Exelixis, Inc. reported significant financial performance improvements in its third quarter and nine months ended September 30, 2024, compared to the same periods in 2023. The company achieved net product revenues of $478.1 million for Q3 2024, a 12% increase from $426.5 million in Q3 2023. For the nine months, net product revenues rose 8% to $1.294 billion from $1.200 billion. Total revenues for Q3 2024 reached $539.5 million, up 14% from $471.9 million in Q3 2023, and for the nine months, total revenues increased 19% to $1.602 billion from $1.351 billion.
The growth in revenues was primarily driven by increased sales of cabozantinib, particularly in the metastatic renal cell carcinoma (RCC), hepatocellular carcinoma (HCC), and differentiated thyroid cancer (DTC) markets. License revenues also saw a substantial increase, with Q3 2024 license revenues at $60.2 million, a 42% rise from $42.4 million in Q3 2023, and nine-month license revenues soaring 125% to $299.9 million from $133.4 million.
Exelixis reported a net income of $118.0 million for Q3 2024, a significant increase from $1.0 million in Q3 2023. For the nine months, net income was $381.4 million, compared to $122.2 million in the prior year. Basic net income per share for Q3 2024 was $0.41, up from $0.00 in Q3 2023, while diluted net income per share was $0.40, compared to $0.00 in the previous year.
Operating expenses decreased, with total operating expenses for Q3 2024 at $403.5 million, down from $489.5 million in Q3 2023. Research and development expenses for Q3 2024 were $222.6 million, a 33% decrease from $332.6 million in Q3 2023, attributed to lower license and collaboration costs. Selling, general, and administrative expenses also fell by 19% to $111.8 million.
Strategically, Exelixis has been active in restructuring, with a 2024 Restructuring Plan initiated to reduce costs, resulting in $33.4 million in restructuring expenses for the nine months ended September 30, 2024. The company also engaged in stock repurchase programs, completing a $450 million buyback by June 2024 and initiating a new program for up to $500 million in August 2024.
As of September 30, 2024, Exelixis reported total current assets of $1.55 billion, an increase from $1.32 billion at the end of 2023, while total assets slightly rose to $2.96 billion. The company’s total stockholders’ equity increased to $2.28 billion from $2.26 billion at the end of 2023. Cash and cash equivalents decreased to $258.3 million from $263.0 million, reflecting cash outflows for stock repurchases and operational expenses.
About EXELIXIS, INC.
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