Exelixis (EXEL) EXEL Financial Results Summary
QuoteReporter
Exelixis, Inc. (EXEL) Q4 2025 Financial Results Summary
On February 10, 2026, Exelixis, Inc. (Nasdaq: EXEL) announced its financial results for the fourth quarter and fiscal year of 2025. The company reported strong revenue growth driven by its cabozantinib franchise and provided insights into its upcoming milestones.
Key Financial Highlights
- Total Revenues
- Q4 2025: $598.7 million, up 5.1% from $566.8 million in Q4 2024.
-
Fiscal Year 2025: $2.320 billion, representing an increase of 7% from $2.169 billion in 2024.
-
Net Product Revenues
- Q4 2025: $546.6 million, an increase of 6.1% compared to $515.2 million in Q4 2024.
-
Fiscal Year 2025: $2.1228 billion, up 17.3% from $1.8094 billion in 2024, primarily due to increased sales volume.
-
Collaboration Revenues
- Q4 2025: $52.1 million, slightly increased from $51.5 million in Q4 2024.
-
Fiscal Year 2025: $197.3 million, down 45.1% from $359.3 million in 2024, attributed to lower milestone revenues and development reimbursements.
-
Research and Development Expenses
- Q4 2025: $213.2 million, down 14.4% from $249.0 million in Q4 2024.
-
Fiscal Year 2025: $825.0 million, a decrease of 9.4% from $910.4 million in 2024.
-
Selling, General, and Administrative Expenses
- Q4 2025: $123.0 million, down 8.7% from $134.3 million in Q4 2024.
-
Fiscal Year 2025: $518.7 million, an increase of 5.4% from $492.1 million in 2024.
-
Provision for Income Taxes
- Q4 2025: $8.2 million, down 81.8% from $44.9 million in Q4 2024.
-
Fiscal Year 2025: $158.6 million, slightly decreased from $160.4 million in 2024.
-
Net Income
- GAAP Net Income Q4 2025: $244.5 million ($0.88 per share diluted), compared to $139.9 million ($0.48 per share diluted) in Q4 2024—an increase of 74.5%.
-
Fiscal Year 2025: $782.6 million ($2.78 per share diluted), up 50.3% from $521.3 million ($1.76 per share diluted) in 2024.
-
Non-GAAP Net Income
- Q4 2025: $259.5 million ($0.94 per share diluted), up 61.9% from $160.3 million ($0.55 per share diluted) in Q4 2024.
- Fiscal Year 2025: $869.5 million ($3.08 per share diluted), an increase of 46.5% from $593.6 million ($2.00 per share diluted) in 2024.
Corporate Developments
- Exelixis successfully repurchased $264.5 million of its stock during Q4 2025, completing a $500 million stock repurchase program.
- The total amount repurchased since the first stock repurchase program authorization in March 2023 reached $2.16 billion, retiring 76.7 million shares.
- On October 2025, the Board authorized an additional $750 million stock repurchase plan.
Future Guidance
For fiscal year 2026, Exelixis has maintained its previous financial guidance:
– Projected Total Revenues: $2.525 billion – $2.625 billion.
– Projected Net Product Revenues: $2.325 billion – $2.425 billion.
– Anticipated effective tax rate: 21% – 23%.
Expected Developments:
– Anticipation of key clinical readouts and trial initiations in 2026, particularly focusing on cabozantinib and zanzalintinib.
– Additional plans include submitting Investigational New Drug applications for new candidates, increasing the pipeline diversity.
Conclusion
Exelixis demonstrated solid financial performance in Q4 and throughout 2025, with significant growth in net product revenues toward the cabozantinib franchise. The company’s focus on additional oncology treatments and strategic partnerships has positioned it favorably for future growth, particularly in 2026 as they usher in new products and anticipated clinical data.
For further information, refer to the press release or the accompanying financial statements available on Exelixis’ official website.
| Three Months Ended | December 31, 2025 | December 31, 2024 | Year Ended December 31, 2025 | Year Ended December 31, 2024 |
|---|---|---|---|---|
| Revenues: | ||||
| Net product revenues | $ 546,577 | $ 515,232 | $ 2,122,804 | $ 1,809,395 |
| Collaboration revenues | 52,086 | 51,523 | 197,322 | 359,306 |
| Total revenues | 598,663 | 566,755 | 2,320,126 | 2,168,701 |
| Operating expenses: | ||||
| Cost of goods sold | 26,481 | 19,965 | 83,697 | 76,216 |
| Research and development | 213,248 | 249,002 | 825,001 | 910,408 |
| Selling, general and administrative | 123,024 | 134,328 | 518,727 | 492,128 |
| Impairment of long-lived assets | — | — | — | 51,672 |
| Restructuring | 694 | 254 | 20,510 | 33,660 |
| Total operating expenses | 363,447 | 403,549 | 1,447,935 | 1,564,084 |
| Income from operations | 235,216 | 163,206 | 872,191 | 604,617 |
| Interest income | 17,426 | 21,295 | 69,213 | 77,156 |
| Other income (expense), net | 46 | 272 | -198 | -133 |
| Income before income taxes | 252,688 | 184,773 | 941,206 | 681,640 |
| Provision for income taxes | 8,160 | 44,912 | 158,636 | 160,373 |
| Net income | $ 244,528 | $ 139,861 | $ 782,570 | $ 521,267 |
| Net income per share: | ||||
| Basic | $ 0.92 | $ 0.49 | $ 2.88 | $ 1.80 |
| Diluted | $ 0.88 | $ 0.48 | $ 2.78 | $ 1.76 |
| Weighted-average common shares outstanding: | ||||
| Basic | 266,458 | 284,527 | 271,567 | 290,030 |
| Diluted | 276,348 | 293,546 | 281,863 | 296,132 |
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $ 1,150,300 | $ 1,189,400 |
| Short-term investments | 245,700 | 203,800 |
| Receivables | 329,100 | 310,300 |
| Inventories | 58,700 | 56,300 |
| Prepaid expenses and other current assets | 130,500 | 120,600 |
| Total current assets | 1,914,300 | 1,880,400 |
| Property and equipment, net | 142,400 | 138,600 |
| Long-term financing receivables | 18,500 | 19,300 |
| Other assets | 142,600 | 130,500 |
| Total assets | $ 2,217,800 | $ 2,168,800 |
| Liabilities and stockholders’ equity | ||
| Current liabilities: | ||
| Accounts payable | $ 120,300 | $ 114,600 |
| Accrued liabilities | 150,600 | 138,700 |
| Current portion of long-term debt | 18,900 | 15,800 |
| Total current liabilities | 289,800 | 269,100 |
| Long-term debt, net | 750,200 | 809,800 |
| Total liabilities | 1,040,000 | 1,078,900 |
| Stockholders’ equity | ||
| Common stock | 38,600 | 35,500 |
| Additional paid-in capital | 1,415,400 | 1,360,100 |
| Retained earnings | 723,800 | 694,800 |
| Total stockholders’ equity | 1,177,800 | 1,089,900 |
| Total liabilities and stockholders’ equity | $ 2,217,800 | $ 2,168,800 |