Exelixis Q3 2022 Earnings Report
Key Takeaways
Exelixis announced its Q3 2022 financial results, with total revenues of $411.7 million. The company's cabozantinib franchise continued to drive revenue growth, with a 39% year-over-year increase in net product revenue. Exelixis also made progress on its clinical and early-stage pipeline, including presenting detailed results from the COSMIC-313 clinical trial.
Total revenues for Q3 2022 were $411.7 million, compared to $328.4 million for the same period in 2021.
Net product revenues for Q3 2022 were $366.5 million, compared to $263.1 million for the same period in 2021.
GAAP net income for Q3 2022 was $73.2 million, or $0.23 per share, basic and diluted, compared to GAAP net income of $38.2 million, or $0.12 per share, basic and diluted, for the same period in 2021.
Non-GAAP net income for Q3 2022 was $102.0 million, or $0.31 per share, diluted, compared to non-GAAP net income of $64.5 million, or $0.20 per share, diluted, for the same period in 2021.
Exelixis
Exelixis
Exelixis Revenue by Segment
Forward Guidance
Exelixis is providing the following updated financial guidance for fiscal year 2022: Total revenues $1.575 billion - $1.600 billionNet product revenues $1.375 billion - $1.400 billionCost of goods sold~5% of net product revenuesResearch and development expenses (1)$875 million - $900 millionSelling, general and administrative expenses (2)$450 million - $475 millionEffective tax rate20% - 22%
Revenue & Expenses
Visualization of income flow from segment revenue to net income