Home / Business and Economy / Exelixis Stock Plunges 16.78% After Dismal Q2 Earnings
Exelixis Stock Plunges 16.78% After Dismal Q2 Earnings
30 Jul
Summary
- Exelixis, Inc. (NASDAQ:EXEL) stock dropped 16.78% on Tuesday
- Q2 net income fell 18% to $185 million from $226 million last year
- Revenues declined 10.8% to $568 million from $637 million year-over-year
Exelixis, Inc. (NASDAQ:EXEL) stock nosedived by 16.78% on Tuesday, closing at $36.94 per share, as investors reacted to the company's weak financial results in the second quarter of 2023.
In its latest earnings release, Exelixis reported that net income during the period dropped by 18% to $185 million, down from $226 million in the same quarter of 2022. Revenues also declined by 10.8%, falling from $637 million in Q2 2022 to $568 million in the most recent quarter.
For the full-year 2023, Exelixis expects total revenues to range between $2.25 billion and $2.35 billion, while net product revenues are projected to settle in the $2.05 billion to $2.15 billion range. The company stated that it "continued to execute on our corporate objectives in the second quarter," despite the disappointing financial performance.
