Exelixis(US:EXEL)2024-04-30 20:12Financial Performance - Total revenues for Q1 2024 were $425.2 million, up from $408.8 million in Q1 2023, representing a 3.4% increase[3] - U.S. net product revenues from the cabozantinib franchise were $378.5 million, compared to $363.4 million in Q1 2023, reflecting a 4.1% increase[4] - Collaboration revenues increased to $46.7 million in Q1 2024 from $45.4 million in Q1 2023, primarily due to higher royalty revenues[5] - Exelixis reported net product revenues of $378.5 million for Q1 2024, an increase of 4.3% compared to $363.4 million in Q1 2023[30] - Total revenues for Q1 2024 were $425.2 million, up 4.0% from $408.8 million in Q1 2023[30] - The company incurred total operating expenses of $395.8 million in Q1 2024, compared to $380.0 million in Q1 2023, reflecting a 4.0% increase[30] Expenses - Research and development expenses decreased to $227.7 million in Q1 2024 from $234.2 million in Q1 2023, a reduction of 2.1%[6] - Selling, general and administrative expenses fell to $114.0 million in Q1 2024 from $131.4 million in Q1 2023, a decrease of 13.3%[7] Net Income - GAAP net income for Q1 2024 was $37.3 million, or $0.12 per share, compared to $40.0 million, or $0.12 per share, in Q1 2023[9] - Exelixis' net income for Q1 2024 was $37.3 million, a decrease of 6.5% from $40.0 million in Q1 2023[30] - Non-GAAP net income for Q1 2024 was $52.0 million, or $0.17 per share, slightly down from $52.8 million, or $0.16 per share, in Q1 2023[10] Future Guidance and Plans - The company maintains its 2024 financial guidance, projecting total revenues between $1.825 billion and $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 $190.7 million of its common stock, with an additional $450 million authorized for repurchase by the end of 2024[21] - The company expects to repurchase up to an additional $450 million of its common stock before the end of 2024, aiming to return $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]