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Jun 30, 2023
Exelixis Q2 2023 Earnings Report
Exelixis reported a strong Q2 2023 with increased revenues and EPS, driven by CABOMETYX® sales and pipeline advancements.
Key Takeaways
Exelixis announced its second quarter 2023 financial results, reporting total revenues of $469.8 million and GAAP diluted EPS of $0.25. The company highlighted the strong performance of CABOMETYX® and progress in its pipeline development, including zanzalintinib and XB002.
Total revenues for the quarter were $469.8 million, compared to $419.4 million for the same period in 2022.
Net product revenues reached $409.6 million, driven by increased sales volume and average net selling price.
GAAP net income was $81.2 million, or $0.25 per share, diluted, compared to $70.7 million, or $0.22 per share, diluted, for the same period in 2022.
Non-GAAP net income was $100.3 million, or $0.31 per share, diluted, compared to $89.7 million, or $0.28 per share, diluted, for the same period in 2022.
Revenue by Segment
Forward Guidance
Exelixis is maintaining its previously provided financial guidance for fiscal year 2023.
Positive Outlook
- Total revenues are expected to be between $1.775 billion and $1.875 billion.
- Net product revenues are projected 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 anticipated to be between $1.000 billion and $1.050 billion.
- The effective tax rate is expected to be 20% - 22%.
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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