Exelixis (EXEL) generated total revenues of $212.34 million in Q1 2018 compared to $80.88 million in Q1 2017. It generates revenues from product sales and collaborations. Its product revenues increased from $68.87 million in Q1 2017 to $134.27 million in Q1 2018.
Exelixis’s collaboration revenues also registered strong growth in the quarter, rising from $12 million in Q1 2017 to $78 million in Q1 2018. For fiscal 2018 and fiscal 2019, the company is expected to generate total revenues of $720.35 million and $902.39 million, respectively.
Growth in Exelixis’s product revenues came from Cabometyx sales, which increased from $62.36 million in Q1 2017 to $128.93 million in Q1 2018. The increase was due to a 95% increase in volume sales aided by an increase in the product’s average selling price. The volume increase reflects growth from the company’s second and later line advanced renal cell carcinoma (RCC) business and additional sales after FDA approval for the expanded indication for the drug in December to include advanced first-line RCC.
Sales of Cometriq, on the other hand, decreased from $6.51 million in Q1 2017 to $5.34 million in Q1 2018. The decrease was attributable to a 20% decline in volumes of Cometriq. Exelixis’s Cometriq sales have been declining since its launch in April 2016.
Exelixis generates revenues from three geographic segments: the United States, Europe, and the rest of the world. Its US revenues increased 84% from $73.67 million in Q1 2017 to $135.62 million in Q1 2018. Its European revenues increased more than tenfold from $4.53 million in Q1 2017 to $53.81 million in Q1 2018. Exelixis’s revenues from the rest of the world increased from $2.68 million in Q1 2017 to $22.91 million in Q1 2018.
In the next part of this series, we’ll take a look at Exelixis’s collaborations and operational performance.