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Mar 31, 2023
Exelixis Q1 2023 Earnings Report
Exelixis reported financial results for Q1 2023 and provided a corporate update.
Key Takeaways
Exelixis announced Q1 2023 financial results with total revenues of $408.8 million and GAAP diluted EPS of $0.12. CABOMETYX® maintained its leading status in renal cell carcinoma treatment.
Total revenues for Q1 2023 were $408.8 million, compared to $356.0 million for the same period in 2022.
Net product revenues were $363.4 million, up from $310.3 million in the prior year.
GAAP net income was $40.0 million, or $0.12 per share, diluted, compared to $68.6 million, or $0.21 per share, diluted, for the comparable period in 2022.
The company maintains its full year 2023 financial guidance.
Revenue by Segment
Forward Guidance
Exelixis maintains its financial guidance for fiscal year 2023.
Positive Outlook
- Total revenues are projected between $1.775 billion and $1.875 billion.
- Net product revenues are expected to range from $1.575 billion to $1.675 billion.
- Cost of goods sold is estimated to be 4.0% - 5.0% of net product revenues.
- Research and development expenses are projected between $1,000 million and $1,050 million.
- Selling, general and administrative expenses are expected to be $475 million - $525 million.
Challenges Ahead
- Effective tax rate is projected to be 20% - 22%.
- Includes $45 million of non-cash stock-based compensation expense in research and development expenses.
- Includes $55 million of non-cash stock-based compensation expense in selling, general and administrative expenses.
- Uncertainties in market acceptance of CABOMETYX and other Exelixis products.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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