$EXEL

EXELIXIS, INC.

CIK:0000939767|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2026	Jul. 04, 2025	Jul. 03, 2026	Jul. 04, 2025
Revenues:
Total revenues	$ 628,690	$ 568,261	$ 1,239,502	$ 1,123,708
Operating expenses:
Cost of goods sold	20,657	19,470	40,610	38,642
Research and development	211,987	200,356	411,903	412,589
Selling, general and administrative	147,632	134,859	287,234	272,042
Total operating expenses	380,276	354,685	739,747	723,273
Income from operations	248,414	213,576	499,755	400,435
Interest income	14,210	16,789	30,337	35,865
Other income (expenses), net	54	50	273	(195)
Income before income taxes	262,678	230,415	530,365	436,105
Provision for income taxes	50,628	45,567	107,848	91,641
Segment and consolidated net income	$ 212,050	$ 184,848	$ 422,517	$ 344,464
Net income per share:
Basic (in dollars per share)	$ 0.85	$ 0.68	$ 1.66	$ 1.25
Diluted (in dollars per share)	$ 0.82	$ 0.65	$ 1.60	$ 1.20
Weighted-average common shares outstanding:
Basic (in shares)	250,808	272,583	254,568	275,693
Diluted (in shares)	259,675	284,393	263,499	286,285
Net product revenues
Revenues:
Total revenues	$ 573,025	$ 520,014	$ 1,128,002	$ 1,033,297
Collaboration revenues
Revenues:
Total revenues	$ 55,665	$ 48,247	$ 111,500	$ 90,411

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2026	Jul. 04, 2025
Statement of Cash Flows [Abstract]
Net income	$ 422,517	$ 344,464
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,932	14,687
Stock-based compensation	61,613	62,001
Non-cash lease expense	11,921	12,166
Acquired in-process research and development technology	10,600	750
Other, net	(3,295)	(10,617)
Changes in operating assets and liabilities:
Trade receivables, net	(35,297)	(26,837)
Inventory	(3,433)	2,568
Prepaid expenses and other assets	99,156	(84,386)
Accrued collaboration liabilities	(5,262)	641
Accounts payable and other liabilities	(12,866)	(55,007)
Net cash provided by operating activities	559,586	260,430
Cash flows from investing activities:
Purchases of marketable securities	(342,683)	(288,186)
Proceeds from maturities and sales of marketable securities	394,393	612,021
Purchases of property, equipment and other, net	(8,325)	(5,790)
Acquired in-process research and development technology	(3,025)	(20,250)
Net cash provided by investing activities	40,360	297,795
Cash flows from financing activities:
Payments for repurchases of common stock	(753,326)	(585,858)
Proceeds from issuance of common stock under the equity incentive plan and stock purchase plan	22,912	37,710
Taxes paid related to net share settlement of equity awards	(70,572)	(63,018)
Net cash used in financing activities	(800,986)	(611,166)
Net decrease in cash and cash equivalents	(201,040)	(52,941)
Cash and cash equivalents at beginning of period	482,488	217,374
Cash and cash equivalents at end of period	$ 281,448	$ 164,433

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 03, 2026	Jan. 02, 2026
Current assets:
Cash and cash equivalents	$ 281,448	$ 482,488
Marketable securities	557,937	576,603
Trade receivables, net	322,213	286,916
Inventory	28,729	21,686
Prepaid expenses and other current assets	60,495	75,596
Total current assets	1,250,822	1,443,289
Non-current marketable securities	544,930	603,603
Property and equipment, net	92,665	98,960
Deferred tax assets, net	294,205	292,582
Goodwill	63,684	63,684
Right-of-use assets and other non-current assets	247,928	342,305
Total assets	2,494,234	2,844,423
Current liabilities:
Accounts payable	39,062	29,623
Accrued compensation and benefits	68,629	102,218
Accrued clinical trial liabilities	59,767	65,742
Rebates and fees due to customers	66,711	59,896
Accrued collaboration liabilities	25,096	22,783
Other current liabilities	102,662	125,382
Total current liabilities	361,927	405,644
Non-current operating lease liabilities	165,929	173,038
Other non-current liabilities	122,616	104,422
Total liabilities	650,472	683,104
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000 shares authorized and no shares issued	0	0
Common stock, $0.001 par value; 400,000 shares authorized; issued and outstanding: 248,885 and 262,483 at June 30, 2026, and December 31, 2025, respectively	249	262
Additional paid-in-capital	2,108,059	2,234,411
Accumulated other comprehensive income (loss)	(2,013)	3,476
Accumulated deficit	(262,533)	(76,830)
Total stockholders’ equity	1,843,762	2,161,319
Total liabilities and stockholders’ equity	$ 2,494,234	$ 2,844,423