Exelixis Inc. (NASDAQ: EXEL) surpassed Q1 earnings and revenue projections. The company reported earnings of $0.27 per share on revenue of $215.5 million. Wall Street expected the biotech company to post earnings of $0.23 per share on revenue of $212.2 million for the recently ended quarter. Exelixis stock, which closed down 1.63% at $19.34 today, was slightly up in the after-hours trading.
GAAP EPS decreased to $0.24 from $0.37, hurt by the decrease in milestone-related revenues and the increases in research and development expenses, selling, general and administrative expenses and the provision for income taxes.
Net product revenues for the quarter increased to $179.6 million from $134.3 million in the year-ago quarter. CABOMETYX net product revenues totaled $175.9 million, compared to $171.6 million for the quarter ended December 31, 2018.
Research and development expenses for the quarter ended March 31, 2019 were $63.3 million, compared to $37.8 million for the comparable period in 2018. The increase in research and development expenses was primarily related to increases in clinical trial costs, personnel expenses and stock-based compensation.
“We continued our efforts to maximize the commercial and clinical potential of cabozantinib through the U.S. launch in advanced hepatocellular cancer in January, as well as the initiation of the COSMIC-313 study announced today,” said CEO Michael Morrissey.
Also read: Novavax Q1 2019 earnings preview
Last week, Exelixis’ partner Takeda Pharmaceutical applied for the approval to manufacture and sell Cabometyx drug in Japan. As a result of this, Exelixis is expected to receive $10 million milestone payment from Takeda in the second quarter of 2019. Under the terms of collaboration and license agreement, Exelixis received a $50 million upfront payment at the time of signing.
Exelixis stock had lost 19% of its value in the last one month and 6% in the past 52 weeks.
Most Popular
Broadcom (AVGO) reports higher Q3 revenue and profit; results beat estimates
Semiconductor company Broadcom, Inc. (NASDAQ: AVGO) reported higher revenues and adjusted earnings for the third quarter of 2024 amid continued strong demand. The Q3 numbers also topped expectations. Earnings, excluding
Key takeaways from Hewlett Packard’s (HPE) Q3 2024 earnings report
Hewlett Packard Enterprise (NYSE: HPE) has delivered stronger-than-expected third-quarter results amid significant conversion in AI system revenues. The prospects for the company's AI server and edge computing businesses look promising
Hormel Foods (HRL): Factors that put a damper on the food company’s Q3 performance
Shares of Hormel Foods Corporation (NYSE: HRL) were up over 2% on Thursday. The stock is recovering from a fall it took a day ago after the company delivered mixed
