U.S. net sales are expected at $500M-$535M in 2014 vs. $392.4M for 2013.
Downgrading from Buy to Hold with PT reduced to $80 from $89, Jefferies Biren Amin says, "The revenue guidance implies very modest Xtandi growth in the post-chemo market with little contribution from off-label pre-chemo until the anticipated approval in at end of Q3."
Xtandi is now on a very different trajectory than previously thought, suggesting shares are about 30% overvalued, says Cowen, cutting to Underperform with $56 price target.
A material disappointment to investors who had become convinced Xtandi's revenue growth would accelerate after Prevail, says Bernstein.
MDVN -10.6% premarket