Exelixis Inc (EXEL) Q2 2019 Earnings Call Transcript

All right. Many thanks, Susan, and because of everyone for signing up for us on the decision today. Exelixis had a strong Q2 with important progress across all components of our business. We maintained a strong momentum even as we grow CABOMETYX earnings, progress our cabozantinib development program, and diversify our oncology pipeline with new brokers from exterior and inner sources.

I’ll begin today by providing a brief summary of our Q2 milestones and then convert the call over to Chris, Peter, Gisela, and PJ to review important the different parts of our business. 0.29 per share. Our Q2 results confirm that cabozantinibs best in course TKI profile can drive strong growth when confronted with competition from three different ICI centered mixtures in RCC. Second, our cabozantinib development program aggressively continues to move forwards, as we advance for ongoing pivotal trials and showcase important progress in the prostate tumor and ICI refractory non-small cell lung cancers cohorts of the COSMIC 0.21 trial.

And third, today’s announcement of an easy multi-target collaboration with Aurigene that suits our attempts to build a varied early stage pipeline. Our progress throughout Q2 highlights the company’s performance across, a lot of parts of our business throughout a powerful time for both RCC and HCC indications. Our overall strategic goals remain the same. We seek to develop revenues, manage expenses carefully, and we reinvest free cash to create a diversified business with the capacity of long-term sustainable growth. So with that, I’ll turn the call to Chris who’ll provide additional information on our Q2 2019 financials.

46.6 million in cooperation revenues from the company’s commercial collaboration partners, Daiichi-Sankyo and Takeda. 13.1 million or around 8% and was mainly driven by a rise in product quantity. 20 million milestone from Daiichi-Sankyo for the commercial start of MINNEBRO tablets as a treatment for patients with hypertension in Japan.

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66.5 million of cabozantinib sales. 12.6 million in an upfront payment and initial R&D financing for the scheduled program. 0.29 per share on a fully diluted basis. 12 million of stock-based compensation expense and change for the related income tax effect. Embracing our financial guidance Now. The ongoing company is updating its financial assistance for 2019. Cost of goods sold is expected to be between 4% and 5% of net product revenues.

This updated guidance reflects the upsurge in expenses from the two recent business development transactions iconic and source. 40 million. Guidance for the effective taxes rate in 2019 is between 21% and 23%. And with that, I’ll turn the call over to Peter. Thanks, Chris. So we’re very happy to announce a new oncology discovery collaboration with Aurigene, a little-molecule drug finding company based in Bangalore, India. That is a broad cooperation involving a complete of six programs, including three internally developed Aurigene programs that are either at the preclinical development of business lead marketing stage and three additional de novo programs around mutually agreed targets.