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Portola down 39% after hours on weak Q4

|About: Portola Pharmaceutical... (PTLA)|By: , SA News Editor

Portola Pharmaceuticals (NASDAQ:PTLA) slumps 39% after hours in reaction to preliminary Q4 and 2019 results that are significantly below consensus.

Q4 Andexxa/Ondexxya sales will be ~$32M.

Global 2019 revenues should be ~$111M, 17% below consensus of $134M.

The company says Andexxa sales in the U.S. were negatively impacted by a $5M gross-to-net adjustment to a return reserve for short-dated product and flat demand due to an increase in utilization, mostly in tier 1 accounts.

Cash balance at year-end: $464M.