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Jun 30, 2024
Exelixis Q2 2024 Earnings Report
Reported strong financial results driven by cabozantinib franchise and Ipsen milestone payment.
Key Takeaways
Exelixis reported total revenues of $637.2 million for Q2 2024, driven by strong cabozantinib performance and a $150 million milestone payment from Ipsen. GAAP diluted EPS was $0.77, and non-GAAP diluted EPS was $0.84. The FDA accepted the sNDA for cabozantinib in advanced NET, and the company completed a $450 million stock repurchase program and announced an additional $500 million program.
Total revenues reached $637.2 million, with net product revenues of $437.6 million.
GAAP diluted EPS was $0.77, and non-GAAP diluted EPS was $0.84.
Earned a $150 million cabozantinib sales-based milestone from Ipsen.
Completed a $450 million stock repurchase program and announced a new $500 million program.
Exelixis
Exelixis
Exelixis Revenue by Segment
Exelixis Revenue by Geographic Location
Revenue by Segment
Collaboration Revenue
CapyFin.comRevenue by Geographic Location
U.S. Revenue
CapyFin.com Forward Guidance
Exelixis provided updated financial guidance for fiscal year 2024.
Positive Outlook
- Total revenues are expected to be between $1.975 billion and $2.075 billion.
- Net product revenues are projected to range from $1.650 billion to $1.750 billion.
- The company anticipates a positive impact from a U.S. wholesale acquisition cost increase of 2.2% for both CABOMETYX and COMETRIQ.
- Focus on advancing XL309 and its growing pipeline.
- Stock repurchase program for up to an additional $500 million through the end of 2025.
Challenges Ahead
- Research and development expenses are estimated to be between $925 million and $975 million.
- Selling, general, and administrative expenses are projected to be between $450 million and $500 million.
- The effective tax rate is expected to be between 20% and 22%.
- Guidance excludes expenses related to the restructuring plan announced in January 2024.
- Discontinuing development of XB002.