Exelixis Inc. (NASDAQ:EXEL) Reports Revenue Of $231.1 Million In Q3 2020 As Cabozantinib Prescriptions Drop

Exelixis Inc. (NASDAQ:EXEL) has announced its Q3 2020 results in which revenue was $231.1 million and also offered an update about the progress of its corporate objectives and clinical development milestones.

Exelixis reports $168.6 million cabozantinib sales

Total revenue in the quarter included cabozantinib net product revenue of $168.6 million which was a drop from last year because of a decline in sales volumes due to pandemic-induced decrease in prescriptions.

Michael M Morrissey the company’s CEO and President, said that they built the foundation in the third quarter to accelerate CABOMETYX® (cabozantinib) revenue growth in 2021. Morrissey said that following the results of CheckMate-9ER Phase 3 study, the company and Bristol Myers Squibb finalized their regulatory filings respectively for the combination in August. The study evaluated the combination of cabozantinib and nivolumab in advanced renal cell carcinoma patients. The company presented the initial study results during the virtual 2020 ESMO congress in September. In October, Exelixis announced that the FD had granted it Priority Review designation and issued an action date of February 20, 2021. The company is launch-ready and equipped to support the new combination.

Exelixis presents XLO92 clinical data

Morrissey also said that the company is working to optimize the commercial and clinical potential of cabozantinib and they are building other diversified pipelines. Recently the company presented preclinical profile and preliminary pharmacokinetic clinical data for its next-gen oral tyrosine kinase inhibitor, XLO92. The tyrosine kinase inhibitor is building on experience of cabozantinib. The data reported has been encouraging, and Xelixixs expanded the phase 1 trial to evaluate a combination of XLO92 and atezolizumab in various solid tumours with enrolment currently underway. Morrissey said that the XLO92 program is essential in the growing Exelixis pipeline and it is an opportunity to boost growth to new considerable indications with unmet need.

Exelixis also strengthened its business development activities in the quarter by adding two collaboration and license agreements. The company’s efforts to expand the depth and breadth of its discovery pipeline beyond small molecules and the investment in XLO92 and cabozantinib will drive top-line growth for Exelixis.