Exelixis Earnings: Here’s Why the Stock is Up Now

Exelixis, Inc. (NASDAQ:EXEL) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.02%.

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Exelixis, Inc. Earnings Cheat Sheet

Results: Adjusted Earnings Per Share decreased to $-0.24 in the quarter versus EPS of $-0.18 in the year-earlier quarter.

Revenue: Decreased 47.6% to $9.7 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Exelixis, Inc. reported adjusted EPS loss of $0.24 per share. By that measure, the company beat the mean analyst estimate of $-0.28. It beat the average revenue estimate of $5.33 million.

Quoting Management: “The first quarter of 2013 began on a significant note with the successful U.S. launch of COMETRIQ for the treatment of progressive, metastatic MTC. We are gratified to provide an important new treatment option for patients with this disease,” said Michael M. Morrissey, Ph.D., president and chief executive officer of Exelixis. “While we continue to execute on the commercial launch, we remain focused on advancing the cabozantinib clinical development program. The majority of sites for the COMET program, consisting of two pivotal trials in CRPC, are now open, and we continue to expect top-line data in 2014. Beyond prostate cancer, we expect to start additional pivotal trials in metastatic renal cell carcinoma (RCC) and metastatic hepatocellular carcinoma (NYSE:HCC) in the third quarter 2013. In addition, we have a broad and expanding program of earlier stage trials, and updates on some of these trials will be provided at the ASCO Annual Meeting in June.”

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