Business
Exelixis Announces Third Quarter 2020 Financial Results and Provides Corporate Update
- Total Revenues of $231.1 Million, Cabozantinib Franchise Revenues of $168.6 Million - - GAAP Diluted EPS of $(0.10), Non-GAAP Diluted EPS of $0.04 - -
About this update from Exelixis, Inc.
[{"type":"text","content":"\n- Total Revenues of $231.1 Million, Cabozantinib Franchise Revenues of $168.6 Million -\n\n- GAAP Diluted EPS of $(0.10), Non-GAAP Diluted EPS of $0.04 -\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 third quarter of 2020 and provided an update on progress toward fulfilling its key corporate objectives, as well as commercial and clinical development milestones.\n\n“In the third quarter of 2020, the Exelixis team built the foundation to accelerate revenue growth with CABOMETYX® (cabozantinib) in 2021,” said Michael M. Morrissey, Ph.D., President and Chief Executive Officer of Exelixis. “Based on the positive results from the CheckMate -9ER phase 3 pivotal trial evaluating cabozantinib in combination with nivolumab in previously untreated patients with advanced renal cell carcinoma, we and Bristol Myers Squibb completed our respective regulatory filings for the combination in August. In September, the first detailed results from the trial were presented during a Presidential Symposium of the ESMO Virtual Congress 2020. And then just last month, we announced the FDA accepted the filings, granted Priority Review designation and assigned an action date of February 20th of next year. Exelixis is launch-ready and prepared to immediately support this important new combination regimen, pending FDA approval.”\n\nDr. Morrissey continued: “As we continue working to maximize the clinical and commercial potential for CABOMETYX, we’re moving quickly in parallel to build a diversified pipeline behind it. In October, we presented the preclinical profile and initial clinical pharmacokinetic data for XL092, our next-generation oral tyrosine kinase inhibitor that builds on the experience and target profile of cabozantinib with improved characteristics, including a shorter pharmacokinetic half-life. Encouraged by the data we’ve seen to date, we expanded the phase 1 study to evaluate XL092 in combination with atezolizumab in multiple solid tumors, with enrollment now underway. The XL092 program is an important component of our growing pipeline, as well as an opportunity to drive growth into new and potentially larger indications with unmet medical need. We further strengthened our pipeline during the quarter through busi...