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Exelixis

Exelixis (EXEL) Q3 2025 Earnings

Reported Nov 4, 2025 at 4:25 PM ET · SEC Source

Q3 25 EPS

$0.78

BEAT +16.42%

Est. $0.67

Q3 25 Revenue

$597.8M

BEAT +1.36%

Est. $589.8M

vs S&P Since Q3 25

+35.1%

BEATING MARKET

EXEL +45.1% vs S&P +9.9%

Market Reaction

Did EXEL Beat Earnings? Q3 2025 Results

Exelixis posted a convincing beat across both top and bottom lines in the third quarter of 2025, with non-GAAP earnings of $0.78 per diluted share coming in 17.17% above the $0.67 consensus estimate and total revenues of $597.75 million edging past t… Read more Exelixis posted a convincing beat across both top and bottom lines in the third quarter of 2025, with non-GAAP earnings of $0.78 per diluted share coming in 17.17% above the $0.67 consensus estimate and total revenues of $597.75 million edging past the $589.75 million Wall Street expected, up 10.8% from the year-ago period. The primary engine behind the quarter was the cabozantinib franchise, where U.S. Net product revenues climbed to $542.93 million from $478.06 million a year earlier on higher sales volume, with CABOMETYX alone contributing $539.90 million. GAAP net income rose to $193.58 million, or $0.69 per diluted share, aided in part by a $51.67 million non-cash impairment charge that weighed on the prior-year comparison. Looking ahead, Exelixis narrowed its full-year 2025 revenue guidance to $2.30 billion to $2.35 billion and reduced its R&D expense outlook to $850 million to $900 million, while also flagging plans to submit its first NDA for zanzalintinib before year-end, pending FDA availability amid the federal government shutdown.

Key Takeaways

  • • Sustained growth in CABOMETYX prescriptions for renal cell carcinoma and neuroendocrine tumors
  • • Increased sales volume driving U.S. net product revenue growth
  • • 2.8% wholesale acquisition cost increase for CABOMETYX effective January 1, 2025
  • • Higher royalty revenues from Ipsen's ex-U.S. cabozantinib sales
  • • Lower R&D expenses due to decreased clinical trial costs and licensing costs
  • • Share repurchases reducing diluted shares outstanding from 291.5 million to 278.5 million year-over-year
24/7 Wall St

EXEL YoY Financials

Q3 2025 vs Q3 2024, source: SEC Filings

24/7 Wall St

EXEL Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“In the third quarter of 2025, Exelixis gained momentum in the cabozantinib franchise and delivered on critical strategic priorities across the research & development portfolio. The cabozantinib franchise continued to outperform with sustained growth in renal cell carcinoma and neuroendocrine tumors, where CABOMETYX built on its position as the leading oral therapy for new patient market share in second-line and later settings.”

— Michael M. Morrissey, Q3 2025 Earnings Press Release

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