Exelixis, Inc. (NASDAQ: EXEL) shares after the company reported upbeat Q3 earnings.
Total revenues for the quarter ended September 30, 2018 were $225.4 million, compared to $152.5 million for the comparable period in 2017.
The Alameda, California-based company also reported that net income for the quarter was $126.6 million, or $0.42 per share, basic and $0.41 per share, diluted, compared to $81.4 million, or $0.28 per share, basic and $0.26 per share, diluted, for the comparable period in 2017.
The increase in net income was primarily the result of increases in net product revenues and collaboration revenues, which was partially offset by the increases in research and development and selling, general and administrative expenses.
The company is updating its guidance that total costs and operating expenses for the full year will be between $410 million and $420 million.
This guidance includes approximately $50 million of non-cash costs and expenses related primarily to stock-based compensation expense.
According to CEO Michael Morrissey, "In the third quarter of 2018, we continued to grow our commercial business and make significant clinical development and regulatory progress for our pipeline.
"This will include studies evaluating cabozantinib in combination with leading immunotherapies, an approach supported by encouraging clinical data, including phase 1b dose escalation results of cabozantinib plus atezolizumab in advanced renal cell carcinoma presented at the 2018 European Society for Medical Oncology Congress last month."
Shares in Exelixis leaped $2.56, or 17.1%, near the end of the day and the week to $17.51
