Exelixis Q4 2024 Earnings Report

Key Takeaways

Exelixis delivered strong Q4 2024 results, driven by the continued performance of the cabozantinib franchise. Total revenue reached $567 million, with net product revenue of $515.2 million. GAAP net income was $139.9 million, while non-GAAP net income was $160.3 million.

Total Revenue

$567M

Previous year: $480M

+18.2%

EPS

$0.55

Previous year: $0.33

+66.7%

Research & Development Expenses

$249M

Previous year: $245M

+1.8%

Selling, General & Administrative Expenses

$134M

Previous year: $131M

+2.2%

Provision for Income Taxes

$44.9M

Previous year: $17.5M

+156.3%

Exelixis Revenue

Exelixis EPS

Exelixis Revenue by Segment

Exelixis Revenue by Geographic Location

Forward Guidance

Exelixis maintains its 2025 guidance, with expected revenue between $2.15 billion and $2.25 billion, and net product revenue between $1.95 billion and $2.05 billion. The guidance does not reflect potential U.S. regulatory approval of CABOMETYX for neuroendocrine tumors.

Positive Outlook

Projected revenue growth with a range of $2.15B - $2.25B
Expected launch of CABOMETYX in new indications
Advancing pivotal trials for zanzalintinib in 2025
Strategic collaboration with Merck for oncology trials
Robust financial position with continued stock repurchase program

Challenges Ahead

Regulatory uncertainty around CABOMETYX approval
Potential pressure on operating margins due to R&D expenses
Increased competition in oncology drug market
Stock-based compensation impacting non-GAAP earnings
Uncertainty around market reception of new pipeline drugs