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PORTOLA PHARMACEUTICALS INC

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2020 10-Q, filed May 11, 2020. Its latest SEC filing is a 15-12B from Jul 13, 2020.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Sells Andexxa, marketed in Europe as Ondexxya, to hospitals for reversing certain blood thinners in life-threatening or uncontrolled bleeding; develops cerdulatinib for blood cancers.

How Did They Make Money?

Hospitals and distributors buy the medicines in one-time product sales; collaboration partners pay for research, clinical supply and licenses over time, and some agreements also provide milestone payments or royalties tied to sales.

FY2019 revenue

Who Were Their Customers?

Hospitals are the main buyers in the U.S. and Europe. U.S. hospitals buy through specialty and wholesale distributors; European hospitals buy directly from Portola or, less often, through distributors.

Did Revenues Turn Into Profits?

No. It lost $290.7M in FY2019.

Operating income, FY2019
−233% of revenue
▼ −21% (Loss) vs FY2018 (−$345.3M, −861%)
Net income, FY2019
−249% of revenue
▼ −17% (Loss) vs FY2018 (−$350.2M, −873%)
Free cash flow, FY2019
−205% of revenue
▼ −27% (Loss) vs FY2018 (−$328.6M, −819%)

How Were They Changing?

Since the FY2019 annual report
Latest quarter: Q1 FY2020, the three months to Mar 31, 2020
Revenue
▲ +19%
vs $22.2M in Q1 FY2019
Net income
▼ −12% (Loss)
vs −$78.2M in Q1 FY2019
  • Jul 2, 2020 Alexion completed its acquisition of Portola Portola became a direct, wholly owned subsidiary of Alexion.
  • Jun 17, 2020 Portola regained full Japanese rights to andexanet alfa Bayer's related clinical collaboration termination took effect on June 12.

Grew. Revenue grew 3.3x in 3 years, from $35.5M in FY2016 to $116.6M in FY2019, about 49% a year.

Andexxa moved to market Andexanet alfa was a development program in the older report; the latest report describes U.S. and European approvals and commercial launches as Andexxa and Ondexxya.

Who Did They Compete With?

Competes with Chugai Pharmaceutical, F. Hoffmann-LaRoche, Genentech, Gilead Sciences, Seattle Genetics, Takeda, Bayer, Verastem, Celgene, Spectrum Pharmaceuticals, and Kyowa Hakko Kirin

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