Medivation Prostate Cancer Drug Launches Hot
SAN FRANCISCO (TheStreet) --Medivation's (MDVN) marketing partner Astellas reported Xtandi sales of $14 million for the third quarter and forecast $100 million in sales for the newly launched prostate cancer drug through the end of its fiscal year on March 31, 2013.
Xtandi was developed by Medivation but is being sold by the Japanese drug maker Astellas, which reports sales.
Gauging a consensus for early Xtandi sales has been difficult but $14 million in third-quarter revenue is definitely higher than the Street expected given that Astellas only started selling the drug in the middle of September. Assume that a good chunk of third-quarter sales is wholesaler inventory stocking.
The guidance for $100 million in Xtandi sales through March 31, 2013 -- or six months into the drug's launch -- puts the drug on pace to meet Street expectations for the calendar year 2013.
"Taking into consideration potential sales ramp, Astellas' guidance could imply Oct.-Dec. 2012 sales of $30-35 million and Jan.-March 2013 sales of $51-56 million, favorably positioning Xtandi to at least meet expectations including consensus of approximately $225M, which includes estimates in the mid-$300 millions that we believe are bullish for the first-year of launch for any product," writes Jefferies analyst Biren Amin. FDA approved Xtandi in August for the post-chemo treatment of men with advanced prostate cancer. In this setting, Xtandi competes mainly with Johnson & Johnson's (JNJ) Zytiga. Both drugs, however, are expected to eventually garner most of their sales in the larger and more lucrative pre-chemo prostate cancer setting, where they also threaten to replace Dendreon's (DNDN) Provenge. --Written by Adam Feuerstein in Boston.>To contact the writer of this article, click here: Adam Feuerstein. >To follow the writer on Twitter, go to http://twitter.com/adamfeuerstein. >To submit a news tip, send an email to: tips@thestreet.com. Follow TheStreet on Twitter and become a fan on Facebook.
Select the service that is right for you!
COMPARE ALL SERVICESAction Alerts PLUS
TRY IT FREEJim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Dividend Stock Advisor
TRY IT FREENew! $49.95/yr
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Stocks Under $10
TRY IT FREEDavid Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Real Money
TRY IT FREE24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
Product Features:
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
Real Money Pro
TRY IT FREEAll of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Product Features:
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options Profits
TRY IT FREEOur options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV
