Spectrum Pharmaceuticals cancer news
Spectrum disclosed in an SEC filing that it received a subpoena in April from the SEC to produce documents related to the company's 2012 earnings announcement that it expected a "change in ordering patterns" of cancer drug Fusilev levoleucovorin. In March, the company lowered its guidance for Fusilev sales to $10-$15 million for 1Q13 and $80-$90 million for 2013, with total 2013 revenues of $160-$180 million. Previously, it expected revenues to increase this year. In 2012, the drug's revenues increased to $204.3 million, up from $153.1 million in 2011, and the company reported total revenue of $267.7 million. The Street was expecting total revenue of $297.3 million for this year. Spectrum said the lower expected Fusilev sales are a result of a "change in ordering patterns," including an increase in hospitals adopting generic leucovorin. The stock tumbled 37% to $4.64 on March 13 on the news. The company, which said it is cooperating with the investigation, could not be reached for comment. ...