Exelixis Q3 2026: CABOMETYX Drives Beat as Zanzalintinib Nears FDA Decision

Exelixis posted adjusted non-GAAP earnings of $0.94 per share in Q3 2026, beating expectations on both earnings and revenue. It was the fifth consecutive quarter of topping consensus EPS, a streak running back to Q4 2024.

The heavy lifting came from CABOMETYX, which generated $603.2 million in U.S. net product revenue, up from the year-earlier quarter. Both higher sales volume and a stronger average net selling price contributed, making the franchise's durability clear heading into a dense catalyst period.

Management held full-year 2026 total revenue guidance steady at $2.50 billion to $2.55 billion. The more consequential update was the effective tax rate outlook, lowered to 16% to 18% from the prior 21% to 23%, which adds a cushion to future earnings per share even if top-line growth moderates.

The pivotal near-term event is the FDA's PDUFA target action date of March 3, 2027 for zanzalintinib in previously treated metastatic colorectal cancer. Current full-year guidance excludes any revenue from an approval, so a green light would be purely additive. Topline results from the STELLAR-304 trial in non-clear cell renal cell carcinoma are also expected in Q1 2027, compressing the pipeline catalyst window into a tight stretch of months.

On the competitive front, the Federal Circuit affirmed the validity of cabozantinib patents against MSN, keeping any generic entry from that challenger no earlier than January 15, 2030. The company also repurchased $402.1 million of its common stock under its buyback program, reducing the share count and adding EPS support going forward.