05:52 PM EST, 02/20/2025 (MT Newswires) -- Exelixis ( EXEL ) said late Thursday its board authorized the company to repurchase up to $500 million of additional common stock before Dec. 31.

The company plans to complete its ongoing $500 million repurchase program in Q2, 2025, and commence stock repurchases under the new authorization thereafter.

As of the end of fiscal 2024, Exelixis ( EXEL ) has returned more than $1.2 billion to shareholders through repurchase programs.

Shares of the company jumped 3.4% in after-hours activity.