Exelixis, Inc. (NASDAQ:EXEL) reported its preliminary Q4 and fiscal 2022 results, and financial guidance for 2023, and provided an update on its business.

Q4 sales from the Cabo franchise were approximately $375 million, totaling full-year product sales of $1.4 billion and achieving the goal to exit 2022 with a $1.5 billion annualized run-rate from RCC in the US. Higher-than-expected R&D expenses in Q4 were driven by approximately $150 million upfront and milestone payments for collaborations.

The company provided fiscal 2023 net product sales guidance of $1.575–1.675 billion. The company expects 2023 to be a year of significant growth and execution as it continues to expand and develop its pipeline of promising biotherapeutics and small molecules and pursues potential near-term label-expansion opportunities for CABOMETYX® (cabozantinib).