Exelixis Inc · Q3 2022 earnings

Briefing

Reported financial results for the third quarter of 2022 and provided an update on progress toward achieving key corporate objectives, as well as commercial, clinical and pipeline development milestones.

Exelixis announced its Q3 2022 financial results, with total revenues of $411.7 million. The company's cabozantinib franchise continued to drive revenue growth, with a 39% year-over-year increase in net product revenue. Exelixis also made progress on its clinical and early-stage pipeline, including presenting detailed results from the COSMIC-313 clinical trial.

• Total revenues for Q3 2022 were $411.7 million, compared to $328.4 million for the same period in 2021.
• Net product revenues for Q3 2022 were $366.5 million, compared to $263.1 million for the same period in 2021.
• GAAP net income for Q3 2022 was $73.2 million, or $0.23 per share, basic and diluted, compared to GAAP net income of $38.2 million, or $0.12 per share, basic and diluted, for the same period in 2021.
• Non-GAAP net income for Q3 2022 was $102.0 million, or $0.31 per share, diluted, compared to non-GAAP net income of $64.5 million, or $0.20 per share, diluted, for the same period in 2021.

Headline financials

Revenue & EPS history

Exelixis is providing the following updated financial guidance for fiscal year 2022: Total revenues $1.575 billion - $1.600 billionNet product revenues $1.375 billion - $1.400 billionCost of goods sold~5% of net product revenuesResearch and development expenses (1)$875 million - $900 millionSelling, general and administrative expenses (2)$450 million - $475 millionEffective tax rate20% - 22%