---
schema_version: "secwatch.filing_event.v1"
accession: "0000939767-23-000047"
form_type: "8-K"
ticker: "EXEL"
cik: "0000939767"
company_name: "EXELIXIS, INC."
filed_at: "2023-05-09T23:59:59+00:00"
generated_at: "2026-06-15T11:40:57.008354+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Exelixis Q1 revenue up 15% to $408.8M, but GAAP EPS falls to $0.12 on higher R&D spend

## Summary
- Total revenues $408.8M (+15% YoY); Cabozantinib franchise net product revenues $363.4M (+17% YoY).
- GAAP net income $40.0M ($0.12 diluted EPS) vs $68.6M ($0.21) YoY; non-GAAP diluted EPS $0.16 vs $0.26.
- R&D expense rose to $234.2M from $156.7M YoY, driven by license costs and pipeline manufacturing.
- Announced $550M share repurchase program to be executed by end of 2023; reaffirms long-term confidence.
- Pipeline advances: STELLAR-303 and -304 Phase 3 trials for zanzalintinib, XB002 Phase 1 dose escalation ongoing.

## SEC filing metadata
- accession: 0000939767-23-000047
- form_type: 8-K
- ticker: EXEL
- cik: 0000939767
- company_name: EXELIXIS, INC.
- filed_at: 2023-05-09T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/939767/000093976723000047/0000939767-23-000047-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/939767/000093976723000047/exel-20230509.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000939767-23-000047
- JSON: https://secwatch.observer/filing/0000939767-23-000047.json
- Plain text: https://secwatch.observer/filing/0000939767-23-000047.txt

## Key facts
- Earnings Releases
  EXELIXIS, INC. reported First Quarter 2023 results: revenue $408.8 million, EPS GAAP Diluted EPS of $0.12.
  - Period: First Quarter 2023
  - Revenue: $408.8 million
  - EPS: GAAP Diluted EPS of $0.12
  - Result: reported results
  source text: Exelixis Announces First Quarter 2023 Financial Results and Provides Corporate Update - Total Revenues of $408.8 million, Cabozantinib Franchise U.S. Net Product Revenues of $363.4 million - - GAAP Diluted EPS of $0.12, Non-GAAP Diluted EPS of $0.16 - - Conference Call and Webcast Today at 5:00 PM Eastern Time -
  evidence_url: https://www.sec.gov/Archives/edgar/data/939767/000093976723000047/0000939767-23-000047-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.