Exelixis (EXEL) Q4 2025 earnings summary

Executive summary

• 2025 marked a transformational year with strong growth across all business segments, driven by the cabozantinib franchise and preparations for the launch of zanzalintinib.

• Maintained leadership in RCC and neuroendocrine tumors, with significant revenue growth and market share gains.

• Advanced a robust clinical pipeline, including pivotal trials for zanzalintinib in colorectal cancer and renal cell carcinoma, and FDA acceptance of NDA for zanzalintinib in mCRC.

• Strategic focus on building a multi-franchise oncology business, expanding into GI indications, and advancing early-stage assets.

• Expanded GI sales team to support cabozantinib and prepare for zanzalintinib launch.

Financial highlights

• Q4 2025 total revenues were approximately $599 million, with $546.6 million from the cabozantinib franchise.

• Full-year 2025 U.S. cabozantinib net product revenues grew 17% to $2.123 billion; global franchise revenues reached $2.89 billion.

• Q4 2025 GAAP net income was $244.5 million ($0.88 diluted EPS); non-GAAP net income was $259.5 million ($0.94 diluted EPS).

• Cash and marketable securities at year-end 2025 totaled $1.66 billion.

• Collaboration revenues for FY 2025 were $197.3 million, down from $359.3 million in FY 2024.

Outlook and guidance

• FY 2026 total revenue guidance: $2.525–$2.625 billion; net product revenues: $2.325–$2.425 billion.

• R&D expenses projected at $875–$925 million; SG&A expenses at $575–$625 million; effective tax rate 21–23%.

• Guidance excludes potential revenues from a U.S. launch of zanzalintinib in colorectal cancer.

• Continued strong growth expected in RCC and neuroendocrine tumor segments, with further expansion into GI oncology.

• Confident in balance sheet and free cash flow to support pipeline advancement and share repurchases.