Exelixis Inc. (NASDAQ:EXEL) on Tuesday reported its first quarter of 2025 adjusted earnings of 62 cents per share, compared to 17 cents a year ago, beating the consensus of 36 cents.
The cancer-focused company reported quarterly sales of $555.45 million, beating the consensus of $498.18 million.
Total revenues included net product revenues of $513.3 million, compared to $378.5 million for the comparable period in 2024.
Also Read: FDA Approves Exelixis’ Lead Cancer Drug Cabometyx For Expanded Use In Neuroendocrine Tumors
Guidance: “Based on the strong first quarter dynamics of CABOMETYX, we’re increasing our 2025 full year financial guidance for net product revenues and total revenues by $100 million,” said Michael M. Morrissey, president and CEO of Exelixis.
The company raised fiscal 2025 sales guidance from $2.15 billion-$2.25 billion to $2.25 billion-$2.35 billion, versus the consensus of $2.25 billion.
Stifel writes, “We note the NET launch should prove a tailwind to FY25 topline growth and command an additional guidance raise above the $100 million announced today. We continue to believe 2H25 zanzalintinib clinical catalysts will prove a more significant driver of investor enthusiasm…”
Analyst Stephen Willey highlights, “Management noted there is a significant overlap between target NET physicians and legacy Cabometyx prescribers and believes Cabometyx is well positioned to capture a significant portion of the small molecule NET market, which, per management, is estimated at $1B in FY25.”
Willey maintains the Hold rating for Exelixis and raises the price target from $36 to $38.
Stifel updated fiscal 2025, 2026 and 2027 Cabometyx sales estimates, primarily reflecting continued first-line RCC share gains and an accelerated NET launch trajectory. The analyst updates sales estimates to $2.141 billion, $2.439 billion and $2.712 billion versus $2.062 billion, $2.35 billion, and $2.54 billion, respectively, expected previously.
EXEL Price Action: Exelixis stock was up 20% at $44.3 at publication on Wednesday.
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