Exelixis, Inc. Exec Buys Shares After 2Q Strong Financial Performance

01:13 08/11/2018

Before the markets closed yesterday, Exelixis, Inc. EXEL  revealed that Director, George Scangos, increased his interest financially with the company after buying 75,000 shares for $378,000.00, an average of $5.04 a share.

To start the month, Exelixis, Inc. EXEL  reported financial results for the second quarter of 2018 and provided an update on progress toward fulfilling its key corporate objectives, as well as commercial and clinical development milestones.

Total revenues for the quarter ended June 30, 2018 were $186.1 million, compared to $99.0 million for the comparable period in 2017. Total revenues include net product revenues of $145.8 million for the quarter ended June 30, 2018, compared to $88.0 million for the comparable period in 2017, representing a 66 percent increase year-over-year.

EXEL  total revenues also include collaboration revenues of $40.3 million for the quarter ended June 30, 2018 compared to $11.0 million for the comparable period in 2017. The increase in collaboration revenues was primarily the result of a $25.0 million commercial milestone from Ipsen Pharma SAS (Ipsen) that we earned in the second quarter of 2018 upon Ipsen's achievement of $100.0 million of net sales cumulatively over four consecutive quarters. Royalties from Ipsen on their ex-U.S. sales of cabozantinib and, to a lesser extent, royalties from Genentech on their ex-U.S. sales of COTELLIC® (cobimetinib), also increased in the second quarter of 2018, contributing $6.9 million in collaboration revenues compared to $1.6 million for the comparable period in 2017.

"The second quarter of 2018 was highlighted by the strong commercial performance of CABOMETYX® (cabozantinib) in advanced renal cell carcinoma and continued regulatory progress for cabozantinib across multiple indications," said Michael M. Morrissey, Ph.D., President and Chief Executive Officer of Exelixis. "We are pleased with our partner Ipsen's progress as it launches CABOMETYX in the first-line setting following their recent label expansion in the European Union and the achievement of key commercial sales milestones. In advanced hepatocellular carcinoma, acceptance of our supplemental New Drug Application by the U.S. Food and Drug Administration brought us a step closer to offering CABOMETYX as a treatment to another patient population in need of new options."

Dr. Morrissey continued: "Our strong financial performance in the second quarter was driven primarily by an increase in U.S. sales of CABOMETYX, as well as a milestone recognized from our collaborative partnerships, leading to net income of $87.5 million or $0.28 per share on a fully diluted basis. The progress we made in the second quarter put us in position for continued momentum across the business in the second half of 2018.”

Founded in 1994, Exelixis, Inc. (NASDAQ:EXEL) EXEL  is a commercially successful, oncology-focused biotechnology company that strives to accelerate the discovery, development and commercialization of new medicines for difficult-to-treat cancers. Following early work in model genetic systems, we established a broad drug discovery and development platform that has served as the foundation for our continued efforts to bring new cancer therapies to patients in need.

Exelixis was added to the Standard & Poor's (S&P) MidCap 400 index, which measures the performance of profitable mid-sized companies.

This article has been provided by a Chasing Markets contributor. All content submitted by this author represent their personal opinions, and should be considered as such for entertainment purpose only. All opinions expressed are those of the writer, and may not necessarily represent fact, opinions, or bias of Chasing Markets.
Most Read