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EXELIXIS Exelixis Announces First Quarter 2021 Financial Results and Provides Corporate Update May 6 , 2021 - Total Revenues of $ 270.2 Million , Cabozantinib Franchise Revenues of $ 227.2 Million - - Conference Call and Webcast Today at 5:00 PM Eastern Time - ALAMEDA , Calif .-- ( BUSINESS WIRE ) -- May 6 , 2021-- Exelixis , Inc. ( Nasdaq : EXEL ) today reported financial results for the first quarter of 2021 and provided an update on progress toward achieving key corporate objectives , as well as commercial , clinical and pipeline development milestones . " The Exelixis team made significant progress across all components of our business in the first quarter of 2021 , and delivered top - line revenue growth following the U.S. approval of CABOMETYXⓇ in combination with OPDIVOⓇ for first - line renal cell carcinoma in late January , " said Michael M. Morrissey , Ph.D. , President and Chief Executive Officer of Exelixis . " We also executed on a number of key priorities throughout the quarter , including initiating phase 1 clinical development of XL102 , our novel small molecule CDK7 inhibitor , and successfully filing an Investigational New Drug application with the FDA for XB002 , our first antibody - drug conjugate . We continue to focus on key 2021 development and regulatory milestones , and expect to report top - line results in the second quarter from the phase 3 COSMIC - 312 pivotal trial evaluating the combination of cabozantinib and atezolizumab as a first - line treatment in advanced hepatocellular carcinoma , and file up to three supplemental New Drug Applications for cabozantinib across multiple indications by year - end . I look forward to providing updates on our progress throughout the year as we further our efforts to build a leading multi - product oncology company aiming to deliver new therapies and treatment options for the patients we serve . " First Quarter 2021 Financial Results Total revenues for the quarter ended March 31 , 2021 were $ 270.2 million , compared to $ 226.9 million for the comparable period in 2020 . Total revenues for the quarter ended March 31 , 2021 included net product revenues of $ 227.2 million , compared to $ 193.9 million for the comparable period in 2020. The increase in net product revenues was primarily related to an increase in sales volume that was partially driven by strong uptake for the combination therapy of CABOMETYX® ( cabozantinib ) and OPDIVOⓇ ( nivolumab ) following approval by the U.S. Food and Drug Administration ( FDA ) in January of 2021 . Collaboration revenues , composed of license revenues and collaboration services revenues , were $ 43.0 million for the quarter ended March 31 , 2021 , compared to $ 33.0 million for the comparable period in 2020. The increase in collaboration revenues was primarily related to higher royalty revenues for the sales of cabozantinib outside of the U.S. generated by Exelixis ' collaboration partners , Ipsen Pharma SAS ( Ipsen ) and Takeda Pharmaceutical Company Limited ( Takeda ) , and increases in development cost reimbursements . Research and development expenses for the quarter ended March 31 , 2021 were $ 159.3 million , compared to $ 101.9 million for the comparable period in 2020. The increase in research and development expenses was primarily related to increases in license and other collaboration costs , clinical trial costs , personnel expenses and stock - based compensation expense . Selling , general and administrative expenses for the quarter ended March 31 , 2021 were $ 102.4 million , compared to $ 62.9 million for the comparable period in 2020. The increase in selling , general and administrative expenses was primarily related to increases in personnel expenses , marketing costs , corporate giving and stock - based compensation expense , which was partially offset by a decrease in the Branded Prescription Drug Fee . Provision for ( benefit from ) income taxes for the quarter ended March 31 , 2021 was $ ( 3.6 ) million , compared to $ 11.4 million for the comparable period in 2020 , primarily due to the change in pre - tax income ( loss ) . GAAP net income for the quarter ended March 31 , 2021 was $ 1.6 million , or $ 0.01 per share , basic and $ 0.00 per share , diluted , compared to GAAP net income of $ 48.6 million , or $ 0.16 per share , basic and $ 0.15 per share , diluted , for the comparable period in 2020 . Non - GAAP net income for the quarter ended March 31 , 2021 was $ 28.5 million , or $ 0.09 per share , basic and diluted , compared to non - GAAP net income of $ 59.4 million , or $ 0.19 per share , basic and diluted , for the comparable period in 2020. Non - GAAP net income excludes stock - based compensation , adjusted for the related income tax effect . Cash , cash equivalents , restricted cash equivalents and investments were $ 1.6 billion at March 31 , 2021 , compared to $ 1.5 billion at December 31 , 2020 . Non - GAAP Financial Measures To supplement Exelixis ' financial results presented in accordance with U.S. Generally Accepted Accounting Principles ( GAAP ) , Exelixis presents non - GAAP net income ( and the related per share measures ) , which excludes from GAAP net income ( and the related per share measures ) stock - based compensation expense , adjusted for the related income tax effect for all periods presented . Exelixis believes that the presentation of these non - GAAP financial measures provides useful supplementary information to , and facilitates additional analysis by , investors . In particular , Exelixis believes that these non - GAAP financial measures , when considered together with its financial information prepared in accordance with GAAP , can enhance investors ' and analysts ' ability to meaningfully compare Exelixis ' results from period to period , and to identify operating trends in Exelixis ' business . Exelixis has excluded stock - based compensation expense , adjusted for the related income tax effect , because it is a non - cash item that may vary significantly from period to period as a result of changes not directly or immediately related to the operational performance for the periods presented . Exelixis also regularly uses these non - GAAP financial measures internally to understand , manage