Cancer therapy biotech Exelixis (NASDAQ:EXEL) reported third-quarter results yesterday after the markets closed, showing that total revenues tumbled 59% to $5.5 million from $13.3 million in the same period in the previous year, but it was right in-line with the Capital IQ consensus estimate.
While net losses widened to $67.1 million, or $0.36 per share, more than double the $32.8 million, or $0.20 per share loss reported in the same period in 2012, it was a penny-per-share better than the CapIQ estimates of $0.37 per share.
The change in fortunes for Exelixis was not unexpected and came as a result of having depleted deferred revenues received from Bristol-Myers Squibb and a milestone payment received from Daiichi Sankyo. Its medullary thyroid cancer therapy Cometriq became commercially available this past January, which contributed the revenues it recorded, and it believes 2014 will show the "potential read out of a total of four phase 3 pivotal trials."
The biotech didn't provide guidance for the coming quarter or for its full-year 2013 results, but analysts anticipate Exelixis will post losses of $0.37 per share in the fourth quarter and $1.33 per share for the fiscal year on revenues of $6.2 million and $33.5 million, respectively.
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