Exelixis Announces Preliminary FY23 Financial Results, Provides 2024 Financial Guidance, And Outlines Key Priorities And Milestones For 2024; Sees FY23 Revenue Of $1.83B Vs $1.84B Est.; Sees FY24 Revenue $1.825B-$1.925B Vs $2.06B Est.
Portfolio Pulse from Benzinga Newsdesk
Exelixis announced preliminary FY23 financial results, projecting revenues of $1.83B, slightly below the $1.84B estimate. The company also provided FY24 revenue guidance of $1.825B-$1.925B, which is below the $2.06B estimate. Key priorities for 2024 include label expansions for CABOMETYX, advancing zanzalintinib, XB002, and XL309, and moving three preclinical programs into clinical development. Exelixis plans a corporate restructuring to focus on R&D and has announced an additional $450 million share repurchase following a $550 million repurchase in 2023.
January 07, 2024 | 10:29 pm
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Exelixis's FY23 revenue forecast is slightly below estimates, and FY24 guidance is also lower than expected. The company is focusing on R&D and has announced significant share repurchases.
The lower than expected revenue forecast for FY23 and FY24 may negatively impact investor sentiment in the short term. However, the focus on R&D and share repurchases could be seen as positive for long-term value creation, but these factors may not fully mitigate the immediate negative reaction to the revenue miss.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100