---
schema_version: "secwatch.filing_event.v1"
accession: "0000939767-24-000054"
form_type: "8-K"
ticker: "EXEL"
cik: "0000939767"
company_name: "EXELIXIS, INC."
filed_at: "2024-04-30T23:59:59+00:00"
generated_at: "2026-06-03T05:17:00.052032+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Exelixis Q1: revenue $425M, GAAP EPS $0.12, non-GAAP $0.17, restructuring $32.8M

## Summary
- Total revenues $425.2M, up 4% YoY from $408.8M; cabozantinib U.S. net product revenues $378.5M, up from $363.4M.
- GAAP net income $37.3M ($0.12 diluted EPS); non-GAAP net income $52.0M ($0.17 diluted EPS) vs $52.8M ($0.16) in Q1 2023.
- Recorded $32.8M restructuring expenses (severance, asset impairment, contract termination) from January 2024 restructuring.
- Pipeline: three ongoing pivotal trials for zanzalintinib; phase 1 studies for XB002 (ADC) and XL309 (USP1 inhibitor); up to three IND filings expected in 2024.
- Ongoing cabozantinib IP litigation with MSN Pharmaceuticals; second bench trial ruling expected spring 2024.

## SEC filing metadata
- accession: 0000939767-24-000054
- form_type: 8-K
- ticker: EXEL
- cik: 0000939767
- company_name: EXELIXIS, INC.
- filed_at: 2024-04-30T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/939767/000093976724000054/0000939767-24-000054-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/939767/000093976724000054/exel-20240430.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000939767-24-000054
- JSON: https://secwatch.observer/filing/0000939767-24-000054.json
- Plain text: https://secwatch.observer/filing/0000939767-24-000054.txt

## Key facts
- Earnings Releases
  EXELIXIS, INC. reported First Quarter 2024 results: revenue $425 million, EPS $0.12.
  - Period: First Quarter 2024
  - Revenue: $425 million
  - EPS: $0.12
  - Result: reported results
  source text: Exelixis Announces First Quarter 2024 Financial Results and Provides Corporate Update - Total Revenues of $425 million, Cabozantinib Franchise U.S. Net Product Revenues of $379 million - - Restructuring Expenses of $32.8 million Recorded - - GAAP Diluted EPS of $0.12, Non-GAAP Diluted EPS of $0.17 -
  evidence_url: https://www.sec.gov/Archives/edgar/data/939767/000093976724000054/0000939767-24-000054-index.htm

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