SOUTH SAN FRANCISCO, Calif., May 3 /PRNewswire-FirstCall/ -- Exelixis, Inc. (Nasdaq: EXEL - News) today reported financial results for the first quarter ended March 31, 2007. Revenues for the quarter ended March 31, 2007 were $28.1 million, compared to $18.1 million for the comparable period in 2006. The increase in revenues from 2006 to 2007 was primarily due to revenue recognition associated with the new collaboration agreements with Sankyo Company Limited for the mineralocorticoid (MR) program, Bristol-Myers Squibb Company for oncology and Genentech, Inc. for the co-development of XL518. The increase was partially offset by the completion of the revenue recognition related to the collaboration agreement with Wyeth Pharmaceuticals Division for our FXR program.
