Exelixis(EXEL)2024-04-30 20:12Financial Performance - Total revenues for Q1 2024 were 408.8 million in Q1 2023, representing a 3.4% increase[3] - U.S. net product revenues from the cabozantinib franchise were 363.4 million in Q1 2023, reflecting a 4.1% increase[4] - Collaboration revenues increased to 45.4 million in Q1 2023, primarily due to higher royalty revenues[5] - Exelixis reported net product revenues of 363.4 million in Q1 2023[30] - Total revenues for Q1 2024 were 408.8 million in Q1 2023[30] - The company incurred total operating expenses of 380.0 million in Q1 2023, reflecting a 4.0% increase[30] Expenses - Research and development expenses decreased to 234.2 million in Q1 2023, a reduction of 2.1%[6] - Selling, general and administrative expenses fell to 131.4 million in Q1 2023, a decrease of 13.3%[7] Net Income - GAAP net income for Q1 2024 was 0.12 per share, compared to 0.12 per share, in Q1 2023[9] - Exelixis' net income for Q1 2024 was 40.0 million in Q1 2023[30] - Non-GAAP net income for Q1 2024 was 0.17 per share, slightly down from 0.16 per share, in Q1 2023[10] Future Guidance and Plans - The company maintains its 2024 financial guidance, projecting total revenues between 1.925 billion[14] - Exelixis plans to file up to three Investigational New Drug applications in 2024, pending supportive preclinical data[2] - The company plans to submit Investigational New Drug filings for up to three development candidates in 2024, pending supportive preclinical data[27] - Exelixis anticipates advancing regulatory strategies for cabozantinib label expansions, which could drive future revenue growth[27] Shareholder Returns - As of March 31, 2024, Exelixis repurchased 450 million authorized for repurchase by the end of 2024[21] - The company expects to repurchase up to an additional 1 billion to shareholders over two years[27] Restructuring and Development - Exelixis' restructuring efforts are expected to enhance integrated research, development, and commercial capabilities[27]