Exelixis Inc. (NASDAQ: EXEL) reported second-quarter earnings of 29 cents per share, down 6.4% year-over-year. The bottom line surpassed the average analysts’ expectation of 23 cents per share.
Revenues of $240.3 million were up 29% compared to the same period last year and higher than the street view of $227 million. CABOMETYX net product revenues totaled $193.7 million, 32% higher than last year.
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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.
![exelixis 2Q19 results beat wall street expectations](https://cdn.news.alphastreet.com/wp-content/uploads/2019/07/exel-financials-2Q19-1024x542.jpg)
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.”
READ: Vertex Pharmaceuticals Q2 profit jumps 29%, beats estimates
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%.
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