Exelixis, Inc. reported preliminary fiscal‑year 2025 results that show net product revenue of $2.123 billion and total revenue of $2.320 billion, a 14% year‑over‑year increase largely driven by a 17% volume rise in its flagship drug CABOMETYX® in renal cell carcinoma and neuroendocrine tumor indications. The company’s cost of goods sold remained at 3.7% of net product revenue, indicating stable pricing power and efficient manufacturing as the product mix shifted toward higher‑margin indications.
The company guided for fiscal 2026 net product revenue of $2.325 billion to $2.425 billion and total revenue of $2.525 billion to $2.625 billion, reflecting confidence in continued demand for CABOMETYX and the expected launch of zanzalintinib in colorectal cancer. Research and development expenses are projected at $875 million to $925 million, while selling, general and administrative costs are expected to range from $575 million to $625 million. Cash and marketable securities are anticipated to remain around $1.65 billion, supporting ongoing capital allocation and a $750 million stock‑repurchase program authorized through 2026.
CEO Michael M. Morrissey emphasized that the company “enters 2026 with a strong and growing commercial business, the opportunity to bring a potential second oncology franchise to market and an exciting pipeline of novel small molecules and biotherapeutics.” He added that momentum accelerated throughout 2025, driven by the continued strong commercial performance of CABOMETYX in renal cell carcinoma and advanced neuroendocrine tumors. The company also announced a 3.0% wholesale acquisition cost increase for CABOMETYX and COMETRIQ effective January 1, 2026, a move aimed at offsetting inflationary pressures while maintaining market share.
Exelixis’ guidance signals a measured but optimistic outlook. The revenue range represents a 4% to 5% growth over FY25, consistent with the company’s expectation of steady demand for its core product and the anticipated contribution from zanzalintinib. The R&D guidance reflects continued investment in pipeline assets, particularly the colorectal cancer indication, while the SG&A range indicates disciplined cost management. The stable cash position and active share‑repurchase program reinforce the company’s commitment to returning value to shareholders.
The results underscore Exelixis’ position as a market leader in the renal cell carcinoma and neuroendocrine tumor segments, with CABOMETYX maintaining its leadership as the most prescribed tyrosine‑kinase inhibitor in combination with immunotherapy. The company’s focus on expanding its pipeline, especially the colorectal cancer indication for zanzalintinib, positions it to diversify revenue streams and sustain growth beyond its flagship product. The guidance and management commentary suggest confidence in the company’s execution capabilities and a clear strategy for balancing current commercial success with future growth opportunities.
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