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Last Update: 13-Mar-13 07:45 ET
Spectrum Pharma shares plunge 32% following change in Fusilev sales
Spectrum Pharma (SPPI $8.30 -4.13) anticipates a change in ordering patterns of FUSILEV? following the recent stabilization of the folate analog market. The Company now expects that FUSILEV sales will be approximately $10 to $15 million for the first quarter of the year, and approximately $80 to $90 million for the 2013 fiscal year. The Company noted that, while hospital sales are shifting to generics, the end-user demand for FUSILEV remains stable in the clinics, and the Company continues to anticipate solid demand in this segment in 2013. The Company believes the majority of the impact from the change in ordering patterns will be reflected in the first half of 2013 and expects to return to a run-rate that more closely aligns with end-user demand by the end of the year. The Company also expects its hematology franchise, which includes FOLOTYN and ZEVALIN, to grow in 2013. Spectrum Pharmaceuticals anticipates total company revenues in the range of $160-180 million (versus $301.41 million Capital IQ consensus Estimate) for the full-year 2013. The Company continues to manage operating expenses and expects to be profitable in 2013 on a non-GAAP basis. The Company expects to file its NDA for belinostat around the middle of 2013 and anticipates potential commercialization in 2014, subject to FDA approval. Spectrum Pharmaceuticals also anticipates that it will file an NDA for apaziquone in 2014.
