Clovis Oncology (NASDAQ: CLVS) on Thursday reported second-quarter results that were weaker than the street expectations.  Total revenues rose 39% year-over-year to $32.98 million, vs. the Wall Street estimate of $34.92 million.

Q2 loss of $2.27 per share was wider than $1.94 per share it posted last year and worse than the analysts’ estimate of $1.71 per share loss.

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Image for representation (Photo by Drew Hays on Unsplash)

CLVS shares plunged 6% during pre-market trading on Thursday. The stock has declined almost 50% since the beginning of this year and is trading near an all-time low.

U.S. sales rose 3% sequentially in Q2. Ex-US net product revenues were lower sequentially in Q2 as initial launch stocking shipments were made in March and reported in Q1. Clovis expects ex-U.S. net product revenues to increase in Q3. 

READ: Exelixis surpasses Q2 earnings estimate by 6 cents

The Colorado-based biopharmaceutical company expects global net product revenue to be in the range of $137 million to $147 million for the full year.

CEO Patrick J. Mahaffy said in a statement, “We continue to make progress in the second-line ovarian cancer maintenance indication in the U.S., and we look forward to the potential prostate indication in the U.S. and launches in additional EU countries to support top-line growth in 2020.”

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