Exelixis, Inc. (EXEL) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $16.70 million, or $ 0.05 a share in the quarter, against a net loss of $59.22 million, or $0.26 a share in the last year period. Revenue during the quarter surged 424.32 percent to $80.89 million from $15.43 million in the previous year period. Gross margin for the quarter expanded 48 basis points over the previous year period to 96.04 percent.
Operating income for the quarter was $20.19 million, compared with an operating loss of $49.14 million in the previous year period.
"The Exelixis teams progress this quarter is a launching point from which to build throughout 2017 as we work diligently to position the company as a sustainable business focused on improving the treatment of cancer for patients on a global basis," said Michael M. Morrissey, Ph.D., president and chief executive officer of Exelixis. "During the first quarter of 2017, we reached the important milestone for our shareholders of achieving profitability based on operations. In addition, we further advanced cabozantinibs commercialization and clinical development through our ongoing strong execution on the CABOMETYX U.S. launch, made additional progress in our preparations to submit a sNDA for previously untreated patients with advanced RCC, entered into important clinical development collaborations that will evaluate cabozantinib in combination with leading immunotherapies, and granted Japanese rights to a new cabozantinib partner, Takeda."
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