$MDVN Form 8-K

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785

 


Form 8-K for MEDIVATION, INC.

30-Oct-2015

Other Events

Item 8.01. Other Events.On October 30, 2015, in Tokyo, Japan (October 29, 2015, in San Francisco, CA), Medivation, Inc.’s collaboration partner Astellas Pharma Inc. (Astellas), reported its financial results for the quarter ended September 30, 2015. Astellas reported, among other things, that U.S. net sales of XTANDI� (enzalutamide) capsules were $313.0 million in the quarter ended September 30, 2015, an increase of approximately 5% above the reported net sales of $298.4 million in the quarter ended June 30, 2015.

Based on information provided by Astellas, approximately two-thirds of the $14.6 million increase in U.S. net sales in the September quarter was the result of higher volume, including an increase in underlying demand (mid-single digit percent growth compared with the June 2015 quarter) offset by changes in channel partner inventory levels during the quarters.

The remaining one-third of the U.S. net sales increase resulted from a lower September quarter gross-to-net discount rate, utilized by Astellas, that included a favorable adjustment of $17.9 million related to changes in their prior period estimates of deductions against gross sales.

In its release, Astellas also reported net sales of XTANDI outside of the U.S. for the quarter ended September 30, 2015, expressed in various currencies. Medivation estimates such sales were approximately $205 million, 9% above ex-U.S. net sales of approximately $188 million for the quarter ended June 30, 2015.

Medivation plans to report its own financial results for the quarter ended September 30, 2015, on November 5, 2015.

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