Portola Pharma misses by $0.07, misses on revs:
- Reports Q2 (Jun) loss of $1.22 per share, $0.07 worse than the Capital IQ Consensus of ($1.15); revenues fell 10.4% year/year to $3.79 mln vs the $4.28 mln Capital IQ Consensus.
- Bevyxxa (betrixaban) -- an oral, once-daily Factor Xa inhibitor approved by the U.S. Food and Drug Administration (FDA) under Priority Review on June 23, 2017
- Anticipate U.S. launch between September and November 2017
- Expect opinion from the Committee for Medicinal Products for Human Use (CHMP) by late 2017 or early 2018
- AndexXa (andexanet alfa) -- a Factor Xa inhibitor antidote in development for patients treated with a Factor Xa inhibitor when reversal of anticoagulation is needed due to life-threatening bleeding or when urgent surgery is required; designated a Breakthrough Therapy and an Orphan Drug by the FDA
- Expect to receive an opinion from the CHMP by early 2018
- Cash, cash equivalents and investments at June 30, 2017 totaled $269.7 million, compared with cash, cash equivalents and investments of $318.8 million as of December 31, 2016.
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