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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
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CapyFin.comRevenue by Geographic Location
U.S. Revenue
CapyFin.com 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.