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Exelixis Announces Preliminary Fourth Quarter and Full Year 2021 Financial Results, Provides 2022 Financial Guidance, and Outlines Key Priorities and Milestones for 2022
— Corporate priorities for 2022 include initial readout of up to three cabozantinib pivotal trials; initiation of pivotal trial program for XL092; expansion
About this update from Exelixis, Inc.
[{"type":"text","content":"\n— Corporate priorities for 2022 include initial readout of up to three cabozantinib pivotal trials; initiation of pivotal trial program for XL092; expansion of clinical programs for XL092, XB002 and XL102; and multiple new development candidates from small molecule and biologics programs —\n— Cabozantinib franchise achieves significant milestone with approximately $1.08 billion in preliminary U.S. net product revenues for full year 2021, including approximately $300 million for fourth quarter 2021 —\n— Full year 2022 net product revenues guidance of $1.325 billion to $1.425 billion —\n— Presentation and webcast at 2022 J.P. Morgan Healthcare Conference on Monday, January 10th at 5:15 p.m. ET / 2:15 p.m. PT —\n\n ALAMEDA, Calif.--(BUSINESS WIRE)--\nExelixis, Inc. (Nasdaq: EXEL) today announced its preliminary unaudited financial results for the fourth quarter and full year 2021, provided financial guidance for full year 2022, and delivered an update on its business. Exelixis expects 2022 to be a year of financial, pipeline and corporate growth as it rapidly builds out its portfolio of promising small molecules and biologics, maximizes near-term opportunities for CABOMETYX through four ongoing phase 3 pivotal trials, and scales its discovery and development team, including the company’s recently announced expansion to the East Coast.\n\nPreliminary Fourth Quarter and Full Year 2021 Financial Results & 2022 Financial Guidance\n\nExelixis is providing the following preliminary unaudited 2021 financial results and financial guidance for 2022:\n\n\n\n \n\n\n\nFourth Quarter 2021\n\n\n\nFull Year 2021\n\n\n\nFull Year 2022 Guidance\n\n\n\n\n\nNet product revenues\n\n\n\n~ $300 million\n\n\n\n~ $1.08 billion\n\n\n\n$1.325 billion - $1.425 billion\n\n\n\n\n\nCost of goods sold\n\n\n\n~ 4.3%\n\n\n\n~ 4.9%\n\n\n\n5% - 6% of net product revenues\n\n\n\n\n\nResearch and development expenses\n\n\n\n~ $220 million(1)\n\n\n\n~ $690 million(2)\n\n\n\n$725 million - $775 million(3)\n\n\n\n\n\nSelling, general and administrative expenses\n\n\n\n~ $100 million(4)\n\n\n\n~ $400 million(5)\n\n\n\n$400 million - $450 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\n\n\n \n\n\n\n\n\n\nThe table above does not include Fourth Quarter or Full Year 2021 Total Revenues preliminary results or Full Year 2022 T...