EXEL shares gained 0.23% during after-market trading on
Wednesday. The stock has gained 7.5% so far this year.
Research and development expenses for the quarter were $81.9 million, compared to $42.5 million for the comparable period in 2018, primarily due to increases in clinical trial costs.
CEO Michael Morrissey said, “We achieved notable revenue growth for the CABOMETYX franchise, supporting our strategy of reinvestment in long-term growth opportunities through our internal discovery and targeted in-licensing activities, including today’s announcement of our partnership agreement with Aurigene.”
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For full-year 2019, cost of goods sold is expected to be between
4% and 5% of net product revenues, the company said. Research and development
expenses are now expected to be between $330 million and $350 million given the
impact of the recent business development activities.
Guidance for the effective tax rate in 2019 is between 21%
and 23%.