Exelixis +7.2% to five-year high after healthy Q2 beat

|By:, SA News Editor

After the stock moved to a new 52-week high during market hours, Exelixis (EXEL +2.6%) has jumped another 7.2% after hours following a surprising beat on top and bottom lines in its Q2 earnings.

Shares were quoting at $10.07 after hours, a five-year high.

Revenues rose to $36.3M from a year-ago $8M thanks to the commercial launch of Cabometyx, its cabozantinib treatment for patients with advanced renal cell carcinoma, as well as higher revenues from its Cometriq product. Cabometyx launched in late April.

Research and development expense for the quarter was $23M vs. a year-ago $24.5M.

The company provided refined guidance for the full year, saying operating expenses would be between $250M and $270M (including $30M in noncash items).

Press Release

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