Exelixis shares rise on 3Q results

Exelixis' shares rise as revenue from new partnerships narrows 3rd-quarter loss

• On 12:04 pm EDT, Friday October 30, 2009

NEW YORK (AP) -- Shares of biotechnology company Exelixis Inc. rose Friday after the company narrowed its profit loss on a surge in revenue from partnerships with several large pharmaceutical companies.

The stock rose 57 cents, or 10 percent, to $6.28 in midday trading. Shares have traded between $2.11 and $7.25 over the last 52 weeks.

The company, based in South San Francisco, Calif., lost $25.4 million, or 24 cents per share, compared with a loss of $38.5 million, or 36 cents per share, during the same period a year prior. Revenue surged 84 percent to $55 million from $30 million.

Analysts surveyed by Thomson Reuters expected a loss of 32 cents per share on revenue of $46.6 million.

Exelixis said the revenue boost came from new partnerships with Sanofi-Aventis and Bristol-Myers Squibb on potential cancer treatments and Boehringer Ingelheim on autoimmune disease treatments.