HENDERSON, Nev. ( TheStreet) -- Spectrum Pharmaceuticals (SPPI) slashed the price of its colon cancer drug Fusilev significantly in the second quarter, which explains why reported sales fell well short of investor expectations and caused the company's stock price to fall.
Fusilev net sales rose 67% to a record $56.6 million in the second quarter, as reported by Spectrum on Aug. 8. However, Fusilev gross sales in the quarter could have been as high as $97 million, according to monthly sales data compiled by Wolters Kluwer.
In June, alone, Fusilev gross sales totaled $49.7 million, according to Wolters Kluwer, which sells its prescription sales data to institutional investors, among other customers.
In previous quarters, the Wolters Kluwer gross sales estimates for Fusilev tracked very closely with net sales reported later by Spectrum.
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