Exelixis, Inc. EXEL
Exelixis, Inc. EXEL reported earnings of 30 cents within the second quarter, which simply beat the Zacks Consensus Estimate of 5 cents. The underside line additionally elevated from the year-ago quarter’s earnings of 21 cents per share.
Web revenues got here in at $385.2 million, which elevated from $259.5 million reported within the year-ago quarter and comfortably surpassed the Zacks Consensus Estimate of $296 million.
Exelixis, Inc. Worth, Consensus and EPS Shock
Exelixis, Inc. price-consensus-eps-surprise-chart | Exelixis, Inc. Quote
Quarter in Element
Web product revenues got here in at $284.2 million, up from $178.7 million reported within the year-ago quarter. The upside was primarily pushed by a rise in gross sales quantity that was primarily pushed by the sturdy uptake for the mix remedy of Cabometyx (cabozantinib) and Bristol-Myers’ BMY Opdivo (nivolumab) following FDA approval in January.
Cabometyx generated $275.6 million of revenues. Cabometyx (cabozantinib tablets) is authorized for superior renal cell carcinoma (RCC) and beforehand handled hepatocellular carcinoma (HCC). Cometriq (cabozantinib capsules) for the remedy of medullary thyroid most cancers generated $8.6 million in internet product revenues. Exelixis earned $24.9 million in royalty revenues.
Collaboration revenues, comprising license revenues and collaboration companies revenues, have been $61.Three million within the quarter in contrast with $21.5 million within the year-ago quarter.
Within the reported quarter, analysis and growth bills elevated to $148.Eight million from the year-ago quarter’s $114.9 million as a result of an increase in medical trial prices. Promoting, normal and administrative (SG&A) bills have been $98.5 million, up from $59.Eight million.
Pipeline Replace
In January 2021, Exelixis obtained the FDA’s approval for its supplemental new drug utility (sNDA) for Cabometyx together with Opdivo as a first-line remedy of sufferers with superior RCC. Subsequently, in March 2021, Exelixis’ associate Ipsen obtained approval from the European Fee for this mix as a first-line remedy for superior RCC.
In June, Exelixis and Ipsen introduced detailed outcomes from the section III COSMIC-311 research of cabozantinib in sufferers with beforehand handled RAI-refractory differentiated thyroid most cancers (DTC). Outcomes from the research met the first endpoint of demonstrating vital enchancment in progression-free survival (PFS) and served as the idea for the sNDA submitted to the FDA in June.
In August, Exelixis introduced that the FDA accepted the corporate’s sNDA for Cabometyx as a remedy for sufferers 12 years and older with DTC who’ve progressed following prior remedy and are RAI-refractory (if RAI is suitable). The FDA granted Precedence Overview designation and assigned a goal motion date of Dec 4, 2021.
In April, Exelixis introduced that the FDA accepted its IND to judge the protection, tolerability, pharmacokinetics and preliminary antitumor exercise of XB002 in sufferers with superior stable tumors, and in June, a section I trial was initiated.
In June, Exelixis and Ipsen introduced that COSMIC-312, the continuing section III research evaluating cabozantinib together with Roche’s RHHBY Tecentriq versus sorafenib in sufferers with beforehand untreated superior HCC, met one of many main endpoints, demonstrating vital enchancment in PFS on the deliberate main evaluation.
2021 Steering Up to date
Revenues at the moment are projected at $1,300-$1,400 million (earlier projection: $1,150-$1,250 million) whereas product revenues are estimated within the vary of $1,050-$1,150 million (earlier projection: $950-$1,050 million).
Our Take
Exelixis’ second-quarter outcomes have been encouraging with beat on each counts. The approval of Cabometyx together with immuno-oncology drug, Opdivo, for superior RCC has boosted gross sales.
Exelixis’ shares have gained 20.6% previously 12 months in contrast with the trade’s development of 14.2%.
Picture Supply: Zacks Funding Analysis
The pipeline progress has been spectacular too.
Exelixis at the moment carries a Zacks Rank #3 (Maintain). A greater-ranked inventory within the healthcare sector is Repligen Company RGEN, which carries a Zacks Rank #2 (Purchase). You possibly can see the whole listing of immediately’s Zacks #1 Rank (Sturdy Purchase) shares right here.
Earnings estimates for Repligen have moved up 43 cents for 2021 previously 60 days. The inventory is up 32.9% 12 months so far.
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