Press Release
Press Release
Exelixis Announces Second Quarter 2023 Financial Results and Provides Corporate Update
- Total Revenues of
- GAAP Diluted EPS of
- Conference Call and Webcast Today at
“In the second quarter of 2023, the
Second Quarter 2023 Financial Results
Total revenues for the quarter ended
Total revenues for the quarter ended
Collaboration revenues, composed of license revenues and collaboration services revenues, were
Research and development expenses for the quarter ended
Selling, general and administrative expenses for the quarter ended
Provision for income taxes for the quarter ended
GAAP net income for the quarter ended
Non-GAAP net income for the quarter ended
Non-GAAP Financial Measures
To supplement Exelixis’ financial results presented in accordance with
These non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
2023 Financial Guidance
Total revenues |
|
|
Net product revenues |
|
|
Cost of goods sold |
|
4.0% - 5.0% of net product revenues |
Research and development expenses (1) |
|
|
Selling, general and administrative expenses (2) |
|
|
Effective tax rate |
|
20% - 22% |
____________________ |
||
(1) |
Includes |
|
(2) |
Includes |
Cabozantinib and Pipeline Highlights
Cabozantinib Franchise Net Product Revenues and Royalties. Net product revenues generated by the cabozantinib franchise in the
Cabozantinib and Pipeline Presentations at the 2023
Corporate Highlights
Settlement of CABOMETYX Patent Litigation with
Share Repurchase Program. As of
Exelixis Board of Directors Refreshment Plan. In May, upon the conclusion of its 2023 Annual Meeting of Stockholders,
Basis of Presentation
Conference Call and Webcast
To access the conference call, please register using this link. Upon registration, a dial-in number and unique PIN will be provided to join the call. To access the live webcast link, log onto www.exelixis.com and proceed to the Event Calendar page under the Investors & News 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. A webcast replay of the conference call will also be archived on www.exelixis.com for one year.
About
Forward-Looking Statements
This press release contains forward-looking statements, including, without limitation, statements related to: Exelixis’ research and development expectations for 2023, including initiating additional pivotal trials for zanzalintinib, moving the XB002 program into full development before year end, readouts from the phase 3 CONTACT-02 and COSMIC-313 studies, and potential presentations of new data from its pipeline compounds; Exelixis’ plans to provide additional details around its discovery and development strategy at an R&D Day in
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) (unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Net product revenues |
$ |
409,646 |
|
|
$ |
347,044 |
|
$ |
773,046 |
|
|
$ |
657,342 |
||
License revenues |
|
52,747 |
|
|
|
57,526 |
|
|
|
91,039 |
|
|
|
89,593 |
|
Collaboration services revenues |
|
7,455 |
|
|
|
14,857 |
|
|
|
14,551 |
|
|
|
28,472 |
|
Total revenues |
|
469,848 |
|
|
|
419,427 |
|
|
|
878,636 |
|
|
|
775,407 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Cost of goods sold |
|
17,705 |
|
|
|
13,481 |
|
|
|
32,020 |
|
|
|
26,684 |
|
Research and development |
|
232,570 |
|
|
|
199,481 |
|
|
|
466,816 |
|
|
|
356,152 |
|
Selling, general and administrative |
|
141,723 |
|
|
|
122,759 |
|
|
|
273,120 |
|
|
|
225,622 |
|
Total operating expenses |
|
391,998 |
|
|
|
335,721 |
|
|
|
771,956 |
|
|
|
608,458 |
|
Income from operations |
|
77,850 |
|
|
|
83,706 |
|
|
|
106,680 |
|
|
|
166,949 |
|
Interest income |
|
22,541 |
|
|
|
4,757 |
|
|
|
42,043 |
|
|
|
6,579 |
|
Other income (expense), net |
|
(5 |
) |
|
|
45 |
|
|
|
(59 |
) |
|
|
209 |
|
Income before income taxes |
|
100,386 |
|
|
|
88,508 |
|
|
|
148,664 |
|
|
|
173,737 |
|
Provision for income taxes |
|
19,208 |
|
|
|
17,836 |
|
|
|
27,458 |
|
|
|
34,492 |
|
Net income |
$ |
81,178 |
|
|
$ |
70,672 |
|
|
$ |
121,206 |
|
|
$ |
139,245 |
|
Net income per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.25 |
|
|
$ |
0.22 |
|
|
$ |
0.37 |
|
|
$ |
0.43 |
|
Diluted |
$ |
0.25 |
|
|
$ |
0.22 |
|
|
$ |
0.37 |
|
|
$ |
0.43 |
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
324,205 |
|
|
|
321,117 |
|
|
|
324,312 |
|
|
|
320,349 |
|
Diluted |
|
327,305 |
|
|
|
324,904 |
|
|
|
326,792 |
|
|
|
324,096 |
|
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME (in thousands, except per share amounts) (unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
GAAP net income |
$ |
81,178 |
|
|
$ |
70,672 |
|
|
$ |
121,206 |
|
|
$ |
139,245 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Stock-based compensation - research and development expenses (1) |
|
9,589 |
|
|
|
9,549 |
|
|
|
12,841 |
|
|
|
18,448 |
|
Stock-based compensation - selling, general and administrative expenses (1) |
|
15,311 |
|
|
|
15,073 |
|
|
|
28,720 |
|
|
|
25,933 |
|
Income tax effect of the above adjustments |
|
(5,781 |
) |
|
|
(5,569 |
) |
|
|
(9,642 |
) |
|
|
(10,008 |
) |
Non-GAAP net income |
$ |
100,297 |
|
|
$ |
89,725 |
|
|
$ |
153,125 |
|
|
$ |
173,618 |
|
GAAP net income per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.25 |
|
|
$ |
0.22 |
|
|
$ |
0.37 |
|
|
$ |
0.43 |
|
Diluted |
$ |
0.25 |
|
|
$ |
0.22 |
|
|
$ |
0.37 |
|
|
$ |
0.43 |
|
Non-GAAP net income per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.31 |
|
|
$ |
0.28 |
|
|
$ |
0.47 |
|
|
$ |
0.54 |
|
Diluted |
$ |
0.31 |
|
|
$ |
0.28 |
|
|
$ |
0.47 |
|
|
$ |
0.54 |
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
324,205 |
|
|
|
321,117 |
|
|
|
324,312 |
|
|
|
320,349 |
|
Diluted |
|
327,305 |
|
|
|
324,904 |
|
|
|
326,792 |
|
|
|
324,096 |
|
____________________ |
||
(1) |
Non-cash stock-based compensation expense used for GAAP reporting in accordance with Accounting Standards Codification Topic 718, Compensation—Stock Compensation. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230801307436/en/
Chief Financial Officer
650-837-7240
csenner@exelixis.com
EVP, Public Affairs & Investor Relations
650-837-8194
shubbard@exelixis.com
Source: