Press Release
Press Release
Exelixis Announces Third Quarter 2021 Financial Results and Provides Corporate Update
- Total Revenues of
- GAAP Diluted EPS of
- Conference Call and Webcast Today at
“Exelixis continued to execute across all facets of our business in the third quarter of 2021 with significant progress across our commercial, clinical development and pipeline activities,” said
Third Quarter 2021 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 (benefit from) income taxes for the quarter ended
GAAP net income (loss) for the quarter ended
Non-GAAP net income for the quarter ended
Cash, cash equivalents, restricted cash equivalents and investments were
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.
2021 Financial Guidance
Total revenues (1) |
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Net product revenues (1) |
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Cost of goods sold |
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Approximately 5% - 6% of net product revenues |
Research and development expenses (1)(2) |
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Selling, general and administrative expenses (1)(3) |
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Effective tax rate |
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20% - 22% |
Cash and investments (1)(4)(5) |
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Approximately |
____________________ |
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(1) |
Guidance updated on |
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(2) |
Includes |
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(3) |
Includes |
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(4) |
This cash and investments guidance does not include any potential new business development activity. |
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(5) |
Cash and investments is composed of cash, cash equivalents, restricted cash equivalents and investments. |
Cabozantinib Highlights
Cabozantinib Franchise Net Product Revenues and Royalties. Net product revenues generated by the cabozantinib franchise in the
FDA Approval of CABOMETYX for Patients with Previously Treated Radioactive Iodine (RAI)-Refractory Differentiated Thyroid Cancer (DTC). In September,
Cabozantinib Presentations at the 2021
Pipeline Highlights
Exelixis In-Licenses Second Anti-Cancer Compound from
Corporate Updates
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 9563879 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: Exelixis’ updated 2021 financial guidance; Exelixis’ plans to initiate a phase 1 trial of XL114 as a monotherapy in patients with non-Hodgkin’s lymphoma; and Exelixis’ plans to reinvest in its business to maximize the potential of the company’s pipeline, including through targeted business development activities and internal drug discovery. Any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements and 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 continuing COVID-19 pandemic and its impact on Exelixis’ clinical trial, drug discovery and commercial activities; the degree of market acceptance of CABOMETYX and other
MINNEBRO is a registered trademark of Daiichi Sankyo Company, Limited.
OPDIVO is a registered trademark of Bristol-Myers Squibb Company.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except per share amounts) (unaudited) |
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Three Months Ended |
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Nine Months Ended |
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2021 |
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2020 |
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2021 |
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2020 |
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Revenues: |
|
|
|
|
|
|
|
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Net product revenues |
$ |
263,117 |
|
|
$ |
168,587 |
|
|
$ |
774,577 |
|
|
$ |
541,197 |
|
License revenues |
49,694 |
|
|
33,205 |
|
|
116,862 |
|
|
113,318 |
|
||||
Collaboration services revenues |
15,612 |
|
|
29,300 |
|
|
92,391 |
|
|
62,971 |
|
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Total revenues |
328,423 |
|
|
231,092 |
|
|
983,830 |
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|
717,486 |
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Operating expenses: |
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|
|
|
|
|
|
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Cost of goods sold |
11,874 |
|
|
8,725 |
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|
39,956 |
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|
27,235 |
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Research and development |
163,370 |
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|
176,762 |
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|
471,448 |
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|
393,572 |
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Selling, general and administrative |
101,558 |
|
|
88,185 |
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|
302,404 |
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|
210,916 |
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Total operating expenses |
276,802 |
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|
273,672 |
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|
813,808 |
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|
631,723 |
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Income (loss) from operations |
51,621 |
|
|
(42,580 |
) |
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170,022 |
|
|
85,763 |
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Interest income |
1,658 |
|
|
3,994 |
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|
6,231 |
|
|
16,376 |
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Other income (expense), net |
(19 |
) |
|
565 |
|
|
(120 |
) |
|
571 |
|
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Income (loss) before income taxes |
53,260 |
|
|
(38,021 |
) |
|
176,133 |
|
|
102,710 |
|
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Provision for (benefit from) income taxes |
15,056 |
|
|
(5,981 |
) |
|
40,236 |
|
|
19,317 |
|
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Net income (loss) |
$ |
38,204 |
|
|
$ |
(32,040 |
) |
|
$ |
135,897 |
|
|
$ |
83,393 |
|
Net income (loss) per share: |
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|
|
|
|
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Basic |
$ |
0.12 |
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$ |
(0.10 |
) |
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$ |
0.43 |
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$ |
0.27 |
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Diluted |
$ |
0.12 |
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$ |
(0.10 |
) |
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$ |
0.42 |
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$ |
0.26 |
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Weighted-average common shares outstanding: |
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Basic |
315,380 |
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|
309,116 |
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313,990 |
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|
307,437 |
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Diluted |
322,022 |
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|
309,116 |
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|
322,084 |
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|
317,495 |
|
CONDENSED CONSOLIDATED BALANCE SHEET DATA (in thousands) (unaudited) |
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Cash and investments (1) |
$ |
1,796,112 |
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$ |
1,538,842 |
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Working capital |
$ |
1,392,520 |
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$ |
1,240,737 |
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Total assets |
$ |
2,447,741 |
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$ |
2,137,333 |
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Total stockholders’ equity |
$ |
2,112,447 |
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|
$ |
1,879,113 |
|
(1) |
Cash and investments is composed of cash, cash equivalents, restricted cash equivalents and investments. |
RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (in thousands, except per share amounts) (unaudited) |
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Three Months Ended |
|
Nine Months Ended |
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|
2021 |
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2020 |
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2021 |
|
2020 |
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GAAP net income (loss) |
$ |
38,204 |
|
|
$ |
(32,040 |
) |
|
$ |
135,897 |
|
|
$ |
83,393 |
|
Adjustments: |
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|
|
|
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|
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Stock-based compensation - research and development expenses (1) |
11,487 |
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|
18,936 |
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37,550 |
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|
30,134 |
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Stock-based compensation - selling, general and administrative expenses (1) |
22,479 |
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|
36,719 |
|
|
59,104 |
|
|
55,657 |
|
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Income tax effect of the above adjustments |
(7,631 |
) |
|
(12,406 |
) |
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(21,655 |
) |
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(19,195 |
) |
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Non-GAAP net income |
$ |
64,539 |
|
|
$ |
11,209 |
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|
$ |
210,896 |
|
|
$ |
149,989 |
|
GAAP net income (loss) per share: |
|
|
|
|
|
|
|
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Basic |
$ |
0.12 |
|
|
$ |
(0.10 |
) |
|
$ |
0.43 |
|
|
$ |
0.27 |
|
Diluted |
$ |
0.12 |
|
|
$ |
(0.10 |
) |
|
$ |
0.42 |
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$ |
0.26 |
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Non-GAAP net income per share: |
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|
|
|
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Basic |
$ |
0.20 |
|
|
$ |
0.04 |
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|
$ |
0.67 |
|
|
$ |
0.49 |
|
Diluted |
$ |
0.20 |
|
|
$ |
0.04 |
|
|
$ |
0.65 |
|
|
$ |
0.47 |
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
315,380 |
|
|
309,116 |
|
|
313,990 |
|
|
307,437 |
|
||||
Diluted (2) |
322,022 |
|
|
318,501 |
|
|
322,084 |
|
|
317,495 |
|
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(1) |
Non-cash stock-based compensation expense used for GAAP reporting in accordance with Accounting Standards Codification Topic 718, Compensation—Stock Compensation. |
(2) |
The dilutive effect of shares related to employee stock plans are not included in the calculation of GAAP diluted loss per share in the third quarter of 2020 as the effect would be anti-dilutive. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20211102006271/en/
Chief Financial Officer
650-837-7240
csenner@exelixis.com
EVP, Public Affairs & Investor Relations
650-837-8194
shubbard@exelixis.com
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