Clovis Oncology Announces Financial Results for Q2 2022

Strong Performance Driven by Rubraca and FAP-2286

BOULDER, Colo. – August 8, 2022 – Clovis Oncology, Inc. (NASDAQ: CLVS) today reported financial results for the quarter ended June 30, 2022 and provided an update on the Company's pipeline.

Financial Highlights

Total revenue for the second quarter of 2022 was $65.8 million, compared to $75.8 million for the second quarter of 2021. The decrease was primarily due to lower net sales of Rubraca, partially offset by higher net sales of FAP-2286.

Net loss for the second quarter of 2022 was $53.3 million, or $0.40 per share, compared to a net loss of $74.9 million, or $0.58 per share, for the second quarter of 2021.

Pipeline Update

Clovis Oncology continues to make progress in its pipeline, with several key milestones achieved in the second quarter of 2022. The Company announced the initiation of a Phase 3 trial evaluating FAP-2286 in combination with paclitaxel as a first-line treatment for patients with advanced or metastatic urothelial cancer. Additionally, the Company presented positive data from a Phase 2 trial of FAP-2286 in combination with pembrolizumab in patients with advanced or metastatic non-small cell lung cancer at the 2022 American Society of Clinical Oncology (ASCO) Annual Meeting.

"We are pleased with the progress we made in the second quarter of 2022, both in terms of our financial performance and our pipeline advancement," said Patrick Mahaffy, President and Chief Executive Officer of Clovis Oncology. "We continue to execute on our strategy of developing and commercializing innovative therapies for patients with cancer, and we are confident that we are well-positioned for continued success in the future."

About Clovis Oncology

Clovis Oncology is a biopharmaceutical company focused on acquiring, developing, and commercializing innovative anti-cancer agents in the United States, Europe, and other international markets. Clovis Oncology's commercial product, Rubraca, is approved for the treatment of adult patients with recurrent epithelial ovarian, fallopian tube, or primary peritoneal cancer who have responded to platinum-based chemotherapy and are in complete or partial response or who have stable disease following first-line treatment. Clovis Oncology's pipeline includes several promising drug candidates with novel mechanisms of action, including FAP-2286, a small molecule inhibitor of fibroblast activation protein, and HGF-MET mAb, a monoclonal antibody targeting the HGF-MET signaling pathway. For more information about Clovis Oncology, please visit www.clovisoncology.com.