Exelixis Q1 2025: Key Contradictions on NET Market Potential, Business Segmentation, and Competitive Positioning
Generated by AI AgentAinvest Earnings Call Digest
Tuesday, May 20, 2025 2:29 pm ET1min read
EXEL--
NET launch and market opportunity, commercial business split between commercial and Medicare Part D, pricing power and competition in RCC, MerckMRK-- collaboration and deal size, first-line neuroendocrine tumor market opportunity and strategy are the key contradictions discussed in Exelixis' latest 2025Q1 earnings call.
CABOMETYX Revenue Growth:
- ExelixisEXEL-- reported that US CABOMETYX franchise net product revenues grew 36% year-over-year to $513 million in Q1 2025, compared to $378 million in Q1 2024.
- This growth was primarily driven by increased demand and new patient starts in the US, with the drug's status as the leading TKI for RCC contributing significantly.
Neuroendocrine Tumor (NET) Indication:
- Exelixis secured regulatory approval for CABOMETYX in pancreatic and extra-pancreatic neuroendocrine tumors (pNET and epNET) towards the end of March 2025, adding to its commercial momentum.
- The approval provided access to a new market with approximately 9,000 drug-treated patients in the US in 2025, expected to grow to 11,000 by 2030, presenting a significant commercial opportunity.
STELLAR-303 and 304 Trial Updates:
- Exelixis anticipates data from STELLAR-303, comparing zanzalintinib plus atezolizumab to regorafenib, with a dual primary endpoint in non-liver met and ITT populations.
- The company is also expecting data from STELLAR-304, evaluating zanzalintinib plus nivolumab versus sunitinib in non-clear cell RCC, with progression-free survival and objective response rates as primary endpoints.
Financial Guidance Increase:
- Exelixis increased its full-year 2025 financial guidance for net product revenues to $2.05 billion to $2.15 billion, up from the previous guidance, due to CABOMETYX's strong performance in Q1 and expectations for continued growth throughout the year.
- The increase in guidance reflects the strong momentum in the CABOMETYX business, particularly in the neuroendocrine tumor market.
CABOMETYX Revenue Growth:
- ExelixisEXEL-- reported that US CABOMETYX franchise net product revenues grew 36% year-over-year to $513 million in Q1 2025, compared to $378 million in Q1 2024.
- This growth was primarily driven by increased demand and new patient starts in the US, with the drug's status as the leading TKI for RCC contributing significantly.
Neuroendocrine Tumor (NET) Indication:
- Exelixis secured regulatory approval for CABOMETYX in pancreatic and extra-pancreatic neuroendocrine tumors (pNET and epNET) towards the end of March 2025, adding to its commercial momentum.
- The approval provided access to a new market with approximately 9,000 drug-treated patients in the US in 2025, expected to grow to 11,000 by 2030, presenting a significant commercial opportunity.
STELLAR-303 and 304 Trial Updates:
- Exelixis anticipates data from STELLAR-303, comparing zanzalintinib plus atezolizumab to regorafenib, with a dual primary endpoint in non-liver met and ITT populations.
- The company is also expecting data from STELLAR-304, evaluating zanzalintinib plus nivolumab versus sunitinib in non-clear cell RCC, with progression-free survival and objective response rates as primary endpoints.
Financial Guidance Increase:
- Exelixis increased its full-year 2025 financial guidance for net product revenues to $2.05 billion to $2.15 billion, up from the previous guidance, due to CABOMETYX's strong performance in Q1 and expectations for continued growth throughout the year.
- The increase in guidance reflects the strong momentum in the CABOMETYX business, particularly in the neuroendocrine tumor market.
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