Business Corpus: Exelixis Jumps After Demolishing First-Quarter Sales, Income ViewsExelixis popped late Wednesday after reporting net income of 37 cents per diluted share on $212.35 million in sales. The post Exelixis Jumps After Demolishing First-Quarter Sales, Income Views appeared first on Investor's Business Daily.

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Exelixis (EXEL) popped late Wednesday after absolutely demolishing first-quarter expectations as sales of its key cancer drug, cabozantinib, nearly doubled vs. the year-earlier period.

Cabozantinib raked in $134.3 million in sales, Exelixis said in a news release. The drug sells as a kidney cancer treatment known as Cabometyx and as a thyroid cancer therapy called Cometriq. Sales of the two collectively grew 95% year over year.

"From its initial approval for a rare disease indication five years ago, cabozantinib has grown to become an oncology franchise with the potential for global impact," Chief Executive Michael Morrissey said in a prepared statement.

Shares Pop On Wide Beat

In after-hours trading on the stock market today, Exelixis jumped 4.5%, near 21.60, after closing the regular session down 1.8% to 20.62. Broadly, the biotech group ended the regular session down a fraction.

Total revenue came in at $212.35 million, growing nearly 163% year over year. That crushed the consensus of analysts polled by Zacks Investment Research for $146 million. Net income of 37 cents per diluted share beat estimates for 16 cents.

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The post Exelixis Jumps After Demolishing First-Quarter Sales, Income Views appeared first on Investor's Business Daily.