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Sep 30
Exelixis Q3 2025 Earnings Report
Exelixis reported strong revenue growth in Q3 2025, driven by continued momentum in its cabozantinib franchise and disciplined cost management.
Key Takeaways
Exelixis posted solid third quarter 2025 results with $597.8 million in revenue and $193.6 million in net income. The cabozantinib franchise remained a key growth driver, and the company recorded $0.69 in diluted EPS and $0.78 in non-GAAP diluted EPS.
Revenue reached $597.8 million, led by $542.9 million in net product sales.
Net income was $193.6 million with diluted EPS of $0.69.
R&D expenses decreased to $199.2 million, reflecting lower trial and licensing costs.
A new $750 million stock repurchase program was announced through 2026.
Exelixis
Exelixis
Exelixis Revenue by Segment
Exelixis Revenue by Geographic Location
Revenue by Segment
CABOMETYX Revenue
CapyFin.comCOMETRIQ Revenue
CapyFin.comCollaboration Services Revenue
CapyFin.comRevenue by Geographic Location
U.S. Net Product Revenue
CapyFin.com Forward Guidance
Exelixis raised its 2025 revenue and lowered its expense guidance, reflecting continued commercial strength and cost discipline.
Positive Outlook
- Raised total revenue guidance to $2.30B–$2.35B.
- Raised net product revenue guidance to $2.10B–$2.15B.
- Lowered R&D guidance to $850M–$900M.
- Lowered effective tax rate to 17–18%.
- Cost of goods sold forecast reduced to ~4% of net product revenues.
Challenges Ahead
- Collaboration revenue declined YoY due to lower milestones.
- SG&A expense guidance increased to up to $525M.
- Stock-based compensation remains a significant cost factor.
- Foreign R&E expenditures remain capitalized under tax law.
- Stock repurchases reduce share count but increase capital allocation sensitivity.