Exelixis Inc. EXEL on Monday reported its first quarter of 2025 adjusted earnings of 75 cents per share, in comparison with 85 cents a yr in the past, beating the consensus of 56 cents.
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The cancer-focused firm reported quarterly gross sales of $568.3 million, lacking the consensus of $571.27 million.
Whole revenues for the quarter included cabozantinib franchise internet product revenues of $520 million in comparison with $437.6 million for the comparable interval in 2024. The rise in internet product revenues was primarily because of elevated gross sales quantity.
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Steerage: Exelixis maintained its fiscal 2025 gross sales steering of $2.25 billion-$2.35 billion in comparison with the consensus of $2.334 billion.
Pipeline replace: In Could, the corporate accomplished enrollment within the STELLAR-304 pivotal research in non-clear cell renal cell carcinoma. Relying on research occasion charges, top-line outcomes are anticipated within the first half of 2026, a delay from the second half of 2025.
Exelixis additionally mentioned that primarily based on evaluating rising knowledge from the section 2 portion of the STELLAR-305 research in superior squamous cell carcinoma of the pinnacle and neck, rising competitors on this indication, and evaluation of different doubtlessly bigger industrial alternatives, it has determined to not proceed to the section 3 portion of the trial. The trial was anticipated to start within the second half of 2025.
Throughout the quarter, the corporate additionally initiated the STELLAR-311 pivotal research in superior neuroendocrine tumors (NET) and plans to announce a further wave of zanzalintinib pivotal trials within the coming months.
William Blair writes, “Following a beat-and-raise first quarter pushed by the power of the Cabometyx franchise, we have been shocked by the roughly $9 million income miss.”
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Relating to flagship product Cabometyx, William Blair is inspired by its continued power in renal cell carcinoma (RCC) and expects the chance in late-line NETs to doubtlessly drive the subsequent leg of development. The NETs market is predicted to develop at a 9% compound annual price to $4.6 billion by 2030.
Primarily based on prior evaluation, the analyst writes that the full addressable marketplace for Cabometyx on this indication stands at $900 million, thus representing a cloth enlargement alternative.
Given the 35% market share in second-line and later settings as of the tip of the second quarter, William Blair sees potential for this indication to contribute meaningfully to the expansion of the Cabometyx franchise.
Different Analyst Scores:
Stifel maintains Exelixis with a Maintain, elevating the worth forecast from $38 to $41.
Guggenheim reiterates Exelixis with a Purchase and maintains $45 value forecast.
JMP Securities reiterates Exelixis with a Market Outperform and maintains $50 value forecast.
EXEL Value Motion: Exelis inventory is down 16.46% at $37.09 at publication on Tuesday.
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