Categories Earnings, Health Care

Exelixis surpasses Q2 earnings estimate by 6 cents

Exelixis Inc. (NASDAQ: EXEL) reported second-quarter earnings of 29 cents per share, down 6.4% year-over-year. The bottom line surpassed the average analysts’ expectation of 23 cents per share.

Revenues of $240.3 million were up 29% compared to the same period last year and higher than the street view of $227 million. CABOMETYX net product revenues totaled $193.7 million, 32% higher than last year.

pharma stocks
Image for representation (Photo by Drew Hays on Unsplash)

EXEL shares gained 0.23% during after-market trading on Wednesday. The stock has gained 7.5% so far this year.

Research and development expenses for the quarter were $81.9 million, compared to $42.5 million for the comparable period in 2018, primarily due to increases in clinical trial costs.

exelixis 2Q19 results beat wall street expectations

CEO Michael Morrissey said, “We achieved notable revenue growth for the CABOMETYX franchise, supporting our strategy of reinvestment in long-term growth opportunities through our internal discovery and targeted in-licensing activities, including today’s announcement of our partnership agreement with Aurigene.”

READ: Vertex Pharmaceuticals Q2 profit jumps 29%, beats estimates

For full-year 2019, cost of goods sold is expected to be between 4% and 5% of net product revenues, the company said. Research and development expenses are now expected to be between $330 million and $350 million given the impact of the recent business development activities.

Guidance for the effective tax rate in 2019 is between 21% and 23%.

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top