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Exelixis, Inc. (EXEL - Free Report) posted fourth-quarter 2016 earnings of 12 cents, compared with a loss of 18 cents per share in the year-ago quarter. Earnings surpassed Zacks Consensus Estimate of a loss of 1 cent.
Net revenue came in at $77.6 million, significantly up from $9.9 million in the prior-year quarter. Revenues also surpassed the Zacks Consensus Estimate of $67 million. Revenues were boosted by the FDA approval of a tablet formulation of cabozantinib, (distinct from the capsule form) under the brand name Cabometyx in Apr 2016 for the treatment of RCC in patients who have received prior anti-angiogenic therapy.
Exelixis’ share price increased 57.8% year to date compared with the Zacks classified Medical-Medical Services industry’s gain of 4.4%.
Quarter in Detail
Cabozantinib generated $51.9 million in net product revenue during the fourth quarter of 2016, an increase of 21% from the third quarter of 2016. Cometriq (cabozantinib) capsules for the treatment of medullary thyroid cancer generated $7.2 million in net product revenue during the fourth quarter.
Cabometyx generated $44.7 million and $93.5 million in net product revenue during the fourth quarter and full year of 2016, respectively. In the reported quarter, research and development expenses increased 1.3% to $23.8 million due to increases in personnel related expenses resulting from an increase in headcount primarily associated with the build-out of the Exelixis Medical Affairs organization.
Selling, general and administrative expenses were $13 million, down 24% from $17.1 million a year ago.
2016 Results
For the full-year 2016, the company reported loss of 28 cents per share compared with loss of 77 cents in 2015. The loss was also narrower than the Zacks Consensus Estimate of a loss of 46 cents.
For 2016, revenues came in at $191.5 million, compared with $37.2 million in 2015. Revenues beat the Zacks Consensus Estimate of $181.75 million.
Pipeline Update
The company continues to focus on the launch of Cabometyx in the U.S. Exelixis plans to file supplemental New Drug Application (sNDA) for cabozantinib as a treatment for previously-untreated patients with advanced RCC in the third quarter of 2017 based on the positive data from the Cabosun randomized phase II trial.
Exelixis announced agreements with The Bristol-Myers Squibb Company (BMY - Free Report) and Roche (RHHBY - Free Report) to collaborate on the development of cabozantinib in combination with immunotherapy agents.
Exelixis and its partner Genentech, a member of the Roche Group, are also co-promoting Cotellic (cobimetinib) in the U.S., while Genentech continues to advance the cobimetinib clinical development program.
Shares of Exelixis were up 6% after the company announced collaborations with these leading companies.
2017 Guidance
Exelixis expects total costs and operating expenses for 2017 to be in the range of $290 million and $310 million. This guidance includes about $25 million of non-cash costs and expenses related primarily to stock-based compensation expense.
Sunesis’ loss estimates narrowed by 5.06% and 8.80% for 2016 and 2017, respectively, over the past 30 days. The company recorded a positive earnings surprise in three of the last four quarters, the average being 0.54%.
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Exelixis (EXEL) Reports Q4 Earnings, Revenues Beat Y/Y
Exelixis, Inc. (EXEL - Free Report) posted fourth-quarter 2016 earnings of 12 cents, compared with a loss of 18 cents per share in the year-ago quarter. Earnings surpassed Zacks Consensus Estimate of a loss of 1 cent.
Net revenue came in at $77.6 million, significantly up from $9.9 million in the prior-year quarter. Revenues also surpassed the Zacks Consensus Estimate of $67 million. Revenues were boosted by the FDA approval of a tablet formulation of cabozantinib, (distinct from the capsule form) under the brand name Cabometyx in Apr 2016 for the treatment of RCC in patients who have received prior anti-angiogenic therapy.
Exelixis’ share price increased 57.8% year to date compared with the Zacks classified Medical-Medical Services industry’s gain of 4.4%.
Quarter in Detail
Cabozantinib generated $51.9 million in net product revenue during the fourth quarter of 2016, an increase of 21% from the third quarter of 2016.
Cometriq (cabozantinib) capsules for the treatment of medullary thyroid cancer generated $7.2 million in net product revenue during the fourth quarter.
Cabometyx generated $44.7 million and $93.5 million in net product revenue during the fourth quarter and full year of 2016, respectively. In the reported quarter, research and development expenses increased 1.3% to $23.8 million due to increases in personnel related expenses resulting from an increase in headcount primarily associated with the build-out of the Exelixis Medical Affairs organization.
Selling, general and administrative expenses were $13 million, down 24% from $17.1 million a year ago.
2016 Results
For the full-year 2016, the company reported loss of 28 cents per share compared with loss of 77 cents in 2015. The loss was also narrower than the Zacks Consensus Estimate of a loss of 46 cents.
For 2016, revenues came in at $191.5 million, compared with $37.2 million in 2015. Revenues beat the Zacks Consensus Estimate of $181.75 million.
Pipeline Update
The company continues to focus on the launch of Cabometyx in the U.S. Exelixis plans to file supplemental New Drug Application (sNDA) for cabozantinib as a treatment for previously-untreated patients with advanced RCC in the third quarter of 2017 based on the positive data from the Cabosun randomized phase II trial.
Exelixis announced agreements with The Bristol-Myers Squibb Company (BMY - Free Report) and Roche (RHHBY - Free Report) to collaborate on the development of cabozantinib in combination with immunotherapy agents.
Exelixis and its partner Genentech, a member of the Roche Group, are also co-promoting Cotellic (cobimetinib) in the U.S., while Genentech continues to advance the cobimetinib clinical development program.
Shares of Exelixis were up 6% after the company announced collaborations with these leading companies.
2017 Guidance
Exelixis expects total costs and operating expenses for 2017 to be in the range of $290 million and $310 million. This guidance includes about $25 million of non-cash costs and expenses related primarily to stock-based compensation expense.
Exelixis, Inc. Price, Consensus and EPS Surprise
Exelixis, Inc. Price, Consensus and EPS Surprise | Exelixis, Inc. Quote
Zacks Rank & Key Picks
Exelixis currently holds a Zacks Rank #2 (Buy). Another stock in the health care sector is Sunesis Pharmaceuticals which carries a Zacks Rank#2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Sunesis’ loss estimates narrowed by 5.06% and 8.80% for 2016 and 2017, respectively, over the past 30 days. The company recorded a positive earnings surprise in three of the last four quarters, the average being 0.54%.
A Full-Blown Technological Breakthrough in the Making
Zacks’ Aggressive Growth Strategist Brian Bolan explores autonomous cars in our latest Special Report, Driverless Cars: Your Roadmap to Mega-Profits Today. In addition to who will be selling them and how the auto industry will be impacted, Brian reveals 8 stocks with tremendous gain potential to feed off this phenomenon. Click to see the stocks right now >>