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Exelixis (EXEL) EXEL Financial Results Summary

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Exelixis, Inc. (EXEL) Q4 2025 Financial Results Summary

On February 10, 2026, Exelixis, Inc. (Nasdaq: EXEL) announced its financial results for the fourth quarter and fiscal year of 2025. The company reported strong revenue growth driven by its cabozantinib franchise and provided insights into its upcoming milestones.

Key Financial Highlights

Corporate Developments

Future Guidance

For fiscal year 2026, Exelixis has maintained its previous financial guidance:
– Projected Total Revenues: $2.525 billion – $2.625 billion.
– Projected Net Product Revenues: $2.325 billion – $2.425 billion.
– Anticipated effective tax rate: 21% – 23%.

Expected Developments:
– Anticipation of key clinical readouts and trial initiations in 2026, particularly focusing on cabozantinib and zanzalintinib.
– Additional plans include submitting Investigational New Drug applications for new candidates, increasing the pipeline diversity.

Conclusion

Exelixis demonstrated solid financial performance in Q4 and throughout 2025, with significant growth in net product revenues toward the cabozantinib franchise. The company’s focus on additional oncology treatments and strategic partnerships has positioned it favorably for future growth, particularly in 2026 as they usher in new products and anticipated clinical data.

For further information, refer to the press release or the accompanying financial statements available on Exelixis’ official website.

Three Months Ended December 31, 2025 December 31, 2024 Year Ended December 31, 2025 Year Ended December 31, 2024
Revenues:
Net product revenues $ 546,577 $ 515,232 $ 2,122,804 $ 1,809,395
Collaboration revenues 52,086 51,523 197,322 359,306
Total revenues 598,663 566,755 2,320,126 2,168,701
Operating expenses:
Cost of goods sold 26,481 19,965 83,697 76,216
Research and development 213,248 249,002 825,001 910,408
Selling, general and administrative 123,024 134,328 518,727 492,128
Impairment of long-lived assets — — — 51,672
Restructuring 694 254 20,510 33,660
Total operating expenses 363,447 403,549 1,447,935 1,564,084
Income from operations 235,216 163,206 872,191 604,617
Interest income 17,426 21,295 69,213 77,156
Other income (expense), net 46 272 -198 -133
Income before income taxes 252,688 184,773 941,206 681,640
Provision for income taxes 8,160 44,912 158,636 160,373
Net income $ 244,528 $ 139,861 $ 782,570 $ 521,267
Net income per share:
Basic $ 0.92 $ 0.49 $ 2.88 $ 1.80
Diluted $ 0.88 $ 0.48 $ 2.78 $ 1.76
Weighted-average common shares outstanding:
Basic 266,458 284,527 271,567 290,030
Diluted 276,348 293,546 281,863 296,132
December 31, 2025 December 31, 2024
Assets
Current assets:
Cash and cash equivalents $ 1,150,300 $ 1,189,400
Short-term investments 245,700 203,800
Receivables 329,100 310,300
Inventories 58,700 56,300
Prepaid expenses and other current assets 130,500 120,600
Total current assets 1,914,300 1,880,400
Property and equipment, net 142,400 138,600
Long-term financing receivables 18,500 19,300
Other assets 142,600 130,500
Total assets $ 2,217,800 $ 2,168,800
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 120,300 $ 114,600
Accrued liabilities 150,600 138,700
Current portion of long-term debt 18,900 15,800
Total current liabilities 289,800 269,100
Long-term debt, net 750,200 809,800
Total liabilities 1,040,000 1,078,900
Stockholders’ equity
Common stock 38,600 35,500
Additional paid-in capital 1,415,400 1,360,100
Retained earnings 723,800 694,800
Total stockholders’ equity 1,177,800 1,089,900
Total liabilities and stockholders’ equity $ 2,217,800 $ 2,168,800