Q2 2024 Exelixis Inc Earnings Call Transcript
Key Points
- Strong financial performance with top and bottom-line growth driven by the cabozantinib franchise.
- CABOMETYX maintained its status as the leading TKI for RCC in the US, with significant revenue growth.
- Global cabozantinib franchise net product revenues grew to $618 million in Q2 2024.
- Exelixis earned a $150 million commercial milestone from Ipsen, highlighting the strength of the Cabo franchise.
- The company announced a new $500 million share repurchase program, reflecting strong financial health.
- Discontinuation of XB002 due to its inability to improve upon existing tissue factor targeting ADCs.
- Gross-to-net for the cabozantinib franchise decreased to 27.6%, primarily due to lower Medicare Part D and other expenses.
- The final overall survival analysis for CONTACT-02 did not reach statistical significance.
- No plans to file COSMIC-313 for label extension due to lack of OS benefit and evolving treatment landscape.
- Increased SG&A expenses due to pre-launch costs for the potential NET indication.
Ladies and gentlemen, and welcome to the Exelixis second quarter 2024 financial results conference call. My name is Tawanda, and I'll be your operator for today. As a reminder, this call is being recorded for replay purposes.
I would now like to turn the call over to your host for today, Ms. Susan Hubbard, Executive Vice President of Public Affairs and Investor Relations. You may begin.
Thank you, Tawanda, and thank you all for joining us for the Exelixis second quarter 2024 financial results conference call. Joining me on today's call are Mike Morrissey, our President and CEO; Chris Senner, our Chief Financial Officer; P.J. Haley, our Executive Vice President of Commercial; Amy Peterson, our Chief Medical Officer; and Dana Aftab, our Chief Scientific Officer, who together will review our progress for the second quarter 2024 ended June 30, 2024.
During the call today, we will refer to financial measures not calculated according to generally accepted accounting principles. Please refer
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