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Jun 30, 2020
Exelixis Q2 2020 Earnings Report
Exelixis reported second quarter results, with total revenues of $259.5 million and GAAP diluted EPS of $0.21.
Key Takeaways
Exelixis announced its second quarter 2020 financial results, with total revenues reaching $259.5 million. The company highlighted positive top-line results from the CheckMate -9ER study and progress in its clinical development programs.
Total revenues for the quarter were $259.5 million, compared to $240.3 million for the comparable period in 2019.
GAAP net income for the quarter was $66.8 million, or $0.21 per share, diluted.
Non-GAAP net income for the quarter was $79.4 million, or $0.25 per share, diluted.
Cash and investments were $1.5 billion at June 30, 2020, compared to $1.4 billion at December 31, 2019.
Revenue by Segment
Forward Guidance
Exelixis provided updated financial guidance for fiscal year 2020.
Positive Outlook
- Total revenues: $900 million - $950 million
- Net product revenues: $725 million - $775 million
- Cost of goods sold: 4% - 5% of net product revenues
- Cash and investments: $1.5 billion - $1.6 billion
- Effective tax rate: 17% - 19%
Challenges Ahead
- Research and development expenses: $500 million - $550 million
- Includes $25 million of non-cash stock-based compensation expense.
- Selling, general and administrative expenses: $250 million - $270 million
- Includes $40 million of non-cash stock-based compensation expense.
- This cash guidance does not include any potential new business development activity, which remains a key priority for Exelixis as it continues to build toward becoming a multi-product oncology company.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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