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Exelixis Q2 Net Loss Jumps on Increased Revenue

NEW YORK, Aug. 8 – Exelixis on Wednesday reported a second-quarter net loss of $23.7 million, or 30 cents per share, compared with $11.0 million, or 16 cents per share, during the comparable period last year despite posting a 54 percent surge in total revenue.

Wall Street had predicted a net loss of 31 cents per share, according to a poll of six brokers conducted by First Call/Thomson Financial.

In a statement, Exelixis attributed the higher loss to research and development fees and milestone payments from collaborations with various pharmaceutical companies. It added that it expects total expenses to continue climbing into the third quarter at a rate of 20 percent to 25 percent higher than second-quarter levels. The company predicted that third-quarter revenue would be 35 percent to 40 percent higher than second-quarter levels.

Revenue for the quarter ended June 30 increased by $3 million to $8.6 million from the second quarter one year ago, Exelixis said.

Expenses for the South San Francisco, Calif.-based company rose by 83 percent during the second quarter 2001 to $33.4 million from $18.3 million year over year.

The company also spent twice as much on R&D during the second quarter 2001 as it did during the same period last year, it said. In a statement, Exelixis said new collaborations, a new drug-discovery facility, and expanded drug-discovery efforts all contributed to higher R&D costs.

Exelixis’ general and administration expenses rose to $4.3 million from $3.6 million during the year-ago period. The company also incurred costs of $6.7 million for acquired in-process research and development. For example, in April, Exelixis acquired Cologne, Germany-based Artemis Pharmaceuticals in a stock-for-stock deal valued at $24 million.

Shares in Exelixis slipped $0.74 to close at $15.86 in Nasdaq trade on Wednesday.

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