Exelixis Inc (EXEL) Q4 2025 Earnings Call Highlights: Strong Revenue Growth and Strategic …

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Wed, February 11, 2026 at 2:01 PM GMT+9 5 min read

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EXEL

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**Total Revenue:** Approximately $599 million for Q4 2025.

**Cabozantinib Franchise Net Product Revenues:** $546.6 million for Q4 2025.

**CABOMETYX Net Product Revenues:** $544.7 million for Q4 2025.

**Gross to Net for Cabozantinib Franchise:** 28.5% in Q4 2025.

**Royalties Earned:** Approximately $52.8 million in Q4 2025.

**Total Operating Expenses:** Approximately $363 million for Q4 2025.

**Provision for Income Taxes:** Approximately $8.2 million for Q4 2025.

**GAAP Net Income:** Approximately $244.5 million for Q4 2025.

**Non-GAAP Net Income:** Approximately $259.5 million for Q4 2025.

**Cash and Marketable Securities:** Approximately $1.66 billion as of December 31, 2025.

**Stock Repurchase:** $954 million repurchased in fiscal year 2025.

**Remaining Stock Repurchase Authorization:** Approximately $590 million as of the end of fiscal year 2025.

**US Cabo Franchise Product Revenues Growth:** 17% to approximately $2.12 billion for full-year 2025.

**Global Cabo Franchise Net Product Revenues:** Approximately $754 million for Q4 2025 and $2.89 billion for full-year 2025.

**Neuroendocrine Tumor Indication Revenue:** Exceeded $100 million in 2025.

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Release Date: February 10, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Exelixis Inc (NASDAQ:EXEL) reported strong financial performance with a 17% growth in US cabo franchise product revenues, reaching approximately $2.12 billion for the full year 2025.

The company maintained its leadership position with CABOMETYX as the leading TKI for renal cell carcinoma (RCC) and neuroendocrine tumors in the oral second-line-plus segment.

Exelixis Inc (NASDAQ:EXEL) is advancing zanzalintinib as its next oncology franchise opportunity, with seven ongoing and planned pivotal trials.

The company has a robust pipeline with potential first-in-class and best-in-class molecules, demonstrating differentiating activity based on extensive preclinical testing.

Exelixis Inc (NASDAQ:EXEL) has a strong balance sheet with approximately $1.66 billion in cash and marketable securities, supporting its pipeline priorities and share repurchase program.

Negative Points

Gross to net deductions for the cabozantinib franchise decreased in the fourth quarter of 2025, primarily due to lower PHS and 340B volume.

The company faces variability in 340B purchasing behavior, which could impact gross to net figures due to the heavily discounted segment.

Exelixis Inc (NASDAQ:EXEL) anticipates a 2% discount on all Medicare Part D sales in 2026, affecting gross to net estimates.

Operating expenses increased sequentially in the fourth quarter of 2025, driven by higher manufacturing costs, NDA filing fees, and personnel expenses.

The company is dependent on successful regulatory approval and commercialization of zanzalintinib to sustain growth, with potential challenges in the competitive oncology market.

 






Story Continues  

Q & A Highlights

Q: How long will Exelixis benefit from the small manufacturer discount with the launch of zanza? Also, can you comment on the share repurchase cadence for the new year? A: Michael Morrissey, President and CEO, explained that the small manufacturer exemptions are tied to having a single product that generates the majority of revenue, which should remain the case for the foreseeable future. Christopher Senner, CFO, added that Exelixis plans to continue share repurchases as long as they believe the stock is undervalued, with $590 million remaining under the current authorization.

Q: Can you comment on recent 340B purchasing behavior and its potential impact on zanza commercialization? A: Christopher Senner, CFO, noted variability in 340B purchasing throughout 2025 and expects this to continue in 2026, impacting gross to net. Patrick Haley, EVP Commercial, mentioned that they will optimize the channel for zanza based on their experience with cabo.

Q: How large is the STELLAR-316 trial population in colorectal cancer, and what is the timeline for readout? A: Dana Aftab, EVP Research and Development, stated that the population is based on approximately 20% of patients who are ctDNA positive after definitive therapy, estimating 20,000 to 25,000 patients. The trial is expected to initiate mid-year.

Q: What is the potential for CABOMETYX in the neuroendocrine tumor market, and when will Merck start the next study with zanza? A: Patrick Haley, EVP Commercial, expressed satisfaction with CABOMETYX’s launch in neuroendocrine tumors, achieving $100 million in revenue in 2025. The focus is on expanding in the community setting. Michael Morrissey, CEO, mentioned ongoing discussions with Merck for further studies.

Q: Why did Exelixis and Merck choose to run the LITESPARK-033 trial in post-adjuvant first-line RCC? A: Michael Morrissey, CEO, explained that the focus is on future standard of care evolution, aiming for zanza to become a standard of care in RCC by the 2030s. The trials are part of building a franchise for RCC.

Q: How do you anticipate positive data from the non-liver met OS final analysis impacting your commercial strategy? A: Patrick Haley, EVP Commercial, highlighted the significant unmet medical need in the third-line-plus CRC setting and the positive reception of STELLAR-303 data by oncologists, which could drive commercial strategy pending approval.

Q: Can you comment on the potential market size for non-clear cell RCC and current cabo revenue from this segment? A: Patrick Haley, EVP Commercial, noted that non-clear cell RCC represents about 20% of renal cell carcinoma. The STELLAR-304 trial is significant as it is the first pivotal Phase III study for this population, potentially impacting cabo revenue.

Q: How should we think about the launch trajectory for zanza in CRC, and is Roche involved in ensuring rapid uptake? A: Patrick Haley, EVP Commercial, emphasized the significant unmet medical need in CRC and the fragmented market, which presents an opportunity for zanza. The team is fully prepared for launch, and Roche’s involvement was not specifically addressed.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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