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Exelixis (EXEL) investor relations material
Exelixis Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved strong Q3 2025 results with total revenues of $597.8 million, up 11% year-over-year, driven by robust cabozantinib (CABOMETYX) performance in RCC and NET, and positive pivotal trial results for zanzalintinib in metastatic colorectal cancer.
Net product revenues for Q3 2025 were $542.9 million, up 14% year-over-year, with CABOMETYX maintaining #1 TKI position in RCC and becoming the small molecule market leader in 2L+ NET, capturing over 40% new patient share.
Net income for Q3 2025 was $193.6 million ($0.72 basic, $0.69 diluted), up 64% year-over-year; non-GAAP net income was $217.9 million ($0.81 basic, $0.78 diluted).
Advanced pipeline with positive phase 3 STELLAR-303 results for zanzalintinib in mCRC and plans for NDA submission by year-end, alongside new pivotal and early-stage clinical trials.
Board authorized an additional $750 million stock repurchase, bringing total authorizations to $1.75 billion, with $895.3 million executed as of September 30, 2025.
Financial highlights
Q3 2025 total revenues: $597.8 million (+11% YoY); net product revenues: $542.9 million (+14% YoY), primarily from CABOMETYX.
GAAP net income: $193.6 million (+64% YoY, $0.69 diluted EPS); non-GAAP net income: $217.9 million ($0.78 diluted EPS).
Research and development expenses decreased 11% to $199.2 million; SG&A expenses rose 11% to $123.7 million.
Cash, cash equivalents, and marketable securities totaled $1.57 billion at quarter-end.
Gross margin remained strong at 97% for Q3 2025; cost of goods sold at $18.6 million.
Outlook and guidance
Updated 2025 revenue guidance to $2.30–$2.35 billion, with net product revenues expected at $2.10–$2.15 billion.
R&D expenses forecasted at $850–$900 million; SG&A at $500–$525 million; effective tax rate at 17–18%.
Plans to submit NDA for zanzalintinib in mCRC by year-end, pending government reopening.
Zanza's CRC strategy vs. SUNLIGHT regimen
Reason for lowered R&D expense guidance
Rationale for expedited GI sales team build-out
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Guggenheim Securities 2nd Annual Healthcare Innovation Conference10 Nov, 2025
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Frequently asked questions
Exelixis Inc is a biotechnology company focused on developing and commercializing small molecule therapies for cancer treatment. The company engages in drug discovery, clinical development, and partnerships targeting multiple oncology indications. The company is headquartered in Alameda, California, and its shares are listed on the NASDAQ.
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