Exelixis, Inc. (EXEL) saw its loss narrow to $11.28 million, or $0.04 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $45.54 million, or $0.21 a share.
Revenue during the quarter surged 531.15 percent to $62.19 million from $9.85 million in the previous year period. Gross margin for the quarter expanded 1046 basis points over the previous year period to 96.05 percent.
Operating income for the quarter was $7.26 million, compared with an operating loss of $35.78 million in the previous year period.
"The third quarter of 2016 was an important inflection point for Exelixis. We recorded our first full quarter of CABOMETYX sales and also made significant progress on our path towards becoming a profitable, fully integrated, commercial biopharmaceutical company," said Michael M. Morrissey, Ph.D., president and chief executive officer of Exelixis. "Feedback from prescribers, as well as performance to date, suggest that clinicians treating advanced renal cell carcinoma see CABOMETYX as a differentiated therapy and are increasingly incorporating it into their practice.
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