Exelixis Inc. (NASDAQ:EXEL) reported adjusted earnings of 62 cents per share on Tuesday for the first quarter of 2025, 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.
- The increase in net product revenues was primarily due to an increase in sales volume and an increase in average net selling price.
Also Read: FDA Approves Exelixis’ Lead Cancer Drug Cabometyx For Expanded Use In Neuroendocrine Tumors
“Exelixis delivered outstanding financial performance in the first quarter of 2025, driven by accelerating growth in Cabometyx demand, new patient starts, and revenues,” said Michael M. Morrissey, president and CEO of Exelixis.
“The Exelixis commercial team rapidly mobilized for the launch of CABOMETYX in advanced neuroendocrine tumors (NET) within hours of receiving U.S. regulatory approval in late March. We are very pleased with the initial reception and plan to provide further updates to our 2025 financial guidance as we build momentum on the NET launch and gain further clarity on additional revenue opportunities for 2025,” Morrissey added.
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,” Morrissey said.
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.
On Tuesday, Invenra Inc. announced that its collaboration partner, Exelixis, has initiated the dose-escalation stage of the first-in-human Phase 1 study of XB628 in participants with recurrent advanced or metastatic solid tumors.
XB628 is a first-in-class bispecific antibody natural killer (NK) cell engager that targets NK group 2 member A (NKG2A), an inhibitory receptor on NK cells, and programmed cell death-ligand 1 (PD-L1).
The molecule was discovered in part through a collaboration between Exelixis and Invenra.
“Regarding flagship product Cabometyx, we are encouraged by its continued strength in RCC and expect the recent approval in late-line NETs to potentially drive the next leg of growth,” William Blair analyst Andy T. Hsieh wrote on Wednesday.
“The NETs market is expected to grow at a 9% compound annual rate to $4.6 billion by 2030. Based on our prior analysis, the total addressable market for Cabometyx in this indication stands at $900 million, thus representing a material expansion opportunity, in our view.”
Price Action: At the last check on Wednesday, EXEL stock was up 4.11% at $38.47 during the premarket session.
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