Exelixis shares dropped 5.23% in after-hours trading on Wednesday following the release of its second-quarter financial results, which showed revenue falling short of Wall Street expectations.

The company reported quarterly sales of $628.7 million, missing the analyst consensus estimate of $635.95 million by 1.14%. While revenue increased 10.63% from $568.3 million in the same period last year, the shortfall against estimates appeared to weigh on investor sentiment.

On the earnings side, Exelixis posted adjusted earnings per share of $0.91, surpassing the consensus estimate of $0.79 by 15.19%. The company also reported net income of $212.1 million and adjusted net income of $237.1 million, exceeding the IBES estimate of $203.7 million. Despite the earnings beat, the top-line miss drove the after-hours decline.