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Jun 30
Exelixis Q2 2025 Earnings Report
Exelixis reported lower total revenue and net income compared to Q2 2024, but achieved strong product sales growth led by CABOMETYX.
Key Takeaways
Exelixis posted solid Q2 2025 results driven by a surge in CABOMETYX product revenues, despite a year-over-year decline in collaboration revenues and total net income.
CABOMETYX generated $517.9M in net product revenue, contributing the vast majority of total sales.
GAAP net income dropped to $184.8M from $226.1M in Q2 2024.
R&D and SG&A expenses remained high but decreased slightly year-over-year.
Strong early adoption of CABOMETYX in advanced neuroendocrine tumors, now 4% of the U.S. franchise.
Exelixis
Exelixis
Exelixis Revenue by Segment
Exelixis Revenue by Geographic Location
Revenue by Segment
CABOMETYX Revenue
CapyFin.comCOMETRIQ Revenue
CapyFin.comCollaboration Revenue
CapyFin.comRevenue by Geographic Location
U.S. Revenue
CapyFin.com Forward Guidance
Exelixis reaffirmed its FY2025 guidance with expectations for continued strong CABOMETYX performance and advancing clinical pipeline.
Positive Outlook
- Total revenues guidance maintained at $2.25B to $2.35B.
- U.S. CABOMETYX product revenue expected between $2.05B and $2.15B.
- Ongoing clinical trials progressing with expected top-line results from STELLAR-304 in 1H 2026.
- FDA approvals in U.S. and EU for CABOMETYX in NETs supporting commercial growth.
- Federal tax benefit of $147M anticipated from new legislation.
Challenges Ahead
- Significant drop in collaboration revenues compared to prior year.
- Net income and EPS declined YoY despite revenue growth in product sales.
- Phase 3 trial for STELLAR-305 discontinued due to emerging competition.
- R&D and SG&A expenses remain high.
- No new major licensing revenue milestones this quarter.