First Imbruvica sales top estimates
Pharmacyclics Inc. (NASDAQ:PCYC) reported 4Q13 and 2013 earnings late Thursday that beat the Street along with the first sales for leukemia drug Imbruvica ibrutinib. Pharmacyclics posted $13.6 million in Imbruvica sales for the quarter. According to Deutsche Bank's Robyn Karnauskas, the Street was expecting $3.8 million. Pharmacyclics and partner Johnson & Johnson (NYSE:JNJ) launched Imbruvica in the U.S. in November, after FDA granted accelerated approval for mantle cell lymphoma (MCL) in patients who have received at least one prior therapy. Earlier this month, FDA granted accelerated approval to Imbruvica to treat chronic lymphocytic leukemia (CLL) in patients who have received one or more prior therapy (see BioCentury Extra, Feb. 12).
Total revenue for the quarter was $123.6 million, up from $58 million in 4Q12 and beating the Street's $85.7 million estimate. Pharmacyclics' 4Q13 GAAP diluted EPS was $0.82, above the Street's $0.67 estimate and up from $0.56 in the prior year's quarter. Revenues for the year were $260.2 million, up from $164.7 million in 2012 and topping the Street's $222.3 million estimate. ...