Exelixis is a company that makes medicines to help people with cancer. Their main medicine is called Cabometyx, which helps many people but also has some problems. The company expects to make similar money this year as last year, but not as much as people thought they would. They are going to try to buy back their own shares to help the price go up. Read from source...

1. The title of the article is misleading and sensationalized, implying that there is a significant negative event or news that caused Exelixis to trade lower today, when in reality it is just a normal market fluctuation after providing financial guidance for FY24.

1. Exelixis is trading lower today due to its preliminary FY23 revenue miss, which was slightly below the consensus estimate of $1.84 billion. This indicates that the company may have faced some challenges in growing its flagship cancer product, Cabometyx, and meeting investor expectations for future growth prospects. The lower than anticipated revenues could also reflect increased competition from other cancer drug developers or regulatory hurdles affecting the demand for Cabometyis.
2. However, Exelixis has provided a positive outlook for FY24, forecasting revenues in the range of $1.825 billion - $1.925 billion, which is still higher than the consensus estimate of $2.06 billion. This suggests that the company may have some catalysts for growth in the upcoming year, such as full data presentation for prostate cancer with Cabometyx, which could potentially improve investors' perceptions and drive the stock price higher. Additionally, Exelixis has authorized a $450 million share repurchase in 2024 after completing a $550 million share repurchase in 2023, indicating that the company is confident in its ability to generate cash flows and return value to shareholders.
3. The risks associated with investing in Exelixis include the uncertainty surrounding the full data presentation for prostate cancer with Cabometyx, which could either confirm or challenge the current growth prospects for the drug. Another risk is the potential increase in competition from other cancer drug developers, which could erode the market share and pricing power of Cabometyx. Furthermore, regulatory hurdles or adverse events related to Exelixis' pipeline products could also negatively impact the stock price and investor sentiment.