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– First Quarter Revenues of $22.2 Million;
Andexxa ® Product Revenues Grow 45% to $20.3 Million –
– European Commission Approval of Ondexxya ® ; Staged Commercial Launch Planned in Second Half of 2019 –
– Conference Call Today at 5:30 a.m. PT / 8:30 a.m. ET –
SOUTH SAN FRANCISCO, Calif., May 08, 2019 (GLOBE NEWSWIRE) -- Portola Pharmaceuticals, Inc. ® (Nasdaq: PTLA) today reported financial results for the three months ended March 31, 2019 and provided a corporate update.
“Our first quarter results continue to reflect strong demand for Andexxa, as well as focused execution on our commercial launch. The full commercial U.S. launch of Andexxa is off to a great start, and with approval of Ondexxya in Europe, we now have another long-term growth catalyst and the ability to impact thousands of additional patient lives,” said Scott Garland, Portola’s president and chief executive officer. “Additionally, we continue to make progress with cerdulatinib and look forward to further defining its safety and efficacy profile, along with that of Andexxa, in a number of scientific presentations anticipated in Q2.”
Quarter Ending March 31, 2019
Recent Achievements and Events
Conference Call Details
Portola will host a conference call today, Wednesday, May 8, 2019, at 8:30 a.m. ET, during which time management will discuss the first quarter 2019 financial results, as well as updates on the U.S. launch of Andexxa, launch preparations in Europe and other matters. The live call can be accessed by phone by dialing (844) 452-6828 from the U.S. and Canada or 1 (765) 507-2588 internationally and using the passcode 1684446. 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 net loss, non-GAAP basic and diluted loss per share and non-GAAP operating 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 Measures."
|Reconciliation of GAAP to Non-GAAP Financial Measures|
|Three Months Ended March 31, 2019|
|(In thousands, except per share data)||GAAP
|Product revenue, net||$||20,362||-||$||20,362|
|Collaboration and license revenue||1,807||-||1,807|
|Cost of sales||7,150||(3,949||)||3,201|
|Research and development||35,584||(5,824||)||29,760|
|Selling, general and administrative||53,034||-||53,034|
|Total operating expenses||95,768||(9,773||)||85,995|
|Net loss attributable to Portola||$||(78,156||)||9,773||$||(68,383||)|
|Net loss per share (basic/diluted)||$||(1.17||)||$||0.15||$||(1.02||)|
|Shares used to compute loss per share||67,070,168||67,070,168|
|Notes: Non-GAAP adjustments consist of: (1) A $5.8 million charge associated with the valuation of the Company equity that was issued in 1Q'19 to Lonza, our Andexxa Gen 2 manufacturer, and (2) a $3.9 million charge associated with our Andexxa Gen 1 product as we transition hospitals to Gen 2 product, following approval on December 31, 2018.|
|Unaudited Condensed Consolidated Statements of Operations|
|(In thousands, except share and per share data)|
|Three Months Ended March 31,|
|Product revenue, net||$||20,362||$||606|
|Collaboration and license revenue||1,807||6,038|
|Cost of Sales||7,150||336|
|Research and development||35,584||60,067|
|Selling, general and administrative||53,034||31,541|
|Total operating expenses||95,768||91,944|
|Loss from operations||(73,599||)||(85,300||)|
|Interest and other expense, net||1,984||3,371|
|Net (income) loss attributable to noncontrolling interest||(60||)||332|
|Net loss attributable to Portola||$||(78,156||)||$||(84,178||)|
|Net loss per share attributable to Portola common stockholders:|
|Basic and diluted||$||(1.17||)||$||(1.28||)|
|Shares used to compute net loss per share attributable to Portola common stockholders:|
|Basic and diluted||67,070,168||65,509,945|
|Unaudited Condensed Consolidated Balance Sheet Data|
|March 31, 2019||December 31, 2018|
|Cash, cash equivalents and investments||$||322,841||$||316,964|
|Trade and other receivables, net||11,787||5,849|
|Unbilled - collaboration and license revenue||6,317||9,880|
|Property and equipment, net||5,032||5,236|
|Total stockholders’ equity||50,650||90,567|
|Total liabilities and stockholders’ equity||$||400,382||$||386,419|
About Portola Pharmaceuticals, Inc.
Portola Pharmaceuticals is a 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 diseases. The Company’s two FDA-approved medicines are Andexxa® [coagulation factor Xa (recombinant), inactivated-zhzo], the first and only antidote for patients treated with rivaroxaban or apixaban when reversal of anticoagulation is needed due to life-threatening or uncontrolled bleeding, and Bevyxxa® (betrixaban), the first and only oral, once-daily Factor Xa inhibitor for the prevention of VTE in adult patients hospitalized for an acute medical illness. The company also is advancing cerdulatinib, a Syk/JAK inhibitor for the treatment of hematologic cancers.
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 launch timing, strategy and revenues for Ondexxya in Europe and potential treatment benefits of our products and product candidates; our plans to present new data and continue development of our products and product candidates; our expectation that our cash runway will extend to the end of 2020. 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 establish commercial operations in the EU and generate product revenue within projected timelines and budget; the risk that Portola 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 annual report on Form 10-K. 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.