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Exelixis Announces Full Year and Fourth Quarter 2007 Financial Results
Date:2/14/2008

Annual Revenues Up, Net Loss Down, Cash Position Strong, as Pipeline

Continues to Mature

SOUTH SAN FRANCISCO, Calif., Feb. 14 /PRNewswire-FirstCall/ -- Exelixis, Inc. (Nasdaq: EXEL) today reported financial results for the full year and fourth quarter ended December 31, 2007.

Revenues for the year were $113.5 million, compared to $98.7 million in 2006. The increase in revenues for the full year was primarily due to revenue recognition associated with our collaboration agreements with Bristol-Myers Squibb Company for various oncology programs and the Liver X Receptor program, and with Genentech, Inc. for our XL518 program. The increase was partially offset by the completion of revenue recognition associated with our collaborations with Wyeth Pharmaceuticals for our Farnesoid X Receptor (FXR) program, with Daiichi-Sankyo Company Limited for our Mineralocorticoid Receptor (MR) program and with Helsinn Healthcare SA.

Revenues for the fourth quarter ended December 31, 2007 were $29.3 million, compared to $29.8 million for the comparable period in 2006. The decrease in revenues for the quarter was primarily due to the completion of revenue recognition associated with the collaboration agreements with Daiichi-Sankyo for MR and with Wyeth for FXR. The decrease was partially offset by revenue recognition associated with the collaboration agreements with Bristol-Myers Squibb Company for various oncology programs and with Genentech for our XL518 program.

Research and development expenses for the year were $225.4 million, compared to $185.5 million in 2006. Research and development expenses for the fourth quarter 2007 were $60.2 million, compared to $52.1 million for the comparable period in 2
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SOURCE Exelixis, Inc.
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