Unveiling Exelixis’ Business Progress
Exelixis, the renowned biotech company, recently disclosed its financial results for the second quarter of 2024. The company showcased an impressive display of growth across various facets of its operations. The call, hosted by the adept Susan Hubbard, Executive Vice President of Public Affairs and Investor Relations, highlighted key accomplishments achieved by Exelixis in the quarter ended June 30, 2024.
A Gleam of Financial Success
Exelixis reported robust financial performance for Q2, marked by significant top and bottom-line expansion. The exceptional growth was primarily attributed to the robust performance of the cabozantinib franchise on a global scale. The steadfast momentum in the cabozantinib business fueled demand and revenue growth, both quarter over quarter and year over year. Noteworthy was CABOMETYX’s persistent dominance as the leading TKI for RCC in the U.S., with a remarkable 16% quarter-over-quarter increase in cabo franchise net product revenues compared to Q1 2024, and a commendable 7% surge year over year relative to Q2 2023.
The global cabozantinib franchise’s net product revenues, inclusive of Exelixis and its partners, soared to a notable $618 million in the second quarter of 2024. Furthermore, the company achieved a substantial $150 million commercial milestone from Ipsen during the same quarter, underscoring the continued robustness of the cabo franchise on a global front. The stellar financial performance in net product revenue and total revenue, coupled with stringent cost management, propelled Exelixis’ net income growth, setting a solid foundation for future accomplishments.
Paving the Path to Growth
Building on the success of cabo’s leadership in RCC, Exelixis is brimming with optimism regarding the prospects of exploring new indications like NET to propel future cabo growth. The company envisages this as another avenue to potentially establish itself as a market leader. Noteworthy was the acceptance of Exelixis’ cabo sNDA submission, backed by the Cabinet data, with a standard review and a scheduled PDUFA date in early April 2025. The commitment to advancing the net indication from both clinical and regulatory standpoints underscores the company’s unwavering dedication to transforming cancer care.