Exelixis reports preliminary FY24 revenue $2.165B, consensus $2.16B

Reports preliminary FY24 net product revenues $1.805B. Sees FY25 revenue $2.15B-$2.25B. Consensus $2.2B. Sees FY25 net product revenues $1.95B-$2.05B. “We expect 2025 to be a year of regulatory, clinical and commercial execution as we work toward a potential regulatory approval and launch for cabozantinib in neuroendocrine tumors and prepare for multiple zanzalintinib and pipeline data readouts throughout the year. As cabozantinib’s commercial success drives the business forward in the near-term, we’re excited by zanzalintinib’s potential to surpass cabozantinib’s scope and scale in the coming years and to become an important component of our mid- and long-term revenue growth… We look forward to providing more detailed updates on our pipeline progress at an R&D Day later this year. Finally, we’ll maintain our balanced approach to capital allocation, leveraging our strong balance sheet to execute on business development opportunities within the GU and GI oncology space, while using free cash flows to fund our stock repurchase program and return capital to shareholders,” said Michael Morrissey, President and CEO of Exelixis (EXEL).