Exelixis: 2Q Earnings Snapshot
SOUTH SAN FRANCISCO, Calif. (AP) _ Exelixis Inc. (EXEL) on Wednesday reported second-quarter earnings of $87.5 million.
The South San Francisco, California-based company said it had net income of 28 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 15 cents per share.
The drug developer posted revenue of $186.1 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $153.3 million.
Exelixis shares have dropped 32 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $20.52, a fall of 22 percent in the last 12 months.