Shares of Exelixis (NASDAQ: EXEL) surged 7.01% in pre-market trading on Wednesday, following the company's impressive first-quarter 2025 financial results and raised full-year guidance. The biotechnology company, known for its oncology treatments, significantly outperformed market expectations, demonstrating robust growth and financial strength.

For the quarter ended March 31, 2025, Exelixis reported total revenue of $555.4 million, surpassing the analyst consensus estimate of $498.18 million by 11.50%. This represents a substantial 30.62% increase compared to the same period last year. The company's adjusted earnings per share (EPS) came in at $0.62, dramatically beating analyst expectations of $0.36 by 72.22% and showing a remarkable 264.71% increase from the $0.17 per share reported in the first quarter of 2024.

Adding to the positive sentiment, Exelixis raised its financial guidance for the fiscal year 2025. The company now anticipates total revenues to be in the range of $2.25 billion to $2.35 billion, up from the previous guidance of $2.15 billion to $2.25 billion. The strong performance was largely driven by growing demand for Exelixis's flagship cancer drug, Cabometyx, with product revenue rising 36% in the quarter on higher volumes and prices. In response to the impressive results, several analysts have raised their price targets for Exelixis, with TD Cowen increasing its target to $44 from $38 and Morgan Stanley raising its target to $47 from $40, further fueling investor optimism.