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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.
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 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.
- Financial guidance excludes impairment of long-lived assets announced in October 2024.
- The judgement from the District Court is subject to appeal by either party.
Revenue & Expenses
Visualization of income flow from segment revenue to net income