Expert Financial Analysis and Reporting

Investor focus is totally on Andexxa at this point in time as the disappointing 2Q, 2018 sales results for Bevyxxa have caused investors to write it off and cerdulatinib is barely a blip on their radar screen. In contrast to the negative view on Bevyxxa, I believe that it will become a very meaningful product […]

Introduction This is the latest in a series of updates on Portola and is prompted by information presented in the second quarter conference call. If this is your first encounter with the Company and you would like greater detail on the company’s technology, its products and clinical trial data, you may want to read my […]

Investment Thesis in Brief This report is based on presentations by management at recent brokerage conferences. It is an update and not a comprehensive analysis of Portola. For more detailed analysis, you may want to refer to a series of reports on my website. I am reiterating my Buy recommendation on Portola. I have a […]

Investment Opinion Based on assumptions made in this report, I estimate that AndexXa could be valued by investors at $114 to $ 200 per Portola share by 2023. This makes Portola a very attractive investment opportunity without taking into account any contribution from Bevyxxa which was recently launched in the US and potential pipeline contributions, […]

Key Observations and Conclusions I believe there is a very strong possibility that AndexXa will be approved on its PDUFA date of May 4, 2018 even though the phase 3 trial that is the basis of the BLA leaves much to be desired. It is based on a single AndexXa arm which at this point […]

Major New Uncertainty for AndexXa The fourth quarter conference call produced alarming information about the FDA review of AndexXa. This drug is an antidote for excessive bleeding that sometimes results from use of the Factor Xa anticoagulants Eliquis and Xarelto. Portola states that in the U.S. in 2017, there were approximately 150,000 hospital admissions that […]

Portola announced after the close on December 22, 2017 that the FDA will extend its review of AndexXa (andexanet alfa) by 90 days. According to the Company, it just submitted additional data requested by the agency for the ongoing ANNEXA-4 study as part of the continuing review process.  This constitutes an amendment to the submission […]

Portola Pharmaceuticals announced today that the FDA has given the go-ahead for the commercial launch of Bevyxxa (betrixaban). This drug was approved in the US on June 23, 2017 and at the time Portola said that it expected to launch Bevyexxa in the US in the September to November time frame. However, in early September […]

Perspective on Stock Price Behavior I began coverage of Portola with a Buy in a May 4, 2017 report at a price of $40.05. The basis for my recommendation was that PTLA had extremely impressive prospects based on the pending approvals in the US and Europe of two (not one) blockbuster products: Bevyexxa and AndexXa. […]

Introduction Adam F-stein wrote an article on Portola on September 19, 2017 with the headline “Commercial launch of Portola’s new blood thinner could be threatened by new clinical guidelines”. This caused a 9% drop from the closing price of $56.57 of the prior day to $52.02 at the close on September 19. The analysis in […]