Exelixis To Cut 13% Of Jobs, Repurchase Up To Addl $450 Mln Of Shares; Sees FY Revenues Below View

(RTTNews) - Exelixis Inc. (EXEL) said it will reduce its workforce by about 175 employees or 13 percent. It expects to substantially complete the restructuring in the first quarter of 2024 and recognize a restructuring charge of approximately $25 million.

The company board authorized the repurchase of up to an additional $450 million of the company's common stock in 2024, after successful completion of $550 million share repurchase in 2023.

For fiscal year 2023, the company projects total revenues to be about $1.83 billion. Analysts expect revenue of $1.84 billion for fiscal year 2023.

Looking ahead for fiscal year 2024, the company expects total revenues to be in the range of $1.825 billion - $1.925 billion. Analysts expect revenue of $2.06 billion for fiscal year 2024.