Business
Exelixis Announces Third Quarter 2024 Financial Results and Provides Corporate Update
- Total Revenues of $539.5 million, Cabozantinib Franchise U.S. Net Product Revenues of $478.1 million - - GAAP Diluted EPS of $0.40, Non-GAAP Diluted EPS of
About this update from Exelixis, Inc.
[{"type":"text","content":"\n- Total Revenues of $539.5 million, Cabozantinib Franchise U.S. Net Product Revenues of $478.1 million -\n\n- GAAP Diluted EPS of $0.40, Non-GAAP Diluted EPS of $0.47 -\n\n- Increasing Total Revenues and Net Product Revenues Guidance -\n\n- Favorable Ruling on Cabozantinib Patent Litigation Received from U.S. District Court -\n\n- Collaboration with Merck Expands Zanzalintinib Development Program -\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 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“The favorable ruling on our cabozantinib intellectual property estate and recently announced zanzalintinib development collaboration with Merck have generated important momentum to drive future growth across all components of our business,” said Michael M. Morrissey, Ph.D., President and CEO, Exelixis. “We are increasing 2024 full year guidance for total and net product U.S. revenues based on the strong commercial performance of the cabozantinib franchise in the third quarter. We continue to execute on our plans for potential cabozantinib label expansions in neuroendocrine tumors and prostate cancer, with the final results from CABINET published in The New England Journal of Medicine in September and our partner Ipsen’s regulatory submission in Europe.”\n\nDr. Morrissey continued: “Importantly, the zanzalintinib development program, which is now the subject of six ongoing or planned phase 3 pivotal trials, including two new renal cell carcinoma studies as part of our collaboration with Merck, headlines our emerging pipeline of novel agents with the potential to improve standards of care for patients with cancer. At the same time, we are accelerating our early-stage clinical pipeline with XL309, XB010 and XL495 in phase 1 development. I want to thank everyone at Exelixis for their hard work and dedication as we continue driving value for shareholders and innovating on behalf of the patients we serve.”\n\nThird Quarter 2024 Financial Results\n\nTotal revenues for the quarter ended September 30, 2024 were $539.5 million, as compared to $471.9 million for the comparabl...