ALAMEDA, Calif. (AP) — ALAMEDA, Calif. (AP) — Exelixis Inc. (EXEL) on Tuesday reported first-quarter net income of $40 million.
On a per-share basis, the Alameda, California-based company said it had net income of 12 cents. Earnings, adjusted for stock option expense, came to 16 cents per share.
The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share.
The drug developer posted revenue of $408.8 million in the period, also missing Street forecasts. Six analysts surveyed by Zacks expected $427.9 million.
Exelixis expects full-year revenue in the range of $1.78 billion to $1.88 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a EXEL">Zacks stock report on EXEL at https://www.zacks.com/ap/EXEL