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Who's Watching Exelixis Now?

PART:
1 2 3 4
Part 2
Who's Watching Exelixis Now? PART 2 OF 4

How Did Exelixis Perform in 1H17?

Exelixis revenue trends

In 2Q17, Exelixis (EXEL) generated revenues of ~$99.0 million compared to ~$36.3 million in 2Q16. In 2Q17, Exelixis rose 22.4% on a QoQ (quarter-over-quarter) basis. In the first half of 2017, Exelixis reported revenues of ~$180.0 million compared to ~$51.7 million in the first half of 2016.

Cabometyx primarily pushed the revenue growth for Exelixis in the first half of 2017. In 2Q17, Cabometyx rose ~30.0% QoQ. In the first half of 2017 and in 2Q17, Exelixis reported net income of ~$34.0 million and ~$17.7 million, respectively. In 2Q17, the cabozantinib franchise contributed ~$88.0 million to net revenues.

In the first half of 2017 and in 2Q17, Exelixis reported diluted EPS (earnings per share) of $0.11 and $0.06, respectively.

Revenue growth of Exelixis could boost the share price of the iShares Nasdaq Biotechnology (IBB). Exelixis makes up ~1.1% of IBB’s total portfolio holdings.

How Did Exelixis Perform in 1H17?

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The above chart demonstrates the revenue curve of Exelixis from 1Q16 to 2Q17 and analysts’ estimates for 3Q17 and 4Q17.

1H17 and 2Q17 expenses

In the first half of 2017, Exelixis reported cost of goods sold of ~$6.2 million compared to $2.2 million in the first half of 2016. In the first half of 2017, Exelixis reported R&D (research and development) expenses and SG&A (selling, general, and administrative) expenses of $51.4 million and $75.0 million, respectively, compared to $51.9 million and $70.7 million, respectively, in the first half of 2017.

In 2Q17, Exelixis reported cost of goods sold, R&D expenses, and SG&A expenses of $3.0 million, $28.2 million, and $40.7 million, respectively, compared to $1.6 million, $23.0 million, and $35.8 million, respectively, in 2Q16. R&D expenses rose in 2Q17, primarily due to increased expenses for clinical trials mainly associated with Cabosun.

Exelixis’s peers in the oncology drugs market include Novartis (NVS), Bristol-Myers Squibb (BMY), Pfizer, Celgene, Roche (RHHBY), and Merck & Co.

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