Exelixis (NASDAQ: EXEL) shares jumped over 6% in pre-market trading on Wednesday after the company reported better-than-expected first-quarter results and lifted its full-year revenue outlook.
The biopharmaceutical company posted adjusted earnings of $0.62 per share, well above the analysts’ consensus estimate of $0.37. Revenue for the quarter reached $555.4 million, beating estimates of $495.3 million and marking a 30.6% increase year-over-year.
Management attributed the upbeat results to its cabozantinib franchise. U.S. net product revenues from the franchise reached $513.3 million, up 35.6% from $378.5 million in the first quarter of 2024.
“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.
Following the strong Q1 results, Exelixis raised its full-year 2025 revenue guidance to between $2.25 billion and $2.35 billion, up from its previous forecast of $2.15 billion to $2.25 billion and ahead of the current analyst consensus of $2.252 billion.
The company also highlighted a significant regulatory milestone, noting that the U.S. Food and Drug Administration (FDA) approved CABOMETYX for previously treated advanced neuroendocrine tumors in March.
Exelixis ended the quarter with a solid financial position. The company repurchased $494.5 million of its common stock at an average price of $34.87 per share under its ongoing buyback programs.
The earnings report comes amid a positive outlook from several analysts. Guggenheim reiterated its “Buy” rating on Exelixis, maintaining a price target of $42.00. Meanwhile, Citizens JMP analysts kept a “Market Outperform” rating on the stock, with a price target of $41.00.
As of the latest update, Exelixis (NASDAQ: EXEL) shares are up 6.36%, trading at $39.30.
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