Business
Exelixis Announces Preliminary Fourth Quarter and Full Year 2020 Financial Results, Provides 2021 Financial Guidance, and Outlines Key Priorities and Anticipated Milestones For 2021
– Cabozantinib Franchise Preliminary Net Product Revenue of $200 million for the Fourth Quarter 2020, and $741 million for the Full Year 2020 – – Full Year
About this update from Exelixis, Inc.
[{"type":"text","content":"\n– Cabozantinib Franchise Preliminary Net Product Revenue of $200 million for the Fourth Quarter 2020, and $741 million for the Full Year 2020 –\n\n– Full Year 2021 Net Product Revenue Guidance of $950 million to $1,050 million –\n\n– Corporate priorities for 2021 include potentially filing supplemental New Drug Applications for cabozantinib in three additional indications –\n\n– Presentation and webcast at 2021 J.P. Morgan Healthcare Conference on Monday, January 11th at 5:20 PM EST / 2:20 PM PST –\n\n ALAMEDA, Calif.--(BUSINESS WIRE)--\nExelixis, Inc. (Nasdaq: EXEL) today announced its preliminary unaudited financial results for the fourth quarter and full year 2020, provided financial guidance for full year 2021, and delivered an update on its business. This 2021 financial guidance takes into consideration the anticipated U.S. Food and Drug Administration (FDA) approval and commercial launch of CABOMETYX® (cabozantinib) in combination with OPDIVO® (nivolumab) as a first-line treatment for patients with advanced renal cell carcinoma (RCC), which has a Prescription Drug Use Fee Act (PDUFA) target action date of February 20, 2021.\n\nPreliminary Fourth Quarter and Full Year 2020 Financial Results & 2021 Financial Guidance\n\nExelixis is providing the following preliminary unaudited 2020 financial results and financial guidance for 2021:\n\n\n\n \n\n\n\nFourth Quarter 2020\n\n\n\nFull Year 2020\n\n\n\nFull Year 2021 Guidance\n\n\n\n\n\nTotal revenues\n\n\n\n$270 million\n\n\n\n$988 million\n\n\n\n$1,150 million - $1,250 million\n\n\n\n\n\nNet product revenues\n\n\n\n$200 million\n\n\n\n$741 million\n\n\n\n$950 million - $1,050 million\n\n\n\n\n\nCost of goods sold\n\n\n\n4.5%\n\n\n\n4.9%\n\n\n\n~ 5-6% of net product revenues\n\n\n\n\n\nResearch and development expenses\n\n\n\n$155 million(1)\n\n\n\n$549 million(2)\n\n\n\n$600 million - $650 million(3)\n\n\n\n\n\nSelling, general and administrative expenses\n\n\n\n$83 million(4)\n\n\n\n$295 million(5)\n\n\n\n$375 million - $425 million(6)\n\n\n\n\n\nEffective tax rate\n\n\n\nn/a(7)\n\n\n\nn/a(7)\n\n\n\n20% - 22%\n\n\n\n\n\nCash and investments at year-end(8)\n\n\n\n~ $1.5 billion\n\n\n\n$1.6 billion - $1.7 billion\n\n\n\n\n\n\n(1)\n\n\n\n\nIncludes $7.1 million of non-cash stock-based compensation expense.\n\n\n\n\n\n(2)\n\n\n\n\nIncludes $37.2 million of non-cash stock-based com...