Exelixis, Inc. (NASDAQ: EXEL) Q2 2025 Earnings | 07/29/2025

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Exelixis, Inc. reported Q2 2025 results that featured strong core product growth but headline revenue and net income declines due to the absence of large collaboration milestones recorded in the prior year. Total revenue for the quarter was $568.3 million, down 10.8% year-over-year, with net product revenue rising nearly 19% to $520 million, driven by robust demand for CABOMETYX—including its newly approved neuroendocrine tumor (NET) indication, which quickly captured around 4% of cabozantinib demand. However, collaboration revenue fell sharply to $48.2 million from $199.6 million last year, as the prior period had benefited from a one-time $150 million milestone, impacting the year-over-year comparison. GAAP net income fell to $184.8 million, or $0.65 per diluted share, compared to $226.1 million and $0.77 per share a year earlier, while non-GAAP net income was $212.6 million, or $0.75 per share, both handily beating analyst expectations. The margin impact was softened by lower research and development costs, selective control over selling and administrative expenses, and a reduced tax provision for the quarter. Management highlighted the commercial success of CABOMETYX’s NET launch, progress in expanding the label in the U.S. and Europe (where EU approval for NET was secured in July 2025), and the continued clinical advancement of the pipeline—especially the positive Phase 3 STELLAR-303 results in metastatic colorectal cancer. Strategically, Exelixis reaffirmed its full-year 2025 guidance, expecting total revenue between $2.25–$2.35 billion and net product revenue of $2.05–$2.15 billion, supported by ongoing commercial momentum, modest pricing increases, and ongoing pipeline development, notably for zanzalintinib and several early-stage oncology assets. The company continued its substantial share repurchase program, retiring more than 13% of its share count since March 2023. Looking ahead, Exelixis intends to discuss new pivotal study results with regulators to expand its pipeline, while management remains focused on operational execution, further product launches, and new clinical trial readouts that could drive long-term growth and diversification beyond its historic reliance on cabozantinib. About Inside Ticker: For more expert analysis and real-time updates on Exelixis, Inc. (NASDAQ: EXEL) and other market movers, follow Inside Ticker and visit http://www.insideticker.com/ for in-depth reports, financial insights, and the latest news on leading companies. #Exelixis #EXEL #Q22025 #Earnings #FinancialResults #CABOMETYX #Revenue #NetIncome #Oncology #NetProductRevenue #ClinicalTrials #ShareRepurchase #Biotech #OperationalExcellence #Guidance #NeuroendocrineTumor #Pipeline #GrowthStrategy #InsideTicker #2025Outlook #PatentProtection #FDAApproval #Pharma #ColorectalCancer #CommercialExecution #DrugLaunch