Exelixis Announces Fourth Quarter And Full Year 2012 Financial Results

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EXELIXIS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
			Three Months Ended December 31,										Year Ended December 31,
			2012					2011					2012					2011
			(unaudited)
Revenues:
Contract			$	3,802				$	15,549				$	20,736				$	41,309
License			4,012					77,565					26,714					245,549
Collaboration reimbursement			—					195					—					2,778
Total revenues			7,814					93,309					47,450					289,636
Operating expenses:
Research and development			32,492					30,778					128,878					156,836
General and administrative			9,829					7,009					31,837					33,129
Restructuring charge			7,467					3,948					9,171					10,136
Total operating expenses			49,788					41,735					169,886					200,101
(Loss) income from operations			(41,974		)			51,574					(122,436		)			89,535
Other income (expense), net:
Interest income and other, net			1,168					(16		)			1,986					1,462
Interest expense			(11,313		)			(4,010		)			(27,088		)			(16,259		)
Gain on sale of business			—					44					—					2,254
Total other income (expense), net			(10,145		)			(3,982		)			(25,102		)			(12,543		)
(Loss) income before income taxes			(52,119		)			47,592					(147,538		)			76,992
Income tax provision			74					1,295					107					1,295
Net (loss) income			$	(52,193	)			$	46,297				$	(147,645	)			$	75,697
Net (loss) income per share, basic			$	(0.28	)			$	0.35				$	(0.92	)			$	0.60
Net (loss) income per share, diluted			$	(0.28	)			$	0.35				$	(0.92	)			$	0.58
Shares used in computing basic net (loss) income per share			183,605					133,795					160,138					126,018
Shares used in computing diluted net (loss) income per share			183,605					133,936					160,138					130,479

EXELIXIS, INC.
CONDENSED CONSOLIDATED BALANCE SHEET DATA (1)
(in thousands)
			December 31, 2012					December 31, 2011
Cash and investments (2)			$	633,961				$	283,721
Working capital			$	350,837				$	136,499
Total assets			$	721,097				$	393,262
Total stockholders' equity			$	296,434				$	90,632

(1) Derived from the audited consolidated financial statements.

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