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Mar 31, 2020
Exelixis Q1 2020 Earnings Report
Exelixis reported strong performance in Q1 2020, with total revenues of $226.9 million and cabozantinib franchise revenue of $193.9 million.
Key Takeaways
Exelixis announced its Q1 2020 financial results, reporting total revenues of $226.9 million, which includes net product revenues of $193.9 million. GAAP diluted EPS was $0.15, and non-GAAP diluted EPS was $0.19. The company is progressing with its key corporate objectives and commercial and clinical development milestones.
Total revenues for Q1 2020 were $226.9 million, compared to $215.5 million for the same period in 2019.
Net product revenues for Q1 2020 were $193.9 million, compared to $179.6 million for the same period in 2019.
GAAP net income for Q1 2020 was $48.6 million, or $0.15 per share, diluted, compared to $75.8 million, or $0.24 per share, diluted, for the same period in 2019.
Non-GAAP net income for Q1 2020 was $59.4 million, or $0.19 per share, diluted, compared to $85.5 million, or $0.27 per share, diluted, for the same period in 2019.
Revenue by Segment
Forward Guidance
Exelixis is maintaining its previously provided financial guidance for fiscal year 2020.
Positive Outlook
- Total revenues between $850 million and $900 million.
- Net product revenues between $725 million and $775 million.
- Cost of goods sold between 4% and 5% of net product revenues.
- Research and development expenses between $460 million and $500 million.
- Cash and investments between $1.5 billion and $1.6 billion.
Challenges Ahead
- Selling, general and administrative expenses between $230 million and $250 million.
- Effective tax rate between 20% and 22%.
- Potential impact from the ongoing COVID-19 pandemic.
- Challenges and risks of the Exelixis business.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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