Business
Exelixis Announces First Quarter 2022 Financial Results and Provides Corporate Update
- Total Revenues of $356.0 million, Cabozantinib Franchise Revenues of $310.3 million - - GAAP Diluted EPS of $0.21, Non-GAAP Diluted EPS of $0.26 - -
About this update from Exelixis, Inc.
[{"type":"text","content":"\n- Total Revenues of $356.0 million, Cabozantinib Franchise Revenues of $310.3 million -\n\n- GAAP Diluted EPS of $0.21, Non-GAAP Diluted EPS of $0.26 -\n\n- Conference Call and Webcast Today at 5:00 PM Eastern Time -\n\n ALAMEDA, Calif.--(BUSINESS WIRE)--\nExelixis, Inc. (Nasdaq: EXEL) today reported financial results for the first quarter of 2022 and provided an update on progress toward achieving key corporate objectives, as well as commercial, clinical and pipeline development milestones.\n\n“Exelixis had a strong start to 2022 as we continued to gain momentum across all components of our business,” said Michael M. Morrissey, Ph.D., President and Chief Executive Officer, Exelixis. “We are pleased with the growth of the cabozantinib franchise, driven by increased demand for CABOMETYX® (cabozantinib) in combination with OPDIVO® (nivolumab) in the first-line renal cell carcinoma setting, as well as by the initial impact of the drug’s most recent U.S. label expansion into differentiated thyroid cancer. As we strive to help as many eligible cancer patients as possible benefit from cabozantinib, we look forward to top-line results from the COSMIC-313, CONTACT-01 and CONTACT-03 pivotal phase 3 clinical trials expected over the course of this year.”\n\nDr. Morrissey continued: “Cabozantinib franchise revenues fuel the growth of our expanding pipeline, which now comprises four differentiated clinical-stage programs. We are on track to initiate the pivotal trial series for XL092 beginning in the second quarter of 2022 with the first phase 3 trial, STELLAR-303, which will evaluate the compound in combination with atezolizumab in a form of colorectal cancer, and we expect to advance the ongoing phase 1 studies of XL092, XB002 and XL102, and to present initial data from these trials later this year. Additionally, in April we initiated the first-in-human phase 1 trial of XL114, our small molecule inhibitor of the CARD11-BCL10-MALT1 complex. As our pipeline advances, we are building out our infrastructure, both on our Alameda campus as well as in the Greater Philadelphia area through our Exelixis East expansion. I look forward to providing further updates on our progress throughout the year and want to thank the Exelixis team for their collective hard work and execution as we advance our mission to help cancer patients recover stronger an...