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Sep 30, 2023
Exelixis Q3 2023 Earnings Report
Exelixis reported strong Q3 2023 financial results, driven by the CABOMETYX® commercial franchise, and provided a corporate update.
Key Takeaways
Exelixis announced strong Q3 2023 financial results with total revenues of $471.9 million, compared to $411.7 million for the comparable period in 2022. Net product revenues were $426.5 million, an increase from $366.5 million in the same period of the prior year. GAAP net income was $1.0 million, or $0.00 per share, while non-GAAP net income was $32.1 million, or $0.10 per share.
Total revenues for Q3 2023 were $471.9 million, compared to $411.7 million for the comparable period in 2022.
Net product revenues for Q3 2023 were $426.5 million, compared to $366.5 million for the comparable period in 2022.
GAAP net income for Q3 2023 was $1.0 million, or $0.00 per share, compared to $73.2 million, or $0.23 per share for the comparable period in 2022.
Non-GAAP net income for Q3 2023 was $32.1 million, or $0.10 per share, compared to $102.0 million, or $0.32 per share for the comparable period in 2022.
Exelixis
Exelixis
Exelixis Revenue by Segment
Revenue by Segment
CABOMETYX Revenue
CapyFin.comCOMETRIQ Revenue
CapyFin.comLicense Revenue
CapyFin.comCollaboration Revenue
CapyFin.com Forward Guidance
Exelixis is providing the following updated financial guidance for fiscal year 2023:
Positive Outlook
- Total revenues $1.825 billion - $1.850 billion
- Net product revenues $1.625 billion - $1.650 billion
- Cost of goods sold4.0% - 5.0% of net product revenues
- Research and development expenses (1)$1.050 billion - $1.075 billion
- Selling, general and administrative expenses (2)$525 million - $550 million
Challenges Ahead
- Effective tax rate20% - 22%
- Total revenues $1.825 billion - $1.850 billion
- Net product revenues $1.625 billion - $1.650 billion
- Research and development expenses (1) $1.050 billion - $1.075 billion
- Selling, general and administrative expenses (2) $525 million - $550 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income