(EXEL) Exelixis Pharma First Quarter Report Narrows Loss

May 17th, 2010

Exelixis Pharma (EXEL) reported a first quarter loss per share of 25 cents, better than a loss of 34 cents in the year-ago period. However Incorporatedluding restructuring expenses of $16.1 million, loss per share came in at 40 cents. The Zacks Consensus Estimate for the period was a loss of 31 cents.

Exelixis Pharma does not have any marketed product and earns revenues primarily from contract and licenses. The company reported $42.2 million in revenues, up 67% compared to the first quarter of 2009.

The primary reason for the increase was higher revenues from its collaborative agreement with Sanofi-Aventis (SNY). In addition, a $7 million milestone payment from Genentech also contributed to higher revenues. This was partially offset by lower revenues from its collaboration with Bristol-Myers Squibb (BMY).

With development in the company’s pipeline, research and development (R&D) expenses increased 17% to $64.8 million. General and administrative expenses increased marginally to $8.8 million.

In addition to quarterly results, Exelixis provided an update on its pipeline. Currently, the company is totally focused on the development of its late/mid stage candidates such as XL184, XL147 and XL765. For XL147, a phase Ib/II and phase II trials has been initiated for breast cancer and endometrial cancer respectively. The company is holding discussions with several potential collaborative partners for its promising pipeline candidates.

Exelixis exited the quarter with $168.5 million in cash, cash equivalents, marketable securities and long term investments, down from $221 million at the end of December 2009. During the conference call, the company announced that it is on track to achieve $90 million in savings in 2010 and 2011 from its restructuring initiatives.

Current investor focus is primarily on the upcoming annual meeting of American Society of Clinical Oncology where Exelixis will present data on many of its pipeline candidates.

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