Cowen and Credit-Suisse on Astellas/Medivation quarter.
Both agree that quarterly sales of Xtandi were $108 million, including both Europe and the US. The Cowen & Co. analyst, Eric Schmidt, said sales of Xtandi increased 31% over the previous quarter. "Xtandi benefited from a 6% price increase taken during the this quarter, but demand also seems to have rebounded from a June quarter that witnessed just 9% quarter-over-quarter growth" he wrote in a note to clients.
The Credit Suisse analysts noted that the $108m in quarterly sales were well ahead of the consensus estimate of $97m and that the European sales of $15m (in USD) was ahead of the consensus of $10m. They also noted that Astellas said that Xtandi could launch in Japan next year, which would be earlier than they expected. Astellas said that the Japanese review is ongoing and includes the results of the Prevail trial. This suggests that Xtandi might be approved in both the pre and post-chemo setting in Japan and that it might be approved there ahead of Zytiga. They also had some optimistic things to say about the possible duration of treatment numbers which will be coming from Prevail, noting that their model suggests that each additional month of treatment is worth $5 a share.