Exelixis Inc · Q3 2020 earnings

Briefing

Reported financial results, with total revenues of $231.1 million and cabozantinib franchise revenues of $168.6 million. GAAP diluted EPS was $(0.10), while non-GAAP diluted EPS was $0.04.

Exelixis reported total revenues of $231.1 million for the third quarter of 2020. The company is preparing to launch CABOMETYX in combination with nivolumab, pending FDA approval. Exelixis is also expanding its pipeline with XL092 and additional collaboration and license agreements.

• Total revenues for Q3 2020 were $231.1 million.
• Cabozantinib franchise revenues were $168.6 million.
• GAAP diluted EPS was $(0.10), and non-GAAP diluted EPS was $0.04.
• Exelixis is preparing for the launch of CABOMETYX in combination with nivolumab.

Headline financials

Revenue & EPS history

Exelixis provided updated financial guidance for fiscal year 2020, including total revenues between $900 million and $950 million, net product revenues between $700 million and $725 million, research and development expenses between $550 million and $575 million, selling, general and administrative expenses between $290 million and $300 million, an effective tax rate between 14% and 16%, and cash and investments between $1.5 billion and $1.6 billion.