Exelixis, Inc. (EXEL) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $35.12 million, or $ 0.12 a share in the quarter, against a net loss of $41.57 million, or $0.18 a share in the last year period.
Revenue during the quarter surged 680.65 percent to $77.58 million from $9.94 million in the previous year period. Gross margin for the quarter expanded 791 basis points over the previous year period to 97.61 percent.
Operating income for the quarter was $38.88 million, compared with an operating loss of $31.60 million in the previous year period.
"2016 marked an inflection point for Exelixis, with the U.S. approval and launch of CABOMETYX, and the emergence of key data sets that have supported a significantly expanded late-stage clinical development program for cobimetinib. At the same time, we secured important partnerships and collaborations that will further advance the cabozantinib franchise on a global basis and improved our balance sheet, providing strength and flexibility as we move forward," said Michael M. Morrissey, Ph.D., President and Chief Executive Officer of Exelixis.
2017 Financial Guidance The company is providing guidance that total costs and operating expenses for the full year will be between $290 million and $310 million. This guidance includes approximately $25 million of non-cash costs and expenses related primarily to stock-based compensation expense.
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