Short answer
Exelixis Inc (EXEL) filed its fiscal 2018 10-K annual report with the SEC on Feb 22, 2019. It reported revenue of $854M (+88.7% year over year) and net income of $690M.
- Top risk flagged: Healthcare law exposure: Anti-Kickback Statute and False Claims Act violations could trigger treble damages, penalties, exclusion from Medicare and Medicaid
FY2018 key financial metrics · XBRL
- Revenue
- $854M
- +88.7% YoY
- Net income
- $690M
- +347.4% YoY
- Operating margin
- 51.4%
- +14.7 pp YoY
- Gross margin
- 18.2%
- −2.1 pp YoY
- EPS (diluted)
- $2.21
- +351.0% YoY
- ROE
- 53.6%
- −0.5 pp YoY
- Operating cash flow
- $416M
- +151.0% YoY
Source: XBRL data from the Exelixis Inc (EXEL) FY2018 10-K on SEC EDGAR. USD.
Exelixis Inc FY2018 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Oncology-focused biopharma commercializing CABOMETYX and COMETRIQ, supported by royalties, collaborations and internal drug development
- CABOMETYX expanded into first-line RCC in Europe and previously treated HCC globally, with Japanese launch potential through Takeda
- Strategic shift toward fully integrated oncology company, reinitiating discovery and pursuing targeted pipeline transactions
- U.S. CABOMETYX and COMETRIQ product revenue reached $619.3 million, up from $349.0 million in 2017
- New pipeline initiatives included XL092, StemSynergy CK1α compounds and Invenra multispecific antibodies
Management Discussion & Analysis
- Total revenue $853.8M, up from $452.5M; net product revenue $619.3M, led by CABOMETYX $599.9M
- Net income $690.1M vs $154.2M; $244.1M tax benefit from valuation allowance release
- Worst product performer: COMETRIQ revenue $19.3M, down 23% from $25.0M
- Operating cash flow $415.7M; capex $33.3M, investment purchases $557.8M, no buybacks or dividends disclosed
- 2019 risks: competition, generic pressure, reimbursement constraints, clinical-development and regulatory uncertainty
Risk Factors
- Healthcare law exposure: Anti-Kickback Statute and False Claims Act violations could trigger treble damages, penalties, exclusion from Medicare and Medicaid
- Brexit exposure: UK contract manufacturers supply EU product, with potential tariffs and divergent regulatory requirements disrupting distribution
- Supply-chain vulnerability: No internal manufacturing or distribution facilities, with third parties responsible for CABOMETYX and COMETRIQ production
- Competitive disruption: Immunotherapy combinations and generic cabozantinib could erode CABOMETYX pricing and market share
- Revenue concentration: Continued cash generation depends heavily on CABOMETYX commercialization in RCC and HCC indications
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.