- Total Revenue of $240.3 Million for the
Fourth Quarter of 2019, $967.8 Million for the Full Year 2019
-
- GAAP Diluted EPS of $0.22 for the Fourth
Quarter of 2019, $1.02 for the Full Year 2019 -
- Non-GAAP Diluted EPS of $0.26 for the
Fourth Quarter of 2019, $1.16 for the Full Year 2019 -
- Conference Call and Webcast Today at 5:00
PM Eastern Time -
Exelixis, Inc. (Nasdaq: EXEL) today reported financial results
for the fourth quarter and full year 2019 and provided an update on
progress toward fulfilling its key corporate objectives, as well as
commercial and clinical development milestones.
“Exelixis achieved strong financial performance in 2019, with
significant growth in total revenue and expansion of the
cabozantinib franchise, which for the first time exceeded $1.0
billion in annual global net revenue,” said Michael M. Morrissey,
Ph.D., President and Chief Executive Officer of Exelixis. “We
concluded the company’s 25th anniversary year with a strong balance
sheet and profitable business, which enables Exelixis to continue
our ongoing investment to expand the cabozantinib franchise into
new indications and build a pipeline of differentiated oncology
assets through targeted business development and internal drug
discovery activities.”
Dr. Morrissey continued: “Our execution across the commercial,
clinical and discovery components of our business in 2019 helped
set a strong foundation for Exelixis in 2020, with an impactful
lineup of clinical and regulatory milestones expected over the
course of the next two years. We ended 2019 with nine ongoing
potentially label-enabling trials for cabozantinib, with three
additional pivotal trials expected to initiate this year. We’re
anticipating data readouts from six of these ongoing trials in
2020, with the potential for as many as four new approved
indications for the cabozantinib franchise by the end of 2021,
while rebuilding our oncology pipeline with up to three new
investigational new drug filings this year. The entire Exelixis
team has worked with focus and determination to advance the
business to this point, and we’re moving decisively to execute on
our corporate priorities and bring new medicines forward for the
cancer patients that need them.”
Fourth Quarter and Full Year 2019
Financial Results
(see Basis of Presentation below for further detail)
Total revenues for the quarter and year ended December
31, 2019 were $240.3 million and $967.8 million, respectively,
compared to $228.6 million and $853.8 million for the comparable
periods in 2018.
Total revenues for the quarter and year ended December 31, 2019
included net product revenues of $194.9 million and $760.0 million,
respectively, compared to $176.2 million and $619.3 million for the
comparable periods in 2018. The increases in net product revenues
reflected the continued growth of CABOMETYX® (cabozantinib) in the
U.S. for the treatment of patients with advanced renal cell
carcinoma (RCC), as well as the U.S. launch of CABOMETYX for the
treatment of patients with hepatocellular carcinoma (HCC) who have
been previously treated with sorafenib, following its approval by
the U.S. Food and Drug Administration (FDA) in January 2019.
Total revenues for the quarter and year ended December 31, 2019
included collaboration revenues of $45.4 million and $207.8
million, respectively, compared to $52.4 million and $234.5 million
for the comparable periods in 2018. The decreases in collaboration
revenues were primarily related to decreases in the recognition of
milestone related revenues. These decreases in collaboration
revenues were partially offset by higher royalty revenues that were
primarily attributed to cabozantinib-related revenues from
Exelixis’ partner Ipsen outside of the U.S.
Research and development expenses for the quarter and
year ended December 31, 2019 were $94.4 million and $337.0 million,
respectively, compared to $57.3 million and $182.3 million for the
comparable periods in 2018. The increases in research and
development expenses were primarily related to increases in
clinical trial costs, license and other collaboration costs and
personnel expenses. The increases in clinical trial costs were
primarily due to costs associated with the expanding clinical trial
program for cabozantinib, which includes CheckMate 9ER, COSMIC-311,
COSMIC-312, COSMIC-313 and COSMIC-021. The increases in license and
other collaboration costs were primarily a result of increases in
discovery activities with collaboration partners related to
in-licensed technology. The increases in personnel expenses were
primarily due to increases in headcount to support Exelixis’
expanded discovery and development efforts.
Selling, general and administrative expenses for the
quarter and year ended December 31, 2019 were $58.0 million and
$228.2 million, respectively, compared to $52.4 million and $206.4
million for the comparable periods in 2018. The increases in
selling, general and administrative expenses were primarily related
to increases in personnel expenses and stock-based compensation,
partially offset by a decrease in corporate giving. The increases
in personnel expenses were primarily due to increases in
administrative headcount to support Exelixis’ commercial and
research and development organizations. The increases in
stock-based compensation were primarily due to increases in
headcount, as well as the expense recognition for certain of the
restricted stock units that were granted in 2018 that either have
vested or are expected to vest upon the achievement of specific
performance targets.
Income tax provision for the quarter and year ended
December 31, 2019 was $16.3 million and $77.1 million,
respectively, compared to an income tax benefit of $243.7 million
and $238.0 million for the comparable periods in 2018. The
provision for income taxes relating to Exelixis’ pre-tax income for
the quarter and year ended December 31, 2018 was more than offset
by a valuation allowance against its net operating loss
carryforwards and other deferred tax assets. At December 31, 2018,
Exelixis released substantially all of the remaining valuation
allowance against Exelixis’ deferred tax assets after Exelixis
determined that it was more likely than not that these deferred tax
assets would be realized.
GAAP net income for the quarter ended December 31, 2019
was $68.7 million, or $0.23 per share, basic and $0.22 per share,
diluted, compared to GAAP net income of $360.1 million, or $1.20
per share, basic and $1.15 per share, diluted, for the comparable
period in 2018. GAAP net income for the year ended December 31,
2019 was $321.0 million, or $1.06 per share, basic and $1.02 per
share, diluted, compared to GAAP net income of $690.1 million, or
$2.32 per share, basic and $2.21 per share, diluted, for the
comparable period in 2018. The decreases in net income were
primarily related to the 2018 release of substantially all of the
remaining valuation allowance against Exelixis’ deferred tax
assets, increases in research and development expenses and
decreases in milestone revenues; those changes were partially
offset by increases in net product revenues.
Non-GAAP net income for the quarter ended December 31,
2019 was $81.0 million, or $0.27 per share, basic and $0.26 per
share, diluted, compared to non-GAAP net income of $128.1 million,
or $0.43 per share, basic and $0.41 per share, diluted, for the
comparable period in 2018. Non-GAAP net income for the year ended
December 31, 2019 was $364.9 million, or $1.21 per share, basic and
$1.16 per share, diluted, compared to non-GAAP net income of $485.8
million, or $1.63 per share, basic and $1.55 per share, diluted,
for the comparable period in 2018. Non-GAAP net income excludes the
non-cash income tax benefit related to the release of substantially
all of the valuation allowance against the company’s deferred tax
assets as of December 31, 2018 described above and stock-based
compensation, adjusted for the related income tax effect.
Cash and investments totaled $1.4 billion at December 31,
2019, compared to $0.9 billion at December 31, 2018.
Non-GAAP Financial
Measures
To supplement Exelixis’ financial results presented in
accordance with U.S. Generally Accepted Accounting Principles
(GAAP), Exelixis presents non-GAAP net income (and the related per
share measures), which exclude from GAAP net income (and the
related per share measures) the non-cash income tax benefit related
to the release of substantially all of the valuation allowance
against the company’s deferred tax assets in 2018 and stock-based
compensation expense, adjusted for the related income tax effect
for all periods presented.
Exelixis believes that the presentation of these non-GAAP
financial measures provides useful supplementary information to,
and facilitates additional analysis by, investors. In particular,
Exelixis believes that these non-GAAP financial measures, when
considered together with its financial information prepared in
accordance with GAAP, can enhance investors’ and analysts’ ability
to meaningfully compare Exelixis’ results from period to period,
and to identify operating trends in Exelixis’ business. Exelixis
has excluded these items because they are non-cash items that may
vary significantly from period to period as a result of changes not
directly or immediately related to the operational performance for
the periods presented. Exelixis also regularly uses these non-GAAP
financial measures internally to understand, manage and evaluate
its business and to make operating decisions.
These non-GAAP financial measures are in addition to, not a
substitute for, or superior to, measures of financial performance
prepared in accordance with GAAP. Exelixis encourages investors to
carefully consider its results under GAAP, as well as its
supplemental non-GAAP financial information and the reconciliation
between these presentations, to more fully understand Exelixis’
business. Reconciliations between GAAP and non-GAAP results are
presented in the tables of this release.
2020 Financial Guidance
Exelixis is providing the following financial guidance for
fiscal year 2020:
Total revenues
$850 million - $900 million
Net product revenues
$725 million - $775 million
Cost of goods sold
4% - 5% of net product
revenues
Research and development expenses(1)
$460 million - $500 million
Selling, general and administrative
expenses(2)
$230 million - $250 million
Effective tax rate
20% - 22%
Cash and investments(3)
$1.5 billion - $1.6 billion
(1)
Includes $25 million of non-cash
stock-based compensation expense.
(2)
Includes $30 million of non-cash
stock-based compensation expense.
(3)
This cash guidance does not include any
potential new business development activity, which remains a key
priority for Exelixis as it continues to build toward becoming a
multi-product oncology company.
Cabozantinib Highlights
Cabozantinib Full Year 2019 Franchise Net Revenues Exceed
$1.0 Billion Globally. Net product revenues generated by the
cabozantinib franchise in the U.S. were $194.9 million during the
fourth quarter of 2019, an increase of 10.6% year-over-year, with
net product revenues of $181.1 million for CABOMETYX and $13.8
million for COMETRIQ® (cabozantinib). Exelixis earned $17.0 million
in royalty revenues based upon Ipsen’s cabozantinib-related
revenues in the fourth quarter of 2019. Cabozantinib continues to
expand its global footprint, where it is currently approved and
commercially available in 52 and 49 countries, respectively. In
2019, global cabozantinib franchise net revenue generated by
Exelixis and its partner Ipsen exceeded $1.0 billion for the first
time in a calendar year.
Health Canada Approves CABOMETYX for First-Line Treatment of
Adults with Advanced RCC. In October 2019, Ipsen announced
Health Canada’s approval of CABOMETYX for the first-line treatment
of adults with advanced RCC. Under the collaboration agreement with
Ipsen, Exelixis received a $3.0 million milestone payment for the
Health Canada approval, which was recognized as revenue in the
fourth quarter of 2019. CABOMETYX was originally approved in Canada
in September 2018 for the treatment of adults with advanced RCC who
have received prior vascular endothelial growth factor targeted
therapy.
Health Canada Approves CABOMETYX for the Treatment of
Patients with Previously Treated Advanced HCC. In November
2019, Ipsen announced Health Canada’s approval of CABOMETYX for the
treatment of patients with HCC who have been previously treated
with sorafenib. Under the collaboration agreement with Ipsen,
Exelixis received a $2.0 million milestone payment for the Health
Canada approval, which was recognized as revenue in the fourth
quarter of 2019.
Announcement of Clinical Collaboration with F. Hoffmann-La
Roche Ltd. (Roche) for Three Phase 3 Combination Trials for
Patients with Advanced Solid Tumors. In December 2019, Exelixis
announced a collaboration agreement with Roche to evaluate
cabozantinib in combination with atezolizumab, Roche’s PD-L1 immune
checkpoint inhibitor, in patients with locally advanced or
metastatic solid tumors. The clinical program, which will be
co-funded by the companies, is expected to include three phase 3
pivotal trials in advanced non-small cell lung cancer, metastatic
castration-resistant prostate cancer (mCRPC) and RCC.
Further Expansion of Prostate Cancer Cohort in Phase 1b
COSMIC-021 Trial of Cabozantinib in Combination with Atezolizumab
in Patients with Advanced Solid Tumors. In January 2020,
Exelixis announced that based on continued encouraging efficacy and
safety data, the company plans to further expand the mCRPC cohort
of COSMIC-021, the phase 1b trial of cabozantinib in combination
with atezolizumab in patients with locally advanced or metastatic
solid tumors. The cohort, which was previously expanded from 30 to
80 patients in July 2019, will now include up to 130 patients.
Presentation of Clinical Results from CheckMate 040 Clinical
Trial of the Combination of Cabozantinib and Nivolumab with or
without Ipilimumab in Advanced HCC. In January 2020, Exelixis
announced phase 1/2 clinical trial results from the combination of
cabozantinib and nivolumab with or without ipilimumab in advanced
HCC. Data from the cabozantinib combination cohort of the CheckMate
040 trial were presented on Friday, January 24th at American
Society of Clinical Oncology’s (ASCO) Gastrointestinal Cancers
Symposium, which was held in San Francisco, California. These data
support Exelixis’ clinical development program of cabozantinib plus
immune checkpoint inhibitors in advanced HCC, including the ongoing
COSMIC-312 phase 3 pivotal trial of cabozantinib plus atezolizumab
versus sorafenib in previously untreated patients.
Readout of Phase 1b COSMIC-021 Trial mCRPC Cohort at
ASCO’s Genitourinary Cancers Symposium. In February
2020, Exelixis announced positive efficacy and safety results from
an interim analysis of the mCRPC cohort of COSMIC-021. The data
were presented on Thursday, February 13th at ASCO's Genitourinary
Cancers Symposium, which was held in San Francisco, California.
Based on regulatory feedback from the FDA and if supported by the
clinical data from the ongoing mCRPC expansion cohorts from
COSMIC-021, Exelixis intends to file with the FDA for accelerated
approval in an mCRPC indication as early as 2021.
Corporate Updates
Exelixis and Invenra, Inc. (Invenra) Expand Collaboration
Focused on the Discovery and Development of Multispecific
Antibodies for the Treatment of Cancer. In October 2019,
Exelixis expanded its collaboration with Invenra to include the
development of novel binders against six additional targets. Under
the terms of the expanded collaboration agreement, Exelixis will
have the opportunity to use these binders to generate multispecific
antibodies based on Invenra’s B-Body™ technology platform, or with
other platforms and formats, at Exelixis’ option.
Exelixis Files Lawsuit to Enforce Its Intellectual Property
Rights for CABOMETYX against Abbreviated New Drug Application
(ANDA) Filer. In October 2019, Exelixis filed a patent
infringement lawsuit against MSN Pharmaceuticals, Inc. (MSN),
following receipt of a Paragraph IV certification notice letter
from MSN that it had filed an ANDA with the FDA requesting approval
to market a generic version of CABOMETYX tablets, following
expiration of the CABOMETYX composition of matter patent, U.S.
Patent No. 7,579,473, which expires on August 14, 2026. Exelixis is
seeking, among other relief, an order that the effective date of
any FDA approval of the ANDA would be a date no earlier than the
expiration of U.S. Patent No. 8,877,776 on October 8, 2030 and
equitable relief enjoining MSN from infringing this patent.
Exelixis’ Collaborator Daiichi Sankyo Company, Limited
(Daiichi Sankyo) Announces Positive Results from Phase 3
Pivotal Trial of Esaxerenone in Patients with Diabetic
Nephropathy. In November 2019, Exelixis announced that its
partner Daiichi Sankyo reported positive results from a phase 3
pivotal trial of esaxerenone in patients with diabetic nephropathy.
Esaxerenone is a novel mineralocorticoid receptor blocker
identified during the prior research collaboration between Exelixis
and Daiichi Sankyo and subsequently developed and commercialized by
Daiichi Sankyo. Esaxerenone has been approved as a treatment for
patients with hypertension in Japan, where it is marketed as
MINNEBRO® tablets. Daiichi Sankyo is solely responsible for
esaxerenone’s development and commercialization, with Exelixis
remaining eligible for substantial commercialization milestones, as
well as low double-digit royalties on sales, as it advances.
Announcement of Positive Results from IMspire150. In
December 2019, Exelixis announced positive results from IMspire150,
the phase 3 trial of atezolizumab, cobimetinib and vemurafenib in
people with previously untreated BRAF V600 mutation-positive
advanced melanoma. Genentech, Inc. (a member of the Roche Group),
Exelixis’ collaborator and the sponsor of the IMspire150 trial,
informed Exelixis that the study met its primary endpoint of
progression-free survival. Results will be presented at an upcoming
medical meeting and discussed with health authorities around the
world, including the FDA and the European Medicines Agency.
Exelixis Outlines Key Priorities and Anticipated Milestones
for 2020-21. In January 2020, Exelixis announced its key
priorities and anticipated milestones for 2020-21, including
generating top-line data from as many as six ongoing trials with
label-enabling potential, initiating at least three new pivotal
trials, and progressing its mid-stage and early pipeline, with up
to three new investigational new drug filings in 2020. The company
intends to make appropriate investments to maximize the clinical
development opportunities for CABOMETYX, which Exelixis believes
could lead to as many as four additional approved indications by
year-end 2021, while concurrently working to advance a pipeline of
potential new Exelixis medicines through internal drug discovery
and business development.
Basis of Presentation
Exelixis has adopted a 52- or 53-week fiscal year that generally
ends on the Friday closest to December 31st. For convenience,
references in this press release as of and for the fiscal periods
ended January 3, 2020 and December 28, 2018 are indicated as being
as of and for the periods ended December 31, 2019 and December 31,
2018, respectively. The periods ended December 31, 2019 were a
14-week fiscal quarter and a 53-week fiscal year, as compared to a
13-week fiscal quarter and a 52-week fiscal year for the comparable
the periods in 2018.
Conference Call and
Webcast
Exelixis management will discuss the company’s financial results
for the fourth quarter and full year 2019 and provide a general
business update during a conference call beginning at 5:00 p.m. ET
/ 2:00 p.m. PT today, Tuesday, February 25, 2020.
To access the webcast link, log onto www.exelixis.com and proceed to the News &
Events / Event Calendar page under the Investors & Media
heading. Please connect to the company’s website at least 15
minutes prior to the conference call to ensure adequate time for
any software download that may be required to listen to the
webcast. Alternatively, please call 855-793-2457 (domestic) or 631-485-4921 (international) and provide the
conference call passcode 9168158 to join by phone.
A telephone replay will be available until 8:00 p.m. ET on
February 27, 2020. Access numbers for the telephone replay are:
855-859-2056 (domestic) and
404-537-3406 (international); the
passcode is 9168158. A webcast replay will also be archived on
www.exelixis.com for one year.
About Exelixis
Founded in 1994, Exelixis, Inc. (Nasdaq: EXEL) is a commercially
successful, oncology-focused biotechnology company that strives to
accelerate the discovery, development and commercialization of new
medicines for difficult-to-treat cancers. Following early work in
model system genetics, we established a broad drug discovery and
development platform that has served as the foundation for our
continued efforts to bring new cancer therapies to patients in
need. Our discovery efforts have resulted in four approved
products, CABOMETYX® (cabozantinib), COMETRIQ® (cabozantinib),
COTELLIC® (cobimetinib) and MINNEBRO® (esaxerenone), and we have
entered into partnerships with leading pharmaceutical companies to
bring these important medicines to patients worldwide. Supported by
revenues from our marketed products and collaborations, we are
committed to prudently reinvesting in our business to maximize the
potential of our pipeline. We are supplementing our existing
therapeutic assets with targeted business development activities
and internal drug discovery - all to deliver the next generation of
Exelixis medicines and help patients recover stronger and live
longer. Exelixis is a member of Standard & Poor’s (S&P)
MidCap 400 index, which measures the performance of profitable
mid-sized companies. For more information about Exelixis, please
visit www.exelixis.com, follow
@ExelixisInc on Twitter or like Exelixis, Inc. on Facebook.
Forward-Looking
Statements
This press release contains forward-looking statements,
including, without limitation, statements related to: Exelixis’
expectation to achieve an impactful lineup of clinical and
regulatory milestones over the next two years, including data
readouts from six of its nine ongoing potentially label-enabling
trials for cabozantinib in 2020, with the potential for as many as
four new approved indications for the cabozantinib franchise by the
end of 2021, the initiation of three additional pivotal trials in
non-small cell lung cancer, mCRPC and RCC in 2020 and a rebuilding
of Exelixis’ oncology pipeline with up to three new investigational
new drug filings in 2020; Exelixis’ updated 2020 financial
guidance; Exelixis’ plans to further expand the mCRPC cohort of
COSMIC-021 to include up to 130 patients; Exelixis’ intention to
file with the FDA for accelerated approval of the combination of
cabozantinib and atezolizumab in a mCRPC indication as early as
2021, if supported by the clinical data; Exelixis’ obligations
under its collaboration agreement with Invenra; Exelixis’
eligibility for substantial commercialization milestones, as well
as low double-digit royalties on sales of MINNEBRO; Genentech’s
plans to present the IMspire150 data at an upcoming medical meeting
and discuss the data with health authorities around the world; and
Exelixis’ plans to reinvest in its business to maximize the
potential of the company’s pipeline, including through targeted
business development activities and internal drug discovery. Any
statements that refer to expectations, projections or other
characterizations of future events or circumstances are
forward-looking statements and are based upon Exelixis’ current
plans, assumptions, beliefs, expectations, estimates and
projections. Forward-looking statements involve risks and
uncertainties. Actual results and the timing of events could differ
materially from those anticipated in the forward-looking statements
as a result of these risks and uncertainties, which include,
without limitation: the degree of market acceptance of CABOMETYX,
COMETRIQ, COTELLIC and MINNEBRO in the territories where they are
approved, and Exelixis’ ability to obtain or maintain coverage and
reimbursement for these products; the effectiveness of CABOMETYX,
COMETRIQ, COTELLIC and MINNEBRO in comparison to competing
products; the level of costs associated with Exelixis’
commercialization, research and development, in-licensing or
acquisition of product candidates, and other activities; the
availability of data at the referenced times; the potential failure
of cabozantinib and other Exelixis product candidates, both alone
and in combination with other therapies, to demonstrate safety
and/or efficacy in clinical testing; uncertainties inherent in the
drug discovery and product development process, including evolving
regulatory requirements, slower than anticipated patient
enrollment, inability to identify a sufficient number of clinical
trial sites or limited availability of third-party scientific
advisors and contractors; Exelixis’ dependence on its relationships
with its collaboration partners, including their pursuit of
regulatory approvals for partnered compounds in new indications,
their adherence to their obligations under relevant collaboration
agreements and the level of their investment in the resources
necessary to complete clinical trials or successfully commercialize
partnered compounds in the territories where they are approved; the
regulatory review and approval processes, including the risk that
regulatory authorities may not approve Exelixis’ products as
treatments for the indications in which approval has been sought;
Exelixis’ continuing compliance with applicable legal and
regulatory requirements; unexpected concerns that may arise as a
result of the occurrence of adverse safety events or additional
data analyses of clinical trials evaluating cabozantinib,
cobimetinib or esaxerenone; Exelixis’ dependence on third-party
vendors for the manufacture and supply of its products; Exelixis’
ability to protect its intellectual property rights; market
competition, including the potential for competitors to obtain
approval for generic versions of Exelixis’ marketed products;
changes in economic and business conditions; and other factors
discussed under the caption “Risk Factors” in Exelixis’ Quarterly
Report on Form 10-Q filed with the Securities and Exchange
Commission (SEC) on October 30, 2019, and in Exelixis’ future
filings with the SEC, including, without limitation, Exelixis’
Annual Report on Form 10-K expected to be filed with the SEC on
February 25, 2020. All forward-looking statements in this press
release are based on information available to Exelixis as of the
date of this press release, and Exelixis undertakes no obligation
to update or revise any forward-looking statements contained
herein.
Exelixis, the Exelixis logo, CABOMETYX,
COMETRIQ and COTELLIC are registered U.S. trademarks.
MINNEBRO is a registered Japanese
trademark.
EXELIXIS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(in thousands, except per share
amounts)
(unaudited)
Three Months Ended December
31,
Year Ended December
31,
2019
2018
2019
2018
Revenues:
Net product revenues
$
194,926
$
176,225
$
759,950
$
619,279
Collaboration revenues
45,384
52,377
207,825
234,547
Total revenues
240,310
228,602
967,775
853,826
Operating expenses:
Cost of goods sold
10,520
7,352
33,097
26,348
Research and development
94,448
57,271
336,964
182,257
Selling, general and administrative
58,026
52,377
228,244
206,366
Total operating expenses
162,994
117,000
598,305
414,971
Income from operations
77,316
111,602
369,470
438,855
Other income (expense), net:
Interest income
7,706
4,741
27,959
12,840
Other, net
(8
)
29
680
397
Total other income (expense), net
7,698
4,770
28,639
13,237
Income before income taxes
85,014
116,372
398,109
452,092
Income tax provision (benefit)
16,271
(243,717
)
77,097
(237,978
)
Net income
$
68,743
$
360,089
$
321,012
$
690,070
Net income per share, basic
$
0.23
$
1.20
$
1.06
$
2.32
Net income per share, diluted
$
0.22
$
1.15
$
1.02
$
2.21
Shares used in computing net income per
share, basic
304,338
299,409
302,584
297,892
Shares used in computing net income per
share, diluted
315,030
312,443
315,009
312,803
EXELIXIS, INC.
CONDENSED CONSOLIDATED BALANCE
SHEET DATA
(in thousands)
(unaudited)
December 31,
December 31,
2019
2018
Cash and investments
$
1,388,628
$
851,621
Working capital
$
868,444
$
791,544
Total assets
$
1,885,670
$
1,422,286
Total stockholders’ equity
$
1,685,970
$
1,287,453
EXELIXIS, INC.
RECONCILIATION OF GAAP NET
INCOME TO NON-GAAP NET INCOME
(in thousands, except per share
amounts)
(unaudited)
Three Months Ended December
31,
Year Ended December
31,
2019
2018
2019
2018
GAAP net income
$
68,743
$
360,089
$
321,012
$
690,070
Adjustments:
Stock-based compensation - research and
development expenses (1)
5,629
4,013
19,374
13,115
Stock-based compensation - selling,
general and administrative expenses (1)
10,226
8,283
37,228
27,511
Income tax effect of the above
adjustments
(3,567
)
(220
)
(12,715
)
(787
)
Income tax benefit resulting from the
release of the valuation allowance (2)
—
(244,111
)
—
(244,111
)
Non-GAAP net income
$
81,031
$
128,054
$
364,899
$
485,798
GAAP net income per share, basic
$
0.23
$
1.20
$
1.06
$
2.32
GAAP net income per share, diluted
$
0.22
$
1.15
$
1.02
$
2.21
Non-GAAP net income per share, basic
$
0.27
$
0.43
$
1.21
$
1.63
Non-GAAP net income per share, diluted
$
0.26
$
0.41
$
1.16
$
1.55
Shares used in computing net income per
share, basic
304,338
299,409
302,584
297,892
Shares used in computing net income per
share, diluted
315,030
312,443
315,009
312,803
____________________
(1)
Non-cash stock-based compensation expense
used for GAAP reporting in accordance with Accounting Standards
Codification Topic 718, Compensation—Stock Compensation.
(2)
Represents the non-cash income tax benefit
related to the release of substantially all of the valuation
allowance against the company’s deferred tax assets on December 31,
2018.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200225006003/en/
Chris Senner Chief Financial Officer Exelixis, Inc. 650-837-7240
csenner@exelixis.com
Susan Hubbard EVP, Public Affairs & Investor Relations
Exelixis, Inc. 650-837-8194 shubbard@exelixis.com
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