Exelixis, Inc. (EXEL) SEC Filings & Earnings Calls
EquiReason read 17 Exelixis, Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-09-11 — FDA extended review period for zanzalintinib NDA by three months due to major amendment; new PDUFA date March 3, 2027..
Source: SEC EDGAR filings · figures as of 2026-07-03 · read by EquiReason
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Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
11 Sep 20268-K · 8.01FDA extended review period for zanzalintinib NDA by three months due to major amendment; new PDUFA date March 3, 2027.open
Risks flagged
Regulatory delay for zanzalintinib NDA could impact revenue timeline and competitive positioning.
“FDA extended review period; new PDUFA date March 3, 2027.”
31 Aug 20268-K · 8.01Federal Circuit affirmed validity of Exelixis patents, blocking generic entry until at least Jan 2030. Positive for revenue protection.open
Risks flagged
Patent litigation risk partially resolved; further appeals possible; separate patent (expiring 2032) still in litigation.
“subject to any further appellate proceedings, applicable regulatory exclusivity, and the outcome of separate litigation involving U.S. Patent No. 12,128,039” · word for word
5 Aug 20268-K · 2.02Total revenues $629M (+11% y/y); Cabozantinib Franchise U.S. Net Product Revenues $573M (+10% y/y); GAAP Diluted EPS $0.82 (+26% y/y)earningsopen
Figures in the filing · each found in the filing text
| Total revenues · Q2-2026 | $629M | +11% y/y |
| Cabozantinib Franchise U.S. Net Product Revenues · cabozantinib · Q2-2026 | $573M | +10% y/y |
| GAAP Diluted EPS · Q2-2026 | $0.82 | +26% y/y |
| Non-GAAP Diluted EPS · Q2-2026 | $0.91 | +21% y/y |
| Collaboration revenues · collaboration · Q2-2026 | $56M | +16% y/y |
| Research and development expenses · Q2-2026 | $212M | +6% y/y |
Risks flagged
Dependence on cabozantinib franchise for majority of revenue; pipeline concentration risk
“Cabozantinib franchise represents ~91% of total revenues; zanzalintinib launch pending regulatory approval”
R&D expense growth outpacing revenue growth
“R&D expenses increased 5.8% y/y to $212M, driven by clinical trial costs and manufacturing for development candidates”
5 Aug 202610-QExelixis reported strong Q2 2026 results with net product revenue growth of 10.2% YoY and net income growth of 14.7% YoY.earningsopen
Figures in the filing · each found in the filing text
| Net product revenues · Q2-2026 | $573M | +10% y/y |
| Net income · Q2-2026 | $212M | +15% y/y |
| Net income per share - diluted · Q2-2026 | $0.82 | +26% y/y |
| Operating cash flow · H1-2026 | $560M | +115% y/y |
| CABOMETYX net product revenues · CABOMETYX · Q2-2026 | $571M | +10% y/y |
| Total revenues · Q2-2026 | $629M | +11% y/y |
Risks flagged
Customer Concentration
“Affiliates of McKesson Corporation 21 % 18 % 20 % 18 %” · word for word
Dependence on Cabozantinib
“Sales related to cabozantinib account for the majority of our revenues.” · word for word
Royalty Obligation
“Royalty fees earned by Royalty Pharma were $ 24.1 million and $ 47.0 million during the three and six months ended June 30, 2026, respectively” · word for word
5 May 202610-QNet product revenues $555M (+8% y/y); Total revenues $611M (+10% y/y); Net income $210M (+32% y/y)open
Figures in the filing · each found in the filing text
| Net product revenues · Q1-2026 | $555M | +8% y/y |
| Total revenues · Q1-2026 | $611M | +10% y/y |
| Net income · Q1-2026 | $210M | +32% y/y |
| Operating cash flow · Q1-2026 | $252M | +19% y/y |
| CABOMETYX net product revenues · CABOMETYX · Q1-2026 | $553M | +8% y/y |
| COMETRIQ net product revenues · COMETRIQ · Q1-2026 | $2M | -9% y/y |
| Collaboration revenues · Q1-2026 | $56M | +32% y/y |
| Diluted EPS · Q1-2026 | $0.79 | +44% y/y |
| Cash and marketable securities · Q1-2026 | $1.43B | |
| Share repurchases · Q1-2026 | $435M | +49% y/y |
Risks flagged
Patent litigation risk
“On November 22, 2024, MSN noticed an appeal to the Court of Appeals for the Federal Circuit (CAFC) and we noticed a cross-appeal on November 26, 2024.” · word for word
Concentration risk
“Affiliates of Cencora, Inc. accounted for 22% of total revenues for the three months ended March 31, 2026.”
Generic competition risk
“MSN's ANDA requests approval to market a generic version of CABOMETYX tablets prior to expiration of certain patents.”
5 May 20268-K · 2.02, 8.01Total revenues $611M (+10% y/y); Cabozantinib franchise U.S. net product revenues $555M (+8% y/y); GAAP diluted EPS $0.79earningsopen
Figures in the filing · each found in the filing text
| Total revenues · Q1-2026 | $611M | +10% y/y |
| Cabozantinib franchise U.S. net product revenues · Q1-2026 | $555M | +8% y/y |
| GAAP diluted EPS · Q1-2026 | $0.79 | |
| Non-GAAP diluted EPS · Q1-2026 | $0.87 | |
| Collaboration revenues · Q1-2026 | $56M | +32% y/y |
| R&D expenses · Q1-2026 | $200M | -6% y/y |
Risks flagged
R&D expenses remain high at $199.9M, though slightly down YoY
“Research and development expenses for the quarter ended March 31, 2026 were $199.9 million” · word for word
15 Apr 2026DEF 14AProxy statement for annual shareholder meeting, including advisory vote on executive compensation and approval of amended equity incentive plan.open
Figures in the filing · each found in the filing text
| Total Revenues · FY2025 | $2.32B | +7% y/y |
| CABOMETYX TRx Market Share · FY2025 | 46.0% | |
| Share Repurchases · FY2025 | $954M | |
| Additional Share Repurchase Authorization · FY2026 | $750M | |
| CEO Annual Cash Bonus Payout · FY2025 | $1M | |
| CEO Base Salary · FY2025 | $1M | +4% y/y |
| 2022 PSU Achievement · FY2022-FY2025 | 175.0% | |
| 2023 PSU Achievement · FY2023-FY2026 | 175.0% | |
| 2025 Corporate Goal Achievement · FY2025 | 105.0% | |
| Number of Employees · FY2026 | 1,144 |
Risks flagged
Key Person Dependency
“CEO succession planning is delegated to the Governance Committee, indicating board awareness of key person risk.”
Concentrated Revenue from Cabozantinib
“Sales related to cabozantinib account for the majority of our revenues.” · word for word
Clinical Trial Failure Risk
“STELLAR-305 Data to inform Phase 2/3 decision IDMC recommendation of 'Go' to Phase 3 ... Data supported a No‑Go outcome, enabling resource focus on higher‑value indications” · word for word
10 Feb 20268-K · 2.02Total Revenues $599M (+6% y/y); Total Revenues $2.32B (+7% y/y); Cabozantinib U.S. Net Product Revenues $2.12B (+17% y/y)earningsopen
Figures in the filing · each found in the filing text
| Total Revenues · Q4-2025 | $599M | +6% y/y |
| Total Revenues · FY2025 | $2.32B | +7% y/y |
| Cabozantinib U.S. Net Product Revenues · Cabozantinib Franchise · FY2025 | $2.12B | +17% y/y |
| Cabozantinib U.S. Net Product Revenues · Cabozantinib Franchise · Q4-2025 | $547M | |
| GAAP Diluted EPS · Q4-2025 | $0.88 | +83% y/y |
| GAAP Diluted EPS · FY2025 | $2.78 | +58% y/y |
| GAAP Net Income · Q4-2025 | $245M | +75% y/y |
| GAAP Net Income · FY2025 | $783M | +50% y/y |
| Research and Development Expenses · Q4-2025 | $213M | -14% y/y |
| Research and Development Expenses · FY2025 | $825M | -9% y/y |
Risks flagged
Collaboration revenue decline due to milestone timing may create volatility.
“Collaboration revenues were $197.3 million for the year ended December 31, 2025, as compared to $359.3 million for the comparable period in 2024. The decrease... was primarily related to lower milestone-related revenues recognized.” · word for word
Dependence on cabozantinib franchise for majority of revenue; pipeline concentration risk.
“Cabozantinib Franchise Achieved $2.123 billion in U.S. Net Product Revenues for the Fiscal Year 2025... representing 91.5% of total revenues.” · word for word
10 Feb 202610-KNet product revenues $2.12B (+17% y/y); CABOMETYX net product revenues $2.11B (+18% y/y); COMETRIQ net product revenues $9M (-15% y/y); Guidance: Net product revenues may increase in FY2026open
Figures in the filing · each found in the filing text
| Net product revenues · FY2025 | $2.12B | +17% y/y |
| CABOMETYX net product revenues · CABOMETYX · FY2025 | $2.11B | +18% y/y |
| COMETRIQ net product revenues · COMETRIQ · FY2025 | $9M | -15% y/y |
| Gross product revenues · FY2025 | $3.01B | +20% y/y |
| Discounts and allowances · FY2025 | $889M | +25% y/y |
| License revenues · FY2025 | $214M | -39% y/y |
| Total revenues · FY2025 | $2.32B | +7% y/y |
| CABOMETYX units sold change · CABOMETYX · FY2025 | 16.0% | |
| CABOMETYX average net selling price change · CABOMETYX · FY2025 | 1.0% |
Guidance
Net product revenues may increase in FY2026
Qualitative guidance: net product revenues may increase in FY2026, driven by continued demand for CABOMETYX.
Risks flagged
Patent expiration risk
“This composition of matter patent, with patent term extension, will expire in August 2026.” · word for word
Pricing and reimbursement pressure
“These entities could refuse, limit or condition coverage for our products, such as by using tiered reimbursement or pressing for new forms of contracting” · word for word
Intense competition in key indications
“The competitive landscape for RCC is evolving rapidly, especially given the entrance and increased adoption of ICI and ICI-TKI combination therapies” · word for word
12 Jan 20268-K · 2.02Total Revenues $2.32B; Net Product Revenues $2.12B; Cost of Goods Sold % of Net Product Revenues 3.7; Guidance: FY2026 net product revenues guidance $2.325B-$2.425B vs FY2025 ~$2.123Bearningsopen
Figures in the filing · each found in the filing text
| Total Revenues · FY2025 | $2.32B | |
| Net Product Revenues · FY2025 | $2.12B | |
| Cost of Goods Sold % of Net Product Revenues · FY2025 | 3.7% | |
| Research and Development Expenses · FY2025 | $825M | |
| Selling, General and Administrative Expenses · FY2025 | $520M | |
| Ending Cash and Marketable Securities · FY2025 | $1.65B | |
| FY2026 Net Product Revenues Guidance · FY2026 | $2.33B | |
| FY2026 Total Revenues Guidance · FY2026 | $2.52B | |
| FY2026 R&D Expenses Guidance · FY2026 | $875M | |
| FY2026 SG&A Expenses Guidance · FY2026 | $575M |
Guidance
FY2026 net product revenues guidance $2.325B-$2.425B vs FY2025 ~$2.123B
FY2026 guidance implies ~10-14% net product revenue growth; strong cabozantinib franchise; pipeline progress.
Risks flagged
Dependence on cabozantinib franchise; pipeline risk for zanzalintinib approval.
“Revenue concentrated in cabozantinib; zanzalintinib NDA under FDA review.”
7 Nov 20258-K · 5.02, 8.01Reported the departure of a director or principal officer (CEO/CFO change); disclosed a material event under other events (litigation, recall, contract loss, or major announcement)open
Risks flagged
Low risk; departure is not due to disagreement, and successor is internal.
“decision was not the result of any disagreement with the Company” · word for word
4 Nov 202510-QExelixis reported strong Q3 2025 results with net product revenue and net income up significantly YoY, driven by CABOMETYX demand and cost control.earningsopen
Figures in the filing · each found in the filing text
| Net product revenues · Q3-2025 | $543M | +14% y/y |
| CABOMETYX net product revenues · Q3-2025 | $540M | +14% y/y |
| COMETRIQ net product revenues · Q3-2025 | $3M | +28% y/y |
| Net income · Q3-2025 | $194M | +64% y/y |
| Operating cash flow · 9M-2025 | $551M | +20% y/y |
Risks flagged
Concentration on cabozantinib franchise
“Sales related to cabozantinib account for the majority of our revenues.” · word for word
Pricing pressure from discounts and allowances
“Discounts and allowances $237,342 thousand for Q3 2025 vs $168,360 thousand for Q3 2024, an increase of 41%.”
Restructuring execution risk
“Restructuring $19,816 thousand for Q3 2025 vs $96 thousand for Q3 2024.”
4 Nov 20258-K · 2.02, 8.01Total revenues $598M (+11% y/y); Cabozantinib Franchise U.S. Net Product Revenues $543M (+14% y/y); GAAP Diluted EPS $0.69 (+72% y/y)earningsopen
Figures in the filing · each found in the filing text
| Total revenues · Q3-2025 | $598M | +11% y/y |
| Cabozantinib Franchise U.S. Net Product Revenues · cabozantinib franchise · Q3-2025 | $543M | +14% y/y |
| GAAP Diluted EPS · Q3-2025 | $0.69 | +73% y/y |
| Non-GAAP Diluted EPS · Q3-2025 | $0.78 | +95% y/y |
| GAAP Net Income · Q3-2025 | $194M | +64% y/y |
| Non-GAAP Net Income · Q3-2025 | $218M | +61% y/y |
| Research and development expenses · Q3-2025 | $199M | -11% y/y |
| Selling, general and administrative expenses · Q3-2025 | $124M | +11% y/y |
Risks flagged
Restructuring expenses of $19.8M related to workforce reorganization and office closure.
“Restructuring expenses for the quarter ended September 30, 2025 were $19.8 million” · word for word
Exelixis, Inc. — questions
- What did Exelixis, Inc. file recently?
- 17 SEC filings in the last 12 months. Latest: 8-K on 2026-09-11 — FDA extended review period for zanzalintinib NDA by three months due to major amendment; new PDUFA date March 3, 2027.
Every figure on this page comes from Exelixis, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.