Exelixis (EXEL) Tops Q3 EPS by 8c; Comments on Outlook
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Exelixis (NASDAQ: EXEL) reports a Q3 loss of $0.24, 8 cents better than the analyst estimate of ($0.32). Revenue for the quarter was $55.0 million, which compares to the estimate of $46.61 million.
We are updating our financial guidance for the full year 2009 by reducing the expected range of our operating expenses to $270 million - $290 million from our previous guidance of $290 million - $320 million. The change in operating expense guidance primarily reflects continued cost savings throughout 2009 as well as more clarity into the development programs for XL184 and our PI3K assets as a result of the evolving discussions under our collaborations with Bristol-Myers Squibb (NYSE: BMY) and sanofi-aventis (NYSE: SNY). We continue to expect revenues in the range of $140 million to $170 million for the full year 2009 and our cash, cash equivalents, short-term and long-term marketable securities and restricted cash balance at the end of 2009 to exceed $200 million.
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