Cabometyx revenue trends
In the third quarter, Exelixis’s (EXEL) Cabozantinib franchise generated revenues of $162.9 million, reflecting ~69% YoY growth. Exelixis’s Cabometyx generated revenues of $158.3 million in the third quarter, reflecting ~75% YoY growth. Cometriq reported revenues of $4.7 million in the third quarter compared to $6.1 million in the third quarter of 2017.
Cabometyx’s net revenues over the first nine months of this year totaled $428.3 million compared to $233.6 million in the same period the prior year, which represents ~83% YoY growth. Cometriq’s net revenues over the first nine months of this year amounted to $14.7 million compared to $19.7 million in the same period the prior year.
In September 2018, Health Canada approved Cabometyx for the treatment of adults with advanced renal cell carcinoma (or RCC) who previously underwent a vascular endothelial growth factor-targeted therapy. As per Ispen’s agreement with Exelixis, Ipsen carried out the regulatory filings and will commercialize the drug. Exelixis is to receive a $5.0 million milestone payment for approval of Cabometyx in the Canada market. The revenue generated through this milestone payment was recognized as collaboration revenues in the third quarter.
Also, in September 2018, the European Medicines Agency’s Committee for Medicinal Products for Human Use gave a favorable opinion on the approval of Cabometyx monotherapy for the treatment of individuals with hepatocellular carcinoma (or HCC) who previously underwent Bayer’s (BAYZF) Nexavar (sorafenib) therapy. In Europe, Ipsen commercializes Cabometyx, and Exelixis is eligible for milestone and other payments.
The label expansion of Cabometyx could significantly boost the revenue growth of the drug. The revenue growth of Cabometyx is expected to significantly boost Exelixis’s revenue growth, which in turn could boost the prices of the iShares Nasdaq Biotechnology ETF (IBB). Exelixis makes up 1.23% of IBB’s total portfolio holding.