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EXEL

Exelixis, Inc.

EXEL

Exelixis, Inc. • NASDAQ
$44.17 ▼ -0.09% (-0.04)
Market Cap $11.84 B
52w High $49.62
52w Low $31.90
Dividend Yield 0%
P/E 18.56
Volume 1.16M
Outstanding Shares 268.11M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $597.755M ▲ $342.641M ▲ $193.578M ▲ 32.384% ▼ $0.72 ▲ $259.835M ▲
Q2-2025 $568.261M ▲ $335.215M ▼ $184.848M ▲ 32.529% ▲ $0.68 ▲ $237.757M ▲
Q1-2025 $555.447M ▼ $349.416M ▼ $159.616M ▲ 28.736% ▲ $0.57 ▲ $194.204M ▲
Q4-2024 $566.755M ▲ $383.584M ▼ $139.861M ▲ 24.678% ▲ $0.48 ▲ $171.102M ▼
Q3-2024 $539.542M $386.139M $117.973M 21.865% $0.41 $195.297M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $988.535M ▲ $2.824B ▲ $662.847M ▲ $2.161B ▲
Q2-2025 $791.098M ▼ $2.678B ▼ $644.545M ▼ $2.034B ▼
Q1-2025 $1.031B ▼ $2.837B ▼ $706.223M ▲ $2.131B ▼
Q4-2024 $1.111B ▼ $2.948B ▼ $703.487M ▲ $2.244B ▼
Q3-2024 $1.189B $2.96B $684.857M $2.275B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $193.578M ▲ $290.322M ▲ $25.405M ▼ $-103.86M ▲ $169.723M ▲ $288.84M ▲
Q2-2025 $184.848M ▲ $48.993M ▼ $248.031M ▲ $-316.343M ▼ $-19.319M ▲ $48.993M ▼
Q1-2025 $159.616M ▲ $211.437M ▼ $49.764M ▲ $-294.823M ▼ $-33.622M ▲ $188.985M ▼
Q4-2024 $139.861M ▲ $240.263M ▼ $-93.201M ▲ $-188.034M ▼ $-40.972M ▼ $226.286M ▼
Q3-2024 $117.973M $271.338M $-217.147M $5.696M $59.887M $262.141M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Collaboration
Collaboration
 $60.00M ▲$250.00M ▲$40.00M ▼$50.00M ▲
License
License
 $60.00M ▲$240.00M ▲$40.00M ▼$50.00M ▲
Product
Product
 $480.00M ▲$950.00M ▲$510.00M ▼$520.00M ▲
Product Gross
Product Gross
 $650.00M ▲$1.31Bn ▲$720.00M ▼$750.00M ▲
Product Sales Discounts And Allowances
Product Sales Discounts And Allowances
 $-170.00M ▲$0 ▲$-210.00M ▼$-230.00M ▼
Service
Service
 $0 ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Exelixis has transitioned from being a typical cash-burning biotech to operating much more like an established pharmaceutical company. Revenue has climbed steadily over the past five years, with meaningful growth each year. Profitability has also improved: gross margins are very high, operating profit is consistently positive, and net income has moved from modest levels to much stronger results recently. Earnings per share have stepped up noticeably in the latest year, suggesting improving scale and cost control. The business is still largely driven by one major oncology franchise, so performance remains somewhat concentrated in that area, but financially the core business looks both growing and solidly profitable.

Balance Sheet

Balance Sheet The balance sheet appears generally strong and conservative. Total assets have grown over time, and shareholder equity makes up the bulk of the capital structure, which means the company is not heavily reliant on borrowing. Debt exists but remains relatively low compared with the equity base. Cash levels have come down from earlier peaks, while debt has ticked up somewhat, so the company is not quite as net-cash-rich as it used to be. Even so, the overall picture is of a company with a healthy capital cushion, modest leverage, and flexibility to keep investing in its pipeline, though less excess cash than in prior years.

Cash Flow

Cash Flow Cash generation is a key strength. Exelixis consistently produces cash from its operations, and that flow has improved as revenues and profits have grown. After funding capital spending—which remains fairly modest relative to the size of the business—the company still generates positive free cash flow year after year. This means its day-to-day business is capable of funding R&D, capital investments, and at least some strategic initiatives without constant dependence on new financing. The recent trend shows both growing and more reliable cash generation, which is important for a biotech with significant ongoing development needs.

Competitive Edge

Competitive Edge Exelixis occupies a strong niche in oncology, anchored by CABOMETYX, which holds a leading share in renal cell carcinoma and is used in important combination regimens with large partners. This gives the company a durable commercial base, deep relationships with oncologists, and brand recognition in key cancer indications. Its focus on multi-targeted kinase inhibitors allows it to compete on differentiated mechanisms rather than just being another me-too drug. However, competition in oncology is intense, with new immunotherapies and targeted agents constantly emerging. The company is still quite dependent on its flagship cabozantinib franchise, so it faces concentration risk and eventual patent and competitive pressures. Its robust pipeline helps counter this, but that strength will only fully materialize if late-stage programs successfully convert into approved products and meaningful commercial adoption.

Innovation and R&D

Innovation and R&D Innovation is central to Exelixis’s strategy. The company has proven expertise in multi-targeted tyrosine kinase inhibitors, as shown by cabozantinib, and is now pushing a next-generation candidate, zanzalintinib, which aims to improve both effectiveness and tolerability and is being tested in combination with leading immunotherapies. At the same time, Exelixis is broadening its toolkit beyond small molecules into antibody-drug conjugates through partnerships, with XB371 as an early but important proof point. It has also shown discipline by shutting down less competitive projects, like the discontinued TF-targeting ADC, and reallocating resources. The pipeline spans multiple stages—from label expansions for CABOMETYX to earlier-stage novel targets—offering several shots on goal. Still, R&D in oncology is inherently risky: clinical setbacks, safety issues, or stronger competitor data could reduce the payoff from these investments.

Summary

Exelixis is an unusual biotech in that it already operates as a profitable, cash-generating oncology company while still investing heavily for future growth. Financially, it shows steady revenue expansion, strong margins, and consistent free cash flow, supported primarily by a single, highly successful cancer drug franchise. Its balance sheet is solid with low leverage, though cash cushions are not as large as in past years. Competitively, CABOMETYX provides a strong foothold and market leadership in certain cancers, but also creates dependence on one core asset. The company’s long-term story hinges on successfully broadening beyond that flagship through zanzalintinib, its ADC platform, and other pipeline candidates. Overall, Exelixis combines a currently strong commercial base with meaningful upside from innovation, balanced against typical biotech risks around drug concentration, clinical trial outcomes, competition, and regulatory uncertainty.

NEWS

November 6, 2025 · 4:05 PM UTC

Exelixis to Webcast Fireside Chats as Part of Upcoming Investor Conferences in November

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November 4, 2025 · 4:05 PM UTC

Exelixis Announces Third Quarter 2025 Financial Results and Provides Corporate Update

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October 28, 2025 · 10:00 AM UTC

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Exelixis, Inc. - EXEL

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October 23, 2025 · 10:00 AM UTC

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Exelixis, Inc. - EXEL

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October 21, 2025 · 4:05 PM UTC

Exelixis to Release Third Quarter 2025 Financial Results on Tuesday, November 4, 2025

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