U.S. Markets close in 28 mins

Exelixis tops Street 4Q forecasts

SOUTH SAN FRANCISCO, Calif. (AP) _ Exelixis Inc. (EXEL) on Monday reported fourth-quarter net income of $35.1 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the South San Francisco, California-based company said it had profit of 12 cents.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 1 cent per share.

The drug developer posted revenue of $77.6 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $66.7 million.

For the year, the company reported that its loss narrowed to $70.2 million, or 28 cents per share. Revenue was reported as $191.5 million.

Exelixis shares have increased 55 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $23.09, rising sixfold 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

_____

Keywords: Exelixis, Earnings Report