On Friday, Exelixis, Inc. (NASDAQ:EXEL) authorized repurchasing up to an additional $500 million of the company’s common stock before December 31, 2025.

Exelixis plans to complete the $500 million stock repurchase program, announced in August 2024, in the second quarter of 2025 and commence stock repurchases under the newly authorized stock repurchase program thereafter.

As of the end of fiscal year 2024, Exelixis has returned over $1.2 billion to shareholders through these programs.

Earlier this month, Exelixis reported fourth-quarter adjusted EPS of 55 cents, beating the consensus of 43 cents. The cancer-focused company reported sales of $566.75 million, beating the consensus of $563.42 million.

Exelixis reaffirmed its 2025 sales guidance of $2.15 billion-$2.25 billion versus consensus of $2.24 billion.

Also Read: Drug Price Hikes Unsupported By Evidence Cost US $815 Million: ICER Report

Recently, Exelixis announced the final results from the phase 3 CheckMate -9ER pivotal trial evaluating Cabometyx (cabozantinib) in combination with Bristol-Myers Squibb & Co’s (NYSE:BMY) Opdivo (nivolumab) versus sunitinib for patients with previously untreated advanced renal cell carcinoma (RCC).

After more than five years of follow-up, the findings demonstrated that the efficacy benefits of Cabometyx in combination with Opdivo were sustained long-term.

At a median follow-up of 67.6 months, Cabometyx, in combination with Opdivo, improved progression-free survival and overall survival compared with Pfizer Inc’s (NYSE:PFE) Sutent (sunitinib) in the intent-to-treat population.

A subgroup analysis by the International Metastatic RCC Database Consortium (IMDC) risk showed PFS and objective response rates favored Cabometyx in combination with Opdivo versus sunitinib regardless of the IMDC risk group.

In January, Exelixis announced that its supplemental New Drug Application (sNDA) for cabozantinib for adults with previously treated advanced pancreatic neuroendocrine and extra-pancreatic tumors will no longer be discussed at the FDA’s Oncologic Drugs Advisory Committee meeting. The sNDA remains under consideration by the FDA and has a Prescription Drug User Fee Act action date of April 3.

Price Action: EXEL stock is up 3.42% at $36.29 at the last check on Friday.

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This article Why Is Cancer-Focused Exelixis Stock Trading Higher On Friday? originally appeared on Benzinga.com

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