In 1Q18, Exelixis (EXEL) generated revenues of $212.3 million yesterday, compared to $80.89 million in 1Q17. In 1Q18, Exelixis witnessed ~77% growth on a quarter-over-quarter basis.
The strong growth of Cabomeytx in the market pushed revenue growth in 1Q18.
In 1Q18, Exelixis generated revenues of $134.27 million and $78.07 million, respectively, from product sales and collaborations, compared to $68.87 and $12.01 in 1Q17.
In 1Q18, Exelixis reported net income of $115.9 million, compared to $16.7 million in 1Q17. In 1Q18, Exelixis reported basic and diluted earnings per share (or EPS) of $0.39 and $0.37, respectively, compared to $0.06 and $0.05 in 1Q17.
The growth in Cabometyx sales and collaboration milestones from Ipsen and Daiichi primarily drove Exelixis’ growth in net income. In 1Q18, Exelixis received $45.8 million and $20.0 million from Ipsen and Daiichi, respectively.
Product revenue trends
In 1Q18, Exelixis’s Cabometyx generated revenues of $128.9 million, compared to $62.4 million in 1Q17, which reflected ~107% growth on a year-over-year (or YoY) basis and ~43% growth quarter-over-quarter. Exelixis’s Cometriq reported revenues of $5.3 million, compared to $6.5 million in 1Q17. High demand of Cabometyx in the marketplace primarily pushed the revenue growth. The U.S. FDA (Food and Drug Administration) approval for label expansion of Cabometyx to include the use of the drug in first-line setting in advanced renal cell carcinoma (or RCC) patients also pushed revenue growth. Currently, Cabometyx covers all patients with advanced RCC.
Exelixis is conducting various clinical trials for label expansion of Cabometyx. Cabometyx is expected to remain Exelixis’s primary growth driver. To learn more about Cabometyx’s growth prospects, see Cabometyx Could Be Exelixis’s Long-Term Growth Driver.
In 1Q18, Exelixis reported its cost of goods sold at $5.6 million, compared to $3.2 million in 1Q17.
In 1Q18, Exelixis reported R&D (research and development) and SG&A (selling, general, and administrative) expenses of $37.8 million and $52.6 million, respectively, compared to $23.2 million and $34.3 million in 1Q17.
The upfront payment from Exelixis for licensing agreement with StemSynergy Therapeutics and higher personnel expenses primarily attributed to the increase in R&D expenditure.