Exelixis reports Q4 EPS (3c), consensus (12c)

Reports Q4 revenue $423.9M, consensus $417.5M. CEO Michael M. Morrissey says: "Exelixis had a productive fourth quarter and full year 2022 as we continued to grow the cabozantinib commercial franchise and significantly advanced our growing product pipeline. The strong performance of CABOMETYX(R) resulted in U.S. net product revenues exceeding $1.4 billion for cabozantinib in 2022, further reinforcing the franchise’s status as a leading therapy for forms of renal, liver, and thyroid cancer. The team also continued to execute across our clinical development, discovery and business development functions. We had clinical data readouts for cabozantinib, next-generation tyrosine kinase inhibitor zanzalintinib, tissue factor-targeting antibody drug conjugate XB002, and selective and irreversible CDK7 inhibitor XL102. We progressed three promising biotherapeutics, XB010, XB014 and XB628, from internal discovery into preclinical development. And we signed multiple new collaborations, including exclusive clinical development collaboration and option agreements with Cybrexa and Sairopa in the fourth quarter to advance the CBX-12 and ADU-1805 programs, respectively. In 2023, Exelixis is focused on advancing our diverse, high-impact pipeline of biotherapeutics and small molecules for oncology fueled by the continued commercial success of the cabozantinib franchise. Throughout the year we expect to initiate the next wave of phase 3 studies of zanzalintinib, move XB002 into full development, report data from three pivotal trials of cabozantinib and continue to add new agents to our portfolio from internal discovery and collaborative efforts. Importantly, we’ll continue to pursue additional in-licensing and strategic opportunities for near-clinical- and clinical-stage assets to enhance the breadth and depth of our pipeline."