Exelixis' $28.50 FVE Unchanged After 4Q Results; Near-Term Catalysts Offset by Long-Term Threats
Exelixis' fourth-quarter results fell roughly in line with our expectations, and we do not plan on changing our $28.50 per share fair value estimate. We increased our near-term operating costs—beyond our original hike for 2018 to support Exelixis’ pivotal trials—to fall in line with management’s full-year guidance. Label expansion of Exelixis' lead molecule into frontline kidney cancer and anticipated approval in liver cancer provide near-term momentum for the firm. However, we hesitate to award...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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