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Pharmacyclics expects Imbruvica sales to double
January 14, 2015 2:28 AM UTC
Pharmacyclics Inc. (NASDAQ:PCYC) rose $20.29 (16%) to $144 on Tuesday, gaining $1.5 billion in market cap to $10.9 billion after it said U.S. sales of oncology drug Imbruvica ibrutinib beat analyst estimates in 4Q14 and are expected to reach $1 billion in 2015.
The company gave a preliminary 4Q14 U.S. sales estimate of $185 million, up 31% from $141.6 million in 3Q14. Pharmacyclics also said it earned a $100 million milestone payment from the Janssen Biotech Inc. unit of Johnson & Johnson (NYSE:JNJ), its co-development partner for Imbruvica. ...