Exelixis Reports $2.12 Billion in Net Product Revenues for 2025, Driven by Cabozantinib Sales

**Exelixis Reports Strong Financial Performance Driven by Cabozantinib Sales**

Exelixis, Inc., an oncology-focused biopharmaceutical company, announced its financial results, showcasing a ninth consecutive year of profitability. The company reported net product revenues of $2.12 billion for the fiscal year ended December 31, 2025, a 17% increase compared to $1.81 billion in the previous fiscal year. This growth was primarily driven by increased sales of cabozantinib products in the United States. Total revenues for 2025 reached $2.32 billion, up 7% from $2.17 billion in 2024, which includes a 7% increase in royalties earned pursuant to collaboration agreements with ex-U.S. partners.

The company's financial performance was further supported by royalties on net sales of cabozantinib products outside the U.S., which amounted to $179.2 million in 2025, compared to $166.9 million in 2024. Exelixis relies on collaboration partners Ipsen and Takeda for the commercialization of cabozantinib products outside the U.S. The company's research and development expenses decreased to $825.0 million in 2025 from $910.4 million in 2024, while selling, general, and administrative expenses increased to $518.7 million from $492.1 million. The company's provision for income taxes was $158.6 million in 2025, compared to $160.4 million in 2024.

Exelixis is actively advancing its product pipeline, with zanzalintinib, a novel oral inhibitor of kinases, currently under review by the U.S. Food and Drug Administration (FDA) for the treatment of certain forms of colorectal cancer (CRC). The company has submitted a New Drug Application (NDA) to the FDA for zanzalintinib in combination with atezolizumab for the treatment of previously treated metastatic colorectal cancer. The FDA has accepted the NDA and assigned a standard review, with a Prescription Drug User Fee Act (PDUFA) target action date of December 3, 2026. Exelixis is also evaluating zanzalintinib in a series of ongoing and planned pivotal trials to explore its therapeutic potential in other indications, including clear cell (cc) and non-clear cell (ncc) RCC, neuroendocrine tumors (NET) and meningioma, as well as earlier-stage trials.

Looking ahead, Exelixis plans to continue leveraging its operating cash flows to advance a broad array of diverse biotherapeutics and small molecule programs for the treatment of cancer. The company expects to progress up to two new development candidates into preclinical development during 2026. Exelixis also expects to progress XB773, an innovative ADC targeting delta-like ligand 3, and a development candidate from its somatostatin receptor subtype 2 (SSTR2) agonist program toward potential IND filings in 2026. The company's strategic focus remains on expanding its oncology product pipeline through drug discovery efforts, research collaborations, in-licensing arrangements, and other strategic transactions.