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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.
Exelixis
Exelixis
Exelixis Revenue by Segment
Revenue by Segment
CABOMETYX Revenue
CapyFin.comCOMETRIQ Revenue
CapyFin.comLicense Revenue
CapyFin.comCollaboration Revenue
CapyFin.com 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.
- This cash guidance does not include any potential new business development activity.