Business
Exelixis Announces Second Quarter 2019 Financial Results and Provides Corporate Update
- Total Revenue of $240.3 Million, Cabozantinib Franchise Revenue of $193.7 Million - - GAAP Diluted EPS of $0.25, Non-GAAP Diluted EPS of $0.29 - -
About this update from Exelixis, Inc.
[{"type":"text","content":"\n- Total Revenue of $240.3 Million, Cabozantinib Franchise Revenue of $193.7 Million -\n\n\n- GAAP Diluted EPS of $0.25, Non-GAAP Diluted EPS of $0.29 -\n\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 second quarter of 2019 and provided an update on progress toward fulfilling its key corporate objectives, as well as discovery, development and commercial milestones.\n\n\n“The second quarter of 2019 was highlighted by the strong and sustained momentum of our business,” said Michael M. Morrissey, Ph.D., President and Chief Executive Officer of Exelixis. “We achieved notable revenue growth for the CABOMETYX franchise, supporting our strategy of reinvestment in long-term growth opportunities through our internal discovery and targeted in-licensing activities, including today’s announcement of our partnership agreement with Aurigene.”\n\n\nDr. Morrissey continued: “Our clinical development efforts continue to accelerate with the initiation of COSMIC-313, a new phase 3 pivotal trial of the cabozantinib triplet combination with nivolumab and ipilimumab in renal cell carcinoma, as well as the recent expansion of COSMIC-021, our phase 1b trial of cabozantinib and atezolizumab across multiple tumor types. Through the rest of our 25th anniversary year, we’re working to advance our business with a focus on sustainable long-term growth through commercial execution, thoughtful research and development investments, and financial discipline.”\n\n\nSecond Quarter 2019 Financial Results\n\n\nTotal revenues for the quarter ended June 30, 2019 were $240.3 million, compared to $186.1 million for the comparable period in 2018.\n\n\nTotal revenues included net product revenues of $193.7 million for the quarter ended June 30, 2019, compared to $145.8 million for the comparable period in 2018. The increase in net product revenues reflected the continued growth of CABOMETYX® (cabozantinib) in the U.S. for the treatment of patients with advanced renal cell carcinoma (RCC), as well as the U.S. launch of CABOMETYX for the treatment of patients with hepatocellular carcinoma who have been previously treated with sorafenib, following its approval by the U.S. Food and Drug Administration in January 2019.\n\n\nTotal revenues for the q...