Business
Exelixis Announces First Quarter 2020 Financial Results and Provides Corporate Update
- Total Revenue of $226.9 Million, Cabozantinib Franchise Revenue of $193.9 Million - - GAAP Diluted EPS of $0.15, Non-GAAP Diluted EPS of $0.19 - -
About this update from Exelixis, Inc.
[{"type":"text","content":"\n- Total Revenue of $226.9 Million, Cabozantinib Franchise Revenue of $193.9 Million -\n\n\n- GAAP Diluted EPS of $0.15, Non-GAAP Diluted EPS of $0.19 -\n\n\n- Conference Call and Webcast Today at 5:00 PM Eastern Daylight Time -\n\n ALAMEDA, Calif.--(BUSINESS WIRE)--\nExelixis, Inc. (Nasdaq: EXEL) today reported financial results for the first quarter of 2020 and provided an update on progress toward fulfilling its key corporate objectives, as well as commercial and clinical development milestones.\n\n\n“Exelixis remained productive with strong performance in the first quarter of 2020, despite the significant challenges introduced by the COVID-19 pandemic in the U.S. and around the world,” said Michael M. Morrissey, Ph.D., President and Chief Executive Officer of Exelixis. “I’m proud of the commitment demonstrated by our team to help patients with cancer fight their disease in these difficult times, while ensuring the safety of our employees and oncology healthcare professionals. Patient access to our medicines remains a top priority for Exelixis, both on the commercial and investigational fronts.”\n\n\n“Recently, we and our partner Bristol Myers Squibb announced positive top-line results from CheckMate -9ER, the pivotal phase 3 study evaluating the combination of nivolumab and cabozantinib in first-line RCC,” continued Dr. Morrissey. “The trial met its primary endpoint of progression-free survival, as well as secondary endpoints of overall survival and objective response rate. Together with Bristol Myers Squibb, we are now moving rapidly to submit regulatory applications in the U.S. and European Union in the next few months. We look forward to continuing to provide updates on our other programs and milestones as the year progresses.”\n\n\nFirst Quarter 2020 Financial Results\n\n\nTotal revenues for the quarter ended March 31, 2020 were $226.9 million, compared to $215.5 million for the comparable period in 2019.\n\n\nTotal revenues for the quarter ended March 31, 2020 included net product revenues of $193.9 million, compared to $179.6 million for the comparable period in 2019. The increase in net product revenues reflected an increase in the average net selling price and an increase in sales volume.\n\n\nCollaboration revenues, comprising license revenues and collaboration services revenues, were $33.0 million for the quarter ...