Exelixis Reports 31% Revenue Growth to $555.4 Million in Q1 2025

Exelixis, Inc. reported significant financial growth in its first quarter of 2025, with total revenues reaching $555.4 million, a 31% increase from $425.2 million in the same period of 2024. The surge in revenue was primarily driven by net product revenues of $513.3 million, which rose 36% from $378.5 million year-over-year. This increase was largely attributed to a 25% rise in the number of units sold of CABOMETYX, Exelixis's flagship product, reflecting strong demand, particularly in combination therapies for advanced renal cell carcinoma (RCC). The average net selling price of CABOMETYX also saw a 9% increase, contributing to the overall revenue growth.

In terms of profitability, Exelixis reported a net income of $159.6 million, or $0.57 per share, compared to $37.3 million, or $0.12 per share, in the prior year. This substantial increase in net income was supported by a decrease in total operating expenses, which fell to $368.6 million from $395.8 million in the previous year. The reduction in expenses was primarily due to lower research and development costs, which decreased by 7% to $212.2 million, and the absence of restructuring expenses that had impacted the previous year's figures.

Strategically, Exelixis has been active in expanding its product offerings and pipeline. The company received FDA approval for CABOMETYX for previously treated advanced neuroendocrine tumors (NET) in March 2025, which is expected to further enhance its market position. Additionally, Exelixis is advancing its pipeline, particularly with zanzalintinib, a novel oral tyrosine kinase inhibitor currently undergoing pivotal trials for various cancer indications. The company is also leveraging collaborations with Ipsen and Takeda for the global commercialization of cabozantinib, which has been approved in 68 countries outside the U.S.

Operationally, Exelixis reported a decrease in cash and cash equivalents to $183.8 million as of March 31, 2025, down from $217.4 million at the end of 2024. The company has been actively repurchasing its common stock, with $494.5 million spent on buybacks as of the end of the quarter. The total stockholders' equity decreased to $2.1 billion from $2.2 billion, reflecting the impact of stock repurchases. Looking ahead, Exelixis anticipates continued revenue growth driven by the recent approval of CABOMETYX and ongoing clinical trials, although it acknowledges potential challenges related to competition and market dynamics in the oncology sector.