Companies /Healthcare

Exelixis Inc

NASDAQ: EXEL Biotechnology
$58.53
▲ $1.64 (+2.88%) today
Markets closed · 5:35am ET

Q2 2026 Earnings

Reported Aug 5, 2026, 4:09pm ET · SEC source
$0.91
Beat +5.92%
EPS · est. $0.86 Adjusted
$628.7M
Miss −1.17%
Revenue · est. $636.2M
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−3%0+3%Aug 5Aug 6report 4:09pm ETearnings−0.3%−4.2%
−3%0+3%Aug 5Aug 6earnings−0.3%−4.2%
EXEL −4.2%S&P 500 −0.3%
−3%0+3%Aug 5Aug 6report 4:09pm ETearnings−0.2%−4.2%
−3%0+3%Aug 5Aug 6earnings−0.2%−4.2%
EXEL −4.2%NASDAQ −0.2%
−4%0+4%Aug 4Aug 13report 4:09pm ETearnings+0.9%−5.6%
−4%0+4%Aug 4Aug 13earnings+0.9%−5.6%
EXEL −5.6%S&P 500 +0.9%
−4%0+4%Aug 4Aug 13report 4:09pm ETearnings+2.2%−5.6%
−4%0+4%Aug 4Aug 13earnings+2.2%−5.6%
EXEL −5.6%NASDAQ +2.2%
−7.94%
Day of report
+3.58%
Next session
−3.05%
One week

Did EXEL Beat Earnings? Q2 2026 Results

Exelixis delivered a mixed but profit-driven second quarter for 2026, beating adjusted earnings expectations for the fourth consecutive quarter while falling just short on the top line. The oncology company posted non-GAAP diluted EPS of $0.91, clearing the $0.86 consensus by 5.92%, as CABOMETYX continued to anchor the business with $570.60 million in net product revenues. Total revenues of $628.69 million rose 10.6% year over year but came in 1.17% below the $636.15 million consensus estimate, with collaboration revenues of $55.66 million providing a meaningful supplement driven by higher Ipsen royalties on ex-U.S. cabozantinib sales. GAAP net income climbed to $212.05 million, or $0.82 diluted, from $184.85 million a year ago, aided partly by aggressive share repurchases totaling $311.60 million in the quarter. Looking ahead, Exelixis narrowed its FY 2026 total revenue guidance to $2.50 billion to $2.55 billion, with investor focus increasingly fixed on the FDA's December 3, 2026 PDUFA date for zanzalintinib in metastatic colorectal cancer, a potential franchise-expanding catalyst the company deliberately excluded from its financial outlook.

Key Takeaways
  • Increased sales volume driving net product revenue growth for cabozantinib franchise
  • Higher royalty revenues from Ipsen for ex-U.S. cabozantinib sales
  • Lower weighted-average common shares outstanding due to stock repurchase programs favorably impacted per-share results
  • 3.0% U.S. wholesale acquisition cost increase for CABOMETYX and COMETRIQ effective January 1, 2026

“Exelixis continues to execute across the key pillars of our business, positioning the company to deliver on our strategic objectives for 2026 and beyond. For zanzalintinib, our next potential franchise molecule, the R&D organization is executing on our priority goals for pivotal data readouts, clinical trial enrollment and new study initiations, while also laying the foundation for the next wave of development opportunities.”

Exelixis CEO, on the earnings call

Forward Guidance & Outlook

Exelixis updated FY 2026 guidance: total revenues of $2.500–$2.550 billion (narrowed from $2.525–$2.625 billion), net product revenues of $2.300–$2.350 billion (narrowed from $2.325–$2.425 billion), R&D expenses of $825–$875 million (reduced from $875–$925 million), SG&A of $575–$625 million (unchanged), COGS at 3.5%–4.5% of net product revenues, and effective tax rate of 21%–23%. Guidance excludes any revenue from a potential zanzalintinib launch in metastatic CRC. The FDA PDUFA target date for zanzalintinib in metastatic CRC is December 3, 2026. Topline results from the STELLAR-304 trial in non-clear cell RCC are expected in H2 2026.

EXEL YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$200.0M$400.0M$600.0M$568.3M$628.7MRevenue$548.8M$608.0MGross Profit$213.6M$248.4MOperating Income$184.8M$212.1MNet Income
$0$200.0M$400.0M$600.0MRevenueGross ProfitOperating IncomeNet Income

EXEL Revenue by Segment

CABOMETYX$570.6M+10.2%
COMETRIQ$2.4M+14.3%

Figures from SEC filings and company reports. Not investment advice.