Categories Earnings, Health Care

Exelixis tops Q1 earnings and revenue estimates

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.

Exelixis (EXEL) Q1 2019 earnings

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.

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips

 

 

Most Popular

Disney (DIS): A look at the major winning points for its streaming business

Shares of the Walt Disney Company (NYSE: DIS) have been rallying since the entertainment leader delivered strong results for its third quarter of 2022 a day ago. The stock was

KSS Stock: After terminating sale talks, what awaits Kohl’s this year

Kohl’s Corporation (NYSE: KSS) has been on investors' radar ever since the retailer put itself up for sale earlier this year, after coming under pressure from activist investors. Putting an

Walt Disney Company (DIS) Q3 revenues, earnings beat Street view

Entertainment behemoth The Walt Disney Company (NYSE: DIS) on Wednesday reported higher revenues and earnings for the third quarter of 2022. The results also topped expectations. Third-quarter revenues of the Los

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top