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Dec 31, 2025
Exelixis Q4 2025 Earnings Report
Exelixis reported strong financial results for the fourth quarter and fiscal year of 2025, with significant growth in net product revenues and GAAP net income.
Key Takeaways
Exelixis announced robust financial performance for the fourth quarter and fiscal year 2025, driven by strong demand for the cabozantinib franchise. Total revenues for Q4 2025 reached $598.7 million, with GAAP diluted EPS of $0.88. The company also provided a positive outlook for 2026, anticipating continued growth and key clinical milestones.
Total revenues for Q4 2025 were $598.7 million, an increase from $566.8 million in Q4 2024.
GAAP diluted EPS for Q4 2025 was $0.88, significantly up from $0.48 in Q4 2024.
Cabozantinib franchise achieved $547 million in U.S. net product revenues for Q4 2025, contributing to a strong fiscal year performance.
Exelixis is well-positioned for a breakout year in 2026, with anticipated clinical readouts and planned trial initiations for zanzalintinib.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Exelixis is maintaining its previously provided financial guidance for fiscal year 2026, anticipating total revenues between $2.525 billion and $2.625 billion, and net product revenues between $2.325 billion and $2.425 billion. This guidance does not include potential revenues from a U.S. regulatory approval and commercial launch of zanzalintinib.
Positive Outlook
- Anticipated continued growth of the cabozantinib franchise.
- Ongoing regulatory engagement for zanzalintinib, with a PDUFA target action date of December 3, 2026.
- Key clinical readouts from STELLAR-303 and -304 pivotal trials expected in mid-2026.
- Planned trial initiations of STELLAR-316 and STELLAR-201 supporting zanzalintinib's pivotal development.
- Significant progress across the early-stage pipeline, including potential IND filings for XB773 and a somatostatin receptor subtype 2 agonist program.
Challenges Ahead
- Guidance does not reflect potential revenues from zanzalintinib approval, indicating uncertainty.
- Complexities and unpredictability of the regulatory review and approval process for zanzalintinib.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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