Exelixis (EXEL) Q3 2026 Earnings
How Did EXEL Stock React to Q3 2026 Earnings?
Did EXEL Beat Earnings? Q3 2026 Results
Yes. Exelixis reported Q3 2026 earnings of $0.94 a share on Oct 29, 2026, beating the $0.90 consensus estimate by 4.0%. Revenue was $658.7M against a $648.5M estimate.
Exelixis delivered a clean beat across both top and bottom lines in the third quarter of 2026, extending its streak of beating consensus EPS estimates to five consecutive quarters as the cabozantinib franchise continued to power growth. The company posted adjusted non-GAAP EPS of $0.94, ahead of the $0.90 consensus by 3.98%, while revenue climbed 10.2% year-over-year to $658.70 million, edging past the $648.51 million estimate by 1.57%. The primary engine behind the quarter was CABOMETYX, which generated $603.20 million in U.S. net product revenues, with higher sales volume and a stronger average net selling price both contributing to the lift from $542.90 million a year earlier. With the stock touching new highs ahead of the report, investors were watching for confirmation that earlier guidance cuts had been conservative, and management obliged by holding full-year 2026 total revenue guidance at $2.50 billion to $2.55 billion while cutting its effective tax rate outlook to 16%-18% from 21%-23%, a sign of improving earnings quality heading into a pivotal period for pipeline candidate zanzalintinib.
- Net product revenues rose on higher sales volume and higher average net selling price
- Higher Ipsen royalty revenues on ex-U.S. cabozantinib sales
- Lower weighted-average share count from stock repurchases boosted EPS
- No restructuring charge versus $19.8 million in prior-year quarter
- Partially offset by higher SG&A from personnel, marketing, and legal and advisory fees, and higher R&D from personnel and clinical trial costs
“Exelixis continued to execute across all of our key priorities in the third quarter, driving the cabozantinib franchise forward while preparing for zanzalintinib as our next potential franchise opportunity.”
Exelixis CEO, on the earnings call
What Is Exelixis's Outlook?
Exelixis updated its fiscal 2026 guidance. - Total revenues: maintained at $2.500–$2.550 billion. - Net product revenues: maintained at $2.300–$2.350 billion, including a 3.0% U.S. price increase for CABOMETYX and COMETRIQ effective January 1, 2026. - Cost of goods sold: about 4% of net product revenues, versus 3.5%–4.5% previously. - R&D expenses: $825–$875 million, including $50.0 million of stock-based compensation. - SG&A expenses: $575–$625 million, including $75.0 million of stock-based compensation. - Effective tax rate: lowered to 16%–18% from 21%–23%. Guidance excludes any revenue from a potential zanzalintinib approval in metastatic colorectal cancer, whose PDUFA date is March 3, 2027. STELLAR-304 topline results are expected in Q1 2027.
EXEL YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $658.7M | $597.8M | +10.2% |
| Operating Income | $268.4M | $236.5M | +13.5% |
| Net Income | $218.1M | $193.6M | +12.7% |
EXEL Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.