uploads///Cabometyx and Cometriq

How Is Cabometyx and Cometriq Positioned after 1H17?

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Oct. 4 2017, Updated 4:35 p.m. ET

Revenue trends for Cabometyx

In 2Q17, Exelixis’s (EXEL) Cabometyx generated revenues of ~$80.9 million compared to ~$17.6 million in 2Q16. In 2Q17, Cabometyx rose ~30.0% QoQ (quarter-over-quarter).

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About Cabometyx

Cabometyx (cabozantinib) is used for the treatment of individuals with advanced renal cell carcinoma (or RCC) who previously underwent anti-angiogenic therapy.

In July 2017, Exelixis and Bristol-Myers Squibb (BMY) initiated a Phase 3 CheckMate 9ER trial to investigate the safety and efficacy of Opdivo in combination with Cabometyx. The trial will also include a study with Opdivo and Yervoy in combination with Cabometyx for the treatment of individuals with previously untreated advanced or metastatic RCC.

In September 2017, Bristol-Myers Squibb presented successful results from its clinical trial with Opdivo and Yervoy combination therapy for the treatment of individuals with RCC. After the declaration of those clinical trial results on September 7, 2017, Exelixis stock fell ~9.0%. However, on September 25, 2017, after Exelixis’s partner Daiichi Sankyo presented positive top-line data from the Phase 3 clinical trial with esaxerenone, the stock rose 2.0%.

Currently, in the second-line plus setting, Cabometyx has a new patient market share of ~35.0%. The approval of Bristol-Myer Squibb’s Opdivo and Yervoy combination therapy could give Cabometyx stiff competition in the marketplace.

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In the RCC drugs market, Exelixis’s Cabometyx competes with Pfizer’s (PFE) Sutent, Novartis’s (NVS) Afinitor, Bayer’s Nexavar, and Roche’s (RHHBY) Avastin and Tarceva. Growth in sales of Cabometyx could boost the share price of the PowerShares DWA Momentum ETF (PDP). Exelixis makes up ~2.3% of PDP’s total portfolio holdings.

Cometriq’s revenue trends

In 2Q17, Cometriq generated revenues of ~$7.1 million, which is a ~49.0% fall on a year-over-year basis and a 9.0% rise on QoQ basis. In the first half of 2017, Cometriq generated revenues of ~$13.6 million compared to ~$23.1 million in the first half of 2016. Cometriq is used for the treatment of metastatic medullary thyroid cancer.

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