ALAMEDA, Calif. (AP) — ALAMEDA, Calif. (AP) — Exelixis Inc. (EXEL) on Tuesday reported first-quarter net income of $37.3 million.
The Alameda, California-based company said it had profit of 12 cents per share. Earnings, adjusted for stock option expense, were 17 cents per share.
The results missed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 28 cents per share.
The drug developer posted revenue of $425.2 million in the period, which also did not meet Street forecasts. Ten analysts surveyed by Zacks expected $467.6 million.
Exelixis expects full-year revenue in the range of $1.83 billion to $1.93 billion.
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