There have recently been serious concerns raised around Andexxa's ANNEXA-4 trial results, and questions are being asked as to how a drug with a list price of $27,500 can replace an existing treatment costing $5,000 if it has not yet been proven to be more effective.īelow I go into much more detail. Physician demand for Andexxa is healthy Portola say, but hospitals are under pressure to secure budget for the drug, which is expensive at a list price of $27,500. The falling sales were attributed to a $5m gross to net adjustment owing to a return reserve for a short dated product, and to a decrease in demand from Tier 1 accounts owing to pricing concerns. At the time of writing this update, Portola is trading at $13.1.Ī company webcast on Jan 14th attempted to shed more light on the issues and tried to strike a positive note.
In Oppenheimer's case, from $40, to $17, in Cowen & Company's, from $45 to $35, and in Credit Suisse's from $35 to $18 (Source Yahoo Finance). Meanwhile, analysts revised their target prices for the company. The news prompted a market sell-off which reduced Portola's stock price from $25 to $13.6 - an 46% drop. Consensus analyst expectations were ~$41m for the quarter (Source: StreetInsider) and $132m for the full year (Source: The Motley Fool). On Jan 9th Portola announced that Q4 sales of Andexxa fell to $28 million (from $33m in Q3) and that full year sales revenues for the drug are likely to come in at $111m. What is the reason for the many teething problems, and why has the stock price collapsed? Many people - myself included, when I recommended Portola in an article back in October - thought the company had a blockbuster on its hands.
Portola bulls must be hugely frustrated by falling sales of the company's flagship drug - coagulation factor Xa (recombinant) Andexxa. Editor's note: This article was amended on to fix an error in a product's description.
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