Published on 30 Apr 2024 on GuruFocus.com via Yahoo Finance
Exelixis Inc (EXEL) Q1 2024 Earnings: Mixed Results Amidst Restructuring Efforts
Total Revenue: Reported at $425.2 million for Q1 2024, showing an increase from $408.8 million in Q1 2023, but fell short of the estimated $460.62 million.Net Income: GAAP net income reached $37.3 million, or $0.12 per share, slightly below the estimated $75.48 million.Earnings Per Share (EPS): GAAP diluted EPS was $0.12, significantly below the estimated $0.24; Non-GAAP diluted EPS stood at $0.17.Research and Development Expenses: Decreased to $227.7 million in Q1 2024 from $234.2 million in the same period last year, reflecting a more focused allocation of resources.Selling, General and Administrative Expenses: Reduced to $114.0 million from $131.4 million year-over-year, indicating effective cost management.Restructuring Expenses: Incurred $32.8 million related to severance, employee-related costs, and asset impairments.Share Repurchase Program: $190.7 million worth of common stock repurchased at an average price of $22.08 per share as part of ongoing shareholder return initiatives.
Warning! GuruFocus has detected 3 Warning Signs with EXEL.