Business
Exelixis Announces Second Quarter 2024 Financial Results and Provides Corporate Update
- Total Revenues of $637.2 million, Cabozantinib Franchise U.S. Net Product Revenues of $437.6 million - - GAAP Diluted EPS of $0.77, Non-GAAP Diluted EPS of
About this update from Exelixis, Inc.
[{"type":"text","content":"\n- Total Revenues of $637.2 million, Cabozantinib Franchise U.S. Net Product Revenues of $437.6 million -\n- GAAP Diluted EPS of $0.77, Non-GAAP Diluted EPS of $0.84 -\n- U.S. Food and Drug Administration (FDA) Accepts Supplemental New Drug Application (sNDA) for Cabozantinib in Advanced Neuroendocrine Tumors (NET) -\n- Earned $150 million Cabozantinib Sales-Based Milestone from Ipsen -\n- Completed $450 million Stock Repurchase Program for 2024 -\n- Announced Additional Stock Repurchase Program for up to $500 million through the End of 2025 -\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 second 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“Exelixis is well positioned for an impactful second half of 2024 as we continue to grow the cabozantinib franchise, execute on our regulatory and development objectives, and advance our next-generation pipeline,” said Michael M. Morrissey, Ph.D., President and CEO, Exelixis. “Cabozantinib’s second quarter commercial performance was strong both in the U.S. and globally, with Ipsen’s success prompting a $150 million milestone payment to Exelixis based on sales over the past four quarters. On the regulatory front, the FDA accepted the sNDA for cabozantinib in advanced NET, granted standard review and assigned a target action date of April 3, 2025. We’re actively preparing for launch and excited at the prospect of bringing this new treatment option to previously treated advanced NET patients with high unmet medical need. At the same time, we are prioritizing our clinical pipeline with plans to initiate a new phase 3 pivotal trial for zanzalintinib in NET, advance phase 1 efforts for XL309 and XB010, and discontinue development of XB002. I’d like to thank the entire Exelixis team for their hard work and contributions toward achieving these important milestones for cabozantinib and advancing our broad, differentiated pipeline of oncology therapeutics to help the patients we serve.”\n\n\nSecond Quarter 2024 Financial Results\n\n\nTotal revenues for the quarter ended June 30, 2024 were $637.2 million, as compared to $469.8 mi...