Exelixis Announces First Quarter 2024 Financial Results and Provides Corporate Update
- Total Revenues of
- Restructuring Expenses of
- GAAP Diluted EPS of
- Conference Call and Webcast Today at
“In the first quarter of 2024,
First Quarter 2024 Financial Results
Total revenues for the quarter ended
Total revenues for the quarter ended
Collaboration revenues, composed of license revenues and collaboration services revenues, were
Research and development expenses for the quarter ended
Selling, general and administrative expenses for the quarter ended
Restructuring expenses for the quarter ended
Provision for income taxes for the quarter ended
GAAP net income for the quarter ended
Non-GAAP net income for the quarter ended
Non-GAAP Financial Measures
To supplement Exelixis’ financial results presented in accordance with
These non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
2024 Financial Guidance
Total revenues |
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Net product revenues (2) |
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Cost of goods sold |
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4% - 5% of net product revenues |
Research and development expenses (3) |
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Selling, general and administrative expenses (4) |
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Effective tax rate |
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20% - 22% |
____________________
(1) |
2024 financial guidance excludes expenses related to the restructuring plan announced in |
(2) |
Exelixis’ 2024 net product revenues guidance range includes the impact of a |
(3) |
Includes |
(4) |
Includes |
Cabozantinib and Pipeline Highlights
Cabozantinib Franchise Net Product Revenues and Royalties. Net product revenues generated by the cabozantinib franchise in the
Detailed Results from Phase 3 CONTACT-02 Pivotal Trial Evaluating Cabozantinib in Combination with Atezolizumab in Metastatic Castration-Resistant Prostate Cancer (mCRPC) Presented at the
Four-Year Follow-up Results from Phase 3 CheckMate -9ER Trial Evaluating CABOMETYX in Combination with Nivolumab (OPDIVO®) in Previously Untreated Renal Cell Carcinoma (RCC) Presented at ASCO GU. In January, four-year follow-up results from the CheckMate -9ER trial were featured in an oral presentation at ASCO GU. Results continued to show superior PFS and objective response rates in patients treated with the combination of CABOMETYX and nivolumab over sunitinib, the comparator studied in the trial, regardless of risk classification. Superior OS was also observed in patients treated with the combination. The presentation included data showing health-related quality-of-life benefits with the combination as compared to sunitinib. No new safety concerns were identified in the follow-up analysis.
Cabozantinib and Zanzalintinib Data Presentations at the 2024
Corporate Highlights
Announcement of Key Priorities and Anticipated Milestones for 2024. In January,
Share Repurchase Program. As of
Appointments of Two New Board Members with Extensive Drug Development and Corporate Governance Expertise. In January,
Basis of Presentation
Conference Call and Webcast
To access the conference call, please register using this link. Upon registration, a dial-in number and unique PIN will be provided to join the call. To access the live webcast link, log onto www.exelixis.com and proceed to the Event Calendar page under the Investors & News heading. A webcast replay of the conference call will also be archived on www.exelixis.com for one year.
About
Forward-Looking Statements
This press release contains forward-looking statements, including, without limitation, statements related to: the potential for Exelixis’ portfolio of small molecules and biotherapeutics to improve standards of care for patients with cancer; Exelixis’ expectation to submit Investigational New Drug filings for up to three development candidates in 2024, pending continued supportive preclinical data, and to provide updates for the zanzalintinib, XB002 and XL309 development programs as clinical data mature; Exelixis’ plans to advance its regulatory strategies for cabozantinib label expansions into NET and mCRPC indications, which could drive future potential revenue growth of the franchise, and to provide additional updates when appropriate; Exelixis’ belief that its restructuring will further enhance the company’s integrated research, development and commercial capabilities to deliver an innovative pipeline of cancer therapies for patients; Exelixis’ anticipation of a ruling in the second bench trial for its ongoing litigation with
OPDIVO® is a registered trademark of Bristol-Myers Squibb Company.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) (unaudited) |
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Three Months Ended |
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2024 |
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2023 |
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Revenues: |
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Net product revenues |
$ |
378,523 |
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$ |
363,400 |
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License revenues |
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44,676 |
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38,292 |
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Collaboration services revenues |
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2,027 |
|
|
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7,096 |
|
Total revenues |
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425,226 |
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|
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408,788 |
|
Operating expenses: |
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|
|
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Cost of goods sold |
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21,256 |
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|
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14,315 |
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Research and development |
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227,689 |
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234,246 |
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Selling, general and administrative |
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113,984 |
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131,397 |
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Restructuring |
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32,835 |
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— |
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Total operating expenses |
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395,764 |
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|
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379,958 |
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Income from operations |
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29,462 |
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28,830 |
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Interest income |
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19,894 |
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|
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19,502 |
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Other expense, net |
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(89 |
) |
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(54 |
) |
Income before income taxes |
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49,267 |
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48,278 |
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Provision for income taxes |
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11,950 |
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8,250 |
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Net income |
$ |
37,317 |
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$ |
40,028 |
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Net income per share: |
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Basic |
$ |
0.12 |
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$ |
0.12 |
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Diluted |
$ |
0.12 |
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$ |
0.12 |
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Weighted-average common shares outstanding: |
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Basic |
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300,757 |
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|
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324,420 |
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Diluted |
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305,530 |
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326,279 |
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RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME (in thousands, except per share amounts) (unaudited) |
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Three Months Ended |
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2024 |
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2023 |
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GAAP net income |
$ |
37,317 |
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|
$ |
40,028 |
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Adjustments: |
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Stock-based compensation - research and development expenses (1) |
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3,892 |
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3,252 |
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Stock-based compensation - selling, general and administrative expenses (1) |
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15,221 |
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13,409 |
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Income tax effect of the above adjustments |
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(4,448 |
) |
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(3,861 |
) |
Non-GAAP net income |
$ |
51,982 |
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|
$ |
52,828 |
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GAAP net income per share: |
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Basic |
$ |
0.12 |
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|
$ |
0.12 |
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Diluted |
$ |
0.12 |
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$ |
0.12 |
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Non-GAAP net income per share: |
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Basic |
$ |
0.17 |
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$ |
0.16 |
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Diluted |
$ |
0.17 |
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|
$ |
0.16 |
|
Weighted-average common shares outstanding: |
|
|
|
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Basic |
|
300,757 |
|
|
|
324,420 |
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Diluted |
|
305,530 |
|
|
|
326,279 |
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____________________
(1) |
Non-cash stock-based compensation expense used for GAAP reporting in accordance with Accounting Standards Codification Topic 718, Compensation—Stock Compensation. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240430821563/en/
Chief Financial Officer
650-837-7240
csenner@exelixis.com
V
arant Shirvanian
Director, Investor Relations
650-837-7917
vshirvanian@exelixis.com
Source: