Michael Morrissey on capital allocation

*Exelixis, Inc. (EXEL) Q1 2025 Earnings – Full Coverage* *Key Highlights:* *Financials* – Q1 net product revenue $513,300K, up 36% YoY; total revenue $555,000K; net income $159,600K; $400B global oncology market. *Operations* – CABOMETYX approved for NET; ZANZA trials on track; share repurchases $289,000K; tariffs impact ~1% via Canada manufacturing. *Strategy* – CEO Mike Morrissey emphasized pipeline growth; CFO Chris Senner raised guidance; CMO Amy Peterson focused ZANZA data; tariffs mitigated via EU IP. *Outlook* – Raised FY25 net product revenue guidance to $2,050,000K-$2,150,000K; expects ZANZA data readouts H2 2025. *Timestamps:* [00:00] – Opening Remarks and Introduction [00:24] – IR Update (Susan Hubbard) [02:08] – CEO Update: Q1 Results, Strategy (Mike Morrissey) [07:45] – CFO Update: Financial Results (Chris Senner) [13:07] – EVP Commercial Update: CABOMETYX Performance (PJ Haley) [19:07] – CMO Update: Clinical Progress (Amy Peterson) [24:42] – CSO Update: Pipeline Developments (Dana Aftab) [28:18] – CEO Closing Remarks (Mike Morrissey) [29:04] – Q&A Session Begins [29:04] – Q&A: CABO Growth, NET Launch (Mike Schmidt, Guggenheim) [32:38] – Q&A: NET Bolus, STELLAR-303 (Asthika Goonewardene, Truist) [37:17] – Q&A: Seasonality (Sean Lowman, Morgan Stanley) [37:53] – Q&A: NET Contribution to Guidance (Gregory Renza, RBC) [38:45] – Q&A: BD Appetite (Silvan Tuerkcan, Citizens) [41:53] – Q&A: Medicare Part D, NET Market (Rowan Weber, TD Cowen) [46:19] – Q&A: STELLAR-305, Bispecifics (Akash Tewari, Jefferies) [48:37] – Q&A: STELLAR-304 Expectations (Derek Archila, Wells Fargo) [50:15] – Q&A: STELLAR-303 Endpoints, Pipeline (Andy Hsieh, William Blair) [53:36] – Q&A: STELLAR-303 Data (Andrew Berens, Leerink Partners) [57:16] – Q&A: NET Launch Dynamics (Jay Olson, OpCo) [58:33] – Q&A: Clinical Trial Sales, Pricing (Peter Lawson, Barclays) [59:14] – Q&A: STELLAR-311 vs. CABO (Sudan Loganathan, Stephens) *Keywords:* Exelixis, Q1 2025 earnings, EXEL, oncology, CABOMETYX, ZANZA, NET *Buy, Hold, or Sell?* Exelixis, Inc. (EXEL) is a BUY. Q1 net product revenue up 36% to $513,300K in a $400B global oncology market, with CABOMETYX NET approval and ZANZA progress, signals strong growth; tariff impact (~1%) is minimal due to Canada manufacturing. *Max Position* – Allocate 2-3% in a diversified portfolio. *Comment below with your thoughts! Subscribe for more updates!* *Full Details:* [Exelixis Investor Relations](https://ir.exelixis.com/) *Disclaimer:* This video includes segments from the earnings call by Exelixis, Inc., used solely for educational and informational purposes under fair use (Section 107, US Copyright Act). No affiliation or endorsement by Exelixis is implied. All rights to the original content remain with the company. For the official call, visit [https://ir.exelixis.com/](https://ir.exelixis.com/). For inquiries or requests for removal, please contact us at [email protected].