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Mar 31, 2024
Exelixis Q1 2024 Earnings Report
Exelixis reported financial results for Q1 2024 and provided a corporate update.
Key Takeaways
Exelixis announced Q1 2024 financial results with total revenues of $425.2 million and GAAP diluted EPS of $0.12. The company is advancing its diverse pipeline and pursuing label expansion for cabozantinib.
Total revenues for Q1 2024 were $425.2 million, compared to $408.8 million for the same period in 2023.
Net product revenues were $378.5 million, up from $363.4 million in the prior year.
GAAP diluted EPS was $0.12, while non-GAAP diluted EPS was $0.17.
The company is progressing with pivotal trials for zanzalintinib and phase 1 studies for XB002 and XL309.
Exelixis
Exelixis
Exelixis Revenue by Segment
Exelixis Revenue by Geographic Location
Forward Guidance
Exelixis maintains its previously provided financial guidance for fiscal year 2024.
Positive Outlook
- Total revenues are expected to be between $1.825 billion and $1.925 billion.
- Net product revenues are projected to be between $1.650 billion and $1.750 billion.
- The net product revenues guidance includes the impact of a U.S. wholesale acquisition cost increase of 2.2% for both CABOMETYX and COMETRIQ.
- Research and development expenses are anticipated to be between $925 million and $975 million.
- Selling, general, and administrative expenses are expected to range from $425 million to $475 million.
Challenges Ahead
- The 2024 financial guidance excludes expenses related to the restructuring plan announced in January 2024.
- R&D expenses include $40 million of non-cash stock-based compensation expense.
- Selling, general, and administrative expenses include $60 million of non-cash stock-based compensation expense.
- Effective tax rate is expected to be between 20% and 22%.
- Market competition and potential for competitors to obtain approval for generic versions of Exelixis’ marketed products.