Exelixis, Inc. (NASDAQ:EXEL) has announced financial results for the recently concluded quarter and full 2015 year along with clinical development milestones and corporate updates for 2016. As per the reports, it expects overall operating expenses for the year 2016 to be between $240 million and $270 million. These expenses include stock-based compensation related noncash items worth $30 million.
Key Priorities For 2016
The year 2016 will bring new challenges and growth opportunities for Exelixis, and the entire management team is up on its toes to cash in on them. Along with financial resources, Exelixis will also focus on opportunities related to cabozantinib in advanced hepatocellular carcinoma and advanced renal cell carcinoma. The regulatory applications for RCC are still under review in the European Union and the United States; therefore, the company is actively trying to commercialize cabozantinib as a treatment for those patients that are suffering from advanced RCC.
Financial Announcement And Future Guidance
According to company’s CEO & President, Michael M. Morrissey, Exelixis has started the year 2016 on a good note, and will try to keep up the momentum in the coming months. Going forward, the operating expenses for the year 2016 will be between $240-270 million.
Before this, Exelixis also announced financials for 2015. It managed to end 4Q2015 with $9.9 million in net revenues. As per the reports, the net product revenue generated through the sale of COMETRIQ covered almost 100% of company’s revenues for the quarter. During the same period in 2014, Exelixis earned a net income of $7.4 million.
For the entire year 2015, net revenues amounted to $37.2 million as compared to $25.1 million revenues in 2014. Research and development expenses for the December quarter were $23.5 million as compared to $39.7 million during the same period in 2014. When it comes to entire year 2015, Exelixis spent $96.4 million on R&D as compared to $189.1 million in 2014.
Going forward, Exelixis will seek more revenue monetization opportunities without increasing expenses, details of which will be announced at a later date.