Exelixis, Inc. (Nasdaq: EXEL) is a biotechnology company focused on oncology, providing innovative medicines for cancer treatment. The company reported its financial results for the first quarter of 2025, demonstrating significant growth compared to the preceding year.

For the quarter ending March 31, 2025, Exelixis reported total revenues of $555.4 million, up from $425.2 million in the same quarter of 2024. This marks an increase of 30.6% year-over-year. The company’s net product revenues reached $513.3 million, compared to $378.5 million for the same period in 2024, reflecting a 35.5% increase.

Collaboration revenues amounted to $42.2 million, down from $46.7 million in the prior year, which indicates a decrease of 9.6%. The decline in collaboration revenues was primarily due to reduced royalty revenues from sales of cabozantinib outside of the U.S. related to the company’s collaboration partners and lower development cost reimbursements.

Research and development expenses were reported at $212.2 million for the quarter, a decrease from $227.7 million in the same period last year, which represents a reduction of 6.8%. This decline resulted from decreased clinical trial costs and collaboration costs, partially offset by increases in stock-based compensation and personnel expenses.

Selling, general and administrative expenses for the quarter totaled $137.2 million, an increase from $114.0 million in the prior year, reflecting a rise of 20.4%, primarily driven by higher marketing and personnel costs. This contributed to total operating expenses of $368.6 million, down from $395.8 million in the first quarter of 2024.

Exelixis reported a GAAP net income of $159.6 million for the quarter, or $0.57 per share on a basic basis and $0.55 on a diluted basis. This is a notable increase from the $37.3 million, or $0.12 per share, reported in the same quarter last year. The increase in GAAP net income is attributed to lower weighted-average common shares outstanding due to the company’s stock repurchase programs.

Non-GAAP net income for the quarter was $179.6 million, or $0.64 per basic share and $0.62 per diluted share, compared to $52.0 million, or $0.17 per share in the same period of the previous year, reflecting a significant year-over-year improvement.

The company has updated its financial guidance for fiscal year 2025, raising its total revenue forecast to a range of $2.25 billion to $2.35 billion, up from the previous guidance of $2.15 billion to $2.25 billion. It has also increased its forecast for net product revenues to between $2.05 billion and $2.15 billion, an increase from the earlier range of $1.95 billion to $2.05 billion.

Cost of goods sold is projected to remain stable at 4% to 5% of net product revenues. The guidance for research and development expenses remains unchanged at $925 million to $975 million, while selling, general and administrative expenses are expected to be between $475 million and $525 million.

As of March 31, 2025, Exelixis has repurchased $494.5 million of its common stock under its authorized programs, contributing to a decline in weighted-average common shares outstanding from 326.3 million a year ago to 288.2 million.

Overall, Exelixis demonstrated robust financial performance in the first quarter of 2025, facilitated by significant growth in its cabozantinib product line and an increase in financial guidance for the fiscal year. The company’s focus on developing innovative oncology therapies continues to drive its revenue growth and operational achievements.