Q1 26 EPS
$0.87
BEAT +14.47%
Est. $0.76
Q1 26 Revenue
$610.8M
BEAT +0.98%
Est. $604.9M
vs S&P Since Q1 26
+5.9%
BEATING MARKET
EXEL +11.6% vs S&P +5.7%
Market Reaction
Did EXEL Beat Earnings? Q1 2026 Results
Exelixis posted a stronger-than-expected first quarter of 2026, with non-GAAP diluted EPS of $0.87 beating the $0.76 consensus by 14.02% and total revenues of $610.81 million edging ahead of the $604.87 million estimate, reflecting 10.0% year-over-ye… Read more Exelixis posted a stronger-than-expected first quarter of 2026, with non-GAAP diluted EPS of $0.87 beating the $0.76 consensus by 14.02% and total revenues of $610.81 million edging ahead of the $604.87 million estimate, reflecting 10.0% year-over-year growth. The cabozantinib franchise was the primary engine behind the results, with CABOMETYX alone contributing $552.80 million in U.S. Net product revenues on the back of higher sales volumes, while collaboration revenues climbed to $55.84 million driven by stronger royalty income from partner Ipsen's ex-U.S. Sales. Income from operations expanded meaningfully to $251.34 million from $186.86 million a year earlier, aided by a decline in R&D spending to $199.92 million as clinical trial and manufacturing costs eased. Shares touched a 52-week high of $49.63 in the wake of the results. Exelixis maintained its full-year 2026 guidance of $2.53 billion to $2.63 billion in total revenues, with potential upside excluded given that guidance does not yet reflect a possible zanzalintinib launch in colorectal cancer ahead of its December 3, 2026 PDUFA date.
Key Takeaways
- • Increased cabozantinib sales volume driving net product revenue growth
- • Higher royalty revenues from Ipsen's ex-U.S. cabozantinib sales
- • Higher milestone-related revenues recognized in the quarter
- • Lower R&D expenses from decreased clinical trial and manufacturing costs
- • Reduced weighted-average shares outstanding from stock repurchase programs favorably impacting EPS
EXEL YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
EXEL Revenue by Segment
With YoY comparisons, source: SEC Filings
“Exelixis made significant progress in the first quarter of 2026 as we remain focused on our goal of building next-generation oncology franchises. Our first New Drug Application for zanzalintinib, for its initial potential indication in previously treated metastatic colorectal cancer, was accepted by U.S. regulatory authorities and is under active review, with a target action date of December 3, 2026. We also completed the expansion of our GI Sales team to accelerate cabozantinib's momentum in neuroendocrine tumors and prepare for potential future indications with zanzalintinib. As the cabozantinib franchise continues to grow and we execute across seven ongoing or soon-to-start pivotal studies for zanzalintinib, we remain committed to strengthening our leadership in GU and GI oncology to improve standards of care for patients and drive long-term value for our shareholders.”
— Michael M. Morrissey, Q1 2026 Earnings Press Release
EXEL Earnings Trends
EXEL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
EXEL EPS Trend
Earnings per share: estimate vs actual
EXEL Revenue Trend
Quarterly revenue: estimate vs actual
EXEL Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.86 | $0.91 | +5.92% | $628.7M | -1.17% |
| Q1 26 BEAT | $0.76 | $0.87 | +14.47% | $610.8M | +0.98% |
| Q4 25 BEAT FY | $0.75 | $0.94 | +25.33% | $598.7M | -0.40% |
| FY Full Year | — | $3.08 | — | $2.32B | — |
| Q3 25 BEAT | $0.67 | $0.78 | +16.42% | $597.8M | +1.36% |
| Q2 25 BEAT | $0.65 | $0.75 | +15.38% | $568.3M | -1.93% |