Operating margins have scaled significantly from 6.9% in 2024Q1 to 41.1% in 2026Q1, though top-line growth remains inconsistent due to the timing of non-recurring milestone payments.
| Metric | TTM | Jan'26 | Jan'25 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 2.38B | 2.32B | 2.17B | 1.83B | 1.61B | 1.43B | 987.54M | 967.77M | 853.83M | 452.48M | 191.45M | 37.17M | 25.11M | 31.34M | 47.45M | 289.64M | 185.04M | 151.76M | 117.86M | 113.47M | 98.67M | 75.96M | 52.86M | 51.54M | 44.32M | 41.01M | 24.76M | 10.5M |
| Revenue Growth % | 3.33% | 6.98% | 18.49% | 13.6% | 12.27% | 45.31% | 2.04% | 13.35% | 88.7% | 136.34% | 415.05% | 48.03% | -19.87% | -33.96% | -83.62% | 56.52% | 21.93% | 28.76% | 3.87% | 15% | 29.9% | 43.71% | 2.56% | 16.29% | 8.09% | 65.62% | 135.8% | - |
| Cost of Goods Sold | 64.53M | 83.7M | 76.22M | 72.55M | 57.91M | 52.87M | 36.27M | 33.1M | 26.35M | 15.07M | 6.55M | 3.9M | 2.04M | 1.12M | 0 | 0 | 0 | 0 | 0 | 202K | 820K | 1.09M | 779K | 0 | 0 | 0 | -18.6M | -5.7M |
| COGS % of Revenue | - | 3.61% | 3.51% | 3.96% | 3.59% | 3.68% | 3.67% | 3.42% | 3.09% | 3.33% | 3.42% | 10.48% | 8.14% | 3.57% | - | - | - | - | - | 0.18% | 0.83% | 1.43% | 1.47% | - | - | - | -75.11% | -54.29% |
| Gross Profit | 1.7B | 2.24B | 2.09B | 1.76B | 1.55B | 1.38B | 951.27M | 934.68M | 827.48M | 437.41M | 184.9M | 33.28M | 23.07M | 30.22M | 47.45M | 289.64M | 185.04M | 151.76M | 117.86M | 113.27M | 97.85M | 74.88M | 52.08M | 51.54M | 44.32M | 41.01M | 43.36M | 16.2M |
| Gross Margin % | 71.57% | 96.39% | 96.49% | 96.04% | 96.41% | 96.32% | 96.33% | 96.58% | 96.91% | 96.67% | 96.58% | 89.52% | 91.86% | 96.43% | 100% | 100% | 100% | 100% | 100% | 99.82% | 99.17% | 98.57% | 98.53% | 100% | 100% | 100% | 175.11% | 154.29% |
| Gross Profit Growth % | - | 6.88% | 19.05% | 13.17% | 12.38% | 45.29% | 1.77% | 12.96% | 89.18% | 136.56% | 455.64% | 44.26% | -23.67% | -36.31% | -83.62% | 56.52% | 21.93% | 28.76% | 4.05% | 15.76% | 30.68% | 43.77% | 1.04% | 16.29% | 8.09% | -5.42% | 167.63% | - |
| Operating Expenses | 1.37B | 1.36B | 1.49B | 1.59B | 1.35B | 1.1B | 841.21M | 565.21M | 388.62M | 271.53M | 212.11M | 153.66M | 239.93M | 229.72M | 160.72M | 189.97M | 243.7M | 273.67M | 298.85M | 307.45M | 225.42M | 169.95M | 159.41M | 146.87M | 131.44M | 109.65M | 86.22M | 35M |
| OpEx % of Revenue | - | 58.8% | 68.61% | 86.7% | 83.9% | 76.34% | 85.18% | 58.4% | 45.52% | 60.01% | 110.79% | 413.36% | 955.48% | 733.04% | 338.7% | 65.59% | 131.7% | 180.33% | 253.57% | 270.96% | 228.46% | 223.74% | 301.58% | 284.97% | 296.55% | 267.39% | 348.24% | 333.33% |
| Selling, General & Admin | 521.15M | 518.73M | 492.13M | 542.71M | 459.86M | 401.71M | 293.36M | 228.24M | 206.37M | 159.33M | 116.14M | 57.3M | 50.83M | 50.96M | 31.84M | 33.13M | 33.02M | 38.96M | 36.89M | 44.94M | 39.12M | 27.73M | 20.91M | 18.59M | 18.76M | 19.17M | 18.91M | 7.6M |
| SG&A % of Revenue | - | 22.36% | 22.69% | 29.65% | 28.54% | 27.99% | 29.71% | 23.58% | 24.17% | 35.21% | 60.66% | 154.16% | 202.42% | 162.61% | 67.1% | 11.44% | 17.84% | 25.67% | 31.3% | 39.61% | 39.65% | 36.51% | 39.55% | 36.06% | 42.32% | 46.74% | 76.36% | 72.38% |
| Research & Development | 599.44M | 825M | 910.41M | 1.04B | 891.81M | 693.72M | 547.85M | 336.96M | 182.26M | 112.17M | 95.97M | 96.35M | 189.1M | 178.76M | 128.88M | 156.84M | 210.68M | 234.7M | 257.39M | 225.38M | 185.48M | 141.13M | 137.72M | 127.62M | 112.01M | 82.7M | 48.46M | 21.7M |
| R&D % of Revenue | - | 35.56% | 41.98% | 57.05% | 55.36% | 48.34% | 55.48% | 34.82% | 21.35% | 24.79% | 50.13% | 259.2% | 753.06% | 570.44% | 271.61% | 54.15% | 113.85% | 154.65% | 218.39% | 198.62% | 187.98% | 185.8% | 260.56% | 247.62% | 252.73% | 201.68% | 195.71% | 206.67% |
| Other Operating Expenses | 3M | 20.51M | 85.33M | 0 | -197K | -184K | 912K | 680K | 397K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 41.46M | 82.08M | 0 | 0 | 0 | 0 | 0 | 26.95M | 37.76M | 13.3M |
| Operating Income | 936.67M | 872.19M | 604.62M | 170.88M | 201.48M | 286.67M | 110.06M | 369.47M | 438.86M | 165.91M | -28.12M | -121.42M | -224.46M | -200.73M | -122.44M | 89.53M | -91.4M | -121.91M | -179.31M | -157.05M | -126.75M | -93.99M | -135.2M | -96.26M | -87.82M | -75.31M | -42.86M | -18.8M |
| Operating Margin % | 39.43% | 37.59% | 27.88% | 9.34% | 12.51% | 19.98% | 11.14% | 38.18% | 51.4% | 36.67% | -14.69% | -326.65% | -893.86% | -640.54% | -258.03% | 30.91% | -49.39% | -80.33% | -152.14% | -138.4% | -128.46% | -123.74% | -255.79% | -186.77% | -198.15% | -183.67% | -173.12% | -179.05% |
| Operating Income Growth % | - | 44.26% | 253.82% | -15.19% | -29.71% | 160.46% | -70.21% | -15.81% | 164.51% | 689.92% | 76.84% | 45.9% | -11.82% | -63.95% | -236.75% | 197.96% | 25.03% | 32.01% | -14.18% | -23.9% | -34.86% | 30.48% | -40.46% | -9.6% | -16.61% | -75.7% | -128% | - |
| EBITDA | 958.38M | 901.25M | 633.42M | 196.6M | 222.36M | 300.3M | 119.2M | 380.64M | 443.77M | 167.1M | -27.12M | -120.02M | -222.07M | -197.59M | -116.72M | 96.36M | -80.85M | -109.31M | -166.09M | -145.72M | -109.84M | -76.24M | -117.71M | -78.51M | -71.12M | -60.11M | -24.01M | -13.1M |
| EBITDA Margin % | 40.34% | 38.84% | 29.21% | 10.74% | 13.8% | 20.93% | 12.07% | 39.33% | 51.97% | 36.93% | -14.17% | -322.86% | -884.34% | -630.5% | -245.98% | 33.27% | -43.69% | -72.03% | -140.92% | -128.42% | -111.32% | -100.36% | -222.69% | -152.34% | -160.47% | -146.58% | -96.96% | -124.76% |
| EBITDA Growth % | 21.04% | 42.28% | 222.18% | -11.58% | -25.95% | 151.92% | -68.68% | -14.23% | 165.58% | 716.09% | 77.4% | 45.96% | -12.39% | -69.28% | -221.13% | 219.17% | 26.03% | 34.18% | -13.98% | -32.66% | -44.08% | 35.23% | -49.92% | -10.39% | -18.33% | -150.37% | -83.26% | - |
| D&A (Non-Cash Add-back) | 21.71M | 29.05M | 28.8M | 25.72M | 20.88M | 13.63M | 9.14M | 11.17M | 4.92M | 1.19M | 1M | 1.41M | 2.39M | 3.15M | 5.72M | 6.82M | 10.54M | 12.6M | 13.23M | 11.33M | 16.91M | 17.75M | 17.49M | 17.75M | 16.7M | 15.21M | 18.86M | 5.7M |
| EBIT | 718.74M | 892.7M | 689.95M | 170.88M | 201.48M | 286.67M | 110.06M | 398.11M | 438.86M | 167.11M | -37.16M | -121.01M | -220.12M | -199.51M | -120.45M | 93.25M | -83.06M | -128.17M | -168.81M | -193.98M | -126.75M | -93.99M | -106.55M | -95.33M | -87.12M | -68.64M | -42.86M | -18.8M |
| Net Interest Income | 50.14M | 69.21M | 77.16M | 86.54M | 33.06M | 7.67M | 19.86M | 27.96M | 12.84M | -3.8M | -30.48M | -39.89M | -37.02M | -44.12M | -25.1M | -14.8M | -9.2M | -11.16M | -827K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 66.26M | 69.21M | 77.16M | 86.54M | 33.06M | 7.67M | 19.86M | 27.96M | 12.84M | 4.88M | 2.58M | 793K | 4.34M | 1.22M | 1.99M | 1.46M | 138K | 1.51M | 5.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.68M | 33.06M | 40.68M | 48.61M | 45.35M | 27.09M | 16.26M | 9.34M | 12.67M | 6.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 50.18M | 69.02M | 77.02M | 86.64M | 32.87M | 7.49M | 20.78M | 28.64M | 13.24M | -7.33M | -42.1M | -40.27M | -44.27M | -44.12M | -25.1M | -12.54M | -1M | -18.94M | 3.74M | 46.02M | 25.26M | -819K | -2.04M | 1.14M | 3.29M | -9.36M | -38.09M | 0 |
| Pretax Income | 1B | 941.21M | 681.64M | 257.52M | 234.35M | 294.15M | 130.84M | 398.11M | 452.09M | 158.58M | -70.22M | -169.68M | -268.72M | -244.86M | -147.54M | 76.99M | -92.4M | -140.84M | -162.85M | -86.38M | -101.49M | -94.81M | -137.25M | -95.12M | -84.53M | -84.68M | -80.96M | 0 |
| Pretax Margin % | 42.23% | 40.57% | 31.43% | 14.07% | 14.55% | 20.5% | 13.25% | 41.14% | 52.95% | 35.05% | -36.68% | -456.48% | -1070.14% | -781.34% | -310.93% | 26.58% | -49.93% | -92.81% | -138.18% | -76.13% | -102.86% | -124.81% | -259.65% | -184.55% | -190.73% | -206.5% | -326.98% | - |
| Income Tax | 169.78M | 158.64M | 160.37M | 49.76M | 52.07M | 63.09M | 19.06M | 77.1M | -237.98M | 4.35M | 0 | 55K | -182K | -96K | 107K | 1.29M | -72K | -1.29M | -18.14M | -107.6M | 0 | -9.59M | 0 | -345K | 345K | 2.54M | 32.45M | -100K |
| Effective Tax Rate % | 16.92% | 16.85% | 23.53% | 19.32% | 22.22% | 21.45% | 14.56% | 19.37% | -52.64% | 2.74% | 0% | -0.03% | 0.07% | 0.04% | -0.07% | 1.68% | 0.08% | 0.91% | 11.14% | 124.57% | 0% | 10.11% | 0% | 0.36% | -0.41% | -3.01% | -40.08% | - |
| Net Income | 833.42M | 782.57M | 521.27M | 207.76M | 182.28M | 231.06M | 111.78M | 321.01M | 690.07M | 154.23M | -70.22M | -169.74M | -268.54M | -244.76M | -147.65M | 75.7M | -92.33M | -135.22M | -162.85M | -86.38M | -101.49M | -84.4M | -137.25M | -94.77M | -86.13M | -71.19M | -75.31M | -18.7M |
| Net Margin % | 35.08% | 33.73% | 24.04% | 11.35% | 11.31% | 16.1% | 11.32% | 33.17% | 80.82% | 34.09% | -36.68% | -456.63% | -1069.42% | -781.03% | -311.16% | 26.14% | -49.9% | -89.1% | -138.18% | -76.13% | -102.86% | -111.11% | -259.65% | -183.88% | -194.33% | -173.6% | -304.18% | -178.1% |
| Net Income Growth % | 29.5% | 50.13% | 150.89% | 13.98% | -21.11% | 106.71% | -65.18% | -53.48% | 347.44% | 319.63% | 58.63% | 36.79% | -9.72% | -65.78% | -295.05% | 181.99% | 31.72% | 16.97% | -88.53% | 14.89% | -20.25% | 38.5% | -44.81% | -10.04% | -20.99% | 5.48% | -302.73% | - |
| Net Income (Continuing) | 833.42M | 782.57M | 521.27M | 207.76M | 182.28M | 231.06M | 111.78M | 321.01M | 690.07M | 154.23M | -70.22M | -161.74M | -268.54M | -244.76M | -147.65M | 75.7M | -92.33M | -139.56M | -175.57M | -86.38M | -101.49M | -84.4M | -137.25M | -94.77M | -84.88M | -71.19M | -75.31M | -18.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 714K | 13.43M | 38.07M | 23.75M | 0 | 0 | 0 | 0 | 1.04M | 0 |
| EPS (Diluted) | 3.12 | 2.78 | 1.76 | 0.65 | 0.56 | 0.72 | 0.35 | 1.02 | 2.21 | 0.49 | -0.28 | -0.81 | -1.38 | -1.33 | -0.92 | 0.58 | -0.85 | -1.26 | -1.54 | -0.87 | -1.17 | -1.07 | -1.89 | -1.45 | -1.52 | -1.53 | -2.43 | -4.60 |
| EPS Growth % | 37.9% | 57.95% | 170.77% | 16.07% | -22.22% | 105.71% | -65.69% | -53.85% | 351.02% | 275% | 65.43% | 41.3% | -3.76% | -44.57% | -258.62% | 168.24% | 32.54% | 18.18% | -77.01% | 25.64% | -9.35% | 43.39% | -30.34% | 4.61% | 0.65% | 37.04% | 47.17% | - |
| EPS (Basic) | - | 2.88 | 1.80 | 0.65 | 0.57 | 0.73 | 0.36 | 1.06 | 2.32 | 0.52 | -0.28 | -0.81 | -1.38 | -1.33 | -0.92 | 0.60 | -0.85 | -1.26 | -1.54 | -0.87 | -1.17 | -1.07 | -1.89 | -1.45 | -1.52 | -1.53 | -2.43 | -3.17 |
| Diluted Shares Outstanding | 267.32M | 281.86M | 296.13M | 321.46M | 324.56M | 322.36M | 318M | 315.01M | 312.8M | 312M | 250.53M | 209.23M | 194.3M | 184.06M | 160.14M | 130.48M | 108.52M | 107.07M | 105.5M | 99.15M | 86.6M | 78.81M | 72.5M | 65.39M | 56.62M | 46.48M | 31.03M | 5.91M |
| Basic Shares Outstanding | 258.33M | 271.57M | 290.03M | 318.15M | 321.53M | 314.88M | 308.27M | 302.58M | 297.89M | 293.59M | 250.53M | 209.23M | 194.3M | 184.03M | 160.14M | 126.02M | 108.52M | 107.07M | 105.5M | 99.15M | 86.6M | 78.81M | 72.5M | 65.39M | 56.62M | 46.48M | 31.03M | 5.91M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Generic entry litigation exposure
According to quarterly financial data, EXEL's revenue growth has exhibited significant volatility, fluctuating from a 10.8% contraction in 2025Q2 to a 30.6% expansion in 2025Q1, suggesting that top-line performance remains heavily dependent on the timing of non-recurring milestone payments rather than purely organic product demand.
The inconsistent revenue trajectory highlights the inherent lumpiness of the company's collaboration-heavy business model. Investors should monitor whether core Cabometyx sales can sustain growth as the company transitions toward its newer ADC pipeline, as reliance on milestone-driven revenue may mask underlying volume trends.
As reported in recent financial statements, EXEL maintains a robust gross margin profile consistently exceeding 95%, which reflects the low variable cost structure of its small-molecule oncology portfolio and provides a significant buffer against potential pricing pressures in the competitive renal cell carcinoma market.
This high-margin profile is a testament to the manufacturing efficiency of the company's lead assets. However, the sustainability of these margins warrants further investigation as the company shifts its R&D focus toward more complex biologic modalities like ADCs, which typically carry higher production costs.
Based on the provided income statement figures, EXEL has demonstrated improved operating leverage, with operating margins expanding from 6.9% in 2024Q1 to 41.1% in 2026Q1, indicating that the company is successfully scaling its commercial infrastructure while managing its overhead expenses relative to revenue growth.
The ability to drive significant operating income growth despite substantial R&D reinvestment suggests disciplined expense management. This trend appears to indicate that the company is effectively leveraging its existing sales force to support its current portfolio, though future margin expansion may be constrained by increased clinical trial costs.
Financial disclosures indicate that R&D spending remains the most significant cost line item, frequently exceeding $200 million per quarter, which underscores the company's aggressive commitment to pipeline development as a strategic hedge against the eventual loss of exclusivity for its core cabozantinib franchise.
The variability in R&D expenditure appears to correlate with the progression of late-stage clinical trials, which creates periodic pressure on net income. Analysts should interpret these costs as a necessary investment in future growth rather than a sign of operational inefficiency, provided these trials yield successful readouts.
Based on recent regulatory and legal context, the ongoing Hatch-Waxman litigation regarding generic versions of cabozantinib presents a material risk that could significantly accelerate revenue erosion, potentially invalidating current long-term cash flow models that assume a longer tail for the company's primary revenue-generating asset.
Short-term profitability metrics may be misleading if the market fails to account for the potential for an unfavorable legal outcome. Investors should monitor the litigation timeline closely, as any acceleration of generic entry would likely force a rapid and painful compression of the company's current valuation multiples.
Quick answers to the most common questions about buying EXEL stock.
For fiscal year 2025, Exelixis, Inc. (EXEL) reported total revenue of $2.32B. This represents a 21996.4% increase compared to $10.5M in 1999.
Exelixis, Inc. (EXEL) is profitable, generating $782.6M in net income for the fiscal year ending 2025 with a net profit margin of 33.7%.
Exelixis, Inc. (EXEL) reported an operating income of $872.2M, resulting in an operating profit margin of 37.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Exelixis, Inc. (EXEL) generated $2.24B in gross profit for the year, representing a gross profit margin of 96.4%. This demonstrates the company's core pricing power and production efficiency.