Update On Exelixis, Inc. (NASDAQ:EXEL)

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Dallas, Texas 03/19/2014 (FINANCIALSTRENDS) –  Exelixis, Inc. (NASDAQ:EXEL), a biotechnology company which is engaged into developing small a molecule therapies for cancer treatment, recently announced that the company’s president and chief executive officer Michael M. Morrissey presented at the 34th Annual Cowen and Company Health Care Conference.

The company, last, reported its financial results for fourth quarter and full year of 2013 earnings on February 20. Net revenues for the fourth quarter were $4.3 million, as compared with $7.8 million for the same period in 2012. The company reported a net loss of $70.7 million, or $0.38 loss per share, as compared to net loss of $52.2 million, or $0.28 loss per share, for the same quarter last year.

However, for full year ended December 31, 2013, Exelixis, Inc. (NASDAQ:EXEL) posted net revenues of $31.3 million, as compared with $47.5 million reported last year. And, the net loss for the year was $244.8 million, or $1.33 loss per share, compared to net loss of $147.6 million, or $0.92 loss per share posted a year ago.

According to the company, the increase in expenses of research and development and general administration led the increase in net loss during Q4 as well as FY 2013.

As of December 31, 2013, Exelixis, Inc. (NASDAQ:EXEL) had total $415.9 million in cash and cash equivalents, short- and long-term investments and short- and long-term restricted cash and investments.

“For the full year 2014, Exelixis does not expect any significant contract and license revenue in 2014 and is not providing guidance on expected revenue from COMETRIQ product sales at this time,” the company stated.

Exelixis targets total costs and expenses to be between $250 and $280 million, including non-cash expenses of $16-$18 million. The company expects interest expense of about $47 million, which includes non-cash charges of $28 million. At the end of 2014, Exelixis expects its cash and cash equivalents to be more than $200 million.

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