Exelixis, Inc. Q3 2025 Earnings Recap

Exelixis delivered strong third-quarter results, characterized by robust revenue growth driven by the success of cabozantinib and early achievements for zanzalintinib, setting the stage for future growth.

Key Takeaways

• Cabozantinib U.S. net product revenues rose 14% year-over-year to $543 million, maintaining its leadership in the TKI market for renal cell carcinoma (RCC).
• Global cabozantinib revenues reached approximately $739 million, bolstered by a 50% increase in demand within the neuroendocrine tumor (NET) segment.
• Zanzalintinib is gaining momentum with seven pivotal trials underway; recent positive results in colorectal cancer (CRC) suggest potential regulatory submissions soon.
• The expansion of the GI sales team aims to accelerate growth in the CABINET indication, enhancing the company’s commercial footprint.
• Exelixis is committed to a disciplined capital allocation strategy while progressing its diverse R&D pipeline for sustained long-term value creation.