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Exelixis Q4 Revenues Surge, Losses Sharply Up

NEW YORK, Feb 28 - Exelixis reported Wednesday rising revenues for fourth-quarter 2000 and the year Wednesday, amid widening fourth-quarter and year-end losses.

The South San Francisco, Calif.-based company posted total revenues of $7.1 million for the quarter, up nearly 87 percent from the $3.8 million reported in the year ago period. The company attributed the increase to its expanded partnerships for its model organism and comparative genomics technologies with Bayer, Pharmacia, Bristol-Myers Squibb, and Dow AgroSciences.

The company posted operating expenses for the quarter of $57 million, up from $10.2 million for fourth-quarter 1999. The increase reflected higher R&D costs and selling, general, and administrative expenses.

Exelixis’ fourth quarter losses widened to $7.7 million, or 18 cents a share, compared with losses of $5 million for the year-ago quarter.

The company’s reported losses exclude $1.9 million in non-cash charges for stock compensation, $260,000 in amortization of goodwill and intangibles, and $38.1 million in acquired in-process research and development. Including these factors, the company lost $48 million for the quarter and $6.5 million in the year-ago quarter. 

These one-time expenses stem from Exelixis' acquisition of agricultural genomics company Agritope plant sciences, which it purchased in a stock deal valued at $68 million in September.

For the year, Exelixis made similar strides in both revenue and expenses. The company reported revenues for the year of $24.8 million, compared with $10.5 million in 1999. Exelixis’ expenses totaled $105.7 million, up from $29.3 million for 1999.

The company reported net losses of $22.9 million, or 74 cents a share, in 2000, compared with net losses of  $15.2 million, or $3.74 a share, in 1999. At year-end the company had $112.6 million in cash and cash-equivalents in the bank.

During 2001, Exelixis expects revenues to increase 50 percent to 60 percent and projects that expenses will increase in a similar range. The company expects to secure three new pharmaceutical and agricultural collaborations during the year.

The company said it anticipates losses of $30 million to $35 million for 2001, including $8.4 million that will be invested in a new drug discovery facility, as well as over $6.5 million in other capital expenditures. Exelixis also plans to divest itself of a majority-owned subsidiary, Vinifera, and does not expect first quarter results to reflect losses from that company.

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