Exelixis Q4 2021 Earnings Report
Key Takeaways
Exelixis announced fourth quarter and full year 2021 financial results, with total revenues of $451.1 million for the fourth quarter and $1.43 billion for the full year. The cabozantinib franchise achieved significant milestones, including $1.08 billion in U.S. net product revenues for the full year, with $302.7 million for the fourth quarter. GAAP diluted EPS was $0.29 for the fourth quarter and $0.72 for the full year. The company is also advancing its clinical pipeline and discovery programs.
Total revenues for Q4 2021 were $451.1 million, compared to $270.1 million for Q4 2020.
Cabozantinib franchise net product revenues in the U.S. were $302.7 million for Q4 2021.
GAAP diluted EPS for Q4 2021 was $0.29, and non-GAAP diluted EPS was $0.35.
Exelixis is progressing its clinical pipeline and discovery programs, with multiple key milestones achieved in late 2021 and early 2022.
Exelixis
Exelixis
Exelixis Revenue by Segment
Forward Guidance
Exelixis provided financial guidance for fiscal year 2022, including total revenues between $1.525 billion and $1.625 billion.
Positive Outlook
- Multiple pivotal clinical trial readouts for cabozantinib across the COSMIC and CONTACT clinical studies
- Launch of the XL092 phase 3 pivotal trial program
- Expansion of the ongoing phase 1b STELLAR-001/-002 clinical trials of XL092, with plans to provide clinical updates
- Accelerated development and expansion of the XB002 clinical program, with plans to provide clinical updates from the ongoing phase 1 study
- Progression of up to five new development candidates into preclinical development from the company’s more than 10 discovery programs currently advancing through internal and collaborative efforts.
Challenges Ahead
- The continuing COVID-19 pandemic and its impact on Exelixis’ clinical trial, drug discovery and commercial activities
- The degree of market acceptance of CABOMETYX and other Exelixis products in the indications for which they are approved and in the territories where they are approved, and Exelixis’ and its partners’ ability to obtain or maintain coverage and reimbursement for these products
- The effectiveness of CABOMETYX and other Exelixis products in comparison to competing products
- The level of costs associated with Exelixis’ commercialization, research and development, in-licensing or acquisition of product candidates, and other activities
- Market competition, including the potential for competitors to obtain approval for generic versions of Exelixis’ marketed products
Revenue & Expenses
Visualization of income flow from segment revenue to net income