CABOMETYX net product revenues were $518 million with approximately $600,000 in clinical trial sales, significantly lower than $12 million in Q1 2025.
Cash and marketable securities totaled approximately $1.4 billion at quarter end.
Exelixis reported total revenues of approximately $568 million for Q2 2025, including cabozantinib franchise net product revenues of $520 million.
GAAP net income was approximately $184.8 million or $0.68 per share basic and $0.65 diluted; non-GAAP net income was $212.6 million or $0.78 basic and $0.75 diluted.
Gross to net deductions for cabozantinib were 30.2%, higher than Q1 2025, primarily due to increased 340B volume now over 24% of total volume.
The company repurchased approximately $302 million of shares in Q2 2025, retiring about 7.5 million shares at an average price of $40.10.
Total operating expenses were $355 million, down from $369 million in Q1 2025, driven by lower manufacturing, clinical trial, and general administrative costs.
Cash, cash equivalents, and investments totaled $322 million at June 30, a $29 million increase from the end of 2024.
Mirum Pharmaceuticals reported total net product revenue of $128 million for Q2 2025, representing a 64% increase over the prior year.
Mirum was operating cash flow positive for the quarter and expects to remain so for the full year.
Net product sales were driven by strong performance of Livmarli in both U.S. and international markets, with approximately $57 million in U.S. sales and $31 million internationally.
Noncash stock-based compensation expense was $18 million, and intangible amortization and other noncash items were $6 million.
The bile acid portfolio, including CTEXLI and COBACHOLBAM, contributed approximately $40 million in revenue.
Total operating expenses for the quarter were $133 million, including $46 million in R&D, $63 million in SG&A, and $23 million in cost of sales.
Dafinchi