ALAMEDA, Calif. (AP) _ Exelixis Inc. (EXEL) on Wednesday reported third-quarter earnings of $97.5 million.
The Alameda, California-based company said it had profit of 31 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 20 cents per share.
The drug developer posted revenue of $271.7 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $228.4 million.
Exelixis shares have decreased 12% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $17.38, a rise of 23% in the last 12 months.