Adamas Pharmaceuticals Inc., of Emeryville, Calif., reported second-quarter sales of the Parkinson’s disease drug Gocovri (amantadine) totaling $18 million, a 41% jump over the same period last year. Evercore ISI analyst Josh Schimmer said in an email alert to investors that Adamas “crushed the quarter” despite COVID-19 headwinds. The management team “continues to deliver on the promise of the product with access, adoption and patient persistence,” he said. The company’s reported a net loss of $10.6 million, or 37 cents per share, for the quarter. As of June 30, Adamas had a cash position of $103.4 million. Shares (NASDAQ:ADMS) closed Aug. 7 at $3.78, up $1.17, or 45%.
Beigene Ltd., of Cambridge, Mass., and Beijing, reported $65.64 million in product revenues for the second quarter, marking a 13% increase over the same period in 2019, despite the suspension and recall of Abraxane (nab-paclitaxel) in China in March. Sales of PD-1 inhibitor tislelizumab in China were $29.42 million for the second quarter, the first full quarter of sales after the drug’s March launch. Sales of BTK inhibitor Brukinsa (zanubrutinib) totaled $6.97 million in China and the U.S. Brukinsa was cleared by the U.S. FDA in November 2019 and gained Chinese approval in June. Beigene recorded revenue of $240,000 from sales of Abraxane, which comprised reversals of rebate accruals subsequent to the suspension of sales and recall of the drug, compared to revenue of $34.73 million for the same three-month period in 2019. Net loss for the second quarter was $335.2 million, or 33 cents per share. As of June 30, Beigene had a cash position of about $3.2 billion. Shares of Beigene (NASDAQ:BGNE) closed Aug. 7 at $220.50, down $3.56.
Dynavax Technologies Inc., of Emeryville, Calif., reported second-quarter net product revenue of $2.4 million for hepatitis B vaccine Heplisav-B, a decline from $8.3 million for the same period a year ago, attributed to the COVID-19 pandemic. Adult hepatitis B vaccine utilization dropped significantly beginning in late March, according to Dynavax, before reaching a low in the middle of the second quarter. Vaccine utilization improved in the latter part of the quarter, and by mid-July had reached about 60% of pre-COVID-19 levels. The pandemic, however, has drawn greater attention to the company’s TLR9 agonist adjuvant, and Dynavax has inked a number of collaborations to date, including deals with China’s Clover Pharmaceuticals Inc., Sinovac Biotech Ltd. and Valneva SE, for use of the adjuvant with COVID-19 vaccines. Dynavax’s net loss for the second quarter was $51.6 million, or 53 cents per share. The company’s cash position as of June 30 was $200.7 million, which included proceeds of about $80.5 million from a May public offering. Shares of Dynavax (NASDAQ:DVAX) closed Aug. 7 at $7.78, down $1.04.
Exelixis Inc., of Alameda, Calif., reported total revenue of $259.5 million for the second quarter. Of that, $178.7 million comprised net product revenue from the cabozantinib franchise, down from the $193.7 million reported for the same period of 2019, a decrease due to a drop in sales volume, partially offset by an increase in average net selling price, due in part to negative impacts by the COVID-19 pandemic. GAAP net income for the second quarter was $66.8 million, or 22 cents per basic share. Cash and investments totaled $1.5 billion as of June 30. Shares of Exelixis (NASDAQ:EXEL) closed Aug. 7 at $22.36, down 45 cents.
Fibrogen Inc., of San Francisco, reported $15.7 million in net sales of anemia treatment roxadustat in China and $8.2 million in roxadustat API sales to Tokyo-based Astellas Pharma Inc. during the second quarter. The company also booked $19 million in development revenue. Fibrogen lost $85.3 million, or 95 cents per share, in the second quarter. The company had $716 million in cash, cash equivalents, restricted time deposits, investments and receivables at the end of the second quarter. Shares of Fibrogen (NASDAQ:FGEN) closed Aug. 7 at $44.20, up $2.75.
Incyte Corp., of Wilmington, Del., reported total product and royalty revenues of $593 million for the second quarter, up 16% over the second quarter of 2019, with revenues of $474 million from myelofibrosis drug Jakafi (ruxolitinib). Incyte also stands to receive revenue from recently approved Monjuvi (tafasitamab-cxix), along with co-commercialization partner Morphosys AG, of Martinsried, Germany. The company also is set for milestones and royalties from licensee Novartis AG, of Basel, Switzerland, for Tabrecta (capmatinib), cleared earlier this year by the FDA and Japan’s MHLW. Incyte posted total GAAP revenue of $688 million for the second quarter, with net income of $290.3 million, or $1.33 per basic share. As of June 30, its cash position was $1.6 billion. Shares of Incyte (NASDAQ:INCY) closed Aug. 4 at $99.95, down $1.84.