March 9, 2010 / 12:14 PM / in 8 years

UPDATE 1-Exelixis posts Q4 loss, sees '10 rev above market view

* Q4 loss/shr $0.27, in line with estimates

* Q4 rev $44.1 mln vs. est $54.0 mln

* Sees 2010 rev $210 mln-$240 mln vs. est $209.1 mln

* Shares up 3 pct in premarket trade

March 9 (Reuters) - Cancer drug developer Exelixis Inc (EXEL.O) posted a quarterly loss in line with market expectations, and forecast a full-year revenue above consensus estimates, sending its shares up 3 percent in premarket trade.

The company, which said on Monday it would cut about 40 percent of its workforce and take related charges of about $15 million in the first quarter, sees 2010 revenue of $210 million to $240 million and operating expenses of $280 million to $310 million. [ID:nSGE6270KT]

Analysts on average were expecting 2010 revenue of $209.1 million, according to Thomson Reuters I/B/E/S.

    For the fourth quarter, the company posted a net loss of $28.8 million, or 27 cents a share, compared with a loss of $38.0 million, or 36 cents a share, in the year-ago period.

    Revenue for the quarter was up almost 49 percent at $44.1 million, helped by increased license revenue from partners Bristol-Myers Squibb (BMY.N) and Sanofi-Aventis (SASY.PA) on Exelixis’ experimental anti-cancer drugs.

    Analysts on average expected the company to post a loss of 27 cents a share, on revenue of $54 million.

    Shares of the company were up about 3 percent at $7 in premarket trade Tuesday. They closed at $6.81 Monday on Nasdaq. (Reporting by Krishnakali Sengupta in Bangalore; Editing by Ratul Ray Chaudhuri)

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