HENDERSON, Nev. ( TheStreet) -- Spectrum Pharmaceuticals (SPPI) is not growing the top-line much at all, despite the acquisition of a third cancer drug in September and assurances to the contrary by CEO Raj Shrotriya.
Total revenue in the third quarter was $69 million, flat sequentially. This includes total product sales of $66 million, also flat quarter over quarter.
Spectrum chose not to break down product sales by drug in its earnings announcement this morning, unlike every other commercial biopharmaceutical company. This afternoon, we learned why: Spectrum's drug sales fell sequentially.
Fusilev sales totaled $52 million in the September quarter, down 8%. Zevalin sales were $8 million, off 11% sequentially. Spectrum's only bright spot was Folytyn, the company's newest product acquisition stemming from the close of the Allos acquisition in early September. For September, Folotyn sales totaled $6 million, although that included a $3 million, one-time purchase from an outside company to conduct a clinical trial.Folotyn sales for the first nine months of the year totaled $37 million, Spectrum said. Backing out sales when Allos was independent implies third-quarter sales of $16 million, up 45% quarter over quarter.
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