Maintaining $28 FVE Following Exelixis' 1Q Results; Cabometyx Sales Boosted by Liver Cancer Approval
Exelixis reported a solid first quarter, with total revenue of $215.5 million, essentially flat from last year, and operating expenses ramping up in line with our expectations as the company has several late-stage trials ongoing. We don't anticipate any changes to our fair value estimate of $28 per share, and we are maintaining our no-moat rating for Exelixis.Cabometyx, approved in kidney cancer and second-line liver cancer, contributed nearly $176 million, up 36% from last year and 2.5% sequen...
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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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