Pharmacyclics, Inc. (PCYC) provided preliminary 2014 U.S. net product revenue results and 2015 U.S. net product revenue outlook at the annual J.P. Morgan Healthcare Conference.
For 2014, the company expects U.S. net product revenue for Imbruvica to be approximately $492 million. For the fourth quarter of 2014, U.S. net product revenue is expected to be approximately $185 million, representing a sequential increase of approximately 31%.
We note that Imbruvica is Pharmacyclics’ sole marketed product. The company has an agreement with Janssen Biotech, a Johnson & Johnson (JNJ) company, for Imbruvica. Pharmacyclics has received milestone payments of $100 million from Johnson & Johnson during the fourth quarter of 2014.
For 2015, the company expects Imbruvica U.S. net product revenue to be approximately $1 billion, representing a year-over-year jump of approximately 103%. The increase is expected to be driven by higher market penetration for the three approved indications and an anticipated label expansion to include a fourth one.
Imbruvica is currently approved for the treatment of patients with mantle cell lymphoma or chronic lymphocytic leukemia (CLL) who have received at least one previous therapy and for CLL patients with a deletion of the short arm of chromosome 17.
The company is working on expanding the Imbruvica label and evaluating the drug for small lymphocytic lymphoma, Waldenstrom's macroglobulinemia and diffuse large B-cell lymphoma among others. The FDA is expected to render a final opinion on the marketing application for Imbruvica for patients with Waldenstrom's macroglobulinemia by Apr 17, 2015. We are encouraged by Pharmacyclics’ efforts to expand the drug’s label further.
Pharmacyclics currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the health care sector include AMAG Pharmaceuticals, Inc. (AMAG) and Alexion Pharmaceuticals, Inc. (ALXN). Both stocks carry a Zacks Rank #1 (Strong Buy).
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