Exelixis Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −3.31%.
Did EXEL Beat Earnings? Q4 2025 Results
Exelixis delivered a notably strong earnings beat in Q4 2025, with non-GAAP diluted EPS of $0.94 clearing the $0.81 consensus estimate by 16.71%, even as revenue of $598.66 million came in fractionally light against the $601.10 million consensus, a miss of just 0.40%. The top line still grew 5.6% year over year, carried by net product revenues of $546.58 million as the cabozantinib franchise continued to gain volume in renal cell carcinoma and neuroendocrine tumors. The more dramatic story was on the bottom line, where GAAP net income nearly doubled to $244.53 million from $139.86 million a year ago, aided in part by a sharply lower tax provision of $8.16 million versus $44.91 million in the prior-year period. R&D expenses also declined to $213.25 million from $249.00 million, further supporting profitability. H.C. Wainwright responded by lifting its price target to $54, maintaining a Buy rating. Looking ahead, Exelixis guided for 2026 total revenues of $2.53 billion to $2.63 billion, with potential upside excluded from zanzalintinib's pending U.S. regulatory decision, targeted for December 3, 2026.
- Robust demand for cabozantinib in renal cell carcinoma and neuroendocrine tumors driving sales volume increases
- Two new NET indications (pancreatic and extra-pancreatic) approved by FDA in March 2025
- Lower R&D expenses due to decreased license costs, clinical trial costs, and manufacturing costs
- Low effective tax rate in Q4 2025 boosting net income
“Exelixis delivered strong results in 2025 and is well positioned for a breakout year in 2026. The cabozantinib franchise continued to grow with robust demand in renal cell carcinoma and neuroendocrine tumors driving a significant increase in net product revenues in 2025 compared to the prior year. Based on the early success in neuroendocrine tumors and with additional gastrointestinal cancer market opportunities ahead, we've expedited the full buildout of our GI sales team to accelerate cabozantinib's growth and prepare for potential future indications for zanzalintinib. The team is highly motivated to build a second Exelixis oncology franchise with zanzalintinib and is working diligently to advance a first potential indication in metastatic colorectal cancer, following the recent acceptance of our New Drug Application by U.S. regulatory authorities.”
Exelixis CEO, on the earnings call
Forward Guidance & Outlook
Exelixis maintained its FY 2026 financial guidance: total revenues of $2.525 billion to $2.625 billion, net product revenues of $2.325 billion to $2.425 billion (reflecting a 3.0% wholesale acquisition cost increase effective January 1, 2026), cost of goods sold at 3.5%-4.5% of net product revenues, R&D expenses of $875 million to $925 million (including $50 million non-cash stock-based compensation), SG&A expenses of $575 million to $625 million (including $75 million non-cash stock-based compensation), and an effective tax rate of 21%-23%. Guidance does not include any potential revenues from a U.S. zanzalintinib launch for metastatic CRC, which has a PDUFA target action date of December 3, 2026. Key 2026 milestones include STELLAR-303 OS data in non-liver metastases patients (mid-2026), STELLAR-304 topline results (mid-2026), planned initiations of STELLAR-316 and STELLAR-201 trials (mid-2026), and potential IND filings for XB773 and a somatostatin receptor subtype 2 agonist candidate.
EXEL YoY Financials
EXEL Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.