- Total Revenue of $120.1 million for the Fourth Quarter of 2017,
$452.5 million for the Full Year 2017 -
- Cabozantinib Franchise Net Product Revenue of $95.7 million for
the Fourth Quarter of 2017, $349.0 million for the Full Year 2017 -
- Diluted EPS of $0.12 per Share for the Fourth Quarter of 2017,
$0.49 for the Full Year 2017 -
- Conference Call and Webcast Today at 5:00 PM Eastern Time -
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Feb. 26, 2018--
Exelixis, Inc. (Nasdaq: EXEL) today reported financial results for the
fourth quarter and full year of 2017 and provided an update on progress
toward fulfilling 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, to improve care and
outcomes for people with cancer around the world. In 2017, the company’s
top priority was continuing to execute on the launch of CABOMETYX®
(cabozantinib) tablets, which saw added momentum in December when the
U.S. Food and Drug Administration (FDA) expanded the product’s
indication to encompass all patients with advanced renal cell carcinoma
(RCC). CABOMETYX generated $90.4 million and $324.0 million in net
product revenue during the fourth quarter and full year of 2017,
respectively. COMETRIQ® (cabozantinib) capsules for the
treatment of patients with progressive, metastatic medullary thyroid
cancer generated an additional $5.3 million and $25.0 million in net
product revenue during the fourth quarter and full year of 2017,
respectively. Total revenue was $120.1 million and $452.5 million for
the fourth quarter and full year of 2017, respectively.
“2017 was an important year for Exelixis, underscored by substantial
progress in the commercial, clinical, regulatory and financial
components of our business, all of which fuel our mission to help cancer
patients recover stronger and live longer,” said Michael M. Morrissey,
Ph.D., President and Chief Executive Officer of Exelixis. “Supported by
revenue from the CABOMETYX franchise, we reinvested in our business by
initiating new clinical trials, planning for future studies, and taking
concrete steps to build a new generation of Exelixis medicines beyond
cabozantinib and cobimetinib through resuming our internal drug
discovery activities and pursuing targeted business development
opportunities.”
Dr. Morrissey continued: “Exelixis is already off to a productive start
in 2018. We continue to make progress on our supplemental New Drug
Application for cabozantinib as a treatment for advanced hepatocellular
carcinoma, which we expect to complete in the first quarter. And earlier
this month, at ASCO-GU, an updated analysis from the trial evaluating
cabozantinib, in combination with nivolumab or with nivolumab plus
ipilimumab, demonstrated high rates of durable responses in patients
with previously treated metastatic urothelial carcinoma and metastatic
RCC. We also continue to expect top-line results in the first half of
this year from IMblaze370, Genentech’s phase 3 pivotal trial of
cobimetinib in combination with atezolizumab in advanced colorectal
cancer. At the same time, other Exelixis-discovered compounds are moving
forward in the hands of our partners, including esaxerenone, for which
Daiichi Sankyo plans to file a Japanese regulatory application for an
essential hypertension indication in the first quarter. As we move
through the year, we remain deeply committed to doing all we can to help
the patients we serve and are grateful for the continued support of our
stockholders.”
Cabozantinib Highlights
FDA Approval of CABOMETYX Tablets for Previously Untreated Advanced
RCC. In December, approximately two months ahead of the assigned
Prescription Drug User Fee Act (PDUFA) action date, the FDA approved
CABOMETYX tablets for an expanded indication for patients with advanced
RCC. The FDA’s priority review and early approval of CABOMETYX for this
indication was based on results from the randomized phase 2 CABOSUN
trial in patients with previously untreated RCC, which demonstrated a
statistically significant and clinically meaningful improvement in
progression-free survival (PFS) versus sunitinib, a current standard of
care.
Strong Growth in Cabozantinib Franchise Net Revenue. Cabozantinib
generated $95.7 million in net product revenue during the fourth quarter
of 2017, an increase of 84 percent year-over-year. Full-year 2017 net
product revenue was $349.0 million, an increase of 158 percent
year-over-year.
Following Positive Top-Line Results, Phase 3 CELESTIAL Data in
Advanced Hepatocellular Carcinoma (HCC) Presented at American Society of
Clinical Oncology (ASCO) 2018 Gastrointestinal Cancers Symposium
(ASCO-GI). In October, Exelixis announced the CELESTIAL trial met
its primary endpoint of overall survival (OS), with cabozantinib
providing a statistically significant and clinically meaningful
improvement in OS compared to placebo in patients with advanced HCC who
had been previously treated with sorafenib and up to one additional
therapy. Detailed results of the trial were later presented in a
late-breaking oral session at ASCO-GI in January 2018. Based on these
results, Exelixis plans to submit a supplemental New Drug Application
(sNDA) to the FDA in the first quarter of 2018.
Amendment to Clinical Research Protocol for Phase 1b Trial of
Cabozantinib in Combination with Atezolizumab in Patients with Locally
Advanced or Metastatic Solid Tumors. In January 2018, Exelixis
announced an amendment to the protocol for the phase 1b trial of
cabozantinib in combination with atezolizumab in patients with locally
advanced or metastatic solid tumors. The amendment added four new
expansion cohorts to the trial, which now includes patients with
non-small cell lung cancer and castration-resistant prostate cancer, in
addition to previously included patients with RCC and urothelial
carcinoma (UC). The primary objective in the expansion stage of this
trial remains to determine the objective response rate (ORR) in each
cohort.
Cabozantinib Data at the ASCO 2018 Genitourinary Cancers Symposium
(ASCO-GU). In February, cabozantinib was the subject of 14
presentations at the 2018 ASCO-GU Symposium in San Francisco. Updated
results from the ongoing phase 1 trial of cabozantinib in combination
with nivolumab, with or without ipilimumab, in patients with refractory
genitourinary tumors were the subject of a poster presentation with the
two combination regimens demonstrating an acceptable tolerability
profile, and high rates of durable responses in the previously treated
metastatic UC and metastatic RCC cohorts. This phase 1 trial informed
the design of CheckMate 9ER, the ongoing phase 3 pivotal trial of
cabozantinib plus immunotherapy in patients with previously untreated
RCC that is being conducted with Bristol-Myers Squibb (BMS).
Cabozantinib Data at the 2018 Multidisciplinary Head and Neck Cancers
Symposium. In February, cabozantinib was the subject of an oral
presentation at this medical meeting held in Scottsdale, Arizona.
Investigators presented results from the ongoing investigator-sponsored
phase 2 trial of cabozantinib in patients with radioiodine-refractory
differentiated thyroid carcinoma (DTC) in the first-line setting.
Exelixis plans to initiate a pivotal phase 3 study with cabozantinib in
patients with advanced DTC later this year.
Cobimetinib Highlights
Phase 1b Results for the Combination of Cobimetinib and Atezolizumab
in Metastatic Colorectal Cancer (CRC) at ASCO-GI. In January 2018,
updated safety and efficacy results from the Genentech-sponsored phase
1b clinical trial of cobimetinib in combination with atezolizumab in
patients with metastatic CRC were presented at ASCO-GI. The primary
objectives for the study are the evaluation of the safety and
tolerability of the combination. Secondary endpoints include
investigator-assessed ORR, PFS by RECIST 1.1, and OS. Initial results
reported from this study at ASCO 2016 led to the initiation of
IMblaze370 (formerly COTEZO), a phase 3 pivotal trial of the combination
or atezolizumab alone versus regorafenib in patients with unresectable
locally advanced or metastatic CRC, for which Genentech has guided it
expects top-line results in the first half of 2018. More information
about IMblaze370 is available at www.clinicaltrials.gov.
First Patient Enrolled in Phase 3 Pivotal Trial in First-Line BRAF
Wild-Type Melanoma. In December, Genentech confirmed enrollment of
the first patient in IMspire170, the pivotal phase 3 trial studying the
combination of cobimetinib and atezolizumab versus pembrolizumab in
previously untreated BRAF wild-type melanoma. In addition to this study,
in January 2017, Genentech initiated IMspire150 TRILOGY, a phase 3
pivotal trial evaluating the combination of cobimetinib, vemurafenib and
atezolizumab versus cobimetinib plus vemurafenib in previously untreated
BRAF V600 mutation positive patients with metastatic or unresectable
locally advanced melanoma.
Corporate Highlights
Exclusive Licensing Agreement with StemSynergy Therapeutics, Inc.
(StemSynergy) for the Discovery and Development of Novel Anticancer
Therapies. In January 2018, Exelixis announced it had entered into
an exclusive collaboration and license agreement with StemSynergy for
the discovery and development of novel oncology compounds targeting
Casein Kinase 1 alpha (CK1α), a component of the Wnt signaling pathway
implicated in key oncogenic processes. Under the terms of the agreement,
Exelixis will partner with StemSynergy to conduct preclinical and
clinical studies with compounds from StemSynergy’s CK1α Activator
Program. Exelixis paid StemSynergy aggregate upfront payments of $3.0
million and will pay up to $3.5 million in initial research and
development funding. StemSynergy will be eligible for a variety of
milestone payments for the first product to emerge from the
collaboration, as well as single-digit royalties on worldwide sales.
Financial Community Briefing at ASCO-GI. In January 2018,
Exelixis and Ipsen hosted a live briefing event for the financial
community to discuss cabozantinib data presented at ASCO-GI. The replay
of the briefing is now available on the News & Events / Event Calendar
page at www.exelixis.com.
Update on Partnered Program with BMS. In October, Exelixis earned
a $10.0 million milestone from BMS as part of the two companies’
worldwide collaboration for compounds targeting retinoic acid-related
orphan receptor (ROR), a family of nuclear hormone receptors implicated
in inflammatory conditions. The milestone was triggered by BMS’ filing
of a Clinical Trial Authorization in Europe for a first-in-human study
of a RORγt inverse agonist.
Fourth Quarter and Full Year 2017 Financial
Results
Total revenue for the quarter ended December 31, 2017 was $120.1
million, compared to $77.6 million for the comparable period in 2016.
Total revenue for the year ended December 31, 2017 was $452.5 million,
compared to $191.5 million for the comparable period in 2016.
Total revenue for the quarter and year ended December 31, 2017 includes
net product revenue of $95.7 million and $349.0 million, respectively,
compared to $51.9 million and $135.4 million for the comparable periods
in 2016. The increase in net product revenue primarily reflects the
growth in product sales of CABOMETYX since the product’s launch in late
April 2016.
Total revenue for the quarter and year ended December 31, 2017 also
includes collaboration revenue of $24.4 million and $103.5 million,
respectively, compared to $25.7 million and $56.1 million for the
comparable periods in 2016. Collaboration revenue includes milestones
earned for the quarter and year ended December 31, 2017 of $10.0 million
and $57.5 million, respectively, compared to $20.0 million and $40.0
million for the comparable periods in 2016. Additional license,
development, royalty and product supply revenue was recognized from the
company’s collaboration agreements totaling $14.4 million and $46.0
million for the quarter and year ended December 31, 2017, respectively,
as compared to $5.7 million and $16.1 million for the comparable periods
in 2016.
Research and development expenses for the quarter ended
December 31, 2017 were $32.2 million, compared to $23.8 million for the
comparable period in 2016. Research and development expenses for the
year ended December 31, 2017 were $112.2 million, compared to $96.0
million for the comparable period in 2016. The increase in research and
development expenses for both the quarter and the year were primarily a
result of increases in personnel expenses, clinical trial costs and
consulting and outside services. The increase in personnel-related
expenses was primarily a result of increases in headcount associated
with our development efforts, our internal discovery program, and our
medical affairs organization. The increase in clinical trial costs was
predominantly due to start-up costs associated with CheckMate 9ER and
start-up costs associated with our phase 1b trial of cabozantinib and
atezolizumab in locally advanced or metastatic solid tumors; those
increases were partially offset by decreases in costs related to METEOR,
our completed phase 3 pivotal trial comparing CABOMETYX to everolimus in
patients with previously treated advanced RCC. The increase in
consulting and outside services was primarily in support of the
company’s discovery and medical affairs organizations.
Selling, general and administrative expenses for the quarter
ended December 31, 2017 were $46.2 million, compared to $13.0 million
for the comparable period in 2016. Selling, general and administrative
expenses for the year ended December 31, 2017 were $159.4 million,
compared to $116.1 million for the comparable period in 2016. The
increase in selling, general and administrative expenses for both the
quarter and the year were primarily a result of increases in personnel
expenses resulting primarily from an increase in general and
administrative headcount to support the company’s commercial and
research and development organizations, marketing activities and an
increase in losses under the collaboration agreement with Genentech. In
December 2016, Genentech changed its cost allocation approach under the
agreement and accordingly selling, general and administrative expenses
were offset with a recovery of $23.1 million and $13.3 million, during
the quarter and year ended December 31, 2016, respectively, for disputed
losses that had been recognized and recorded in prior periods.
Other income (expense), net for the quarter ended December 31,
2017 was $1.5 million compared to ($3.8) million for the comparable
period in 2016. Other income (expense), net for the year ended
December 31, 2017 was ($7.3) million compared to ($42.1) million for the
comparable period in 2016. The increase in other income (expense), net,
was primarily due to a $4.5 million and $24.4 million decrease in
interest expense for the quarter and year ended December 31, 2017,
respectively, as compared to the comparable periods in 2016, as a result
of the repayment of the Secured Convertible Notes due 2018 (Deerfield
Notes) in June 2017, the repayment of the Silicon Valley Bank term loan
in March 2017, and the conversions and the redemption of the 4.25%
Convertible Senior Subordinated Notes due 2019 (2019 Notes) during the
third and fourth quarters of 2016. Other income (expense), net was also
impacted by losses on extinguishment of debt of $6.2 million associated
with the repayment of the Deerfield Notes in 2017 and $13.9 million
associated with conversions and the redemption of the 2019 Notes during
2016.
Net income for the quarter ended December 31, 2017 was $38.5
million, or $0.13 per share, basic and $0.12 per share, diluted,
compared to $35.1 million, or $0.12 per share, basic and diluted, for
the comparable period in 2016. Net income for the year ended
December 31, 2017 was $154.2 million, or $0.52 per share, basic and
$0.49 per share, diluted, compared to a net loss of ($70.2) million, or
($0.28) per share, basic and diluted, for the comparable period in 2016.
The transition to profitability was primarily due to the increase in net
product revenue, reflecting the growth in product sales of CABOMETYX
since the product’s launch in late April 2016, which was supplemented by
the growth in our collaboration revenue and partially offset by the
increase in operating expenses.
Cash and cash equivalents, short- and long-term investments and
short- and long-term restricted cash and investments totaled $457.2
million at December 31, 2017, as compared to $479.6 million at
December 31, 2016.
2018 Financial Guidance
The company is providing guidance that total costs and operating
expenses for the full year will be between $430 million and $460
million. This guidance includes approximately $50 million of non-cash
costs and expenses related primarily to stock-based compensation expense.
Basis of Presentation
Exelixis has 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 29, 2017 and December 30, 2016 are indicated as being as
of and for the periods ended December 31, 2017, and December 31, 2016,
respectively.
Conference Call and Webcast
Exelixis management will discuss the company’s financial results for the
fourth quarter and full year of 2017 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 26, 2018.
To access the webcast link, log onto www.exelixis.com
and proceed to the News & Events / Event Calendar page under the
Investors & Media heading. 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 6857848 to join
by phone.
A telephone replay will be available until 8:00 p.m. EST on February 28,
2018. Access numbers for the telephone replay are: 855-859-2056
(domestic) and 404-537-3406 (international); the passcode is 6857848. A
webcast replay will also be archived on www.exelixis.com
for one year.
About Exelixis
Founded in 1994, Exelixis, Inc. (Nasdaq: EXEL) is a commercially
successful, oncology-focused biotechnology company that strives to
accelerate the discovery, development and commercialization of new
medicines for difficult-to-treat cancers. Following early work in model
genetic systems, we established a broad drug discovery and development
platform that has served as the foundation for our continued efforts to
bring new cancer therapies to patients in need. We discovered our lead
compounds, cabozantinib and cobimetinib, and advanced them into clinical
development before entering into partnerships with leading
biopharmaceutical companies in our efforts to bring these medicines to
patients globally. We are steadfast in our commitment to prudently
reinvest in our business to maximize the potential of our pipeline. We
intend to supplement our existing therapeutic assets with targeted
business development activities and internal drug discovery - all to
deliver the next generation of Exelixis medicines and help patients
recover stronger and live longer. Exelixis recently earned a spot on
Deloitte’s Technology Fast 500 list, a yearly award program honoring the
500 fastest-growing companies over the past four years. For more
information about 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 to help patients with
cancer around the world; Exelixis’ plans to conduct future clinical
studies; Exelixis’ reinvestment in its business to build a new
generation of Exelixis medicines beyond cabozantinib and cobimetinib,
including through resuming internal drug discovery activities and
pursuing targeted business development opportunities; Exelixis’ plans to
submit an sNDA for cabozantinib as a treatment for HCC in the first
quarter of 2018; Exelixis’ expectation of top-line results in the first
half of 2018 from the phase 3 pivotal trial of cobimetinib in
combination with Genentech’s atezolizumab in advanced CRC; Daiichi
Sankyo’s plans to submit a Japanese regulatory application for
esaxerenone for an essential hypertension indication in the first
quarter of 2018; Exelixis’ plans to initiate a pivotal phase 3 study
with cabozantinib in patients with advanced DTC later this year;
Exelixis’ plans to conduct preclinical and clinical studies with
compounds from StemSynergy’s CK1α Activator Program, as well as
Exelixis’ immediate and potential future financial obligations under the
collaboration and license agreement with StemSynergy; Exelixis’ guidance
for 2018 total costs and operating expenses, including non-cash costs
and expenses; and Exelixis’ mission to deliver the next generation
of Exelixis medicines and help patients recover stronger and live
longer. Words such as “focused,” “priority,” “mission,” “planning,”
“future,” “expect,” “plans,” “committed,” “will,” “guidance,”
“commitment,” “potential,” “intend,” 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, COMETRIQ and
COTELLIC and the availability of coverage and reimbursement for these
products; risks and uncertainties related to regulatory review and
approval processes and Exelixis’ compliance with applicable legal and
regulatory requirements; risks related to the potential failure of
cabozantinib and cobimetinib, both alone and in combination with other
therapies, to demonstrate safety and efficacy in clinical testing; the
availability of data at the referenced times; Exelixis’ dependence on
its relationship with its collaboration partners, including the level of
their investment in the resources necessary to successfully
commercialize cabozantinib and cobimetinib in the territories where they
are approved; Exelixis’ ability and the ability of its collaborators to
conduct clinical trials of cabozantinib and cobimetinib, both alone and
in combination with other therapies, sufficient to achieve a positive
completion; the level of costs associated with Exelixis’
commercialization, research and development, in-licensing or acquisition
of product candidates, and other activities; Exelixis’ dependence on
third-party vendors; Exelixis’ ability to protect its intellectual
property rights; market competition, including the potential for
competitors to obtain approval for generic versions of Exelixis’
marketed products; 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 SEC on November 1, 2017,
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 26, 2018. 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, CABOMETYX, COMETRIQ and COTELLIC are
registered U.S. trademarks.
EXELIXIS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Year Ended December 31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Revenues:
|
|
|
|
|
|
|
|
|
Net product revenues
|
|
$
|
95,711
|
|
|
$
|
51,916
|
|
|
$
|
349,008
|
|
|
$
|
135,375
|
|
Collaboration revenues
|
|
24,361
|
|
|
25,665
|
|
|
103,469
|
|
|
56,079
|
|
Total revenues
|
|
120,072
|
|
|
77,581
|
|
|
452,477
|
|
|
191,454
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
4,191
|
|
|
1,852
|
|
|
15,066
|
|
|
6,552
|
|
Research and development
|
|
32,204
|
|
|
23,801
|
|
|
112,171
|
|
|
95,967
|
|
Selling, general and administrative
|
|
46,246
|
|
|
13,002
|
|
|
159,362
|
|
|
116,145
|
|
Restructuring (recovery) charge
|
|
—
|
|
|
43
|
|
|
(32
|
)
|
|
914
|
|
Total operating expenses
|
|
82,641
|
|
|
38,698
|
|
|
286,567
|
|
|
219,578
|
|
Income (loss) from operations
|
|
37,431
|
|
|
38,883
|
|
|
165,910
|
|
|
(28,124
|
)
|
Other income (expenses), net:
|
|
|
|
|
|
|
|
|
Interest income
|
|
1,387
|
|
|
831
|
|
|
4,883
|
|
|
2,578
|
|
Interest expense
|
|
—
|
|
|
(4,485
|
)
|
|
(8,679
|
)
|
|
(33,060
|
)
|
Other, net
|
|
100
|
|
|
(106
|
)
|
|
(3,537
|
)
|
|
(11,616
|
)
|
Total other income (expenses), net
|
|
1,487
|
|
|
(3,760
|
)
|
|
(7,333
|
)
|
|
(42,098
|
)
|
Income (loss) before income taxes
|
|
38,918
|
|
|
35,123
|
|
|
158,577
|
|
|
(70,222
|
)
|
Provision for income taxes
|
|
429
|
|
|
—
|
|
|
4,350
|
|
|
—
|
|
Net income (loss)
|
|
$
|
38,489
|
|
|
$
|
35,123
|
|
|
$
|
154,227
|
|
|
$
|
(70,222
|
)
|
Net income (loss) per share, basic
|
|
$
|
0.13
|
|
|
$
|
0.12
|
|
|
$
|
0.52
|
|
|
$
|
(0.28
|
)
|
Net income (loss) per share, diluted
|
|
$
|
0.12
|
|
|
$
|
0.12
|
|
|
$
|
0.49
|
|
|
$
|
(0.28
|
)
|
Shares used in computing basic net income (loss) per share
|
|
296,021
|
|
|
288,158
|
|
|
293,588
|
|
|
250,531
|
|
Shares used in computing diluted net income (loss) per share
|
|
313,342
|
|
|
301,324
|
|
|
312,003
|
|
|
250,531
|
|
EXELIXIS, INC.
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
December 31, 2017
|
|
December 31, 2016 (1)
|
Cash and investments (2) |
|
$
|
457,176
|
|
|
$
|
479,554
|
Working capital
|
|
$
|
369,704
|
|
|
$
|
200,215
|
Total assets
|
|
$
|
655,294
|
|
|
$
|
595,739
|
Total stockholders’ equity
|
|
$
|
284,961
|
|
|
$
|
89,318
|
_______________________________________
|
(1)
|
|
Derived from the audited consolidated financial statements.
|
(2)
|
|
Cash and investments include cash and cash equivalents, short- and
long-term investments and short- and long-term restricted cash and
investments. Short- and long-term restricted cash and investments
totaled $5.2 million as of December 31, 2017 and $4.2 million as of
December 31, 2016.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20180226006528/en/
Source: Exelixis, Inc.
Exelixis, Inc.
Chris Senner, 650-837-7240
Chief
Financial Officer
csenner@exelixis.com
or
Exelixis,
Inc.
Susan Hubbard, 650-837-8194
EVP, Public
Affairs & Investor Relations
shubbard@exelixis.com