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|Rick Bierly||Anne Bowdidge|
|Chief Financial Officer||Senior Director, Investor Relations|
|(415) 543-3470||(650) 218-6900|
MEDIVATION REPORTS FOURTH QUARTER AND FULL YEAR 2015
FINANCIAL RESULTS AND PROVIDES 2016 FINANCIAL GUIDANCE
Full Year 2015 Non-GAAP Collaboration Revenue $695.4 Million (+79% vs. Prior Year);
Full Year 2015 Non-GAAP Net Income $170.0 Million, or $1.01 per Diluted Share
Full Year 2015 GAAP Collaboration Revenue $943.3 Million (+33% vs. Prior Year);
Full Year 2015 GAAP Net Income $244.7 Million, or $1.47 per Diluted Share
Conference Call Today at 4:30 p.m. Eastern Time
SAN FRANCISCO, CA February 25, 2016 Medivation, Inc. (NASDAQ: MDVN) today reported its financial results for the fourth quarter and year ended December 31, 2015.
We are delighted with our substantial progress in 2015 on many fronts marked by strong worldwide net sales of XTANDI® (enzalutamide) capsules at the Astellas level, which grew 80 percent over 2014, as well as key developments that enhance the clinical understanding of enzalutamide, expand and diversify our late-stage pipeline, and help secure our plans to continue to meet the needs of underserved patient populations, said David Hung, M.D., founder, President and Chief Executive Officer of Medivation.
Dr. Hung added, In 2015, several promising developments in the enzalutamide clinical development program, including positive results from two Phase 2 trials comparing enzalutamide to bicalutamide in castration-resistant prostate cancer and a Phase 2 trial in advanced triple-negative breast cancer, combined with the expansion of our clinical pipeline with our acquisition of talazoparib, provide Medivation with a platform from which to build a world-class global oncology franchise. We look forward to multiple milestones throughout 2016 as we report on our continued progress.
Key highlights in recent months:
|||Acquired worldwide rights to talazoparib (MDV3800), an orally-available poly ADP ribose polymerase (PARP) inhibitor, from BioMarin Pharmaceutical Inc., as announced in October 2015.|
|||Completed collaboration to pursue the translation of a novel gene expression signature algorithm from Medivation into a companion diagnostic assay using NanoStrings nCounter® Dx Analysis System, together with Astellas Pharma Inc., as announced in January 2016.|
|||Named Marion McCourt to the role of Chief Operating Officer, whose responsibilities include oversight of several functions including commercial operations, medical affairs, manufacturing, quality and corporate efficiency, effective February 2016.|
|||Results from Phase 2 TERRAIN trial of enzalutamide versus bicalutamide in metastatic castration-resistant prostate cancer published in Lancet Oncology.|
|||Results from Phase 2 STRIVE trial of enzalutamide versus bicalutamide in castration-resistant prostate cancer published in the Journal of Clinical Oncology.|
|||Supplemental New Drug Application for XTANDI in metastatic castration-resistant prostate cancer accepted for review by U.S. Food and Drug Administration (FDA).|
Medivations non-GAAP collaboration revenue for the fourth quarter of 2015, which excludes collaboration revenue related to upfront and milestone payments, was $202.7 million compared with $133.3 million for the same period in 2014 (+52% vs. prior year) and $695.4 million for the full year 2015 compared with $389.4 million in 2014 (+79% vs. prior year).
The following information was filed by Medivation, Inc. on Thursday, February 25, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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