Exelixis, Inc. (EXEL) stock plummeted 6.76% in the pre-market trading session at the price of $20.40 after announcing its earnings report for the third quarter ended on 30th September 2021. EXEL is an oncology-focused biotechnology firm that aims to promote the exploration, development, and commercialization of innovative drugs to treat cancerous cells.
EXEL Third Quarter 2021 Financial Results
On 2nd November 2021, EXEL announced its financial results for the third quarter ending on 30th September 2021. It has also presented updates on its key corporate objectives and pipeline development milestones.
EXEL Financial Highlights
EXEL reported total revenues of $328.4 million for the third quarter ended 30th September 2021. Total revenues were $231.1 million for the same quarter of the previous year. For the third quarter of 2021, net product revenues were approximately $263.1 million. Net product revenues were $168.6 million for the third quarter ended 30th September 2020. For the quarter ended 30th September 2021, collaboration revenues were approximately $65.3 million compared to $62.5 million for the same period of 2020.
Research and development expenses were $163.4 million for the third quarter ended 30th September 2021. R&D expenses were approximately $176.8 million for the third quarter ended 30th September 2020. EXEL reported general and administrative expenditures of $101.6 million for the quarter ended 30th September 2021. For the third quarter of 2020, G&A expenses were approximately $88.2 million. Net income (loss) was $38.2 million, or $0.12 per basic and diluted share, for the third quarter ended 30th September 2021. Net loss was $(32.0) million, or $(0.10) per basic and diluted share, for the third quarter of 2020.
Provision for income taxes was $15.1 million for the third quarter ended 30th September 2021 compared to $(6.0) million for the third quarter of 2020. On 30th September 2021, EXEL reported cash and cash equivalents of $1.8 billion. Cash, cash equivalents, and restricted cash equivalents were $1.5 billion on 31st December 2020.
Chief Executive Officer of EXEL, Michael M. Morrissey, remarked that they had achieved notable progress across their clinical development and pipeline activities in the third quarter of 2021. They are satisfied with the progress of CABOMETYX prescriptions in the face of rising competition. The company has expanded its XL092 development program and advanced enrollment for its XB002 and XL102 studies. He thanked the team for its combined hard work and performance during the quarter.