Q2 26 EPS Adjusted
$0.91
BEAT +5.92%
Est. $0.86
Q2 26 Revenue
$628.7M
MISS 1.17%
Est. $636.2M
vs S&P Since Q2 26
-10.8%
TRAILING MARKET
EXEL -9.7% vs S&P +1.1%
Market Reaction
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, clear… Read more 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
EXEL 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, source: SEC Filings
EXEL Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Michael M. Morrissey, Q2 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% |