ALAMEDA, Calif. (AP) _ Exelixis Inc. (EXEL) on Wednesday reported first-quarter earnings of $75.8 million.
On a per-share basis, the Alameda, California-based company said it had net income of 24 cents. Earnings, adjusted for stock option expense, came to 27 cents per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share.
The drug developer posted revenue of $215.5 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $203.8 million.
Exelixis shares have declined roughly 2% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $19.34, a fall of nearly 8% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EXEL at https://www.zacks.com/ap/EXEL