Oncology Inc. (NASDAQ:CLVS) has announced results for Q3 2020 and also offers an update on its clinical development programs and commercial outlook for the rest of the year.

Rubraca records sales of $38.8 million despite sales challenges

In the third quarter, the company’s Rubraca® global sales were $38.8 million. Patrick J Mahaffy, the CEO and President of the company said they are pleased with Rubraca revenues in Q3, which grew slightly despite challenging sales due to the pandemic. The COVID-19 pandemic significantly limited cancer diagnoses and oncology patients’ visits. Also, the oncology practices have limited traditional in-person sales calls, with physicians increasingly preferring digital communications and virtual interactions.

In response to the current environment, the company has shifted to a hybrid commercial strategy that incorporates targeted in-person promotion, online resources for prescribers, and a new peer-to-peer virtual interaction approach. Mahaffy said that the hybrid strategy will enhance awareness as well as interest in Rubraca. The company undertook the change to achieve growth as quickly as possible, even as cancer diagnoses and cancer patient visits remain below pre-pandemic levels.

Clovis Oncology expects multiple clinical and development milestones in 2021

Clovis Oncology is focused on growing its pipeline activities, and in 2021 the company is anticipating multiple development, clinical and regulatory milestone. The CEO confirmed that for Rubraca, they expect data from the ATHENA monotherapy arm and pending data with a possible sNDA filing for the LODESTAR pan-tumor trial in  2H 2021. The company expects to offer interim updates from the LIO-1 study of Opdivo and Rubraca combined in 2021. Also, after the allowance of the IND filings for the peptide-targeted radiotherapeutic candidate, FAP-2286, which will be submitted this quarter, the company is planning to initiate the clinical development program in early 2021.

The effects of the pandemic on Rubraca sales are difficult to project, especially considering there is a surge in cases in Europe and the US. In Q4, the company expects net revenue to be between $38 million and $40 million.