Medivation, Inc. (NASDAQ:MDVN) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Medivation, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $-0.07 in the quarter versus EPS of $-0.08 in the year-earlier quarter.
Revenue: Rose 63.48% to $70.15 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Medivation, Inc. reported adjusted EPS loss of $0.07 per share. By that measure, the company beat the mean analyst estimate of $-0.21. It beat the average revenue estimate of $59.35 million.
Quoting Management: “The European Union’s recent decision to grant XTANDI marketing authorization marks an important milestone as access to XTANDI begins to expand beyond the United States,” said David Hung, M.D., president and chief executive officer of Medivation, Inc. “Medivation and Astellas also achieved significant clinical milestones for XTANDI during the quarter by completing enrollment in the Phase 2 TERRAIN trial evaluating enzalutamide head-to-head versus bicalutamide and initiating a Phase 2 trial in androgen receptor positive, triple-negative breast cancer, where there is a significant unmet need. We and Astellas look forward to the results of the interim analysis for PREVAIL, our Phase 3 trial in men with advanced prostate cancer who have not yet received chemotherapy, which will occur in 2013.”
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