Exelixis Q2 Loss Narrows - Quick Facts

(RTTNews) - Exelixis Inc. (EXEL) reported a second quarter net loss of $43.4 million, or $0.22 per share, compared to a loss of $73.4 million, or $0.38 per share, for the comparable period in 2014. The company said the decreased net loss for the quarter was primarily due to decreases in research and development expenses and selling, general and administrative expenses and an increase in product revenues.

On average, five analysts polled by Thomson Reuters expected the company to report a loss per share of $0.21 for the quarter. Analysts' estimates typically exclude special items.

Net revenues were $8.0 million, compared to $6.6 million for the comparable period in 2014. Net revenues consisted entirely of product revenue related to the sale of COMETRIQ. Analysts expected revenue of $8.69 million for the quarter.

Research and development expenses were $24.5 million, compared to $51.0 million for the comparable period in 2014. The company said the decrease was primarily related to a net decrease in clinical trial costs, predominantly due to decreases in costs related to COMET-1 and COMET-2, the company's phase 3 trials in metastatic castration-resistant prostate cancer, and decreases in personnel related expenses resulting from an overall reduction in headcount.