Exelixis (NASDAQ: EXEL) saw its stock price plummet 10.77% in a 24-hour period on Monday following the release of its second-quarter 2025 financial results. The biotech company's performance painted a mixed picture, with an earnings beat overshadowed by a revenue miss and year-over-year decline in total revenues.

For Q2 2025, Exelixis reported total revenues of $568.3 million, falling short of the analyst consensus estimate of $574.5 million and marking a significant 10.8% decrease from $637.2 million in the same period last year. The decline was primarily due to the absence of a $150 million milestone payment recorded in Q2 2024. However, the company's adjusted earnings per share (EPS) of $0.75 surpassed expectations, beating the estimated $0.56 by 33.9%.

Despite the mixed results, Exelixis maintained its previously provided financial guidance for fiscal year 2025. The company continues to expect total revenues between $2.25 billion and $2.35 billion, with net product revenues projected at $2.05 billion to $2.15 billion. This maintained outlook, which some investors might view as conservative given the Q2 performance, appears to be contributing to the stock's significant decline. On a positive note, Exelixis reported encouraging progress in its pipeline, including positive topline results from the STELLAR-303 trial in colorectal cancer, which could pave the way for future growth opportunities. However, the market seems to be focusing on the near-term financial performance and the revenue shortfall in particular.