Exelixis Inc

Latest Results (14.08.2024):

Total Revenues

Exelixis Inc. reported total revenues of $637.2 million for the second quarter of 2024, a significant increase from $469.8 million in the same period of 2023. This growth was driven by higher net product revenues and increased collaboration revenues, particularly from milestone-related revenues and royalties from international sales of cabozantinib.

Net Product Revenues

For the second quarter of 2024, Exelixis Inc.'s cabozantinib franchise generated U.S. net product revenues of $437.6 million. This includes $433.3 million from CABOMETYX® and $4.2 million from COMETRIQ®. The increase in net product revenues was primarily due to higher sales volume and average net selling price.

GAAP and Non-GAAP Earnings

Exelixis Inc. reported GAAP net income of $226.1 million, or $0.77 per diluted share, for the second quarter of 2024, compared to $81.2 million, or $0.25 per diluted share, in the same period of 2023. On a non-GAAP basis, net income was $245.6 million, or $0.84 per diluted share, reflecting adjustments for stock-based compensation expenses.

Research and Development Expenses

Research and development expenses for Exelixis Inc. in the second quarter of 2024 were $211.1 million, down from $232.6 million in the same quarter of 2023. The decrease was mainly due to lower license and collaboration costs and clinical trial expenses, partially offset by increased manufacturing costs for development candidates.

Stock Repurchase Program

Exelixis Inc. completed a $450 million stock repurchase program for 2024 and announced an additional stock repurchase program of up to $500 million through the end of 2025. This initiative is part of the company's strategy to return value to shareholders and manage its capital structure effectively.