Exelixis' Cabozantinib Prospects Remain Strong Despite Increasing Competition in Oncology
No-moat Exelixis reported a solid fourth quarter, with cabozantinib revenue exceeding our expectations, resulting in product revenue of $176 million and collaboration revenue of $52 million. Full-year revenue of over $852 million represents an 88% increase from last year, illustrating the traction that cabozantinib has gained, especially in renal cell carcinoma patients. Further, after adjusting for a $240 million noncash tax benefit (from the release of the valuation allowance of deferred tax a...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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