Exelixis (EXEL) Tops Q3 EPS by 9c

Exelixis (NASDAQ: EXEL) reported Q3 EPS of ($0.04), $0.09 better than the analyst estimate of ($0.13). Revenue for the quarter came in at $62.2 million versus the consensus estimate of $42.86 million.

“The third quarter of 2016 was an important inflection point for Exelixis. We recorded our first full quarter of CABOMETYX sales and also made significant progress on our path towards becoming a profitable, fully integrated, commercial biopharmaceutical company,” said Michael M. Morrissey, Ph.D., President and Chief Executive Officer of Exelixis. “Feedback from prescribers, as well as performance to date, suggest that clinicians treating advanced renal cell carcinoma see CABOMETYX as a differentiated therapy and are increasingly incorporating it into their practice. While we continued to execute on the U.S. CABOMETYX launch and pursue important clinical trials like CABOSUN that have the potential to further advance our business, we also demonstrated sound fiscal discipline, resulting in a significantly decreased net loss and cash burn. As we close out the year, we remain committed to maximizing our opportunity to improve the treatment of cancer while building a strong and nimble company.”

For earnings history and earnings-related data on Exelixis (EXEL) click here.

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