Exelixis (NASDAQ: EXEL) saw its stock price surge 6.36% in a 24-hour period, following the release of its 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 first 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. Similarly, net product revenues are expected to reach between $2.05 billion and $2.15 billion, an increase from the earlier forecasted range of $1.95 billion to $2.05 billion. This upward revision in guidance suggests strong confidence in the company's growth trajectory and market position, likely contributing to the sharp rise in stock price.

The strong performance was largely driven by growing demand for Exelixis's flagship cancer drug, Cabometyx. Product revenue, composed almost entirely of Cabometyx sales, rose 36% in the quarter on higher volumes and prices. The drug's success comes as it continues to gain support from the FDA, with a recent approval in March for treatment in previously treated advanced neuroendocrine tumors, adding to five previous approvals for the drug's use in other tumors. This expanding portfolio of indications for Cabometyx is expected to fuel continued growth for Exelixis in the coming quarters.