ALAMEDA, Calif. (AP) — ALAMEDA, Calif. (AP) — Exelixis Inc. (EXEL) on Tuesday reported first-quarter profit of $159.6 million.
The Alameda, California-based company said it had net income of 55 cents per share. Earnings, adjusted for one-time gains and costs, were 62 cents per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.
The drug developer posted revenue of $555.4 million in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $503 million.
Exelixis expects full-year revenue in the range of $2.25 billion to $2.35 billion.
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