- Total Revenues of $270.2 Million,
Cabozantinib Franchise Revenues of $227.2 Million -
- Conference Call and Webcast Today at 5:00
PM Eastern Time -
Exelixis, Inc. (Nasdaq: EXEL) today reported financial results
for the first quarter of 2021 and provided an update on progress
toward achieving key corporate objectives, as well as commercial,
clinical and pipeline development milestones.
“The Exelixis team made significant progress across all
components of our business in the first quarter of 2021, and
delivered top-line revenue growth following the U.S. approval of
CABOMETYX® in combination with OPDIVO® for first-line renal cell
carcinoma in late January,” said Michael M. Morrissey, Ph.D.,
President and Chief Executive Officer of Exelixis. “We also
executed on a number of key priorities throughout the quarter,
including initiating phase 1 clinical development of XL102, our
novel small molecule CDK7 inhibitor, and successfully filing an
Investigational New Drug application with the FDA for XB002, our
first antibody-drug conjugate. We continue to focus on key 2021
development and regulatory milestones, and expect to report
top-line results in the second quarter from the phase 3 COSMIC-312
pivotal trial evaluating the combination of cabozantinib and
atezolizumab as a first-line treatment in advanced hepatocellular
carcinoma, and file up to three supplemental New Drug Applications
for cabozantinib across multiple indications by year-end. I look
forward to providing updates on our progress throughout the year as
we further our efforts to build a leading multi-product oncology
company aiming to deliver new therapies and treatment options for
the patients we serve.”
First Quarter 2021 Financial
Results
Total revenues for the quarter ended March 31, 2021 were
$270.2 million, compared to $226.9 million for the comparable
period in 2020.
Total revenues for the quarter ended March 31, 2021 included net
product revenues of $227.2 million, compared to $193.9 million for
the comparable period in 2020. The increase in net product revenues
was primarily related to an increase in sales volume that was
partially driven by strong uptake for the combination therapy of
CABOMETYX® (cabozantinib) and OPDIVO® (nivolumab) following
approval by the U.S. Food and Drug Administration (FDA) in January
of 2021.
Collaboration revenues, composed of license revenues and
collaboration services revenues, were $43.0 million for the quarter
ended March 31, 2021, compared to $33.0 million for the comparable
period in 2020. The increase in collaboration revenues was
primarily related to higher royalty revenues for the sales of
cabozantinib outside of the U.S. generated by Exelixis’
collaboration partners, Ipsen Pharma SAS (Ipsen) and Takeda
Pharmaceutical Company Limited (Takeda), and increases in
development cost reimbursements.
Research and development expenses for the quarter ended
March 31, 2021 were $159.3 million, compared to $101.9 million for
the comparable period in 2020. The increase in research and
development expenses was primarily related to increases in license
and other collaboration costs, clinical trial costs, personnel
expenses and stock-based compensation expense.
Selling, general and administrative expenses for the
quarter ended March 31, 2021 were $102.4 million, compared to $62.9
million for the comparable period in 2020. The increase in selling,
general and administrative expenses was primarily related to
increases in personnel expenses, marketing costs, corporate giving
and stock-based compensation expense, which was partially offset by
a decrease in the Branded Prescription Drug Fee.
Provision for (benefit from) income taxes for the quarter
ended March 31, 2021 was $(3.6) million, compared to $11.4 million
for the comparable period in 2020, primarily due to the change in
pre-tax income (loss).
GAAP net income for the quarter ended March 31, 2021 was
$1.6 million, or $0.01 per share, basic and $0.00 per share,
diluted, compared to GAAP net income of $48.6 million, or $0.16 per
share, basic and $0.15 per share, diluted, for the comparable
period in 2020.
Non-GAAP net income for the quarter ended March 31, 2021
was $28.5 million, or $0.09 per share, basic and diluted, compared
to non-GAAP net income of $59.4 million, or $0.19 per share, basic
and diluted, for the comparable period in 2020. Non-GAAP net income
excludes stock-based compensation, adjusted for the related income
tax effect.
Cash, cash equivalents, restricted cash equivalents and
investments were $1.6 billion at March 31, 2021, compared to
$1.5 billion at December 31, 2020.
Non-GAAP Financial
Measures
To supplement Exelixis’ financial results presented in
accordance with U.S. Generally Accepted Accounting Principles
(GAAP), Exelixis presents non-GAAP net income (and the related per
share measures), which excludes from GAAP net income (and the
related per share measures) stock-based compensation expense,
adjusted for the related income tax effect for all periods
presented.
Exelixis believes that the presentation of these non-GAAP
financial measures provides useful supplementary information to,
and facilitates additional analysis by, investors. In particular,
Exelixis believes that these non-GAAP financial measures, when
considered together with its financial information prepared in
accordance with GAAP, can enhance investors’ and analysts’ ability
to meaningfully compare Exelixis’ results from period to period,
and to identify operating trends in Exelixis’ business. Exelixis
has excluded stock-based compensation expense, adjusted for the
related income tax effect, because it is a non-cash item that may
vary significantly from period to period as a result of changes not
directly or immediately related to the operational performance for
the periods presented. Exelixis also regularly uses these non-GAAP
financial measures internally to understand, manage and evaluate
its business and to make operating decisions.
These non-GAAP financial measures are in addition to, not a
substitute for, or superior to, measures of financial performance
prepared in accordance with GAAP. Exelixis encourages investors to
carefully consider its results under GAAP, as well as its
supplemental non-GAAP financial information and the reconciliation
between these presentations, to more fully understand Exelixis’
business. Reconciliations between GAAP and non-GAAP results are
presented in the tables of this release.
2021 Financial Guidance
Exelixis is maintaining the following previously provided
financial guidance for fiscal year 2021:
Total revenues
$1,150 million - $1,250
million
Net product revenues
$950 million - $1,050 million
Cost of goods sold
Approximately 5% - 6% of net
product revenue
Research and development expenses (1)
$600 million - $650 million
Selling, general and administrative
expenses (2)
$375 million - $425 million
Effective tax rate
20% - 22%
Cash and investments (3)(4)
$1.6 billion - $1.7 billion
(1)
Includes $45 million of non-cash
stock-based compensation expense.
(2)
Includes $60 million of non-cash
stock-based compensation expense.
(3)
This cash and investments
guidance does not include any potential new business development
activity.
(4)
Cash and Investments is composed
of cash, cash equivalents, restricted cash equivalents and
investments.
Cabozantinib Highlights
Cabozantinib Franchise Net Product Revenues and
Royalties. Net product revenues generated by the cabozantinib
franchise in the U.S. were $227.2 million during the first quarter
of 2021, up 13 percent over the prior quarter, with net product
revenues of $223.6 million from CABOMETYX and $3.6 million from
COMETRIQ® (cabozantinib). Exelixis earned $23.8 million in royalty
revenues during the quarter ended March 31, 2021, pursuant to
collaboration agreements with our partners, Ipsen and Takeda.
FDA Approves CABOMETYX in Combination with OPDIVO for
Advanced Renal Cell Carcinoma (RCC). In January 2021, Exelixis
announced the FDA approved its supplemental New Drug Application
(sNDA) for CABOMETYX in combination with Bristol Myers Squibb’s
OPDIVO as a first-line treatment of patients with advanced RCC. The
approval is based on positive results of the CheckMate -9ER phase 3
pivotal trial, which met its primary endpoint of significantly
improving progression-free survival (PFS) and secondary endpoints
of overall survival (OS) and objective response rate (ORR), with a
favorable tolerability profile versus sunitinib.
Cabozantinib Data Presentations Demonstrate Broad Anti-Tumor
Activity at the 2021 American Society of Clinical Oncology’s
Genitourinary Cancers Symposium (ASCO GU 2021). In February
2021, cabozantinib was the subject of multiple data presentations
at ASCO GU 2021, held virtually from February 11-13. Presentations
included: updated trial results with extended follow-up and
patient-reported outcomes from the CheckMate -9ER trial
demonstrating continued superior PFS, OS and ORR versus sunitinib
across both the subgroup of 75 patients with sarcomatoid histology
and the full study population, as well as significantly improved
health-related quality of life; positive results from the SWOG
S1500 trial (“PAPMET”) of cabozantinib versus sunitinib in
metastatic papillary RCC; positive findings from an international
retrospective study of cabozantinib in RCC patients with brain
metastases; and positive final results from the phase 1 trial
sponsored and conducted by NCI-CTEP, including seven expansion
cohorts, evaluating cabozantinib in combination with either
nivolumab or nivolumab plus ipilimumab in patients with refractory
metastatic genitourinary tumors.
FDA Grants Breakthrough Therapy Designation to Cabozantinib
for the Treatment of Patients with Previously Treated Radioactive
Iodine-Refractory Differentiated Thyroid Cancer (DTC). In
February 2021, Exelixis announced that the FDA granted Breakthrough
Therapy Designation to cabozantinib as a potential treatment for
patients with DTC who progressed following prior therapy and who
are radioactive iodine-refractory (if radioactive iodine is
appropriate). The FDA’s Breakthrough Therapy Designation aims to
expedite the development and review of drugs that are intended to
treat serious or life-threatening diseases. The designation was
based on an interim analysis of the COSMIC-311 phase 3 pivotal
trial, in which cabozantinib demonstrated significant improvement
in PFS.
Exelixis’ Partner Ipsen Receives European Commission (EC)
Approval for CABOMETYX in Combination with OPDIVO as First-Line
Treatment for Patients with Advanced RCC. In March 2021,
Exelixis announced its partner Ipsen received approval from the EC
for CABOMETYX in combination with OPDIVO as a first-line treatment
for advanced RCC. The approval allows for the marketing of
CABOMETYX in combination with OPDIVO in this indication in all 27
member states of the European Union, Norway, Iceland and
Liechtenstein. The EC approval was based on the positive results of
the phase 3 CheckMate -9ER pivotal trial.
Enrollment Completed in Phase 3 COSMIC-313 Pivotal Trial of
Cabozantinib in Combination with Nivolumab and Ipilimumab Versus
Nivolumab and Ipilimumab in Previously Untreated Advanced RCC.
In March 2021, Exelixis announced that COSMIC-313, the phase 3
pivotal trial evaluating the triplet combination of cabozantinib,
nivolumab and ipilimumab versus the combination of nivolumab and
ipilimumab in patients with previously untreated advanced
intermediate- or poor-risk RCC, completed enrollment. COSMIC-313 is
a multicenter, randomized, double-blind, controlled phase 3 pivotal
trial that enrolled approximately 840 patients globally. The
primary endpoint of the trial is PFS, and additional endpoints
include OS and ORR.
Cabozantinib Data Presentations at the 2021 ASCO Annual
Meeting. Cabozantinib will be the subject of 20 presentations
at this year’s meeting, which has again adopted a virtual format as
a result of the COVID-19 pandemic. Data presentations will include
results from the COSMIC-311 and CheckMate -9ER phase 3 pivotal
trials, as well as updates from externally sponsored studies.
Pipeline Highlights
Initiation of Phase 1 Clinical Trial Evaluating XL102 as a
Single Agent and in Combination with Other Anti-Cancer Agents in
Patients with Advanced or Metastatic Solid Tumors. In January
2021, Exelixis announced the initiation of a phase 1 clinical trial
evaluating the safety, tolerability, pharmacokinetics and
preliminary anti-tumor activity of XL102, both as a single agent
and in combination with other anti-cancer agents, for the treatment
of patients with inoperable, locally advanced or metastatic solid
tumors. XL102 (formerly AUR102) is a potent, selective and orally
bioavailable inhibitor of cyclin-dependent kinase 7 (CDK7) that
Exelixis in-licensed from Aurigene Discovery Technologies Limited
in December 2020 under the companies’ July 2019 collaboration
agreement.
FDA Accepts Investigational New Drug Application (IND) for
Tissue Factor-Targeting Antibody-Drug Conjugate (ADC) XB002 in
Patients with Advanced Solid Tumors. In April 2021, Exelixis
announced that the FDA accepted its IND to evaluate the safety,
tolerability, pharmacokinetics and preliminary antitumor activity
of XB002 in patients with advanced solid tumors. As a
next-generation tissue factor-targeting ADC, XB002 (formerly
ICON-2) has the potential for an improved therapeutic index and may
provide a favorable safety profile compared with earlier-generation
tissue factor-targeting ADCs. Exelixis in-licensed XB002 from
Iconic Therapeutics, Inc. in December 2020 under the companies’ May
2019 collaboration agreement.
Corporate Updates
Exelixis Outlines Key Priorities and Anticipated Milestones
for 2021. In January 2021, Exelixis announced its key
priorities and anticipated milestones for 2021, including: the
commercial launch of CABOMETYX in combination with OPDIVO as a
first-line treatment of patients with advanced RCC; potential sNDA
submissions for CABOMETYX in DTC, hepatocellular carcinoma and
metastatic castration-resistant prostate cancer; progress and
enrollment in the COSMIC and CONTACT clinical studies evaluating
cabozantinib as a single agent or in combination with immune
checkpoint inhibitors (ICIs); expanded clinical development
activities for XL092; and multiple INDs for preclinical assets.
Exelixis presented the details of its key priorities and
anticipated milestones at the 39th Annual J.P. Morgan Healthcare
Conference, which was held virtually from January 11-14.
Exelixis and Adagene Inc. (Adagene) Enter into Collaboration
and License Agreement to Develop Novel Masked ADC Therapies with
Improved Safety and Efficacy Profiles. In February 2021,
Exelixis and Adagene announced a collaboration and license
agreement under which Exelixis will utilize Adagene’s SAFEbody™
technology platform to generate masked versions of monoclonal
antibodies (mAbs) from Exelixis’ growing preclinical pipeline for
the development of SAFEbodies or other innovative biologics against
Exelixis-nominated targets. Under the terms of the agreement,
Exelixis received an exclusive, worldwide license to develop and
commercialize any potential ADC products generated by Adagene with
respect to an initial target, as well as a second target Exelixis
may nominate during the collaboration term.
Exelixis Enters into Exclusive License Agreement with WuXi
Biologics (WuXi Bio) to Support Further Expansion of its Growing
Oncology Biologics Pipeline. In March 2021, Exelixis announced
an exclusive license agreement with WuXi Bio to support the
continued expansion of Exelixis’ oncology biologics pipeline. Under
the terms of the agreement, Exelixis received an exclusive license
to a panel of mAbs to a validated target, discovered based on WuXi
Bio’s integrated technology platforms, for the development of ADC,
bispecific, and certain other novel tumor-targeting biologics
applications.
Exelixis Enters Clinical Trial Collaboration and Supply
Agreement with Merck KGaA, Darmstadt, Germany (Merck KGaA) and
Pfizer Inc. (Pfizer) to Evaluate XL092 and Avelumab (BAVENCIO®) in
Various Forms of Locally Advanced or Metastatic Urothelial
Carcinoma (UC). In March 2021, Exelixis announced a clinical
trial collaboration and supply agreement with Merck KGaA and Pfizer
for the ongoing phase 1b dose escalation study STELLAR-001
(previously called “XL092-001”), adding three new cohorts that will
evaluate the safety and tolerability of XL092, Exelixis’ novel next
generation tyrosine kinase inhibitor, in combination with avelumab,
an anti-PD-L1 ICI, in patients with locally advanced or metastatic
UC.
Exelixis Expands its Biotherapeutics Portfolio with
Acquisition of Anti-Müllerian Hormone Receptor 2 (AMHR2) Program
from GamaMabs Pharma SA (GamaMabs). In May 2021, Exelixis
entered into an asset purchase agreement with GamaMabs under which
Exelixis will, upon the closing of the asset purchase and subject
to certain conditions, acquire all rights, title and interest in
GamaMabs’ antibody program directed at AMHR2, a novel oncology
target with relevance in multiple forms of cancer. Exelixis
believes applying its ADC capabilities to GamaMabs’ panel of
antibodies against AMHR2 could yield potential additions to the
company’s biotherapeutics portfolio.
Exelixis Receives Notice of Paragraph IV Certifications.
In May 2021, Exelixis received a notice letter from Teva
Pharmaceuticals USA, Inc. (Teva) regarding an Abbreviated New Drug
Application Teva submitted to the FDA, requesting approval to
market a generic version of CABOMETYX tablets. Teva’s notice letter
included a Paragraph IV certification with respect to three of
Exelixis’ Orange Book-listed patents: U.S. Patent Nos. 9,724,342
(formulations), 10,034,873 (methods of treatment) and 10,039,757
(methods of treatment), which expire in 2033, 2031 and 2031,
respectively. Teva’s notice letter did not provide a Paragraph IV
certification against any additional CABOMETYX patents. Exelixis
intends to continue to vigorously defend its cabozantinib
intellectual property estate.
Basis of Presentation
Exelixis has adopted a 52- or 53-week fiscal year that generally
ends on the Friday closest to December 31st. For convenience,
references in this press release as of and for the fiscal periods
ended April 2, 2021, January 1, 2021 and April 3, 2020 are
indicated as being as of and for the periods ended March 31, 2021,
December 31, 2020, and March 31, 2020, respectively.
Conference Call and
Webcast
Exelixis management will discuss the company’s financial results
for the first quarter of 2021 and provide a general business update
during a conference call beginning at 5:00 p.m. EDT / 2:00 p.m. PDT
today, Thursday, May 6, 2021.
To access the webcast link, log onto www.exelixis.com and proceed to the News &
Events / Event Calendar page under the Investors & Media
heading. Please connect to the company’s website at least 15
minutes prior to the conference call to ensure adequate time for
any software download that may be required to listen to the
webcast. Alternatively, please call 855-793-2457 (domestic) or
631-485-4921 (international) and provide the conference call
passcode 6139476 to join by phone.
A telephone replay will be available until 8:00 p.m. EDT on May
8, 2021. Access numbers for the telephone replay are: 855-859-2056
(domestic) and 404-537-3406 (international); the passcode is
6139476. A webcast replay will also be archived on www.exelixis.com for one year.
About Exelixis
Founded in 1994, Exelixis, Inc. (Nasdaq: 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 system genetics, 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. Our discovery efforts have resulted in four commercially
available products, CABOMETYX® (cabozantinib), COMETRIQ®
(cabozantinib), COTELLIC® (cobimetinib) and MINNEBRO®
(esaxerenone), and we have entered into partnerships with leading
pharmaceutical companies to bring these important medicines to
patients worldwide. Supported by revenues from our marketed
products and collaborations, we are committed to prudently
reinvesting in our business to maximize the potential of our
pipeline. We are supplementing our existing therapeutic assets with
targeted business development activities and internal drug
discovery - all to deliver the next generation of Exelixis
medicines and help patients recover stronger and live longer.
Exelixis is a member of the Standard & Poor’s (S&P) MidCap
400 index, which measures the performance of profitable mid-sized
companies. In November 2020, the company was named to Fortune’s 100
Fastest-Growing Companies list for the first time, ranking 17th
overall and the third-highest biopharmaceutical company. For more
information about Exelixis, please visit www.exelixis.com, follow @ExelixisInc on Twitter or like Exelixis, Inc. on Facebook.
Forward-Looking
Statements
This press release contains forward-looking statements,
including, without limitation, statements related to: Exelixis’
expectations regarding key development and regulatory milestones in
2021; Exelixis’ efforts to build a leading multi-product oncology
company; Exelixis’ 2021 financial guidance; planned cabozantinib
presentations at the 2021 ASCO Annual Meeting; the therapeutic
potential of XB002; Exelixis’ key priorities and anticipated
milestones for 2021; the potential expansion of Exelixis’
biotherapeutics portfolio as a result of the GamaMabs AMHR2 program
acquisition; and Exelixis’ plans to reinvest in its business to
maximize the potential of the company’s pipeline, including through
targeted business development activities and internal drug
discovery. Any statements that refer to expectations, projections
or other characterizations of future events or circumstances are
forward-looking statements and are based upon Exelixis’ current
plans, assumptions, beliefs, expectations, estimates and
projections. Forward-looking statements involve risks and
uncertainties. Actual results and the timing of events could differ
materially from those anticipated in the forward-looking statements
as a result of these risks and uncertainties, which include,
without limitation: the continuing COVID-19 pandemic and its impact
on Exelixis’ clinical trial, drug discovery and commercial
activities; the degree of market acceptance of CABOMETYX and other
Exelixis products in the indications for which they are approved
and in the territories where they are approved, and Exelixis’ and
its partners’ ability to obtain or maintain coverage and
reimbursement for these products; the effectiveness of CABOMETYX
and other Exelixis products in comparison to competing products;
the level of costs associated with Exelixis’ commercialization,
research and development, in-licensing or acquisition of product
candidates, and other activities; Exelixis’ ability to maintain and
scale adequate sales, marketing, market access and product
distribution capabilities for its products or to enter into and
maintain agreements with third parties to do so; the availability
of data at the referenced times; the potential failure of
cabozantinib and other Exelixis product candidates, both alone and
in combination with other therapies, to demonstrate safety and/or
efficacy in clinical testing; uncertainties inherent in the drug
discovery and product development process; Exelixis’ dependence on
its relationships with its collaboration partners, including their
pursuit of regulatory approvals for partnered compounds in new
indications, their adherence to their obligations under relevant
collaboration agreements and the level of their investment in the
resources necessary to complete clinical trials or successfully
commercialize partnered compounds in the territories where they are
approved; complexities and the unpredictability of the regulatory
review and approval processes in the U.S. and elsewhere; Exelixis’
continuing compliance with applicable legal and regulatory
requirements; unexpected concerns that may arise as a result of the
occurrence of adverse safety events or additional data analyses of
clinical trials evaluating cabozantinib and other Exelixis
products; Exelixis’ dependence on third-party vendors for the
development, manufacture and supply of its products and product
candidates; Exelixis’ ability to protect its intellectual property
rights; market competition, including the potential for competitors
to obtain approval for generic versions of Exelixis’ marketed
products; changes in economic and business conditions; and other
factors discussed under the caption “Risk Factors” in Exelixis’
Annual Report on Form 10-K submitted to the Securities and Exchange
Commission (SEC) on February 10, 2021, and in Exelixis’ future
filings with the SEC, including, without limitation, Exelixis’
Quarterly Report on Form 10-Q expected to be filed with the SEC on
May 6, 2021. All forward-looking statements in this press release
are based on information available to Exelixis as of the date of
this press release, and Exelixis undertakes no obligation to update
or revise any forward-looking statements contained herein, except
as required by law.
Exelixis, the Exelixis logo, CABOMETYX,
COMETRIQ and COTELLIC are registered U.S. trademarks.
MINNEBRO is a registered Japanese
trademark.
OPDIVO is a registered trademark of
Bristol-Myers Squibb Company.
BAVENCIO is a registered trademark of Merck
KGaA, Darmstadt, Germany.
-see attached financial tables-
EXELIXIS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(in thousands, except per share
amounts)
(unaudited)
Three Months Ended March
31,
2021
2020
Revenues:
Net product revenues
$
227,212
$
193,880
License revenues
27,528
20,879
Collaboration services revenues
15,490
12,156
Total revenues
270,230
226,915
Operating expenses:
Cost of goods sold
13,198
9,289
Research and development
159,288
101,877
Selling, general and administrative
102,351
62,940
Total operating expenses
274,837
174,106
Income (loss) from operations
(4,607
)
52,809
Interest income
2,682
7,220
Other income (expense), net
(90
)
6
Income (loss) before income taxes
(2,015
)
60,035
Provision for (benefit from) income
taxes
(3,616
)
11,423
Net income
$
1,601
$
48,612
Net income per share:
Basic
$
0.01
$
0.16
Diluted
$
0.00
$
0.15
Weighted-average common shares
outstanding:
Basic
312,473
305,388
Diluted
321,287
315,839
EXELIXIS, INC.
CONDENSED CONSOLIDATED BALANCE
SHEET DATA
(in thousands)
(unaudited)
March 31, 2021
December 31, 2020
Cash and investments (1)
$
1,564,066
$
1,538,842
Working capital
$
1,220,928
$
1,240,737
Total assets
$
2,190,542
$
2,137,333
Total stockholders’ equity
$
1,911,187
$
1,879,113
____________________
(1)
Cash and Investments is composed
of cash, cash equivalents, restricted cash equivalents and
investments.
EXELIXIS, INC.
RECONCILIATION OF GAAP NET
INCOME TO NON-GAAP NET INCOME
(in thousands, except per share
amounts)
(unaudited)
Three Months Ended March
31,
2021
2020
GAAP net income
$
1,601
$
48,612
Adjustments:
Stock-based compensation - research and
development expenses (1)
12,396
5,086
Stock-based compensation - selling,
general and administrative expenses (1)
22,257
8,896
Income tax effect of the above
adjustments
(7,789
)
(3,180
)
Non-GAAP net income
$
28,465
$
59,414
GAAP net income per share:
Basic
$
0.01
$
0.16
Diluted
$
0.00
$
0.15
Non-GAAP net income per share:
Basic
$
0.09
$
0.19
Diluted
$
0.09
$
0.19
Weighted-average common shares
outstanding:
Basic
312,473
305,388
Diluted
321,287
315,839
____________________
(1)
Non-cash stock-based compensation
expense used for GAAP reporting in accordance with Accounting
Standards Codification Topic 718, Compensation—Stock
Compensation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210506006204/en/
Chris Senner Chief Financial Officer Exelixis, Inc. 650-837-7240
csenner@exelixis.com
Susan Hubbard EVP, Public Affairs & Investor Relations
Exelixis, Inc. 650-837-8194 shubbard@exelixis.com
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