EXEL - Why did Exelixis stock slip today?
- A solid earnings beat for Q2 2022 was not enough to lift the Exelixis ( EXEL ) shares on Wednesday as the cancer-focused biotech lost ~7% , the highest intraday decline since May.
- The Cabometyx kidney cancer drug maker reported $419.3M in revenue for the quarter, beating Street forecasts by as much as $26M.
- “The team drove strong commercial performance for CABOMETYX® (cabozantinib), resulting in a 22 percent growth in cabozantinib franchise net product revenues year-over-year,” Chief Executive Michael M. Morrissey remarked.
- While R&D and SG&A expenses jumped ~34% YoY and ~25% YoY to $199.5M and $122.8M, respectively, the net loss narrowed to ~26% YoY to $70.7M on a GAAP basis.
- Exelixis ( EXEL ) maintained the full-year guidance, including the revenue outlook of $1,525M – $1,625M, which aligned with the consensus.
- However, the company shares dropped for the second straight session contrasting the outperformance over the past 12 months, as indicated in this graph.
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Why did Exelixis stock slip today?