Exelixis, Inc. (NASDAQ:EXEL) shares surged 6.9% in after-hours trading on Monday after the biopharmaceutical company reported first-quarter results that exceeded analyst expectations and raised its full-year revenue guidance.
The company posted adjusted earnings per share of $0.62, significantly beating the consensus estimate of $0.37. Revenue for the quarter came in at $555.4 million, well above analysts’ projections of $495.3 million and up 30.6% YoY.
Exelixis’ strong performance was driven primarily by its cabozantinib franchise, which generated U.S. net product revenues of $513.3 million, a 35.6% increase from $378.5 million in the same quarter last year.
"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, Ph.D., President and CEO of Exelixis.
Based on the robust Q1 results, Exelixis raised its full-year 2025 revenue guidance to $2.25-$2.35 billion, up from its previous forecast of $2.15-$2.25 billion. The new guidance surpasses the current analyst consensus of $2.252 billion.
The company also highlighted recent regulatory success, noting the FDA approval of CABOMETYX for previously treated advanced neuroendocrine tumors in March.
Exelixis ended the quarter with a strong balance sheet, repurchasing $494.5 million of its common stock at an average price of $34.87 per share under its ongoing buyback programs.
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