Exelixis Inc (EXEL) Reports Q3 2023 Earnings: Total Revenues of $471.9 Million
Exelixis Inc (NASDAQ:EXEL) reported total revenues of $471.9 million for Q3 2023, compared to $411.7 million for the same period in 2022.
Net product revenues increased to $426.5 million, primarily due to an increase in sales volume and average net selling price.
GAAP net income for the quarter was $1.0 million, compared to $73.2 million for the comparable period in 2022.
Exelixis Inc (NASDAQ:EXEL) provided updated financial guidance for fiscal year 2023, with total revenues expected to be between $1.825 billion and $1.850 billion.
Exelixis Inc (NASDAQ:EXEL) released its earnings report for the third quarter of 2023 on November 1, 2023. The company reported total revenues of $471.9 million, compared to $411.7 million for the same period in 2022. The increase in total revenues was primarily due to an increase in net product revenues, which rose to $426.5 million from $366.5 million in the comparable period in 2022.
Financial Performance
Research and development expenses for Q3 2023 were $332.6 million, compared to $198.8 million for the same period in 2022. The increase was primarily related to increases in license and other collaboration costs, personnel expenses, and manufacturing costs to support Exelixis development candidates.
Selling, general and administrative expenses for the quarter were $138.1 million, compared to $115.0 million for the comparable period in 2022. The increase was primarily related to increases in personnel expenses, stock-based compensation expense, and legal and advisory fees.
GAAP net income for the quarter was $1.0 million, or $0.00 per share, compared to GAAP net income of $73.2 million, or $0.23 per share, for the comparable period in 2022.
Key Highlights
Exelixis Inc (NASDAQ:EXEL) reported positive results from the phase 3 CONTACT-02 and CABINET studies in prostate and neuroendocrine tumors, respectively. The company also welcomed Dr. Amy Peterson as the new Chief Medical Officer in August, with a focus on accelerating clinical pipeline programs.
On the business development front, Exelixis signed a new agreement with Insilico Medicine to in-license XL309, a potentially best-in-class small molecule inhibitor of USP1. The company also repurchased 16.943 million shares of its common stock for a total of $344.8 million.
2023 Financial Guidance
Exelixis provided updated financial guidance for fiscal year 2023, with total revenues expected to be between $1.825 billion and $1.850 billion. Net product revenues are anticipated to be between $1.625 billion and $1.650 billion. Research and development expenses are expected to be between $1.050 billion and $1.075 billion, while selling, general and administrative expenses are projected to be between $525 million and $550 million.
Explore the complete 8-K earnings release (here) from Exelixis Inc for further details.
This article first appeared on GuruFocus.
