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Here’s Why Exelexis Sank Today

TheMotleyFool

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Shares of Exelixis (NASDAQ: EXEL) are down 10% at 1:15 p.m. EDT following the release of third-quarter earnings yesterday after the bell.

Product revenue, which mostly comes from sales of Exelixis' liver and kidney cancer drug Cabometyx, came in at $191.8 million, a 17.7% year-over-year increase. While that's certainly solid growth on a yearly basis, it's down slightly from the $193.7 million in product sales Exelixis registered in the second quarter. And when you factor in a price increase, Cabometyx demand was down 4% quarter over quarter.

Image source: Getty Images.

Source Fool.com

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