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EXEL recorded adjusted earnings of 62 cents per share, which beat the Zacks Consensus Estimate of 42 cents. The company registered adjusted earnings of 17 cents per share in the year-ago quarter. Higher revenues mainly drove the outperformance.
Adjusted earnings exclude the impact of stock-based compensation expenses. Including stock-based compensation expense, earnings were 55 cents per share in the reported quarter compared with 12 cents in the year-ago quarter.
Net revenues were $555.4 million, which beat the Zacks Consensus Estimate of $503 million. The top line surged 31% year over year.
EXEL’s Q1 Results in Detail
Net product revenues were $513.3 million, up 36% year over year. This rise was primarily driven by increased sales volume and average net selling price of Exelixis’ lead drug, Cabometyx.
Cabometyx (cabozantinib) generated revenues of $510.9 million, which beat the Zacks Consensus Estimate of $433.7 million and our model estimate of $457.3 million. The drug is approved for advanced renal cell carcinoma and previously treated hepatocellular carcinoma. Cometriq (cabozantinib capsules) generated $2.4 million in net product revenues for treating medullary thyroid cancer.
Collaboration revenues, comprising license and collaboration services revenues, totaled $42.2 million, down 10% from $46.7 million recorded in the year-ago quarter. This decrease in collaboration revenues was mainly due to lower royalty revenues for the sales of cabozantinib outside of the United States, generated by collaboration partners (Ipsen Pharma and Takeda).
Exelixis’ shares have risen 11% year to date against the industry’s decline of 6.4%.
Image Source: Zacks Investment Research
Research and development expenses (including stock-based compensation) amounted to $212.2 million, down 7% year over year. The decline was primarily due to reduced license and other collaboration costs and lower clinical study costs, partially offset by higher personnel-related expenses.
Selling, general and administrative expenses totaled $137.2 million, up 20% year over year. This uptick was primarily related to increases in personnel, corporate and marketing expenses.
In August 2024, Exelixis announced that the board of directors authorized the repurchase of up to $500 million of its common stock. Subsequently, in February 2025, EXEL’s board of directors authorized the repurchase of up to an additional $500 million of its common stock. As of March 31, 2025, Exelixis repurchased $494.5 million of its common stock.
EXEL Increases 2025 Sales Guidance
Exelixis has revised upwards its sales guidance for 2025. Total revenues are now expected to be between $2.25 billion and $2.35 billion compared with the previously guided range of $2.15-$2.25 billion. Net product revenues are now estimated to be in the range of $2.05-$2.15 billion compared with the previously guided range of $1.95-$2.05 billion.
The current guidance includes the impact of a 2.8% price increase of Cabometyx in the United States, effective Jan. 1, 2025.
Research and Development expenses are expected to be in the range of $925-$975 million. Selling, general and administrative expenses are anticipated to be in the $475-$525 million range. The effective tax rate for the company is anticipated in the 21-23% range for 2025.
Key Pipeline and Regulatory Updates From EXEL
In March 2025, Exelixis announced the FDA approval for the label expansion of Cabometyx for the treatment of adult and pediatric patients 12 years of age and older with previously treated, unresectable, locally advanced or metastatic, well-differentiated pancreatic and extra-pancreatic neuroendocrine tumors.
Consequently, Cabometyx is now the first and only systemic treatment that is FDA-approved for previously treated neuroendocrine tumors regardless of primary tumor site, grade, somatostatin receptor expression and functional status.
The company is developing zanzalintinib, a next-generation oral TKI. In January 2025, EXEL presented results from an expansion cohort of the phase Ib/II STELLAR-001 trial evaluating zanzalintinib alone or in combination with Tecentriq (atezolizumab) in patients with previously treated metastatic colorectal cancer.
Results showed that all efficacy parameters, including objective response rate, progression-free survival and overall survival, favored the combination of zanzalintinib plus Tecentriq versus zanzalintinib monotherapy in the overall population as well as in a subgroup of patients without liver metastases.
In the past 60 days, estimates for Bayer’s earnings per share have increased from $1.17 to $1.23 for 2025. During the same time, earnings per share have increased from $1.27 to $1.31 for 2026. Year to date, shares of Bayer have gained 42%.
BAYRY’s earnings matched estimates in two of the trailing three quarters while missing the same on the remaining occasion, the average negative surprise being 19.61%.
In the past 60 days, estimates for Editas Medicine’s loss per share have narrowed from $1.57 to $1.53 for 2025. During the same time, loss per share estimates for 2026 have widened from $1.22 to $1.25. Year to date, shares of EDIT have gained 18.1%.
EDIT’s earnings beat estimates in two of the trailing four quarters while missing the same on the other two occasions, delivering an average negative surprise of 10.72%.
In the past 60 days, estimates for Allogene Therapeutics' loss per share have narrowed from $1.26 to $1.15 for 2025. During the same time, loss per share estimates for 2026 have narrowed from $1.34 to $1.17. Year to date, shares of ALLO have lost 46.9%.
ALLO’s earnings beat estimates in three of the trailing four quarters and matched the same on the remaining occasion, delivering an average surprise of 11.70%.
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EXEL Q1 Earnings Beat, 2025 Sales View Up as Cabometyx Drives Top Line
Exelixis, Inc. (EXEL - Free Report) reported better-than-expected first-quarter 2025 results.
EXEL recorded adjusted earnings of 62 cents per share, which beat the Zacks Consensus Estimate of 42 cents. The company registered adjusted earnings of 17 cents per share in the year-ago quarter. Higher revenues mainly drove the outperformance.
Adjusted earnings exclude the impact of stock-based compensation expenses. Including stock-based compensation expense, earnings were 55 cents per share in the reported quarter compared with 12 cents in the year-ago quarter.
Net revenues were $555.4 million, which beat the Zacks Consensus Estimate of $503 million. The top line surged 31% year over year.
EXEL’s Q1 Results in Detail
Net product revenues were $513.3 million, up 36% year over year. This rise was primarily driven by increased sales volume and average net selling price of Exelixis’ lead drug, Cabometyx.
Cabometyx (cabozantinib) generated revenues of $510.9 million, which beat the Zacks Consensus Estimate of $433.7 million and our model estimate of $457.3 million. The drug is approved for advanced renal cell carcinoma and previously treated hepatocellular carcinoma. Cometriq (cabozantinib capsules) generated $2.4 million in net product revenues for treating medullary thyroid cancer.
Collaboration revenues, comprising license and collaboration services revenues, totaled $42.2 million, down 10% from $46.7 million recorded in the year-ago quarter. This decrease in collaboration revenues was mainly due to lower royalty revenues for the sales of cabozantinib outside of the United States, generated by collaboration partners (Ipsen Pharma and Takeda).
Exelixis’ shares have risen 11% year to date against the industry’s decline of 6.4%.
Image Source: Zacks Investment Research
Research and development expenses (including stock-based compensation) amounted to $212.2 million, down 7% year over year. The decline was primarily due to reduced license and other collaboration costs and lower clinical study costs, partially offset by higher personnel-related expenses.
Selling, general and administrative expenses totaled $137.2 million, up 20% year over year. This uptick was primarily related to increases in personnel, corporate and marketing expenses.
In August 2024, Exelixis announced that the board of directors authorized the repurchase of up to $500 million of its common stock. Subsequently, in February 2025, EXEL’s board of directors authorized the repurchase of up to an additional $500 million of its common stock. As of March 31, 2025, Exelixis repurchased $494.5 million of its common stock.
EXEL Increases 2025 Sales Guidance
Exelixis has revised upwards its sales guidance for 2025. Total revenues are now expected to be between $2.25 billion and $2.35 billion compared with the previously guided range of $2.15-$2.25 billion. Net product revenues are now estimated to be in the range of $2.05-$2.15 billion compared with the previously guided range of $1.95-$2.05 billion.
The current guidance includes the impact of a 2.8% price increase of Cabometyx in the United States, effective Jan. 1, 2025.
Research and Development expenses are expected to be in the range of $925-$975 million. Selling, general and administrative expenses are anticipated to be in the $475-$525 million range. The effective tax rate for the company is anticipated in the 21-23% range for 2025.
Key Pipeline and Regulatory Updates From EXEL
In March 2025, Exelixis announced the FDA approval for the label expansion of Cabometyx for the treatment of adult and pediatric patients 12 years of age and older with previously treated, unresectable, locally advanced or metastatic, well-differentiated pancreatic and extra-pancreatic neuroendocrine tumors.
Consequently, Cabometyx is now the first and only systemic treatment that is FDA-approved for previously treated neuroendocrine tumors regardless of primary tumor site, grade, somatostatin receptor expression and functional status.
The company is developing zanzalintinib, a next-generation oral TKI. In January 2025, EXEL presented results from an expansion cohort of the phase Ib/II STELLAR-001 trial evaluating zanzalintinib alone or in combination with Tecentriq (atezolizumab) in patients with previously treated metastatic colorectal cancer.
Results showed that all efficacy parameters, including objective response rate, progression-free survival and overall survival, favored the combination of zanzalintinib plus Tecentriq versus zanzalintinib monotherapy in the overall population as well as in a subgroup of patients without liver metastases.
Exelixis, Inc. Price, Consensus and EPS Surprise
Exelixis, Inc. price-consensus-eps-surprise-chart | Exelixis, Inc. Quote
EXEL’s Zacks Rank & Stocks to Consider
Exelixis currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Bayer (BAYRY - Free Report) , Editas Medicine (EDIT - Free Report) and Allogene Therapeutics (ALLO - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 60 days, estimates for Bayer’s earnings per share have increased from $1.17 to $1.23 for 2025. During the same time, earnings per share have increased from $1.27 to $1.31 for 2026. Year to date, shares of Bayer have gained 42%.
BAYRY’s earnings matched estimates in two of the trailing three quarters while missing the same on the remaining occasion, the average negative surprise being 19.61%.
In the past 60 days, estimates for Editas Medicine’s loss per share have narrowed from $1.57 to $1.53 for 2025. During the same time, loss per share estimates for 2026 have widened from $1.22 to $1.25. Year to date, shares of EDIT have gained 18.1%.
EDIT’s earnings beat estimates in two of the trailing four quarters while missing the same on the other two occasions, delivering an average negative surprise of 10.72%.
In the past 60 days, estimates for Allogene Therapeutics' loss per share have narrowed from $1.26 to $1.15 for 2025. During the same time, loss per share estimates for 2026 have narrowed from $1.34 to $1.17. Year to date, shares of ALLO have lost 46.9%.
ALLO’s earnings beat estimates in three of the trailing four quarters and matched the same on the remaining occasion, delivering an average surprise of 11.70%.