Exelixis Reports Strong Preliminary FY25 Results, Issues Positive FY26 Guidance, and Authorizes $750M Share Buyback

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Exelixis' preliminary financial results for fiscal year 2025 and positive guidance for 2026, coupled with a substantial new share repurchase authorization, signal strong operational performance and management confidence. The company's robust pipeline, particularly the multiple upcoming catalysts for zanzalintinib and new IND applications, indicates significant potential for future growth and diversification beyond its successful cabozantinib franchise. Investors should monitor the progress of zanzalintinib's regulatory review and clinical trial readouts, as these represent key value drivers.

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• Preliminary FY2025 Financial Results

  Exelixis reported preliminary unaudited total revenues of approximately $2.320 billion and net product revenues of approximately $2.123 billion for fiscal year 2025, driven by the cabozantinib franchise.

• Positive FY2026 Financial Guidance

  The company provided fiscal year 2026 guidance, anticipating total revenues between $2.525 billion and $2.625 billion, and net product revenues between $2.325 billion and $2.425 billion, indicating continued growth.

• New $750 Million Stock Repurchase Program

  Exelixis' Board of Directors authorized the repurchase of up to an additional $750 million of common stock before December 31, 2026, demonstrating a commitment to returning capital to shareholders.

• Robust Pipeline Progress and Upcoming Catalysts

  The company highlighted significant progress across its pipeline, including ongoing U.S. regulatory review for zanzalintinib in metastatic CRC, anticipated mid-2026 topline results for STELLAR-303 and STELLAR-304, and plans to initiate two new pivotal trials and two IND applications in 2026.

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Exelixis' preliminary financial results for fiscal year 2025 and positive guidance for 2026, coupled with a substantial new share repurchase authorization, signal strong operational performance and management confidence. The company's robust pipeline, particularly the multiple upcoming catalysts for zanzalintinib and new IND applications, indicates significant potential for future growth and diversification beyond its successful cabozantinib franchise. Investors should monitor the progress of zanzalintinib's regulatory review and clinical trial readouts, as these represent key value drivers.