1Q Cabometyx Demand Sees Uptick; Increasing Our Exelixis FVE Marginally
The launch of Cabometyx in advanced kidney cancer showed healthy growth in the first quarter, allowing Exelixis to surface out of the red. We are increasing our fair value estimate to $17.20 per share from $16.70 to reflect our updated outlook on the pacing of cabozantinib sales over the full year. We believe contained operating expense growth coupled with the expansion of cabozantinib in its currently approved indications will set the firm up for its first full year of profitability. Our valuat...Exelixis is an oncology-focused biotechnology company that involved in the discovery, development and commercialization of new medicines for cancers. The company's marketd products are: CABOMETYX? (cabozantinib) tablets for renal cell carcinoma and previously treated hepatocellular carcinoma; and COMETRIQ? (cabozantinib) capsules for progressive, metastatic medullary thyroid cancer. The company's products resulting from its discovery efforts are: COTELLIC? (cobimetinib), an inhibitor of MEK approved as part of a combination regimen to treat melanoma; and MINNEBRO? (esaxerenone), an oral, non-steroidal, selective blocker of the mineralocorticoid receptor approved for the treatment of hypertension in Japan.
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