Exelixis (EXEL) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered strong results with total revenues of $555.4 million, up 31% year-over-year, driven by CABOMETYX demand, new FDA approval for advanced NET, and robust commercial execution.

• U.S. net product revenues for the cabozantinib franchise reached $513.3 million, up 36% year-over-year, with CABOMETYX contributing $510.9 million.

• Net income surged to $159.6 million ($0.57 basic EPS), and non-GAAP net income was $179.6 million ($0.64 basic EPS), both significantly higher than the prior year.

• U.S. regulatory approval for CABOMETYX in pancreatic and extrapancreatic NETs was secured ahead of schedule, with rapid commercial launch and broad prescriber adoption.

• Advanced pipeline assets, notably zanzalintinib, with multiple pivotal trial milestones and new IND filings anticipated in 2025.

Financial highlights

• Total Q1 2025 revenues were $555.4 million, with $513.3 million from CABOMETYX net product sales, and collaboration revenues at $42.2 million.

• GAAP net income was $159.6 million ($0.55 diluted EPS), and non-GAAP net income was $179.6 million ($0.62 diluted EPS).

• Operating income reached $186.9 million, up from $29.5 million a year ago.

• R&D expenses decreased 7% year-over-year to $212.2 million, while SG&A expenses increased 20% to $137.2 million.

• Cash and marketable securities stood at $1.65 billion at quarter-end.

Outlook and guidance

• 2025 total revenue guidance raised to $2.25–$2.35 billion and net product revenue guidance to $2.05–$2.15 billion, a $100 million increase at the midpoint.

• R&D expense guidance maintained at $925–$975 million; SG&A at $475–$525 million; effective tax rate expected at 21–23%.

• Guidance increase reflects strong RCC performance and early NET launch; further updates possible as NET launch matures.