Exelixis shares dip after 4Q earnings

Exelixis Inc. (NASDAQ:EXEL) fell $2.42 to $27.11 on Tuesday after reporting late Monday sales of Cabometyx cabozantinib that fell short of analyst estimates. The company said the renal cell carcinoma drug posted 4Q sales of $90.4 million, compared with analyst estimates of $97-$102 million.

Exelixis said sales of its cabozantinib franchise, which includes Cometriq cabozantinib for medullary thyroid cancer, were $95.7 million, up 84% compared with 4Q16. Cometriq accounted for $5.3 million in 4Q17 sales. For 2017, revenue for the franchise rose 158% to $349 million...