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Exelixis (EXEL)

Founded in 1994, Exelixis, Inc. is a commercially successful, oncology-focused biotechnology company that strives to accelerate the discovery, development and commercialization of new medicines for difficult-to-treat cancers. Following early work in model system genetics, it established a broad drug discovery and development platform that has served as the foundation for its continued efforts to bring new cancer therapies to patients in need. Its discovery efforts have resulted in four commercially available products, CABOMETYX® (cabozantinib), COMETRIQ® (cabozantinib), COTELLIC® (cobimetinib) and MINNEBRO® (esaxerenone), and it has entered into partnerships with leading pharmaceutical companies to bring these important medicines to patients worldwide. Supported by revenues from its marketed products and collaborations, it is committed to prudently reinvesting in its business to maximize the potential of its pipeline. It is supplementing its existing therapeutic assets with targeted business development activities and internal drug discovery - all to deliver the next generation of Exelixis medicines and help patients recover stronger and live longer. Exelixis is a member of the Standard & Poor's (S&P) MidCap 400 index, which measures the performance of profitable mid-sized companies. In November 2020, the company was named to Fortune's 100 Fastest-Growing Companies list for the first time, ranking 17th overall and the third-highest biopharmaceutical company.

Company profile

Ticker
EXEL
Exchange
CEO
Michael M. Morrissey
Employees
Incorporated
Location
Fiscal year end
Former names
EXELIXIS INC
SEC CIK
Subsidiaries
Exelixis Patent Company, LLC • Exelixis Plant Sciences, Inc. • Exelixis U.S., LLC ...
IRS number
43257395

EXEL stock data

Analyst ratings and price targets

Last 3 months

Calendar

10 May 22
12 Aug 22
31 Dec 22
Quarter (USD) Apr 22 Dec 21 Oct 21 Jul 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Jan 21 Jan 20 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
11 Aug 22 Senner Christopher J. Common Stock Payment of exercise Dispose F No No 19.23 152,867 2.94M 518,015
11 Aug 22 Senner Christopher J. Common Stock Option exercise Acquire M No No 6.21 225,000 1.4M 670,882
11 Aug 22 Senner Christopher J. Option Common Stock Option exercise Dispose M No No 6.21 225,000 1.4M 0
3 Aug 22 Haley Patrick J. Common Stock Payment of exercise Dispose F No No 21.49 7,177 154.23K 261,591
3 Aug 22 Haley Patrick J. Common Stock Grant Acquire A No No 0 28,950 0 268,768
3 Aug 22 Hessekiel Jeffrey Common Stock Payment of exercise Dispose F No No 21.49 7,177 154.23K 622,804
3 Aug 22 Hessekiel Jeffrey Common Stock Grant Acquire A No No 0 28,950 0 629,981
3 Aug 22 Lamb Peter Common Stock Payment of exercise Dispose F No No 21.49 7,177 154.23K 418,135
3 Aug 22 Lamb Peter Common Stock Grant Acquire A No No 0 28,950 0 425,312
3 Aug 22 Senner Christopher J. Common Stock Payment of exercise Dispose F No No 21.49 8,074 173.51K 445,882
84.6% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 362 326 +11.0%
Opened positions 72 44 +63.6%
Closed positions 36 56 -35.7%
Increased positions 119 131 -9.2%
Reduced positions 110 101 +8.9%
13F shares Current Prev Q Change
Total value 6.93B 5.23B +32.7%
Total shares 271.25M 271.5M -0.1%
Total puts 633.1K 712.8K -11.2%
Total calls 1.51M 572.2K +164.0%
Total put/call ratio 0.4 1.2 -66.4%
Largest owners Shares Value Change
BLK Blackrock 32.88M $745.49M +1.9%
Vanguard 30.27M $686.19M +0.7%
FMR 17.2M $389.93M -8.5%
Renaissance Technologies 16.86M $382.27M -1.4%
TROW T. Rowe Price 15.77M $357.59M -7.8%
JPM JPMorgan Chase & Co. 12.05M $273.1M +0.9%
STT State Street 11.38M $257.92M +0.7%
Farallon Capital Management 10.52M $238.49M +18.7%
Meditor 8.98M $203.67M -10.4%
Point72 Asset Management 6.85M $155.39M +62.3%
Largest transactions Shares Bought/sold Change
Norges Bank 0 -3.03M EXIT
Point72 Asset Management 6.85M +2.63M +62.3%
Lazard Asset Management 429.3K -2.44M -85.0%
Polar Capital 2.36M -2.04M -46.4%
Farallon Capital Management 10.52M +1.66M +18.7%
American Century Companies 1.71M +1.66M +3235.4%
FMR 17.2M -1.6M -8.5%
TROW T. Rowe Price 15.77M -1.33M -7.8%
Candriam Luxembourg S.C.A. 1.58M -1.07M -40.4%
Meditor 8.98M -1.05M -10.4%

Financial report summary

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Risks
  • Our ability to grow our company is dependent upon the commercial success of CABOMETYX in its approved indications and the continued clinical development, regulatory approval, clinical acceptance and commercial success of the cabozantinib franchise in additional indications.
  • Our ability to grow revenues from sales of CABOMETYX depends upon the degree of market acceptance among physicians, patients, healthcare payers, and the medical community.
  • Our competitors may develop products and technologies that impair the relative value of our marketed products and any future product candidates.
  • If we are unable to maintain or increase our sales, marketing, market access and product distribution capabilities for our products, we may be unable to maximize product revenues, which could have a material adverse impact on our business, financial condition and results of operations.
  • If we are unable to obtain or maintain coverage and reimbursement for our products from third-party payers, our business will suffer.
  • Current healthcare laws and regulations in the U.S. and future legislative or regulatory reforms to the U.S. healthcare system may affect our ability to commercialize our marketed products profitably.
  • Pricing for pharmaceutical products in the U.S. has come under increasing attention and scrutiny by federal and state governments, legislative bodies and enforcement agencies. This may result in actions that have the effect of reducing our revenue or harming our business or reputation.
  • Lengthy regulatory pricing and reimbursement procedures and cost control initiatives imposed by governments outside the U.S. could delay the marketing of and/or result in downward pressure on the price of our approved products, resulting in a decrease in revenue.
  • The timing of the entrance of generic competitors to CABOMETYX and legislative and regulatory action designed to reduce barriers to the development, approval and adoption of generic drugs in the U.S. could limit the revenue we derive from our products, most notably CABOMETYX, which could have a material adverse impact on our business, financial condition and results of operations.
  • We are subject to healthcare laws, regulations and enforcement; our failure to comply with those laws could have a material adverse impact on our business, financial condition and results of operations.
  • We are subject to laws and regulations relating to privacy, data protection and the collection and processing of personal data. Failure to maintain compliance with these regulations could create additional liabilities for us.
  • Clinical testing of cabozantinib for new indications, or of new product candidates, is a lengthy, costly, complex and uncertain process that may fail ultimately to demonstrate safety and efficacy data for those products sufficiently differentiated to compete in our highly competitive market environment.
  • The regulatory approval processes of the FDA and comparable foreign regulatory authorities are lengthy, uncertain and subject to change, and may not result in regulatory approvals for additional cabozantinib indications or for our other product candidates, which could have a material adverse impact on our business, financial condition and results of operations.
  • We may be unable to expand our discovery and development pipeline, which could limit our growth and revenue potential.
  • Our profitability could be negatively impacted if expenses associated with our extensive clinical development, business development and commercialization activities, both for the cabozantinib franchise and our earlier-stage product candidates, grow more quickly than the revenues we generate.
  • If additional capital is not available to us when we need it, we may be unable to expand our product offerings and maintain business growth.
  • We rely on Ipsen and Takeda for the commercial success of CABOMETYX in its approved indications outside of the U.S., and we are unable to control the amount or timing of resources expended by these collaboration partners in the commercialization of CABOMETYX in its approved indications outside of the U.S.
  • Our clinical, regulatory and commercial collaborations with major companies make us reliant on those companies for their continued performance and investments, which subjects us to a number of risks.
  • Our growth potential is dependent in part upon companies with which we have entered into research collaborations, in-licensing arrangements and similar business development relationships.
  • If third parties upon which we rely to perform clinical trials for cabozantinib in new indications or for new product candidates do not perform as contractually required or expected, we may not be able to obtain regulatory approval for or commercialize cabozantinib or other product candidates beyond currently approved indications.
  • We lack our own manufacturing and distribution capabilities necessary for us to produce materials required for certain preclinical activities and to produce and distribute our products for clinical development or for commercial sale, and our reliance on third parties for these services subjects us to various risks.
  • If third-party scientific advisors and contractors we rely on to assist with our drug discovery efforts do not perform as expected, the expansion of our product pipeline may be delayed.
  • Data breaches, cyber-attacks and other failures in our information technology operations and infrastructure could compromise our intellectual property or other sensitive information, damage our operations and cause significant harm to our business and reputation.
  • If we are unable to adequately protect our intellectual property, third parties may be able to use our technology, which could adversely affect our ability to compete in the market.
  • Litigation or third-party claims of intellectual property infringement could require us to spend substantial time and money and adversely affect our ability to develop and commercialize products.
  • If the COVID-19 pandemic is further prolonged or becomes more severe, our business operations and corresponding financial results could suffer, which could have a material adverse impact on our financial condition and prospects for growth.
  • If we are unable to manage our growth, there could be a material adverse impact on our business, financial condition and results of operations, and our prospects may be adversely affected.
  • The loss of key personnel or the inability to retain and, where necessary, attract additional personnel could impair our ability to operate and expand our operations.
  • We use hazardous chemicals and biological materials in our business. Any claims relating to improper handling, storage or disposal of these materials could be time consuming and costly.
  • We face potential product liability exposure far in excess of our limited insurance coverage.
  • Our stock price has been and may in the future be highly volatile.
  • Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of us, which may be beneficial to our stockholders, more difficult and may prevent or deter attempts by our stockholders to replace or remove our current management, which could cause the market price of our common stock to decline.
Management Discussion
  • During the first quarter of 2022, we continued to execute on our business objectives, generating significant revenues from operations and enabling us to continue to seek to maximize the clinical and commercial potential of our products and expand our product pipeline. Significant business updates and financial highlights for the quarter and subsequent to quarter-end include:
  • •In January 2022, we appointed Vicki L. Goodman, M.D., as Executive Vice President, Product Development & Medical Affairs, and Chief Medical Officer. Dr. Goodman had previously served as Vice President, Clinical Research and Therapeutic Area Head, Late Stage Oncology at Merck & Co.
  • •In January 2022, we announced the completion of enrollment for CONTACT-03, a phase 3 pivotal trial evaluating the efficacy and safety of cabozantinib in combination with atezolizumab versus cabozantinib alone in patients with locally advanced or metastatic RCC who progressed during or following treatment with an ICI as the immediate preceding therapy. Based on current event rates, we anticipate announcing results of PFS and the first interim OS analysis in the second half of 2022.

Content analysis

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Positive
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Legalese
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Readability
H.S. junior Avg
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