Exelixis (EXEL) Q2 FY2024 earnings: revenue $637 million, up 35.6% on the year

Exelixis, Inc. (EXEL) reported revenue of $637 million for Q2 FY2024, the quarter ended 28 June 2024, up 35.6% on the same quarter a year earlier. Net income was $226 million, up 178.5% on the year, and diluted earnings per share $0.77. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2024.

Revenue$637 millionup 35.6%

Net income$226 millionup 178.5%

Diluted EPS$0.77

QuarterQ2 FY2024ended 28 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	637	425	n/a	n/a
Cost of revenue	17.7	21.3	n/a	n/a
Gross profit	620	404	n/a	n/a
Gross margin	97.2%	95.0%	n/a
Research and development	211	228	n/a	n/a
Selling, general and administrative	132	114	n/a	n/a
Operating income	276	29.5	n/a	n/a
Operating margin	43.3%	6.9%	n/a
Income tax	66.7	11.9	n/a	n/a
Net income	226	37.3	n/a	n/a
Net margin	35.5%	8.8%	n/a
Diluted EPS	$0.77	$0.12	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	120	68.8	n/a	n/a
Capital expenditure	6.6	9.7	n/a	n/a
Free cash flow	113	59.1	n/a	n/a
Free cash flow margin	17.7%	13.9%	n/a
Cash from investing	81.8	112	n/a	n/a
Cash from financing	-262	-184	n/a	n/a
Depreciation and amortisation	7.3	6.4	n/a	n/a
Share-based compensation	25.4	19.1	n/a	n/a
Buybacks	264	185	n/a	n/a
Diluted shares, weighted	294m	306m	n/a	n/a
Shares outstanding at period end	285m	295m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	2,120	2,128	n/a	n/a
Operating lease liabilities	198	201	n/a	n/a
Other liabilities	455	474	n/a	n/a
Total liabilities and equity	2,773	2,804	n/a	n/a
Fixed assets	130	127	n/a	n/a
Goodwill	63.7	63.7	n/a	n/a
Investments	1,236	1,333	n/a	n/a
Cash and equivalents	198	260	n/a	n/a
Receivables	397	241	n/a	n/a
Inventory	20.6	21.1	n/a	n/a
Other assets	728	758	n/a	n/a
Total assets	2,773	2,804	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	472	480	425	637	540	567	555	568	598	599	611	629
Cost of revenue	18.8	21.8	21.3	17.7	17.3	20.0	19.2	19.5	18.6	26.5	20.0	20.7
Gross profit	453	458	404	620	522	547	536	549	579	572	591	608
Gross margin	96%	95%	95%	97%	97%	96%	97%	97%	97%	96%	97%	97%
R&D	333	245	228	211	223	249	212	200	199	213	200	212
SG&A	138	131	114	132	112	134	137	135	124	123	140	148
Operating income	-17.6	81.8	29.5	276	136	163	187	214	237	235	251	248
Operating margin	-4%	17%	7%	43%	25%	29%	34%	38%	40%	39%	41%	40%
Net income	1.0	85.5	37.3	226	118	140	160	185	194	245	210	212
Net margin	0%	18%	9%	35%	22%	25%	29%	33%	32%	41%	34%	34%
Diluted EPS	$0.00	$0.27	$0.12	$0.77	$0.40	$0.48	$0.55	$0.65	$0.69	$0.88	$0.79	$0.82
Operating cash flow	117	10.6	68.8	120	271	240	211	49.0	290	334	252	308
Capital expenditure	9.4	13.1	9.7	6.6	8.2	4.0	3.0	2.8	1.5	1.2	1.5	6.8
Free cash flow	108	-2.6	59.1	113	263	236	208	46.2	289	332	250	301
Buybacks	217	209	185	264	11.9	190	284	302	104	258	430	323
Shares outstanding	311m	303m	295m	285m	286m	282m	275m	270m	268m	262m	254m	249m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 28 June 2024, filed 6 August 2024, accession 0000939767-24-000119: the filing on EDGAR. All of Exelixis, Inc.'s filings: EDGAR company page.

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