Boston, MA 02/28/2014 (wallstreetpr) – Medivation Inc. (NASDAQ:MDVN) has issued its fourth quarter and full year results for the period ending December 31, 2013 in which earnings per share for the quarter beat consensus estimates. The year was extremely productive as XTANDI performed extremely well in mCRPC patients chemotherapy accompanied by positive results from phase 3 PREVAIL study as well as enrollment of ongoing clinical studies in pre-chemotherapy patients.
Fourth Quarter and full year results
Increase in US Net sales
Net sales as reported by Astellas for XTANDI came in at $126.1 million for the quarter and $392.4 million for the full year ending December 31, 2013. This was a massive improvement considering the company only registered net sales totaling $57.4 million for the same quarter a year ago and $71.5 million for F2012.
EX-US bet sales for XTNADI in the fourth quarter came in at $35.8 million and $52.8 million for the full year mainly as a result of the company being given authorization to operate in Europe by the European Union in June 2013.
Revenue beat previous year and same quarter recordings
Medivation Inc. (NASDAQ:MDVN) collaboration fourth quarter revenue came in at $96.6 million a massive surge compared to F2012 same quarter revenue of $37.2 million. Full year revenue came in at $272.9 million against F2012 total revenues of $181.7 million.
Medivation Inc. (NASDAQ:MDVN) reported total operating expenses for the fourth quarter amounting to $88.6 million against same quarter a year ago expenses worth $63.9 million. Full year operating expenses clocked in at $295.2 million against the previous year total revenues of $207.9 million. Total operating expenses is inclusive of non-cash stock based compensation expenses worth$11.5 million and $37.1 million for the fourth quarter and full year respectively.
Medivation net income
Net income for the fourth quarter came in at $2.8 million compared to a net loss of 31.7 million for the same quarter a year ago. Net loss for the full year slightly increased from lows of $41.3 million in F2012 to highs of $42.6 million.
Medivation Inc. (NASDAQ:MDVN)’s cash and cash equivalents as of December 31, 2013 stood at $228.8 million against F2012 highs of $296.2 million
2014 guidance
Medivation Inc. (NASDAQ:MDVN) expects US net sales of XTANDI to come in between $500 and $535 million while also expecting to benefit from $212 million in development milestones payments from Astellas
