- Cabozantinib Franchise Net Product Revenues of $51.9 million for
the Fourth Quarter 2016, $135.4 million for the Full Year 2016 -
- Total Revenues of $77.6 million for the Fourth Quarter 2016,
$191.5 million for the Full Year 2016 -
- Conference Call and Webcast Today at 5:00 PM Eastern Time -
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Feb. 27, 2017--
Exelixis, Inc. (Nasdaq:EXEL) today reported financial results for the
fourth quarter and full year of 2016 and provided an update on progress
toward delivering upon its key corporate objectives, as well as
commercial and clinical development milestones.
Exelixis is focused on maximizing the opportunity for its two
internally-discovered compounds, cabozantinib and cobimetinib, each of
which has the potential to help patients around the world fighting a
variety of cancers. The company’s most immediate priority is continuing
to execute on the U.S. launch of CABOMETYX™ (cabozantinib) tablets as a
treatment for patients with advanced renal cell carcinoma (RCC) who have
received prior anti-angiogenic therapy. CABOMETYX generated $44.7
million and $93.5 million in net product revenue during the fourth
quarter and full year of 2016, respectively. COMETRIQ®
(cabozantinib) capsules for the treatment of medullary thyroid cancer
generated an additional $7.2 million and $41.9 million in net product
revenue during the fourth quarter and full year of 2016, respectively.
In addition, Exelixis is preparing a regulatory filing for cabozantinib
as a treatment for previously-untreated patients with advanced RCC based
on the positive data from the CABOSUN randomized phase 2 trial. Exelixis
and its partner Genentech, a member of the Roche Group, are co-promoting
Cotellic® (cobimetinib) in the United States, while Genentech
continues to advance the cobimetinib clinical development program, which
now includes three ongoing or planned phase 3 pivotal trials of
combination regimens including cobimetinib for forms of colorectal
cancer and advanced melanoma.
“2016 marked an inflection point for Exelixis, with the U.S. approval
and launch of CABOMETYX, and the emergence of key data sets that have
supported a significantly expanded late-stage clinical development
program for cobimetinib. At the same time, we secured important
partnerships and collaborations that will further advance the
cabozantinib franchise on a global basis and improved our balance sheet,
providing strength and flexibility as we move forward,” said Michael M.
Morrissey, Ph.D., President and Chief Executive Officer of Exelixis.
“We started 2017 in a strong financial position with a focus on driving
the business to generate free cash to reinvest in our pipeline. We are
making progress towards a U.S. regulatory filing based on the CABOSUN
results, targeted for the third quarter of this year, and have recently
announced collaborations focused on conducting late-stage clinical
trials of cabozantinib in combination with leading immunotherapies.
Separately, our partner Genentech continues to expand its late-stage
clinical development program for cobimetinib in areas of considerable
therapeutic and commercial potential. The robust clinical development
programs for both cabozantinib and cobimetinib form a solid foundation
to build on in the year ahead as we and our partners work to improve
cancer care for patients around the world.”
Cabozantinib Highlights
Strong Growth in Cabozantinib Franchise Net Revenues. Cabozantinib
generated $51.9 million in net product revenue during the fourth quarter
of 2016, an increase of 21 percent from the third quarter of 2016. Full
year 2016 net product revenue was $135.4 million, an increase of 296
percent year-over-year. The year-over-year increase was driven primarily
by the U.S. introduction of CABOMETYX following FDA approval in April
2016 as a treatment for patients with advanced RCC who have received
prior anti-angiogenic therapy.
Presented Positive Results from Phase 2 CABOSUN Trial in Advanced
RCC. At the European Society for Medical Oncology (ESMO) Congress in
October 2016, detailed results were presented from CABOSUN, the
randomized phase 2 trial of cabozantinib compared with sunitinib in
patients with previously untreated advanced RCC with intermediate- or
poor-risk disease per the International Metastatic Renal Carcinoma
Database Consortium risk criteria. In this trial, cabozantinib
demonstrated a statistically significant and clinically meaningful
reduction in the rate of disease progression or death as compared to
sunitinib. The CABOSUN results were the subject of a late-breaking
abstract at ESMO, and were highlighted at one of the Congress’
Presidential Symposia and in its official media program. CABOSUN was
conducted by The Alliance for Clinical Trials in Oncology (The Alliance)
with support from the National Cancer Institute’s Cancer Therapy
Evaluation Program (NCI-CTEP).
Advanced Filing Plans for Cabozantinib in Previously Untreated
Advanced RCC. In the fourth quarter 2016, the transfer of the
CABOSUN clinical database from The Alliance to Exelixis was completed,
and Exelixis is preparing a Supplemental New Drug Application, which is
targeted for submission in the third quarter of 2017.
Phase 1 Trial Results for Cabozantinib in Combination with Nivolumab
in Advanced Genitourinary Tumors. Also at the ESMO 2016 Congress,
encouraging results were presented from Part 1 of the two part
NCI-CTEP-sponsored phase 1 trial of cabozantinib in combination with
nivolumab in patients with previously treated genitourinary tumors.
Expansion cohorts assessing cabozantinib and nivolumab, including
patients with bladder, renal, and rare genitourinary cancers, are also
currently being accrued.
At the ASCO Genitourinary Cancers Symposium in February 2017,
investigators presented new data from Part 1 as well as Part 2 of the
trial, which adds ipilimumab to the combination regimen of cabozantinib
and nivolumab.
Collaborations for Late-Stage Development of Cabozantinib in
Combination with Immunotherapies. After the year ended, Exelixis
announced agreements with Bristol-Myers Squibb (BMS) and Roche to
collaborate on the development of cabozantinib in combination with
immunotherapy agents. Exelixis and BMS announced their intent to
collaborate on the evaluation of cabozantinib in combination with Opdivo®
(nivolumab) alone or in combination with Yervoy® (ipilimumab)
in a phase 3 trial in first-line RCC, and potentially in other tumor
types including hepatocellular carcinoma (HCC) and bladder cancer.
Studies are anticipated to begin in 2017. The collaborations build upon
previously published preclinical and clinical data that underscore the
scientific rationale for combining cabozantinib with immunotherapies,
and provide the resources and collaborative framework to evaluate the
potential for cabozantinib combination regimens to benefit patients with
a variety of cancers. Separately, Exelixis and Roche will collaborate to
initiate testing of cabozantinib in combination with Tecentriq®
(atezolizumab), an anti-PD-L1 antibody, in patients with advanced RCC or
bladder cancer.
New and Amended Partnerships to Support the Global Cabozantinib
Franchise. On December 21, 2016, Exelixis and Ipsen announced an
amendment to their exclusive collaboration and licensing agreement for
the commercialization and continued development of cabozantinib, to
include commercialization rights in Canada for Ipsen. Exelixis received
a $10.0 million upfront payment and is eligible to receive regulatory
milestones for the approvals of cabozantinib in Canada for advanced RCC
after prior treatment, for first-line advanced RCC, and advanced HCC, as
well as additional regulatory milestones for potential further
indications. In line with the prior transaction between the parties, the
agreement also includes commercial milestones and provides
for Exelixis to receive tiered royalties on Ipsen’s net sales of
cabozantinib in Canada.
After the year ended, in January 2017Exelixis and Takeda jointly
announced an exclusive licensing agreement for the commercialization and
further development of cabozantinib in Japan, including rights to
CABOMETYX and COMETRIQ. Under the terms of the agreement, Exelixis
received a $50.0 million upfront payment. Exelixis is eligible to
receive development, regulatory, and first-sales milestones of $95.0
million for the first three planned indications. In addition, Exelixis
will be eligible to receive royalties on sales by Takeda. Takeda will be
responsible for 20 percent of the costs associated with the global
cabozantinib development plan and 100 percent of costs associated with
the cabozantinib development activities that are exclusively for the
benefit of Japan.
Cobimetinib Highlights
Results Presented at ESMO 2016 from Cobimetinib Combination Trials
Support Further Advancement. Cobimetinib, the Exelixis-discovered
MEK inhibitor that is the subject of a worldwide collaboration with
Genentech, a member of the Roche Group, was featured in seven
presentations at the ESMO 2016 Congress. For the first time,
investigators presented preliminary results from the phase 1b clinical
trial of the triple combination of cobimetinib, vemurafenib, and
atezolizumab in patients with previously untreated BRAF V600
mutation-positive advanced melanoma. The regimen was associated with
promising antitumor activity and a manageable safety profile. These
results provided the rationale for the Roche-sponsored phase 3 pivotal
trial, IMspire150 TRILOGY, which began enrolling patients in January
2017.
Investigators also presented updated results from the phase 1 trial of
cobimetinib plus atezolizumab in advanced colorectal cancer that provide
the rationale for IMblaze370 (formerly known as COTEZO), the ongoing
phase 3 pivotal trial in the same disease setting. New data from the
phase 1 part of COLET, the phase 1/2 trial of cobimetinib and paclitaxel
in triple-negative breast cancer, were also the subject of a poster
presentation at the meeting.
Presentation of Cobimetinib Combination Therapy Data at the Society
for Melanoma Research 2016 Congress. On November 7, 2016, Exelixis
announced the presentation of data from the metastatic melanoma cohort
of a phase 1b dose escalation trial of cobimetinib and atezolizumab in
patients with solid tumors. Data from this trial will form the basis of
a Genentech-sponsored phase 3 pivotal trial of the combination in
patients with previously untreated BRAF wild-type advanced melanoma,
which is also expected to start this year.
Update on Dispute between Exelixis and Genentech. Since the
conclusion of the fourth quarter, Exelixis announced that Genentech,
Inc., a member of the Roche Group, had withdrawn its counterclaim
against Exelixis in the ongoing JAMS arbitration concerning alleged
breaches of the parties’ collaboration agreement. Genentech had asserted
a counterclaim for breach of contract, which sought monetary damages and
interest related to cost allocations under the collaboration agreement.
When notifying the arbitral panel, and Exelixis, of this unilateral
action, Genentech further stated that it is changing the manner in which
it allocates promotional expenses of the Cotellic plus Zelboraf®
(vemurafenib) combination therapy. Genentech’s revised allocation
applies retrospectively and prospectively and substantially reduces
Exelixis’ exposure to costs associated with promotion of the Cotellic
plus Zelboraf combination in the United States.
2017 Financial Guidance
The company is providing guidance that total costs and operating
expenses for the full year will be between $290 million and $310
million. This guidance includes approximately $25 million of non-cash
costs and expenses related primarily to stock-based compensation expense.
Fourth Quarter and Full Year 2016 Financial
Results
Total revenues for the quarter ended December 31, 2016 were $77.6
million, compared to $9.9 million for the comparable period in 2015.
Total revenues for the year ended December 31, 2016 were $191.5 million,
compared to $37.2 million for the comparable period in 2015.
Total revenues for the quarter ended December 31, 2016 include $51.9
million of net product revenues compared to $9.9 million for the
comparable period in 2015. Net product revenues for the year ended
December 31, 2016 were $135.4 million, compared to $34.2 million for the
comparable period in 2015. The increase in net product revenues for both
the quarter and year ended December 31, 2016, as compared to the same
periods in 2015, primarily reflects the impact of the commercial launch
of CABOMETYX in late April 2016.
Total revenues for the quarter ended December 31, 2016 also include two
$10.0 million milestones achieved for the first commercial sales of
CABOMETYX by Ipsen in Germany and the United Kingdom. Total revenues for
the year ended December 31, 2016 also include the recognition of $20.0
million of revenue for milestones from two of our collaboration
partners, Daiichi Sankyo and Merck. Total revenues for the quarter and
year ended December 31, 2016 also include $1.0 million and $2.8 million,
respectively, of royalty revenues from Ipsen and Roche and $4.7 million
and $13.3 million, respectively, of license revenues from Ipsen.
In comparison, during the year ended December 31, 2015, we recognized
$3.0 million of contract revenues for a milestone payment received from
Merck.
Research and development expenses for the quarter ended
December 31, 2016 were $23.8 million, compared to $23.5 million for the
comparable period in 2015. Research and development expenses for the
year ended December 31, 2016 were $96.0 million, compared to $96.4
million for the comparable period in 2015. For both the quarter and
year-ended December 31, 2016 as compared to the same periods in 2015,
decreases in share-based compensation and the allocation of general
corporate costs were offset by increases in personnel related expenses
resulting from an increase in headcount predominantly associated with
the build-out of the Exelixis Medical Affairs organization. For the
year-ended December 31, 2016 as compared to the same period in 2015,
there were also decreases in clinical trial costs for METEOR, the
Company’s phase 3 trial in advanced RCC.
Selling, general and administrative expenses for the quarter
ended December 31, 2016 were $13.0 million, compared to $17.1 million
for the comparable period in 2015. Selling, general and administrative
expenses for the year ended December 31, 2016 were $116.1 million,
compared to $57.3 million for the comparable period in 2015. For both
the quarter and year-ended December 31, 2016 as compared to the same
periods in 2015, there were increases in personnel related expenses
resulting from an increase in headcount connected with the build-out of
the Exelixis U.S. commercial organization and outside services to
support the launch and commercialization of CABOMETYX. These increases
were offset by a decrease in marketing costs related to losses on our
collaboration with Genentech.
As described above, in December 2016 Genentech stated that it changed,
both retroactively and prospectively, the manner in which it allocates
promotional expenses of the Cotellic plus Zelboraf combination therapy.
As a result, Exelixis is relieved of $18.7 million of disputed costs
previously recorded by Exelixis, and Exelixis has invoiced Genentech for
expenses, with interest, that Exelixis had previously paid. Accordingly,
during the quarter ended December 31, 2016, we offset selling, general
and administrative expenses for a $23.1 million recovery of net losses,
which had been recorded from 2013 through September 30, 2016, including
$13.3 million for losses that we had recognized and recorded prior to
2016. During the quarter and year ended December 31, 2016, we also
recognized a net gain of $0.6 million and a net loss of $4.5 million,
respectively, for current U.S. activities in those periods under the
collaboration agreement as computed under Genentech’s revised cost
allocation approach.
Other expense, net for the quarter ended December 31, 2016 was a
net expense of ($3.8) million compared to ($9.9) million for the
comparable period in 2015. Other expense, net for the year ended
December 31, 2016 was a net expense of ($42.1) million compared to
($40.3) million for the comparable period in 2015. The decrease in other
expense, net for the quarter ended December 31, 2016 as compared to 2015
was primarily due to the reduction in interest expense as a result of
the conversion and redemption of $287.5 million in aggregate principal
amount of our 4.25% Convertible Senior Subordinated Notes due 2019 (2019
Notes). For the year ended December 31, 2016, the reduction in interest
expense was offset by $13.9 million of loss associated with the
conversion of our 2019 Notes for 54,009,279 shares of our common stock.
Net income (loss) for the quarter ended December 31, 2016 was net
income of $35.1 million, or $0.12 per share, basic and fully diluted,
compared to a net loss ($41.6) million, or ($0.18) per share, basic and
fully diluted, for the comparable period in 2015. Net loss for the year
ended December 31, 2016 was a net loss ($70.2) million, or ($0.28) per
share, basic and fully diluted, compared to a net loss ($161.7) million,
or ($0.77) per share, basic and fully diluted, for the comparable period
in 2015. The decrease in net loss for the quarter and year ended
December 31, 2016 was primarily due to increases in net product
revenues; increases in collaboration revenues; the recovery of net
losses previously recorded under our collaboration agreement with
Genentech; and a decrease in interest expense; partially offset by
increases in personnel expenses associated with the increase in
headcount connected with the build-out of the Exelixis U.S. commercial
and medical affairs organizations and other costs associated with the
launch of CABOMETYX. For the year ended December 31, 2016, the decrease
in net loss was also partially offset by the loss associated with the
conversion of the 2019 Notes.
Cash and cash equivalents, short- and long-term investments and
long-term restricted cash and investments totaled $479.6 million at
December 31, 2016 as compared to $253.3 million at December 31, 2015.
Basis of Presentation
Exelixis adopted a 52- or 53-week fiscal year that generally ends on the
Friday closest to December 31st. For convenience, references in this
press release as of and for the fiscal periods ended December 30, 2016
and January 1, 2016 are indicated as being as of and for the periods
ended December 31, 2016 and December 31, 2015, respectively.
Conference Call and Webcast
Exelixis management will discuss the company’s financial results for the
fourth quarter and full year 2016 and provide a general business update
during a conference call beginning at 5:00 p.m. EST/2:00 p.m. PST today,
Monday, February 27, 2017.
To access the webcast link, log onto www.exelixis.com
and proceed to the Event Calendar page under Investors & Media. Please
connect to the company’s website at least 15 minutes prior to the
conference call to ensure adequate time for any software download that
may be required to listen to the webcast. Alternatively, please call
(855) 793-2457 (domestic) or (631) 485-4921 (international) and provide
the conference call passcode 60535366 to join by phone.
A telephone replay will be available until 11:59 p.m. EST on Wednesday,
March 1, 2017. Access numbers for the telephone replay are: (855)
859-2056 (domestic) and (404) 537-3406 (international); the passcode is
60535366. A webcast replay will also be archived on www.exelixis.com
for one year.
About Exelixis
Exelixis, Inc. (Nasdaq: EXEL) is a biopharmaceutical company committed
to the discovery, development and commercialization of new medicines to
improve care and outcomes for people with cancer. Since its founding in
1994, three products discovered at Exelixis have progressed through
clinical development, received regulatory approval, and entered the
marketplace. Two are derived from cabozantinib, an inhibitor of multiple
tyrosine kinases including MET, AXL and VEGF receptors: CABOMETYX™
tablets approved for previously treated advanced kidney cancer and
COMETRIQ® capsules approved for progressive, metastatic
medullary thyroid cancer. The third product, Cotellic®, is a
formulation of cobimetinib, a selective inhibitor of MEK, is marketed
under a collaboration with Genentech (a member of the Roche Group), and
is approved as part of a combination regimen to treat advanced melanoma.
Both cabozantinib and cobimetinib have shown potential in a variety of
forms of cancer and are the subjects of broad clinical development
programs. For more information on Exelixis, please visit www.exelixis.com
or follow @ExelixisInc on Twitter.
Forward-Looking Statements
This press release contains forward-looking statements, including,
without limitation, statements related to: Exelixis’ focus on maximizing
the opportunity for cabozantinib and cobimetinib; the potential of
cabozantinib and cobimetinib to help patients around the world fighting
a variety of cancers; the company’s immediate priority to continue to
execute on the U.S. launch of CABOMETYX tablets as a treatment for
patients with advanced RCC; Genentech’s continued expansion and
advancement of its late stage clinical development program for
cobimetinib in areas of considerable therapeutic and commercial
potential, including a plan to initiate a phase 3 pivotal trial for
advanced melanoma; Exelixis’ focus on driving the business to generate
free cash to reinvest in its pipeline; Exelixis’ plan to target a U.S.
regulatory filing based on the CABOSUN results in the third quarter of
2017; Exelixis’ and BMS’ intent to collaborate on the evaluation of
cabozantinib in combination with Opdivoalone or in
combination with Yervoy in a phase 3 trial in first-line RCC, and
potentially in other tumor types, including HCC and bladder cancer;
Exelixis’ expectation that studies under the collaboration with BMS will
begin in 2017; Exelixis’ and Roche’s plan to collaborate to initiate
testing of cabozantinib in combination with atezolizumab in patients
with advanced RCC or bladder cancer; Exelixis’ eligibility to receive
regulatory milestones for approvals of cabozantinib in Canada from
Ipsen, as well as commercial milestones and royalties on Ipsen’s net
sales of cabozantinib in Canada; Exelixis’ eligibility to receive
development, regulatory and first-sales milestones from Takeda, as well
as royalties on sales by Takeda; Exelixis’ guidance for 2017 total costs
and operating expenses, including non-cash costs and expenses; and
Exelixis’ commitment to the discovery, development and commercialization
of new medicines with the potential to improve care and outcomes for
people with cancer. Words such as “focused,” “opportunity,” “potential,”
“priority,” “planned,” “continue,” “intent,” “targeted,” “anticipated,”
“will,” “eligible,” “guidance,” “committed,” or other similar
expressions identify forward-looking statements, but the absence of
these words does not necessarily mean that a statement is not
forward-looking. In addition, any statements that refer to expectations,
projections or other characterizations of future events or circumstances
are forward-looking statements. These forward-looking statements are
based upon Exelixis’ current plans, assumptions, beliefs, expectations,
estimates and projections. Forward-looking statements involve risks and
uncertainties. Actual results and the timing of events could differ
materially from those anticipated in the forward-looking statements as a
result of these risks and uncertainties, which include, without
limitation: the degree of market acceptance of CABOMETYX and COMETRIQ
and the availability of coverage and reimbursement for CABOMETYX and
COMETRIQ; the risk that unanticipated developments could adversely
affect the commercialization of CABOMETYX or COMETRIQ; Exelixis’
dependence on its relationship with its cabozantinib collaboration
partners, including, the level of their investment in the resources
necessary to successfully commercialize cabozantinib in the territories
where it is approved; risks and uncertainties related to regulatory
review and approval processes and Exelixis’ compliance with applicable
legal and regulatory requirements; Exelixis’ ability and the ability of
its collaborators to conduct clinical trials of cabozantinib both alone
and in combination with other therapies sufficient to achieve a positive
completion; risks related to the potential failure of cabozantinib, both
alone and in combination with other therapies, to demonstrate safety and
efficacy in clinical testing; the level of costs associated with
Exelixis’ commercialization, research and development and other
activities; Exelixis’ dependence on its relationship with
Genentech/Roche with respect to cobimetinib and Exelixis’ ability to
maintain its rights under the collaboration; Exelixis’ dependence on
third-party vendors; Exelixis’ ability to protect the company’s
intellectual property rights; market competition; changes in economic
and business conditions, and other factors discussed under the caption
“Risk Factors” in Exelixis’ quarterly report on Form 10-Q filed with
the Securities and Exchange Commission (SEC) on November 3, 2016, and in
Exelixis’ future filings with the SEC, including, without limitation,
Exelixis’ annual report on Form 10-K expected to be filed with the SEC
on February 27, 2017. The forward-looking statements made in this press
release speak only as of the date of this press
release. Exelixis expressly disclaims any duty, obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in
Exelixis’ expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are based.
Exelixis, the Exelixis logo, COMETRIQ and Cotellic are registered
U.S. trademarks, and CABOMETYX is a U.S. trademark.
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EXELIXIS, INC. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except per share data) (unaudited)
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|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
|
2016
|
|
2015
|
|
|
2016
|
|
2015
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Net product revenues
|
|
|
$
|
51,916
|
|
|
$
|
9,924
|
|
|
|
$
|
135,375
|
|
|
$
|
34,158
|
|
Collaboration revenues
|
|
|
25,665
|
|
|
14
|
|
|
|
56,079
|
|
|
3,014
|
|
Total revenues
|
|
|
77,581
|
|
|
9,938
|
|
|
|
191,454
|
|
|
37,172
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
|
1,852
|
|
|
1,023
|
|
|
|
6,552
|
|
|
3,895
|
|
Research and development
|
|
|
23,801
|
|
|
23,472
|
|
|
|
95,967
|
|
|
96,351
|
|
Selling, general and administrative
|
|
|
13,002
|
|
|
17,143
|
|
|
|
116,145
|
|
|
57,305
|
|
Restructuring (recovery) charge
|
|
|
43
|
|
|
(100
|
)
|
|
|
914
|
|
|
1,042
|
|
Total operating expenses
|
|
|
38,698
|
|
|
41,538
|
|
|
|
219,578
|
|
|
158,593
|
|
Income (loss) from operations
|
|
|
38,883
|
|
|
(31,600
|
)
|
|
|
(28,124
|
)
|
|
(121,421
|
)
|
Other expense, net:
|
|
|
|
|
|
|
|
|
|
|
Interest income and other, net
|
|
|
853
|
|
|
266
|
|
|
|
4,863
|
|
|
412
|
|
Interest expense
|
|
|
(4,485
|
)
|
|
(10,179
|
)
|
|
|
(33,060
|
)
|
|
(40,680
|
)
|
Loss on extinguishment of debt
|
|
|
(128
|
)
|
|
—
|
|
|
|
(13,901
|
)
|
|
—
|
|
Total other expense, net
|
|
|
(3,760
|
)
|
|
(9,913
|
)
|
|
|
(42,098
|
)
|
|
(40,268
|
)
|
Income (loss) before income taxes
|
|
|
35,123
|
|
|
(41,513
|
)
|
|
|
(70,222
|
)
|
|
(161,689
|
)
|
Income tax provision
|
|
|
—
|
|
|
55
|
|
|
|
—
|
|
|
55
|
|
Net income (loss)
|
|
|
$
|
35,123
|
|
|
$
|
(41,568
|
)
|
|
|
$
|
(70,222
|
)
|
|
$
|
(161,744
|
)
|
Net income (loss) per share, basic and diluted
|
|
|
$
|
0.12
|
|
|
$
|
(0.18
|
)
|
|
|
$
|
(0.28
|
)
|
|
$
|
(0.77
|
)
|
Shares used in computing basic net income (loss) per share
|
|
|
288,158
|
|
|
227,449
|
|
|
|
250,531
|
|
|
209,227
|
|
Shares used in computing diluted net income (loss) per share
|
|
|
301,324
|
|
|
227,449
|
|
|
|
250,531
|
|
|
209,227
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXELIXIS, INC. CONDENSED CONSOLIDATED BALANCE SHEET
DATA (in thousands)
|
|
|
|
|
|
|
|
December 31, 2016
|
|
December 31, 2015 (1)
|
|
|
(unaudited)
|
|
Cash and investments (2) |
|
$
|
479,554
|
|
|
$
|
253,310
|
|
Working capital
|
|
$
|
200,215
|
|
|
$
|
126,414
|
|
Total assets
|
|
$
|
597,541
|
|
|
$
|
332,342
|
|
Total stockholders’ equity (deficit)
|
|
$
|
89,318
|
|
|
$
|
(140,806
|
)
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Derived from the audited consolidated financial statements.
|
(2)
|
|
Cash and investments include cash and cash equivalents, short- and
long-term investments and long-term restricted cash and investments.
Long-term restricted cash and investments totaled $4.2 million and
$2.7 million as of December 31, 2016 and December 31, 2015,
respectively.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170227006492/en/
Source: Exelixis, Inc.
Exelixis, Inc.
Chris Senner, 650-837-7240
Chief
Financial Officer
csenner@exelixis.com
or
Susan
Hubbard, 650-837-8194
Executive Vice President, Public
Affairs and Investor Relations
shubbard@exelixis.com