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Exelixis Inc. (EXEL+4.57%) has filed its Form 10-K annual report for the fiscal year ended January 3, 2025 filing.
The filing reports total revenues of $2.17 billion for 2024, an increase from $1.83 billion in 2023. Net product revenues were $1.81 billion, primarily driven by sales of CABOMETYX, which saw an 11% increase in net sales.
The company reported a net income of $521.3 million for 2024, compared to $207.8 million in 2023. The increase in net income was attributed to higher product revenues and milestone payments from collaboration partners.
Research and development expenses decreased to $910.4 million in 2024 from $1.04 billion in 2023. The reduction was primarily due to lower license and collaboration costs.
Selling, general, and administrative expenses were $492.1 million, down from $542.7 million in 2023, largely due to decreased corporate giving and legal fees.
Exelixis recognized a $51.7 million impairment charge related to certain leased facilities in Alameda, California, which were listed for sublease.
The company announced a restructuring plan in January 2024, resulting in a reduction of its workforce by approximately 175 employees.
Exelixis repurchased $450 million of its common stock in the first half of 2024 and authorized an additional $500 million repurchase program through the end of 2025.
Exelixis continues to focus on expanding its oncology pipeline, with ongoing clinical trials for zanzalintinib and other product candidates, and plans to progress up to three new development candidates into preclinical development in 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Exelixis Inc. annual 10-K report dated February 11, 2025. To report an error, please email earnings@qz.com.