Medivation Inc (NASDAQ:MDVN) has reported financial results for the full year 2015 and 4Q2015 revenues. As per the reports, the GAAP collaboration revenue in 2015 rose at a great rate of 33%, whereas non-GAAP collaboration revenue rose 79% on YOY basis.
Insights of Financial Results
The senior management team of Medivation was delighted to announce the financial results for the year. According to David Hung, Founder, CEO & President, Medivation Inc, the overall growth rate in 2015 was beyond everyone’s expectations. The sales of XTANDI capsules in the international market grew 80% YOY, which resulted in notable financial figures.
The non-GAAP collaboration revenues for 4Q2015 was $202.7 million as compared to the revenues of $133.3 million reported by Medivation in 4Q2014. When it comes to full-year revenues, it reported $695.4 million in 2015 as compared to $389.4 million in 2014. The collaboration revenues related to XTANDI’s U.S. net sales in 4Q2015 were $157.9 million against $115.1 million in 4Q2014. The full year revenues for the same were $575.7 million in 2015 as compared to $339.9 million in 2014.
Non-GAAP operating expenses for December 2015 quarter were $127.1 million as compared to $109.3 million in 4Q2014. Non-GAAP R&D expenses were $61.4 million in December 2015 quarter and $44.2 million in December 2015 quarter. For the full 2015 year, the non-GAAP R&D expenses were $180.6 million as compared to $134 million in 2014. A significant increment in third-party preclinical and clinical development costs led to increased R&D expenses in 2015.
The non-GAAP net income for 4Q2015 was $0.29 per share or $49.5 million in total, compared to $0.11 per share or $18 million in 4Q2014. The net income for the full year was $170 million as compared to $34.6 million net income reported by the company in 2014.
The company ended December quarter with $225.9 million in cash and cash equivalents as compared to previous year’s $502.7 million. Going forward, it will look forward to taking various initiatives to increase net income and revenues, details of which will be announced at a later date.