Exelixis Sentiment Boosted by Strong 1Q Cabozantinib Uptake in 1L Kidney Cancer; Shares Undervalued
Stronger-than-expected cabozantinib sales in kidney cancer this quarter prompted our increased full-year forecast for Exelixis’ franchise. The December launch of cabozantinib in the frontline kidney cancer market, coupled with a halo effect on second- and third-line patients, contributed to healthy U.S. growth. Our raised forecast was offset by updates to our full-year operating expense estimates in line with guidance, which resulted in no changes to our $28.50 per share fair value estimate for ...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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