Exelixis, Inc. (Nasdaq: EXEL), a biotechnology company focused on the development and commercialization of cancer therapies, announced its financial results for the first quarter of 2023. The company reported total revenues of $408.8 million, representing an increase compared to $356.0 million in the same period last year.
The net product revenues for Exelixis’ Cabozantinib franchise in the United States reached $363.4 million in the first quarter. The company’s GAAP diluted earnings per share (EPS) were $0.12, while the non-GAAP diluted EPS stood at $0.16.
During the quarter, Exelixis achieved significant progress in advancing its commercial business and pipeline development milestones. Cabozantinib, used in combination with nivolumab for renal cell carcinoma, maintained its leading position as a tyrosine kinase inhibitor. The company also made notable advancements in its pipeline programs, including the STELLAR-303 and STELLAR-304 phase 3 trials for zanzalintinib.
Exelixis highlighted its collaborations with Cybrexa and Sairopa, which also showed steady progress. Sairopa received clearance from the U.S. Food and Drug Administration for its Investigational New Drug application for ADU-1805, initiating a phase 1 study. Cybrexa is planning to present updated phase 1 data for CBX-12 at the ASCO Annual Meeting in June.
In March, Exelixis announced a share repurchase program of up to $550 million, reflecting confidence in its long-term prospects and commitment to delivering value to shareholders. The company expressed gratitude to its team for their dedication to improving patient care and driving sustainable growth.
Financially, Exelixis reported total revenues of $408.8 million, comprising net product revenues of $363.4 million and collaboration revenues of $45.4 million. Research and development expenses were $234.2 million, while selling, general, and administrative expenses amounted to $131.4 million. The provision for income taxes for the quarter was $8.3 million.
The GAAP net income for the first quarter was $40.0 million, equivalent to $0.12 per share. The non-GAAP net income was $52.8 million, or $0.16 per share. Exelixis presented these non-GAAP measures to provide additional information and facilitate better comparison and analysis.
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