Medivation up on Xtandi sales

Medivation Inc. (NASDAQ:MDVN) gained $5.11 to $65.11 on Friday after reporting 1Q14 results late Thursday, including U.S. sales of prostate cancer drug Xtandi enzalutamide that beat the Street's estimate. First quarter U.S. net sales of Xtandi, as reported by partner Astellas Pharma Inc. (Tokyo:4503), were $124.5 million, topping the consensus estimate of $113 million. Ex-U.S. net sales were $47.8 million.

On a conference call to discuss the earnings, Medivation attributed the higher sales to demand in the post-chemotherapy setting and to Astellas making a $9 million gross to net adjustment in the quarter. Medivation said it now expects 2014 U.S. net sales of $540-$575 million, up from its previous guidance of $500-$535 million. ...