EXEL - Exelixis Q1 net income surges nearly 42 times higher on strong Cabometyx sales

Exelixis saw its Q1 net income increase nearly 42 times higher year over year -- $68.6M compared to $1.6M -- helped in large part by a strong boost in sales from its cancer therapy Cabometyx (cabotinib). Revenue in the quarter of ~356M ($0.21 per share, basic and diluted) was a ~32% increase compared to the year-ago period. Exelixis (NASDAQ:EXEL) said attributed the gain to the U.S. FDA's January approval of Cabometyx in combination with Opdivo (nivolumab) for first-advanced renal cell carcinoma. The results beat on the bottom line but missed on the top line. Total operating expenses dropped ~1% to $272.7M. Exelixis (EXEL) reaffirmed earlier fiscal year 2022 guidance of revenue of $1.525B-$1.625B. Consensus estimate is $1.61B. The company ended the quarter with $2B in cash. Check out Seeking Alpha contributor BioSci Capital Partners' analysis of Exelixis (EXEL), including its pipeline.

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Exelixis Q1 net income surges nearly 42 times higher on strong Cabometyx sales