Every material Form 8-K Exelixis has filed with the SEC since August 06, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Exelixis, Inc. reported its third quarter 2026 financial results, showing an increase in total revenues to $658.7 million compared to $597.8 million for the same period in 2025. GAAP net income rose to $218.1 million, or $0.85 per diluted share, driven by higher net product sales from the cabozantinib franchise.
Total revenues for the quarter ended September 30, 2026, were $658.7 million, up from $597.8 million in the third quarter of 2025.
GAAP net income for the third quarter of 2026 was $218.1 million, or $0.85 per diluted share.
Cabozantinib franchise U.S. net product revenues reached $604.9 million for the quarter.
Exelixis updated its full-year 2026 financial guidance, including total revenues projected between $2.500 billion and $2.550 billion.
Exelixis reported second quarter 2026 total revenues of $628.7 million, up from $568.3 million a year earlier, and GAAP diluted EPS of $0.82, up from $0.65. However, the company lowered its full-year 2026 total revenue guidance to $2.500 billion-$2.550 billion from $2.525 billion-$2.625 billion, and the guidance excludes any revenue from a potential launch of zanzalintinib, which the FDA is reviewing with a December 3, 2026 target action date.
Q2 2026 total revenues were $628.7 million vs. $568.3 million in Q2 2025; net product revenues were $573.0 million vs. $520.0 million.
GAAP diluted EPS was $0.82 vs. $0.65 a year earlier; non-GAAP diluted EPS was $0.91 vs. $0.75.
2026 total revenue guidance was cut to $2.500 billion-$2.550 billion from $2.525 billion-$2.625 billion; net product revenue guidance was cut to $2.300 billion-$2.350 billion from $2.325 billion-$2.425 billion.
Exelixis repurchased $311.6 million of its stock in Q2 2026 and began buybacks under a new $750 million authorization approved in May 2026.
At its May 26, 2026 annual meeting, Exelixis stockholders approved an amended and restated 2017 Equity Incentive Plan, which took effect immediately, and re-elected 11 directors to serve until the 2027 annual meeting. Stockholders also ratified Ernst & Young LLP as auditor and approved the advisory say-on-pay proposal. The votes are routine governance matters that set the terms of equity awards and board composition.
Stockholders approved the 2017 Equity Incentive Plan amendment and restatement on May 26, 2026, effective immediately upon approval.
Ernst & Young LLP was ratified as independent registered public accounting firm for the fiscal year ending January 1, 2027, with 222,343,120 votes for.
Say-on-pay was approved with 163,104,135 votes for and 43,156,553 against.
Maria C. Freire, Ph.D. received 180,367,648 votes for and 26,067,310 against, the largest share of opposition among the 11 directors.
Exelixis reported first-quarter 2026 total revenues of $610.8 million, up from $555.4 million a year earlier, and GAAP diluted EPS of $0.79, up from $0.55. The company maintained its 2026 financial guidance and said the zanzalintinib NDA for previously treated metastatic colorectal cancer is under FDA review with a December 3, 2026 target action date. The Board also authorized up to an additional $750 million in stock repurchases through December 31, 2027.
Total revenues were $610.8 million versus $555.4 million; net product revenues were $555.0 million versus $513.3 million.
GAAP diluted EPS was $0.79 versus $0.55; non-GAAP diluted EPS was $0.87 versus $0.62.
2026 guidance was maintained, with total revenues of $2.525 billion to $2.625 billion.
The new $750 million repurchase program runs through December 31, 2027; the October 2025 program is expected to be completed in May 2026.
Exelixis reported fourth-quarter and full-year 2025 results on February 10, 2026. Total revenues rose to $598.7 million in the quarter from $566.8 million a year earlier, and GAAP diluted EPS was $0.88 versus $0.48, while the company maintained its previously provided 2026 financial guidance.
Q4 2025 total revenues were $598.7 million, up from $566.8 million in Q4 2024; FY 2025 total revenues were $2.320 billion, up from $2.169 billion.
Q4 2025 GAAP diluted EPS was $0.88 versus $0.48; FY 2025 GAAP diluted EPS was $2.78 versus $1.76.
Collaboration revenues for FY 2025 fell to $197.3 million from $359.3 million, mainly due to lower milestone-related revenue.
Exelixis maintained 2026 guidance, including total revenues of $2.525 billion to $2.625 billion, and authorized up to an additional $750 million in stock repurchases before December 31, 2026.
Exelixis said preliminary, unaudited fiscal 2025 net product revenue was about $2.123 billion and total revenue was about $2.320 billion. It also gave fiscal 2026 net product revenue guidance of $2.325 billion to $2.425 billion, which excludes any revenue from a potential zanzalintinib launch. The audit is ongoing, and final results are due February 10, 2026, so the figures could change.
Preliminary fiscal 2025 total revenues of about $2.320 billion and net product revenues of about $2.123 billion
Fiscal 2026 guidance: total revenues of $2.525 billion to $2.625 billion and net product revenues of $2.325 billion to $2.425 billion
Audited fiscal 2025 results are scheduled for release on February 10, 2026
An October 2025 buyback authorizes up to an additional $750 million of stock repurchases before December 31, 2026
Exelixis said General Counsel Jeffrey Hessekiel will step down, with his role ending November 7, 2025, and that his decision did not stem from any disagreement with the company. Brenda Hefti, currently Senior Vice President of Intellectual Property and Licensing, will take over as General Counsel on the same date, reporting to CEO Michael Morrissey. The change is a leadership transition in a legal role; the filing gives no financial figures.
Jeffrey Hessekiel, Executive Vice President and General Counsel, notified the company on November 4, 2025 of his resignation; he ceases the role November 7, 2025
Brenda Hefti, Senior Vice President, IP & Licensing, is promoted to General Counsel effective November 7, 2025
Hefti joined Exelixis in 2013 as corporate counsel and has led IP & Licensing since 2020
The filing states Hessekiel's departure was not the result of any disagreement with the company
Exelixis reported third-quarter 2025 total revenues of $597.8 million, up from $539.5 million a year earlier, and GAAP diluted earnings per share of $0.69, up from $0.40. The company raised the low end of its 2025 total revenue guidance and authorized a stock repurchase program of up to $750 million that runs through December 31, 2026.
Q3 2025 total revenues $597.8 million vs. $539.5 million in Q3 2024; net product revenues $542.9 million vs. $478.1 million
GAAP net income $193.6 million ($0.69 diluted EPS) vs. $118.0 million ($0.40) a year earlier; non-GAAP diluted EPS $0.78 vs. $0.47
2025 total revenue guidance raised to $2.30 billion-$2.35 billion from $2.25 billion-$2.35 billion; R&D expense guidance lowered to $850 million-$900 million from $925 million-$975 million
Board authorized repurchase of up to $750 million of common stock before December 31, 2026; Q3 restructuring expenses were $19.8 million
Exelixis said its board appointed Dana T. Aftab, Ph.D., currently Chief Scientific Officer, as Executive Vice President, Research and Development, effective August 29, 2025. The filing also states that Amy C. Peterson, M.D., concluded her service as Executive Vice President, Product Development and Medical Affairs and Chief Medical Officer on the same date, and that she is entitled to payments under the company's Change in Control and Severance Benefit Plan. The changes affect the company's senior research and medical leadership, and the filing does not disclose the amount of Dr. Peterson's payments.
Dana T. Aftab, Ph.D., appointed Executive Vice President, Research and Development, effective August 29, 2025
Aftab was previously Executive Vice President, Discovery and Translational Research and Chief Scientific Officer
Amy C. Peterson, M.D., concluded service as EVP, Product Development and Medical Affairs and Chief Medical Officer effective August 29, 2025
Peterson is entitled to payments under the Change in Control and Severance Benefit Plan; amounts not disclosed in the filing
Exelixis reported second-quarter 2025 total revenues of $568.3 million, down from $637.2 million a year earlier, and GAAP diluted EPS of $0.65, down from $0.77. Net product revenues rose to $520.0 million from $437.6 million, but the prior-year quarter included a $150.0 million commercial milestone that lifted collaboration revenue. The company maintained its full-year 2025 financial guidance.
Total revenues were $568.3 million versus $637.2 million in Q2 2024; collaboration revenues fell to $48.2 million from $199.6 million.
Net product revenues rose to $520.0 million from $437.6 million, mainly due to higher sales volume.
GAAP diluted EPS was $0.65 versus $0.77; non-GAAP diluted EPS was $0.75 versus $0.84.
Full-year 2025 total revenue guidance of $2.25 billion to $2.35 billion was maintained.
Exelixis reported first-quarter 2025 total revenues of $555.4 million, up from $425.2 million a year earlier, and GAAP diluted earnings per share of $0.55, up from $0.12. The company raised its 2025 total revenue guidance by $100 million, to $2.25 billion to $2.35 billion, and net product revenue guidance to $2.05 billion to $2.15 billion, citing growth in CABOMETYX demand.
Q1 2025 total revenues were $555.4 million, versus $425.2 million in Q1 2024; net product revenues were $513.3 million.
GAAP diluted EPS was $0.55 and non-GAAP diluted EPS was $0.62, versus GAAP diluted EPS of $0.12 in Q1 2024.
2025 total revenue guidance is now $2.25 billion to $2.35 billion, up from $2.15 billion to $2.25 billion.
Stock repurchases totaled $494.5 million through March 31, 2025, at an average price of $34.87 per share.
Exelixis's board approved a one-time performance-based restricted stock unit program covering all employees, including named executive officers, to align staff interests with shareholders and retain employees over a five-year period. Awards vest only if the 90-day volume-weighted average stock price reaches $60 per share within five years and the employee stays employed through the fifth anniversary.
Board approved the Special Equity Award Program on March 28, 2025, covering all employees and subsidiaries.
Named executive officers received 589,719 (Morrissey), 170,009 (Senner), 132,819 (Aftab), 154,070 (Hessekiel) and 159,383 (Peterson) PSU shares.
Awards vest only if the 90-day volume-weighted average closing price equals or exceeds $60 per share within the five-year performance period; otherwise all are forfeited.
Form of award agreement for vice president level and above will be filed with the Form 10-Q for the period ending April 4, 2025.
Exelixis reported fourth-quarter 2024 total revenues of $567 million, up from $480 million a year earlier, and GAAP diluted EPS of $0.48, up from $0.27. For fiscal 2024, total revenues were $2.17 billion and GAAP net income was $521.3 million, compared with $1.83 billion and $207.8 million in 2023. The company kept its 2025 financial guidance unchanged, and that guidance does not include any impact from a possible U.S. approval of CABOMETYX for neuroendocrine tumors.
Q4 2024 net product revenues were $515.2 million, versus $429.3 million in Q4 2023.
Q4 2024 non-GAAP diluted EPS was $0.55, versus $0.33 a year earlier.
2025 total revenues guidance is $2.15 billion to $2.25 billion, unchanged from prior guidance.
The FDA's PDUFA target action date for CABOMETYX in advanced neuroendocrine tumors is April 3, 2025.
Exelixis reported preliminary, unaudited fiscal 2024 results and gave 2025 guidance, with total revenues of about $2.165 billion and net product revenues of about $1.805 billion for 2024. The audit is ongoing and the figures could change, with audited results due February 11, 2025. The 2025 net product revenue guidance of $1.95 billion to $2.05 billion sits above the 2024 preliminary figure, which points to expected growth for the cabozantinib franchise.
Preliminary fiscal 2024 total revenues of about $2.165 billion and net product revenues of about $1.805 billion
2025 guidance: total revenues of $2.15 billion to $2.25 billion; net product revenues of $1.95 billion to $2.05 billion
2025 research and development expenses guided at $925 million to $975 million; SG&A at $475 million to $525 million
Audited fiscal 2024 results scheduled for release February 11, 2025; the figures could change before then
Exelixis reported third-quarter 2024 total revenues of $539.5 million, up from $471.9 million a year earlier, and GAAP diluted earnings of $0.40 per share, up from $0.00. The company raised its 2024 total revenue and net product revenue guidance, and its quarter included a $51.7 million non-cash impairment charge on leased facilities not in use.
Q3 2024 total revenues were $539.5 million versus $471.9 million in Q3 2023; net product revenues were $478.1 million.
GAAP diluted EPS was $0.40 versus $0.00 a year earlier; non-GAAP diluted EPS was $0.47 versus $0.10.
2024 total revenue guidance was raised to $2.150 billion-$2.200 billion from $1.975 billion-$2.075 billion.
Exelixis reported second quarter 2024 total revenues of $637.2 million, up from $469.8 million a year earlier, and GAAP diluted EPS of $0.77, up from $0.25. The Board also authorized up to $500 million in additional stock repurchases through the end of 2025, and the company updated its full-year 2024 financial guidance.
Q2 2024 total revenues $637.2 million vs. $469.8 million in Q2 2023; net product revenues $437.6 million vs. $409.6 million
GAAP diluted EPS $0.77 vs. $0.25; non-GAAP diluted EPS $0.84 vs. $0.31
Board authorized repurchase of up to $500 million of common stock through the end of 2025; the $450 million 2024 program was completed
2024 total revenues guidance of $1.975 billion to $2.075 billion; FDA accepted cabozantinib sNDA for advanced NET with PDUFA target date of April 3, 2025
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