EXELIXIS, INC. EXEL
Exelixis, Inc. (Exelixis, we, our or us) is an oncology company innovating next-generation medicines and regimens at the forefront of cancer care. We have produced four marketed pharmaceutical products, two of which are formulations of our flagship molecule, cabozantinib, and we are steadily advancing and evolving our product pipeline portfolio, including our lead clinical asset, zanzalintinib, currently under review by the U.S. Food and Drug Administration (FDA) for the treatment of certain forms of colorectal cancer (CRC), as well as the focus of an extensive late-stage clinical development program in other indications. With a rational and disciplined approach to investment, we are leveraging our internal experience and expertise and the strength of strategic partnerships, to identify and pursue opportunities across the landscape of scientific modalities, including small molecules and biotherapeutics, such as antibody-drug conjugates (ADCs).
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.32B | $2.17B | $1.83B | $1.61B | $1.43B | $987.5M | $967.8M | $853.8M | $452.5M | $191.5M |
| Cost of revenue | $83.7M | $76.2M | $72.5M | $57.9M | $52.9M | $36.3M | $33.1M | $26.3M | $15.1M | $6.6M |
| Gross profit | $2.24B | $2.09B | $1.76B | $1.55B | $1.38B | $951.3M | $934.7M | $827.5M | $437.4M | $184.9M |
| R&D | $825.0M | $910.4M | $1.04B | $891.8M | $693.7M | $547.9M | $337.0M | $182.3M | $112.2M | $96.0M |
| SG&A | $518.7M | $492.1M | $542.7M | $459.9M | $401.7M | $293.4M | $228.2M | $206.4M | $159.3M | $116.1M |
| Total operating expenses | $1.45B | $1.56B | $1.66B | $1.41B | $1.15B | $877.5M | $598.3M | $415.0M | $286.6M | $219.6M |
| Operating income | $872.2M | $604.6M | $170.9M | $201.5M | $286.7M | $110.1M | $369.5M | $438.9M | $165.9M | -$28.1M |
| Interest expense | — | — | — | — | — | — | $0 | $0 | $8.7M | $33.1M |
| Pre-tax income | $941.2M | $681.7M | $257.6M | $234.4M | $294.2M | $130.8M | $398.1M | $452.1M | $158.6M | -$70.2M |
| Income tax | $158.6M | $160.4M | $49.8M | $52.1M | $63.1M | $19.1M | $77.1M | $238.0M | $4.3M | $0 |
| Net income | $782.6M | $521.3M | $207.8M | $182.3M | $231.1M | $111.8M | $321.0M | $690.1M | $154.2M | -$70.2M |
| EPS, basic | 2.88 | 1.80 | 0.65 | 0.57 | 0.73 | 0.36 | 1.06 | 2.32 | 0.52 | -0.28 |
| EPS, diluted | 2.78 | 1.76 | 0.65 | 0.56 | 0.72 | 0.35 | 1.02 | 2.21 | 0.49 | -0.28 |
| Shares, diluted (wtd. avg.) | $281.9M | $296.1M | $321.5M | $324.6M | $322.4M | $318.0M | $315.0M | $312.8M | $312.0M | $250.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $482.5M | $217.4M | $263.0M | $502.7M | $663.9M | $320.8M | $268.1M | $315.9M | $188.3M | $155.8M |
| Short-term investments | $576.6M | $893.9M | $732.3M | $807.3M | $819.9M | $887.3M | $585.7M | $378.6M | $204.6M | $268.1M |
| Receivables | $286.9M | $265.4M | $237.4M | $214.8M | $282.6M | $160.9M | $119.1M | $162.8M | $77.3M | $40.4M |
| Inventory | $21.7M | $22.4M | $17.3M | $33.3M | $27.5M | $21.0M | $12.9M | $9.8M | $6.7M | $3.3M |
| Total current assets | $1.44B | $1.47B | $1.32B | $1.62B | $1.83B | $1.45B | $1.01B | $897.0M | $484.9M | $469.0M |
| Property, plant and equipment | $99.0M | $119.4M | $128.7M | $110.6M | $104.0M | $67.4M | $48.9M | $50.9M | $25.7M | $2.1M |
| Goodwill | $63.7M | $63.7M | $63.7M | $63.7M | $63.7M | $63.7M | $63.7M | $63.7M | $63.7M | $63.7M |
| Total assets | $2.84B | $2.95B | $2.94B | $3.07B | $2.62B | $2.14B | $1.89B | $1.42B | $655.3M | $595.7M |
| Accounts payable | $29.6M | $38.2M | $33.8M | $32.7M | $24.3M | $23.6M | $11.6M | $10.9M | $9.6M | $6.6M |
| Short-term debt | — | — | — | — | — | — | — | — | — | $189.1M |
| Total current liabilities | $405.6M | $403.8M | $394.3M | $324.4M | $337.6M | $204.7M | $142.7M | $105.5M | $115.2M | $268.8M |
| Long-term debt | — | — | — | — | — | — | — | — | $0 | $189.1M |
| Total liabilities | $683.1M | $703.5M | $678.4M | $583.1M | $405.6M | $258.2M | $199.7M | $134.8M | $370.3M | $506.4M |
| Retained earnings | -$76.8M | -$98.6M | -$173.4M | -$34.2M | -$216.5M | -$447.6M | -$559.4M | -$880.4M | -$1.83B | -$1.98B |
| Total equity | $2.16B | $2.24B | $2.26B | $2.49B | $2.21B | $1.88B | $1.69B | $1.29B | $285.0M | $89.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $884.3M | $700.0M | $333.3M | $362.6M | $400.8M | $209.0M | $527.0M | $415.7M | $165.6M | $210.4M |
| Depreciation and amortisation | $29.1M | $28.8M | $25.7M | $20.9M | $13.6M | $9.1M | $8.3M | $4.9M | $1.2M | $1.0M |
| Stock-based compensation | $113.0M | $93.8M | $106.3M | $107.6M | $119.8M | $105.1M | $56.6M | $40.6M | $23.9M | $22.9M |
| Capital expenditure | $8.4M | $28.4M | $40.5M | $27.7M | $54.2M | $30.3M | $12.8M | $33.3M | $21.1M | $1.7M |
| Investing cash flow | $350.4M | -$116.8M | -$27.0M | -$524.4M | -$42.9M | -$131.2M | -$587.2M | -$297.9M | $36.8M | -$214.5M |
| Financing cash flow | -$969.6M | -$628.8M | -$546.1M | $586.0K | -$14.8M | -$25.1M | $12.6M | $9.7M | -$169.9M | $15.7M |
| Buybacks | $947.5M | $652.0M | $550.4M | $0 | $0 | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000939767-26-000046.
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