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Dec 31, 2023
Exelixis Q4 2023 Earnings Report
Exelixis reported strong Q4 2023 results, driven by growth in cabozantinib franchise and advancements in pipeline development.
Key Takeaways
Exelixis announced its Q4 and Fiscal Year 2023 financial results, reporting total revenues of $479.7 million for the quarter and $1.83 billion for the year. The company's GAAP diluted EPS was $0.27 for the quarter and $0.65 for the year, while non-GAAP diluted EPS was $0.33 for the quarter and $0.90 for the year. Exelixis is focused on advancing its cabozantinib franchise and pipeline development.
Total revenues for Q4 2023 were $479.7 million, compared to $423.9 million for the same period in 2022.
Cabozantinib franchise net product revenues in the U.S. were $429.3 million during Q4 2023.
GAAP diluted EPS for Q4 2023 was $0.27, compared to a net loss of $(0.09) per share for the same period in 2022.
Non-GAAP diluted EPS for Q4 2023 was $0.33, compared to a net loss of $(0.03) per share for the same period in 2022.
Revenue by Segment
Forward Guidance
Exelixis is maintaining its financial guidance for fiscal year 2024.
Positive Outlook
- Total revenues are expected to be between $1.825 billion and $1.925 billion.
- Net product revenues are expected to be between $1.650 billion and $1.750 billion.
- Cost of goods sold is expected to be 4% - 5% of net product revenues.
- Research and development expenses are expected to be between $925 million and $975 million.
- Selling, general and administrative expenses are expected to be between $425 million and $475 million.
Challenges Ahead
- 2024 financial guidance excludes expenses related to the restructuring plan announced in January 2024.
- Includes $40 million of non-cash stock-based compensation expense in research and development expenses.
- Includes $60 million of non-cash stock-based compensation expense in selling, general and administrative expenses.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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