- Total Revenues of $259.5 Million,
Cabozantinib Franchise Revenues of $178.7 Million -
- GAAP Diluted EPS of $0.21, Non-GAAP
Diluted EPS of $0.25 -
- Conference Call and Webcast Today at 5:30
PM Eastern Time -
Exelixis, Inc. (Nasdaq: EXEL) today reported financial results
for the second quarter of 2020 and provided an update on progress
toward fulfilling its key corporate objectives, as well as
commercial and clinical development milestones.
“Exelixis continued to execute on our key priorities and
milestones in the second quarter of 2020,” said Michael M.
Morrissey, Ph.D., President and Chief Executive Officer of
Exelixis. “The data flow in the quarter was headlined by the
positive top-line results from the phase 3 pivotal CheckMate -9ER
study evaluating the combination of cabozantinib and nivolumab in
first-line renal cell carcinoma. We’re looking forward to the
presentation of detailed results from the trial at the European
Society for Medical Oncology’s Virtual Congress in September, where
CheckMate -9ER has been selected for an oral presentation in the
conference’s Presidential Symposium track. Working in tandem with
Bristol Myers Squibb, the trial’s sponsor, and Ipsen and Takeda,
our partners in cabozantinib’s global clinical development and
commercialization, we’re quickly moving forward with the associated
high-priority regulatory filings on a global basis. At the same
time, the Exelixis commercial organization is well into their
preparations for a potential launch in the United States.”
Dr. Morrissey continued: “As we move forward on the next
commercial growth opportunity for cabozantinib, we’re also moving
quickly to evaluate its potential utility in additional disease
settings. Based on the results from COSMIC-021, we and our
collaboration partner Roche recently initiated the CONTACT clinical
trial program, which consists of three global phase 3 pivotal
trials of cabozantinib in combination with atezolizumab in
metastatic non-small cell lung cancer, castration-resistant
prostate cancer, and renal cell carcinoma. In addition, as a result
of our internal efforts complemented by the work of our research
partners, we remain on track to file up to three new
Investigational New Drug applications by the end of this year,
including a CDK7 inhibitor from our Aurigene collaboration, a
tissue factor-targeting antibody-drug conjugate from our Iconic
collaboration, as well as XL265, a TAM kinase-focused kinase
inhibitor from our own laboratories. I’m proud of the commitment
demonstrated by the entire Exelixis team to continue to drive our
business forward during these difficult times. We look forward to
providing updates on our continued progress throughout the second
half of the year.”
Second Quarter 2020 Financial
Results
Total revenues for the quarter ended June 30, 2020 were
$259.5 million, compared to $240.3 million for the comparable
period in 2019.
Total revenues for the quarter ended June 30, 2020 included net
product revenues of $178.7 million, compared to $193.7 million for
the comparable period in 2019. The decrease in net product revenues
was due to a decrease in sales volume, which was partially offset
by an increase in the average net selling price. Net product
revenues in the second quarter 2020 were negatively impacted by the
COVID-19 pandemic and by an inventory build by wholesalers and end
customers in the first quarter 2020, which generally reversed in
the second quarter 2020.
Collaboration revenues, composed of license revenues and
collaboration services revenues, were $80.7 million for the quarter
ended June 30, 2020, compared to $46.6 million for the comparable
period in 2019. The increase in collaboration revenues was
primarily related to an increase in the recognition of milestone
related revenues, increases in development cost reimbursements
earned, and higher royalty revenues for the sales of cabozantinib
outside of the U.S. generated by Exelixis’ collaboration partner,
Ipsen Pharma SAS (Ipsen).
Research and development expenses for the quarter ended
June 30, 2020 were $114.9 million, compared to $81.9 million for
the comparable period in 2019. The increase in research and
development expenses was primarily related to increases in clinical
trial costs and personnel expenses, which were partially offset by
decreases in license and other collaboration costs. The increase in
clinical trial costs was primarily due to costs associated with
expanding clinical trial programs for cabozantinib, which includes
COSMIC-312, COSMIC-313, CONTACT-02 and COSMIC-021. The increase in
personnel expenses was primarily due to an increase in headcount to
support Exelixis’ expanding discovery and development efforts.
Decreases in license and other collaboration costs were primarily
due to upfront license fee payments made in the comparable period
of 2019, offset by an increase in research funding commitments in
this quarter.
Selling, general and administrative expenses for the
quarter ended June 30, 2020 were $59.8 million, compared to $58.8
million for the comparable period in 2019. The increase in selling,
general and administrative expenses was primarily related to
increases in personnel expenses, which was offset by decreases in
marketing costs. The increase in personnel expenses was primarily
due to an increase in administrative headcount to support Exelixis’
commercial and research and development organizations.
Provision for income taxes for the quarter ended June 30,
2020 decreased to $13.9 million, compared to $20.7 million for the
comparable period in 2019, primarily due to a decrease in pre-tax
income.
GAAP net income for the quarter ended June 30, 2020 was
$66.8 million, or $0.22 per share, basic and $0.21 per share,
diluted, compared to GAAP net income of $79.0 million, or $0.26 per
share, basic and $0.25 per share, diluted, for the comparable
period in 2019. The decrease in GAAP net income was primarily
related to an increase in research and development expenses and a
decrease in net product revenues, which were partially offset by an
increase in collaboration revenues.
Non-GAAP net income for the quarter ended June 30, 2020
was $79.4 million, or $0.26 per share, basic and $0.25 per share,
diluted, compared to non-GAAP net income of $90.7 million, or $0.30
per share, basic and $0.29 per share, diluted, for the comparable
period in 2019. Non-GAAP net income excludes stock-based
compensation, adjusted for the related income tax effect.
Cash and investments were $1.5 billion at June 30, 2020,
compared to $1.4 billion at December 31, 2019.
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 excludes from GAAP net income (and the
related per share measures) 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 stock-based compensation expense, adjusted for the
related income tax effect, because it is a non-cash item 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 updated financial guidance
for fiscal year 2020:
Total revenues (1)
$900 million - $950 million
Net product revenues
$725 million - $775 million
Cost of goods sold
4% - 5% of net product
revenues
Research and development expenses
(1)(2)
$500 million - $550 million
Selling, general and administrative
expenses (1)(3)
$250 million - $270 million
Effective tax rate (1)
17% - 19%
Cash and investments (4)
$1.5 billion - $1.6 billion
(1)
Guidance updated on August 6, 2020 from
previously provided guidance on May 5, 2020.
(2)
Includes $25 million of non-cash
stock-based compensation expense.
(3)
Includes $40 million of non-cash
stock-based compensation expense.
(4)
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 Franchise Net Product Revenues and
Royalties. Net product revenues generated by the cabozantinib
franchise in the U.S. were $178.7 million during the second quarter
of 2020, with net product revenues of $173.6 million from
CABOMETYX® (cabozantinib) and $5.1 million from COMETRIQ®
(cabozantinib). Based upon cabozantinib-related revenues generated
by Exelixis’ partner Ipsen in the second quarter of 2020, Exelixis
earned $16.3 million in royalty revenues.
Positive Top-line Results from Pivotal Phase 3 CheckMate -9ER
Trial Evaluating Nivolumab in Combination with Cabozantinib in
Previously Untreated Advanced Renal Cell Carcinoma (RCC). In
April 2020, Exelixis and BMS announced that CheckMate -9ER, the
phase 3 pivotal trial evaluating nivolumab in combination with
cabozantinib compared to sunitinib in previously untreated advanced
or metastatic RCC, met its primary endpoint of progression-free
survival (PFS) at final analysis, as well as the secondary
endpoints of overall survival (OS) at a pre-specified interim
analysis, and objective response rate. This preliminary analysis of
data showed a favorable safety profile for the combination of a 40
mg dose of cabozantinib with nivolumab.
Cabozantinib Data Presentations at the European Society for
Medical Oncology Virtual Congress 2020 (ESMO 2020), including Oral
Presentation of CheckMate -9ER in the Meeting’s Presidential
Symposium II. In September 2020, cabozantinib will be the
subject of multiple presentations at ESMO 2020 (September 19-21).
Notably, detailed results from CheckMate -9ER will be the subject
of an oral presentation during the meeting’s Presidential Symposium
II. In addition, data from two cohorts of COSMIC-021 evaluating
cabozantinib in combination with atezolizumab, expansion cohort 1
in first-line advanced clear cell RCC and cohort 10 in non-clear
cell RCC, will be presented during ESMO 2020 as an oral and a
poster presentation, respectively.
Initiation of Three Phase 3 Pivotal Trials of Cabozantinib in
Combination with Atezolizumab in Previously Treated Metastatic
Non-Small Cell Lung Cancer (NSCLC), Castration-Resistant Prostate
Cancer (CRPC) and RCC. In June and July 2020, Exelixis
announced the initiation of CONTACT-01, CONTACT-02 and CONTACT-03,
three global phase 3 pivotal trials of cabozantinib in combination
with atezolizumab in patients with previously treated, metastatic
NSCLC, CRPC and RCC, respectively. The CONTACT program is part of a
joint clinical research collaboration between Exelixis and F.
Hoffmann-La Roche Ltd.
- CONTACT-01 is evaluating the combination of cabozantinib and
atezolizumab in patients with metastatic NSCLC who have been
previously treated with an immune checkpoint inhibitor (ICI) and
platinum-containing chemotherapy.
- CONTACT-02 is evaluating the combination of cabozantinib and
atezolizumab in patients with metastatic CRPC who have been
previously treated with one novel hormonal therapy.
- CONTACT-03 is evaluating the combination of cabozantinib and
atezolizumab in patients with metastatic RCC who progressed during
or following treatment with an ICI as the immediate preceding
therapy.
Completion of Patient Enrollment for COSMIC-312 Phase 3
Pivotal Trial in Previously Untreated Hepatocellular Carcinoma
(HCC). Today, Exelixis is announcing the completion of patient
enrollment in COSMIC-312, a global phase 3 pivotal trial of
cabozantinib in combination with atezolizumab versus sorafenib in
previously untreated advanced HCC, providing the patient population
for the event-driven analyses of the study’s endpoints. Separately,
patient enrollment remains open in China with a focus on enrolling
the necessary patient number to enable local registration, if
supported by the clinical data. The co-primary endpoints of the
trial are PFS and OS for the combination of cabozantinib and
atezolizumab versus sorafenib. Based on current event rates,
Exelixis anticipates announcing top-line results in the first half
of 2021.
Announcement of Results from Phase 1b COSMIC-021 Trial of
Cabozantinib in Combination with Atezolizumab in Multiple Advanced
Solid Tumor Types. In May 2020, Exelixis announced encouraging
results from three expansion cohorts of the phase 1b COSMIC-021
trial evaluating the combination of cabozantinib and atezolizumab
in patients with metastatic NSCLC, CRPC and urothelial carcinoma.
These data were subsequently presented during the 2020 American
Society of Clinical Oncology Virtual Scientific Program.
Completion of Patient Enrollment for EXAMINER Phase 4 Trial
of Cabozantinib in Metastatic Medullary Thyroid Cancer. In July
2020, Exelixis completed patient enrollment in EXAMINER, the phase
4 trial evaluating the safety and efficacy of the 60 mg tablet
formulation of cabozantinib compared with the 140 mg capsule
formulation, which is marketed as COMETRIQ, for the treatment of
patients with progressive, metastatic medullary thyroid cancer.
EXAMINER is a post-marketing requirement from the U.S. Food and
Drug Administration (FDA) and the European Commission. The trial
was designed to enroll up to 250 patients, and top-line results
from the trial are anticipated later this year.
Corporate Updates
Takeda Pharmaceutical Company Limited (Takeda) Records First
Commercial Sale of CABOMETYX in Japan. In March 2020, Takeda,
Exelixis’ partner responsible for the clinical development and
commercialization of CABOMETYX in Japan, received approval from the
Japanese Ministry of Health, Labour and Welfare to manufacture and
market CABOMETYX as a treatment for patients with curatively
unresectable or metastatic RCC. During the second quarter of 2020,
Takeda launched CABOMETYX in Japan, triggering a $31.0 million
milestone payment to Exelixis from Takeda upon the first commercial
sale of CABOMETYX, of which $23.7 million was recognized as revenue
in this quarter.
Exelixis Files Second Complaint in Patent Infringement
Lawsuit against MSN Pharmaceuticals, Inc. (MSN). In May 2020,
Exelixis filed a second complaint in the company’s patent
infringement lawsuit against MSN, following receipt of notice from
MSN that it had amended its Abbreviated New Drug Application
(ANDA), originally filed with the FDA in September 2019, to add two
previously-unasserted CABOMETYX Orange Book-listed patents: U.S.
Patent No. 7,579,473, the composition of matter patent, and U.S.
Patent No. 8,497,284, a method of use patent. 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 all of U.S. Patent No. 7,579,473, U.S. Patent No. 8,497,284, and
U.S. Patent No. 8,877,776, the latest of which expires on October
8, 2030, and equitable relief enjoining MSN from infringing this
patent.
FDA Approves Tecentriq® (Atezolizumab) Plus COTELLIC®
(Cobimetinib) and Zelboraf® (Vemurafenib) for Previously Untreated
BRAF V600 Mutation-Positive Advanced Melanoma. In July 2020,
the FDA approved the supplemental Biologics License Application
(sBLA) submitted by Genentech, Inc. (a member of the Roche Group)
(Genentech), for Tecentriq plus COTELLIC and Zelboraf for the
treatment of BRAF V600-mutation positive advanced melanoma in
previously untreated patients. The approval is based on positive
results from the phase 3 IMspire150 study, which demonstrated that
adding Tecentriq to COTELLIC and Zelboraf helped to reduce the risk
of disease worsening or death, compared to placebo plus COTELLIC
and Zelboraf. This is the second FDA approval for a regimen
including COTELLIC, which was discovered by Exelixis and is now
being developed by Genentech as part of a worldwide collaboration
agreement between the two companies.
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 July 3, 2020, January 3, 2020 and June 28, 2019 are indicated
as being as of and for the periods ended June 30, 2020, December
31, 2019 and June 30, 2019, respectively.
Conference Call and
Webcast
Exelixis management will discuss the company’s financial results
for the second quarter of 2020 and provide a general business
update during a conference call beginning at 5:30 p.m. EDT / 2:30
p.m. PDT today, Thursday, August 6, 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 6548897 to join by phone.
A telephone replay will be available until 8:00 p.m. EDT on
August 8, 2020. Access numbers for the telephone replay are:
855-859-2056 (domestic) and 404-537-3406 (international); the
passcode is 6548897. 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’
plans to present data from CheckMate -9ER and the clear cell RCC
and non-clear cell RCC cohorts of COSMIC-021 at ESMO 2020;
Exelixis’ regulatory filing plans and launch readiness preparations
with respect to the combination of nivolumab and cabozantinib as a
treatment for patients with RCC; the potential utility of
cabozantinib in additional disease settings; Exelixis’ plans to
file up to three new Investigational New Drug applications by the
end of 2020; Exelixis’ updated 2020 financial guidance; Exelixis’
anticipated timelines for top-line results from COSMIC-312 and
EXAMINER; 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 continuing COVID-19 pandemic and its impact
on Exelixis’ clinical trial, drug discovery and commercial
activities; the degree of market acceptance of CABOMETYX and other
Exelixis products in the indications for which they are approved
and in the territories where they are approved, and Exelixis’ and
its partners’ ability to obtain or maintain coverage and
reimbursement for these products; the effectiveness of CABOMETYX
and other Exelixis products 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; Exelixis’ ability to maintain and
scale adequate sales, marketing, market access and product
distribution capabilities for its products or to enter into and
maintain agreements with third parties to do so; 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; 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; complexities and the unpredictability of the regulatory
review and approval processes in the U.S. and elsewhere; 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
development, manufacture and supply of its products and product
candidates; 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 May 5, 2020, and in Exelixis’ future
filings with the SEC, including, without limitation, Exelixis’
Quarterly Report on Form 10-Q expected to be filed with the SEC on
August 6, 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, except as required by law.
Exelixis, the Exelixis logo, CABOMETYX,
COMETRIQ and COTELLIC are registered U.S. trademarks.
MINNEBRO is a registered Japanese
trademark.
-see attached financial tables-
EXELIXIS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(in thousands, except per share
amounts)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
Revenues:
Net product revenues
$
178,730
$
193,675
$
372,610
$
373,256
License revenues
59,234
37,742
80,113
63,306
Collaboration services revenues
21,515
8,858
33,671
19,200
Total revenues
259,479
240,275
486,394
455,762
Operating expenses:
Cost of goods sold
9,221
7,539
18,510
15,040
Research and development
114,933
81,932
216,810
145,221
Selling, general and administrative
59,791
58,815
122,731
118,953
Total operating expenses
183,945
148,286
358,051
279,214
Income from operations
75,534
91,989
128,343
176,548
Interest income
5,162
6,975
12,382
13,062
Other income, net
—
803
6
828
Income before income taxes
80,696
99,767
140,731
190,438
Provision for income taxes
13,875
20,725
25,298
35,621
Net income
$
66,821
$
79,042
$
115,433
$
154,817
Net income per share:
Basic
$
0.22
$
0.26
$
0.38
$
0.51
Diluted
$
0.21
$
0.25
$
0.36
$
0.49
Weighted-average common shares
outstanding:
Basic
307,807
302,188
306,598
301,365
Diluted
318,144
314,911
316,992
314,786
EXELIXIS, INC.
CONDENSED CONSOLIDATED BALANCE
SHEET DATA
(in thousands)
(unaudited)
June 30, 2020
December 31, 2019
Cash and investments
$
1,540,179
$
1,388,628
Working capital
$
1,251,982
$
868,444
Total assets
$
2,046,548
$
1,885,670
Total stockholders’ equity
$
1,833,324
$
1,685,970
EXELIXIS, INC.
RECONCILIATION OF GAAP NET
INCOME TO NON-GAAP NET INCOME
(in thousands, except per share
amounts)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
GAAP net income
$
66,821
$
79,042
$
115,433
$
154,817
Adjustments:
Stock-based compensation - research and
development expenses (1)
6,112
5,138
11,198
9,444
Stock-based compensation - selling,
general and administrative expenses (1)
10,042
9,941
18,938
18,164
Income tax effect of the above
adjustments
(3,609
)
(3,385
)
(6,789
)
(6,194
)
Non-GAAP net income
$
79,366
$
90,736
$
138,780
$
176,231
GAAP net income per share:
Basic
$
0.22
$
0.26
$
0.38
$
0.51
Diluted
$
0.21
$
0.25
$
0.36
$
0.49
Non-GAAP net income per share:
Basic
$
0.26
$
0.30
$
0.45
$
0.58
Diluted
$
0.25
$
0.29
$
0.44
$
0.56
Weighted-average common shares
outstanding:
Basic
307,807
302,188
306,598
301,365
Diluted
318,144
314,911
316,992
314,786
____________________
(1)
Non-cash stock-based compensation
expense used for GAAP reporting in accordance with Accounting
Standards Codification Topic 718, Compensation—Stock
Compensation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200806005975/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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