Exelixis Announces Fourth Quarter and Fiscal Year 2025 Financial Results and Provides Corporate Update
- Total Revenues of $599 million for the Fourth Quarter of 2025, $2.320 billion for the Fiscal Year 2025
Exelixis, Inc. today reported financial results for the fourth quarter and fiscal year of 2025, provided an update on progress toward achieving key corporate objectives, and outlined its commercial, clinical and pipeline development milestones.
Exelixis delivered strong results in 2025 and is well positioned for a breakout year in 2026,” said Michael M. Morrissey, Ph.D., President and Chief Executive Officer, Exelixis. “The cabozantinib franchise continued to grow with robust demand in renal cell carcinoma and neuroendocrine tumors driving a significant increase in net product revenues in 2025 compared to the prior year.
Based on the early success in neuroendocrine tumors and with additional gastrointestinal cancer market opportunities ahead, we’ve expedited the full buildout of our GI sales team to accelerate cabozantinib’s growth and prepare for potential future indications for zanzalintinib. The team is highly motivated to build a second Exelixis oncology franchise with zanzalintinib and is working diligently to advance a first potential indication in metastatic colorectal cancer, following the recent acceptance of our New Drug Application by U.S. regulatory authorities.
Dr. Morrissey continued: “2026 is shaping up to be a milestone-rich year for Exelixis. In addition to the continued growth of the cabozantinib franchise and ongoing regulatory engagement for zanzalintinib, we anticipate key clinical readouts from the STELLAR-303 and -304 pivotal trials, planned trial initiations of STELLAR-316 and STELLAR-201 supporting the next wave of zanzalintinib’s pivotal development, and significant progress across our early-stage pipeline. As we execute on these priorities, we remain focused on advancing high-impact opportunities that have the potential to improve standards of care for patients with cancer, drive sustainable growth and build shareholder value.”
Fourth Quarter and Fiscal Year 2025 Financial Results
Total revenues for the quarter and year ended December 31, 2025 were $598.7 million and $2,320.1 million, respectively, as compared to $566.8 million and $2,168.7 million for the comparable periods in 2024.
Total revenues for the quarter and year ended December 31, 2025 included net product revenues of $546.6 million and $2,122.8 million, respectively, as compared to $515.2 million and $1,809.4 million for the comparable periods in 2024. The increases in net product revenues, for both periods, were primarily due to an increase in sales volume.
Collaboration revenues, composed of license revenues and collaboration services revenues, were $52.1 million for the quarter ended December 31, 2025, as compared to $51.5 million for the comparable period in 2024. The increase in collaboration revenues, for the quarter, was primarily related to higher royalty revenues for the sales of cabozantinib outside the U.S. generated by Exelixis’ collaboration partner Ipsen Pharma SAS (Ipsen), partially offset by lower development cost reimbursements earned.
Collaboration revenues were $197.3 million for the year ended December 31, 2025, as compared to $359.3 million for the comparable period in 2024. The decrease in collaboration revenues, for the year, was primarily related to lower milestone-related revenues recognized and lower development cost reimbursements earned, partially offset by higher royalty revenues for the sales of cabozantinib outside of the U.S. generated by Exelixis’ collaboration partner Ipsen.
Research and development expenses for the quarter and year ended December 31, 2025 were $213.2 million and $825.0 million, respectively, as compared to $249.0 million and $910.4 million for the comparable periods in 2024. The decreases in research and development expenses, for both periods, were primarily related to decreases in license and other collaboration costs, clinical trial costs, and manufacturing costs to support our development candidates, partially offset by an increase in consulting and outside services.
Selling, general and administrative expenses for the quarter ended December 31, 2025 were $123.0 million, as compared to $134.3 million for the comparable period in 2024. The decrease in selling, general and administrative expenses, for the quarter, was primarily related to decreases in corporate giving, stock-based compensation and personnel expenses. Selling, general and administrative expenses for the year ended December 31, 2025 were $518.7 million, as compared to $492.1 million for the comparable period in 2024.
The increase in selling, general and administrative expenses, for the year, was primarily related to increases in marketing activities, stock-based compensation, and personnel expenses, partially offset by a decrease in corporate giving.
Provision for income taxes for the quarter and year ended December 31, 2025 was $8.2 million and $158.6 million, respectively, as compared to $44.9 million and $160.4 million for the comparable periods in 2024.
GAAP net income for the quarter ended December 31, 2025 was $244.5 million, or $0.92 per share, basic and $0.88 per share, diluted, as compared to GAAP net income of $139.9 million, or $0.49 per share, basic and $0.48 per share, diluted, for the comparable period in 2024. GAAP net income per share for the year ended December 31, 2025 was $782.6 million, or $2.88 per share, basic and $2.78 per share, diluted, as compared to GAAP net income of $521.3 million, or $1.80 per share, basic and $1.76 per share, diluted, for the comparable period in 2024.
Non-GAAP net income for the quarter ended December 31, 2025 was $259.5 million, or $0.97 per share, basic and $0.94 per share, diluted, as compared to non-GAAP net income of $160.3 million, or $0.56 per share, basic and $0.55 per share, diluted, for the comparable period in 2024. Non-GAAP net income for the year ended December 31, 2025 was $869.5 million, or $3.20 per share, basic and $3.08 per share, diluted, as compared to non-GAAP net income of $593.6 million, or $2.05 per share, basic and $2.00 per share, diluted, for the comparable period in 2024.
About Exelixis
Exelixis is a globally ambitious oncology company innovating next-generation medicines and regimens at the forefront of cancer care. Powered by drug discovery and development excellence, we are rapidly evolving our product portfolio to target an expanding range of tumor types and indications with our clinically differentiated pipeline of small molecules and biotherapeutics. This comprehensive approach harnesses decades of robust investment in our science and partnerships to advance our pipeline of franchise molecules, including our novel oral kinase inhibitor zanzalintinib, and to extend the impact of our flagship commercial product, CABOMETYX® (cabozantinib). Exelixis is driven by a bold scientific pursuit to create transformational treatments that give more patients hope for the future.
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