This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Clovis Oncology Announces 2012 Operating Results And 2013 Objectives

Stocks in this article: CLVS

Clovis Oncology, Inc. (NASDAQ:CLVS) today reported financial results for its quarter and year ended December 31, 2012, and provided an update on the expected milestones for its clinical development programs for 2013.

“2012 was an important and eventful year for Clovis, despite the disappointing outcome of the LEAP study in pancreatic cancer,” said Patrick J. Mahaffy, President and CEO of Clovis Oncology. “During the year we advanced CO-1686 to treat non-small cell lung cancer (NSCLC) and rucaparib for ovarian cancer into Phase I/II monotherapy studies and we also initiated a discovery program for a novel KIT inhibitor to treat gastrointestinal cancer. Our progress in 2012 set the stage for a meaningful 2013, a year in which we anticipate demonstrating initial evidence of efficacy for both CO-1686 and rucaparib and plan to initiate a pivotal trial for rucaparib.”

2012 Financial Results and 2013 Financial Outlook

Clovis reported a net loss of $21.1 million for the fourth quarter of 2012, and $74.0 million for the year ended December 31, 2012. This compares to a net loss of $14.9 million for the fourth quarter and $55.6 million for the year ended December 31, 2011. Net loss attributable to common stockholders for the fourth quarter of 2012 was $0.81 per share, compared to $1.30 per share for the fourth quarter of 2011, and $2.97 per share for the year ended December 31, 2012, compared to $14.42 per share for the year ended December 31, 2011.

Research and development expenses totaled $18.3 million for the fourth quarter of 2012 and $58.9 million for full year 2012, compared to $12.4 million for the fourth quarter of 2011 and $40.7 million for the full year 2011. The increase in research and development expenses over the comparable periods in 2011 was driven by the in-licensing of rucaparib in June 2011, expanded development activities for CO-101 and an increase in internal resources to manage the Company’s development programs.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,191.37 -195.84 -1.13%
S&P 500 2,002.16 -27.39 -1.35%
NASDAQ 4,637.9940 -43.5030 -0.93%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs