Exelixis beats by $0.18, beats on revs
- Reports Q3 (Sep) earnings of $0.26 per share, $0.18 better than the Capital IQ Consensus of $0.08; revenues rose 145.2% year/year to $152.5 mln vs the $104.91 mln Capital IQ Consensus.
- 2017 Guidance
- The company is updating its guidance that total costs and operating expenses for the full year will be between $285 million and $295 million. This guidance includes approximately $25 million of non-cash costs and expenses related primarily to stock-based compensation expense.
- "In addition to strong financial performance, the third quarter of 2017 was marked by significant clinical and regulatory milestones that continue to drive us forward in our mission to help cancer patients recover stronger and live longer," said Michael M. Morrissey, Ph.D., President and Chief Executive Officer of Exelixis. "In August, we completed the filing for CABOMETYX in previously untreated advanced RCC, which has been accepted by the FDA and granted Priority Review. With an upcoming FDA action date of February 15, 2018, our commercial team is fully prepared for a potential launch of CABOMETYX in this expanded indication to bring this much needed option to even more patients with advanced RCC as quickly as possible. In addition, based on the positive results from the CELESTIAL pivotal trial, demonstrating that cabozantinib provided a statistically significant and clinically meaningful improvement in overall survival for patients with advanced hepatocellular carcinoma, we are moving rapidly to complete our U.S. regulatory filing in the first quarter of next year."
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