Exelixis' Cabozantinib Withstands Increasing Competition in Kidney Cancer; Maintaining $28 FVE
Exelixis reported total revenue of $225 million in the third quarter, up 48% from last year and 21% from last quarter. Revenue came in stronger than we had anticipated, and operating expense came in slightly lower due to the timing of clinical trials before year-end. After some near-term adjustments in our model, we are maintaining our fair value estimate of $28 per share for no-moat Exelixis. Although the oncology landscape is increasingly more competitive, we believe the market is underappreci...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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