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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.
Revenue by Segment
Revenue by Geographic Location
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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