Exelixis 1Q Loss Narrows On Lower Costs

SOUTH SAN FRANCISCO, Calif. (AP) — Biotechnology company Exelixis Inc. said Thursday its first-quarter loss narrowed on lower research and development expenses.

Exelixis lost $36.2 million, or 34 cents per share, compared with a loss of $41.3 million, or 39 cents per share, a year earlier. Revenue fell 9 percent to $25.3 million from $27.9 million.

Analysts polled by Thomson Reuters expected a loss of 33 cents per share on revenue of $35.5 million.

The revenue decrease comes as the company concludes some collaborations, though it was partially offset by a license fee payment from Bristol-Myers Squibb Co. for a cancer treatment program.

Exelixis is a development-stage company. The drugs it is working on include potential treatments for metabolic and cardiovascular disorders.

Operating expenses fell 17 percent to $62.1 million.

Shares of Exelixis rose 41 cents, or 8.9 percent, to $5 in after-hours trading after rising 1 cent to close at $4.59 during the regular trading session.