EXEL - Exelixis shares fall after Q3 topline miss FY forecast

Exelixis (NASDAQ:EXEL) shares slide more than 8% post market after the company reported third-quarter revenue that missed Wall Street estimates. Quarterly revenue increased $328.4M, falling short of analysts' estimate by $28.66M. The increase in net product revenues was primarily related to an increase in sales volume that was driven by strong uptake for the combination therapy of CABOMETYX (cabozantinib) and OPDIVO (nivolumab). The company expects FY 2021 revenue in the range of $1.3B-$1.35B, compared to consensus estimate of $1.39B; Net product revenues between $1,050M-$1,100M. Cash, cash equivalents, restricted cash equivalents and investments were $1.8B at September 30, 2021, compared to $1.5B at December 31, 2020. The company also posted adjusted quarterly profit of $0.20 per share, beating analysts' estimate narrowly by 2 cents. Previously (Nov. 2): Exelixis EPS beats by $0.02, misses on revenue.

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Exelixis shares fall after Q3 topline miss, FY forecast