Exelixis Announces Preliminary Fourth Quarter and Full Year 2020 Financial

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ALAMEDA, Calif.–(BUSINESS WIRE)–Jan 10, 2021–

Exelixis, Inc. (Nasdaq: EXEL) today announced its preliminary unaudited financial results for the fourth quarter and full year 2020, provided financial guidance for full year 2021, and delivered an update on its business. This 2021 financial guidance takes into consideration the anticipated U.S. Food and Drug Administration (FDA) approval and commercial launch of CABOMETYX ® (cabozantinib) in combination with OPDIVO ® (nivolumab) as a first-line treatment for patients with advanced renal cell carcinoma (RCC), which has a Prescription Drug Use Fee Act (PDUFA) target action date of February 20, 2021.

Preliminary Fourth Quarter and Full Year 2020 Financial Results & 2021 Financial Guidance

Exelixis is providing the following preliminary unaudited 2020 financial results and financial guidance for 2021:

 

Fourth Quarter 2020

Full Year 2020

Full Year 2021 Guidance

Total revenues

$270 million

$988 million

$1,150 million – $1,250 million

Net product revenues

$200 million

$741 million

$950 million – $1,050 million

Cost of goods sold

4.5%

4.9%

~ 5-6% of net product revenues

Research and development expenses

$155 million (1)

$549 million (2)

$600 million – $650 million (3)

Selling, general and administrative expenses

$83 million (4)

$295 million (5)

$375 million – $425 million (6)

Effective tax rate

n/a (7)

n/a (7)

20% – 22%

Cash and investments at year-end (8)

~ $1.5 billion

$1.6 billion – $1.7 billion

(1)

Includes $7.1 million of non-cash stock-based compensation expense.

(2)

Includes $37.2 million of non-cash stock-based compensation expense.

(3)

Includes $45.0 million of non-cash stock-based compensation expense.

(4)

Includes $12.2 million of non-cash stock-based compensation expense.

(5)

Includes $67.9 million of non-cash stock-based compensation expense.

(6)

Includes $60.0 million of non-cash stock-based compensation expense.

(7)

Preliminary results not yet available.

(8)

This cash and investments guidance does not include any potential new business development activity.

The preliminary 2020 financial information presented in this press release has not been audited and is subject to change. The complete Exelixis Fourth Quarter and Full Year 2020 Financial Results are planned for release after market on Wednesday, February 10, 2021.

“2020 was a year of focused execution for Exelixis as we strengthened our foundation to potentially accelerate top-line revenue growth in 2021 and beyond. Throughout the year, the team advanced all of the components of our business and navigated the challenging COVID-19 pandemic environment to report data from late-stage trials, start new pivotal studies, ready next-generation Exelixis compounds for the clinic, and bring new assets and technologies into our pipeline,” said Michael M. Morrissey, Ph.D., President and Chief Executive Officer of Exelixis. “We start 2021 with…



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