) recently announced that its partner
Astellas Pharma Inc.
) reported Xtandi (enzalutamide) sales of about $57 million in
the US for the quarter ended Dec 31, 2012. This was the first
full quarter of Xtandi sales following the product's launch in
Xtandi had delivered net sales of $14.1 million in the Sep
2012 quarter. Xtandi is approved for the treatment of patients
with metastatic castration-resistant prostate cancer who have
previously received docetaxel.
Astellas, which had earlier provided Xtandi net sales guidance
of $100 million for the fiscal year ending Mar 31, 2013, said
that it expects Xtandi sales to beat the previously provided
guidance. However, specific details were not provided.
We are impressed with Xtandi's performance in its first full
quarter following the product launch and we expect the strong
ramp to continue. Medivation has consistently presented
impressive data on Xtandi. Based on the data we have seen so far,
we believe the product has blockbuster potential.
Xtandi could very well be a game-changer for Medivation. The
prostate cancer market represents huge commercial potential.
According to the American Cancer Society, prostate cancer is the
most commonly diagnosed cancer among men in the US, other than
Xtandi is currently in several studies including studies for
the pre-chemo setting, which represents huge commercial
potential. Expansion into the pre-chemo setting would be a major
positive for the stock. Medivation is also exploring Xtandi for
breast cancer (phase I).
Medivation currently carries a Zacks Rank #2 (Buy). The
company will be reporting its fourth quarter and full year 2012
results on Feb 28, 2013. Other biopharma stocks that currently
look more attractive include
Peregrine Pharmaceuticals, Inc.
). Both are Zacks Rank #1 stocks (Strong Buy).
(ALPMY): ETF Research Reports
MEDIVATION INC (MDVN): Free Stock Analysis
PEREGRINE PHARM (PPHM): Free Stock Analysis
TARGACEPT INC (TRGT): Free Stock Analysis
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