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PTLA - Portola: Doubtful Trials And Falling Sales Make Andexxa An Unlikely Blockbuster
Portola Pharmaceuticals Inc.
Investment Thesis
Portola bulls must be hugely frustrated by falling sales of the company's flagship drug - coagulation factor Xa (recombinant) Andexxa. Many people - myself included, when I recommended Portola in an article back in October - thought the company had a blockbuster on its hands. What is the reason for the many teething problems, and why has the stock price collapsed?
On Jan 9th Portola announced that Q4 sales of Andexxa fell to $28 million (from $33m in Q3) and that full year sales revenues for the drug are likely to come in