Exelixis' first Cabometyx sales beat expectations

Exelixis Inc. (NASDAQ:EXEL) jumped $1.68 (18%) to $11.07 on Thursday after reporting sales of newly launched renal cell carcinoma (RCC) drug Cabometyx cabozantinib that beat analysts' estimates. Sales of Cabometyx were $17.6 million. Analysts had expected $4.7-$7.5 million.

FDA approved Cabometyx in late April as a second-line RCC therapy. On a conference call Thursday, EVP and CFO Christopher Senner said the total sales figure includes $6.5-$7 million tied to "channel inventory build" during the drug's launch. ...