Business
Exelixis Announces First Quarter 2024 Financial Results and Provides Corporate Update
- Total Revenues of $425 million, Cabozantinib Franchise U.S. Net Product Revenues of $379 million - - Restructuring Expenses of $32.8 million Recorded - -
About this update from Exelixis, Inc.
[{"type":"text","content":"\n- Total Revenues of $425 million, Cabozantinib Franchise U.S. Net Product Revenues of $379 million -\n\n\n- Restructuring Expenses of $32.8 million Recorded -\n\n\n- GAAP Diluted EPS of $0.12, Non-GAAP Diluted EPS of $0.17 -\n\n\n- Conference Call and Webcast Today at 5:00 PM Eastern Time -\n\n\n ALAMEDA, Calif.--(BUSINESS WIRE)--\nExelixis, Inc. (Nasdaq: EXEL) today reported financial results for the first quarter of 2024, provided an update on progress toward achieving key corporate objectives, and detailed its recent and anticipated commercial, clinical and pipeline development milestones.\n\n\n“In the first quarter of 2024, Exelixis made important progress to advance a diverse, multi-product portfolio of small molecules and biotherapeutics with the potential to improve standards of care for patients with cancer,” said Michael M. Morrissey, Ph.D., President and Chief Executive Officer, Exelixis. “The team continued to execute across our three ongoing pivotal trials for zanzalintinib, as well as the phase 1 studies of our tissue-factor targeting ADC, XB002, and our small molecule USP1 inhibitor, XL309. We expect to provide updates from these programs as clinical data mature. In addition, we are on track for up to three Investigational New Drug filings this year, pending continued supportive preclinical data.”\n\n\nDr. Morrissey continued: “We also continued to pursue our label expansion plans for cabozantinib to drive future potential revenue growth of our flagship franchise and will provide additional updates on our regulatory strategies for both neuroendocrine tumors and metastatic castration-resistant prostate cancer, when appropriate. We believe the recent restructuring of our business, announced in January, further enhances our integrated research, development and commercial capabilities to deliver an innovative pipeline of cancer therapies for patients, while continuing to return capital back to our shareholders through our 2024 share repurchase program. As we drive the commercial and pipeline components of our business forward, we remain steadfast in our defense of cabozantinib’s intellectual property and anticipate a ruling on the second bench trial for our ongoing litigation with MSN Pharmaceuticals in the spring timeframe of this year.”\n\n\nFirst Quarter 2024 Financial Results\n\n\nTotal revenues for the quarter e...