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Clovis Oncology, Inc.

clovisoncology.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2022 10-Q, filed Nov 9, 2022. Its latest SEC filing is a EFFECT from Jul 17, 2023.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Sells Rubraca, an anti-cancer drug, and develops other cancer medicines for patients with ovarian, prostate and other cancers.

How Did They Make Money?

Sells Rubraca to specialty distributors and pharmacies; customers typically receive the product on delivery, and payment terms range from 30 to 60 days.

FY2021 revenue

Who Were Their Customers?

Specialty distributors and specialty pharmacies buy Rubraca and sell it on to patients and health care providers. The company also works with payors and other third parties on rebates, discounts and chargebacks.

Did Revenues Turn Into Profits?

No. It lost $264.5M in FY2021.

Operating income, FY2021
−152% of revenue
▼ −25% (Loss) vs FY2020 (−$302.2M, −184%)
Net income, FY2021
−178% of revenue
▼ −28% (Loss) vs FY2020 (−$369.2M, −224%)
Free cash flow, FY2021
−132% of revenue
▼ −22% (Loss) vs FY2020 (−$253.1M, −154%)

How Were They Changing?

Since the FY2021 annual report
Latest quarter: Q3 FY2022, the three months to Sep 30, 2022
Revenue
▼ −19%
vs $37.9M in Q3 FY2021
Net income
▼ −17% (Loss)
vs −$67.4M in Q3 FY2021
  • Jul 11, 2023 Liquidation plan took effect; common shares were canceled Directors and officers were discharged from their positions, and the company said it did not expect common shareholders to receive a distribution.
  • Jun 2, 2023 FDA declined first-line ovarian maintenance application The FDA said it would reconsider the application after final overall-survival results that do not show a potential detriment.
  • May 1, 2023 Sold Rubraca business to Pharma& The sale of Rubraca-related assets and business operations closed.
  • Apr 14, 2023 Sold FAP-2286 program rights to Novartis The sale of substantially all rights to the targeted radionuclide therapy program closed.

Grew. Revenue grew 2.7x in 4 years, from $55.5M in FY2017 to $148.8M in FY2021, about 28% a year.

Added prostate cancer The latest report describes Rubraca as also approved in the United States for certain patients with metastatic prostate cancer, while the older report described its marketed indications as ovarian cancer treatment and maintenance.

Lucitanib development narrowed The older report planned studies combining lucitanib with nivolumab and Rubraca; the latest report describes the nivolumab combination study and says Clovis would not pursue further development in gynecologic cancers.

Who Did They Compete With?

Competes with AstraZeneca UK, GlaxoSmithKline, Pfizer, AbbVie, BeiGene, Merck &, and Janssen Pharmaceuticals

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