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Sep 30, 2024
Exelixis Q3 2024 Earnings Report
Exelixis's financial performance for Q3 2024 was reported, featuring increased total revenues and net product revenues guidance, along with a favorable ruling on cabozantinib patent litigation and expanded collaboration with Merck for zanzalintinib development.
Key Takeaways
Exelixis announced strong Q3 2024 financial results with total revenues of $539.5 million and GAAP diluted EPS of $0.40. The company is increasing full year guidance for total and net product U.S. revenues due to the strong commercial performance of the cabozantinib franchise. Additionally, a favorable ruling was received on cabozantinib patent litigation, and a collaboration with Merck was expanded for the zanzalintinib development program.
Total revenues reached $539.5 million, compared to $471.9 million for the comparable period in 2023.
GAAP diluted EPS was $0.40, while non-GAAP diluted EPS was $0.47.
Net product revenues from the cabozantinib franchise in the U.S. were $478.1 million.
Collaboration revenues were $61.5 million, driven by milestone-related revenues and higher royalty revenues from cabozantinib sales outside the U.S.
Forward Guidance
Exelixis provided updated financial guidance for fiscal year 2024, increasing total revenues to $2.150 billion - $2.200 billion and net product revenues to $1.775 billion - $1.825 billion.
Positive Outlook
- Total revenues are expected to be between $2.150 billion and $2.200 billion.
- Net product revenues are projected to be between $1.775 billion and $1.825 billion.
- Cost of goods sold is estimated to be approximately 4.5% of net product revenues.
- Effective tax rate is expected to be between 21% and 22%.
- The company anticipates preliminary results from the STELLAR-303 study in 2025.
Challenges Ahead
- Research and development expenses are projected to be between $925 million and $950 million.
- Selling, general, and administrative expenses are expected to be between $475 million and $500 million.
- Financial guidance excludes expenses related to the restructuring plan announced in January 2024.
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