Exelixis Q4 2022 Earnings Report
Key Takeaways
Exelixis reported Q4 2022 financial results, with total revenues of $423.9 million and a GAAP diluted EPS of $(0.09). The company continued to advance its cabozantinib franchise and pipeline through clinical data readouts and new collaborations.
Total revenues for Q4 2022 were $423.9 million, compared to $451.1 million for the comparable period in 2021.
Net product revenues for Q4 2022 were $377.4 million, compared to $302.7 million for the comparable period in 2021.
GAAP net loss for Q4 2022 was $(30.2) million, or $(0.09) per share, basic and diluted, compared to GAAP net income of $95.2 million, or $0.29 per share diluted, for the comparable period in 2021.
Non-GAAP net loss for Q4 2022 was $(10.2) million, or $(0.03) per share, basic and diluted, compared to non-GAAP net income of $113.3 million, or $0.35 per share, diluted, for the comparable period in 2021.
Exelixis
Exelixis
Exelixis Revenue by Segment
Forward Guidance
Exelixis is maintaining its financial guidance for fiscal year 2023.
Positive Outlook
- Total revenues are expected to be between $1.775 billion and $1.875 billion.
- Net product revenues are expected to be between $1.575 billion and $1.675 billion.
- Cost of goods sold is expected to be 4.0% - 5.0% of net product revenues.
- Research and development expenses are expected to be between $1.000 billion and $1.050 billion.
- Selling, general and administrative expenses are expected to be between $475 million and $525 million.
Challenges Ahead
- Effective tax rate is expected to be between 20% and 22%.
- The company faces risks related to market acceptance of its products.
- The company faces risks related to increasing competition.
- The company faces risks related to its dependence on collaboration partners.
- The company faces risks related to regulatory review and approval processes.
Revenue & Expenses
Visualization of income flow from segment revenue to net income