Press Release
Press Release
Exelixis Announces Third Quarter 2019 Financial Results and Provides Corporate Update
- Total Revenue of
- GAAP Diluted EPS of
- Conference Call and Webcast Today at
“In the third quarter of 2019, we made strong progress across all components of our business, highlighted in particular by our clinical and business development activities. Importantly, for the first time, global cabozantinib franchise net revenue exceeded
Dr. Morrissey continued: “As we close out Exelixis’ 25th year, our focus remains on continued execution across the organization, all towards building momentum for key milestones anticipated in 2020, including clinical results early in the year from the phase 3 pivotal CheckMate 9ER study being conducted in collaboration with
Third Quarter 2019 Financial Results
Total revenues for the quarter ended
Total revenues included net product revenues of
Total revenues for the quarter ended
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
Cash and investments totaled approximately
Non-GAAP Financial Measures
To supplement Exelixis’ financial results presented in accordance with GAAP,
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.
2019 Financial Guidance
Cabozantinib Highlights
Continued Growth in Cabozantinib Franchise Net Revenues and Royalties. Net product revenues generated by the cabozantinib franchise in the U.S. were
Expansion to Clinical Research Protocol for Phase 1b COSMIC-021 Trial. In July,
Health Canada Approves CABOMETYX for First-Line Treatment of Adults with Advanced RCC. In October,
Corporate Updates
Exelixis Files Lawsuit to Enforce Its Intellectual Property Rights for CABOMETYX against Abbreviated New Drug Application (ANDA) Filer. In October,
Basis of Presentation
Conference Call and Webcast
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 5489464 to join by phone.
A telephone replay will be available until
About
Founded in 1994,
Forward-Looking Statements
This press release contains forward-looking statements, including, without limitation, statements related to: Key milestones anticipated in 2020, including clinical results early in the year from CheckMate 9ER, data from COSMIC-021 and initiating new pivotal trials which aim to expand the cabozantinib franchise opportunity; Exelixis’ belief that its continued positive cash flow enables the company to drive toward sustainable long-term growth through internal discovery activities and targeted business development opportunities with the potential to expand the breadth and depth of its pipeline; Exelixis’ updated guidance for 2019 cost of goods sold, research and development expenses (including non-cash expenses related to stock-based compensation), selling, general and administrative expenses (including non-cash expenses related to stock-based compensation), and effective tax rate; the anticipated timing for receipt of milestone payments from
MINNEBRO is a registered Japanese trademark.
EXELIXIS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) (unaudited) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Net product revenues |
$ |
191,768 |
|
|
$ |
162,946 |
|
|
$ |
565,024 |
|
|
$ |
443,054 |
|
Collaboration revenues |
79,935 |
|
|
62,451 |
|
|
162,441 |
|
|
182,170 |
|
||||
Total revenues |
271,703 |
|
|
225,397 |
|
|
727,465 |
|
|
625,224 |
|
||||
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Cost of goods sold |
7,537 |
|
|
7,360 |
|
|
22,577 |
|
|
18,996 |
|
||||
Research and development |
97,295 |
|
|
44,741 |
|
|
242,516 |
|
|
124,986 |
|
||||
Selling, general and administrative |
51,265 |
|
|
48,120 |
|
|
170,218 |
|
|
153,989 |
|
||||
Total operating expenses |
156,097 |
|
|
100,221 |
|
|
435,311 |
|
|
297,971 |
|
||||
Income from operations |
115,606 |
|
|
125,176 |
|
|
292,154 |
|
|
327,253 |
|
||||
Other income (expense), net: |
|
|
|
|
|
|
|
||||||||
Interest income |
7,191 |
|
|
3,507 |
|
|
20,253 |
|
|
8,099 |
|
||||
Other, net |
(140 |
) |
|
271 |
|
|
688 |
|
|
368 |
|
||||
Total other income (expense), net |
7,051 |
|
|
3,778 |
|
|
20,941 |
|
|
8,467 |
|
||||
Income before income taxes |
122,657 |
|
|
128,954 |
|
|
313,095 |
|
|
335,720 |
|
||||
Provision for income taxes |
(25,205 |
) |
|
(2,324 |
) |
|
(60,826 |
) |
|
(5,739 |
) |
||||
Net income |
$ |
97,452 |
|
|
$ |
126,630 |
|
|
$ |
252,269 |
|
|
$ |
329,981 |
|
Net income per share, basic |
$ |
0.32 |
|
|
$ |
0.42 |
|
|
$ |
0.84 |
|
|
$ |
1.11 |
|
Net income per share, diluted |
$ |
0.31 |
|
|
$ |
0.41 |
|
|
$ |
0.80 |
|
|
$ |
1.05 |
|
Shares used in computing net income per share, basic |
303,268 |
|
|
298,416 |
|
|
301,999 |
|
|
297,700 |
|
||||
Shares used in computing net income per share, diluted |
315,453 |
|
|
312,346 |
|
|
315,046 |
|
|
313,200 |
|
EXELIXIS, INC. CONDENSED CONSOLIDATED BALANCE SHEET DATA (in thousands) (unaudited) |
|||||||
|
September 30,
|
|
December 31,
|
||||
Cash and investments (2) |
$ |
1,248,430 |
|
|
$ |
851,621 |
|
Working capital |
$ |
831,043 |
|
|
$ |
791,544 |
|
Total assets |
$ |
1,784,865 |
|
|
$ |
1,422,286 |
|
Total stockholders’ equity |
$ |
1,603,717 |
|
|
$ |
1,287,453 |
|
(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 $1.0 million as of September 30, 2019 and $1.1 million as of December 31, 2018. |
EXELIXIS, INC. RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME (in thousands, except per share amounts) (unaudited) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
GAAP net income |
$ |
97,452 |
|
|
$ |
126,630 |
|
|
$ |
252,269 |
|
|
$ |
329,981 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Stock-based compensation - research and development expenses |
4,301 |
|
|
3,169 |
|
|
13,745 |
|
|
9,102 |
|
||||
Stock-based compensation - selling, general and administrative expenses |
8,838 |
|
|
6,573 |
|
|
27,002 |
|
|
19,228 |
|
||||
Income tax effect of the above adjustments |
(2,954 |
) |
|
(187 |
) |
|
(9,148 |
) |
|
(567 |
) |
||||
Non-GAAP net income |
$ |
107,637 |
|
|
$ |
136,185 |
|
|
$ |
283,868 |
|
|
$ |
357,744 |
|
GAAP net income per share, basic |
$ |
0.32 |
|
|
$ |
0.42 |
|
|
$ |
0.84 |
|
|
$ |
1.11 |
|
GAAP net income per share, diluted |
$ |
0.31 |
|
|
$ |
0.41 |
|
|
$ |
0.80 |
|
|
$ |
1.05 |
|
Non-GAAP net income per share, basic |
$ |
0.35 |
|
|
$ |
0.46 |
|
|
$ |
0.94 |
|
|
$ |
1.20 |
|
Non-GAAP net income per share, diluted |
$ |
0.34 |
|
|
$ |
0.44 |
|
|
$ |
0.90 |
|
|
$ |
1.14 |
|
Shares used in computing net income per share, basic |
303,268 |
|
|
298,416 |
|
|
301,999 |
|
|
297,700 |
|
||||
Shares used in computing net income per share, diluted |
315,453 |
|
|
312,346 |
|
|
315,046 |
|
|
313,200 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20191030005982/en/
Source:
Chris Senner
Chief Financial Officer
Exelixis, Inc.
650-837-7240
csenner@exelixis.com
Susan Hubbard
EVP, Public Affairs & Investor Relations
Exelixis, Inc.
650-837-8194
shubbard@exelixis.com