Exelixis Lowers 2026 Revenue Outlook After Cabozantinib Sales

The Tip Desk · August 6, 2026 · 4 min read

The oncology company now sees full-year total revenues of $2.500 billion to $2.550 billion after second-quarter sales of $628.7 million.

Exelixis, Inc. (EXEL) lowered its 2026 revenue outlook after a second quarter in which cabozantinib sales continued to climb and the company completed a $750 million share-repurchase program.

The Alameda, Calif.-based oncology company now expects full-year total revenues of $2.500 billion to $2.550 billion, down from the $2.525 billion to $2.625 billion range it provided on January 11, 2026. Net product revenue guidance was cut to $2.300 billion to $2.350 billion from $2.325 billion to $2.425 billion. The company said the net product range includes a 3.0% U.S. wholesale acquisition cost increase for CABOMETYX and COMETRIQ effective January 1, 2026, and that the ranges do not currently reflect any revenues from a potential U.S. approval and launch of zanzalintinib in metastatic colorectal cancer.

Research and development expense guidance was reduced to $825 million to $875 million from $875 million to $925 million. Selling, general and administrative expense guidance remained $575 million to $625 million, and the effective tax rate remained 21% to 23%.

Total revenues for the quarter ended June 30, 2026, were $628.7 million, compared with $568.3 million a year earlier. Net product revenues were $573.0 million, up from $520.0 million in the year-ago quarter. The increase was primarily due to higher sales volume.

Cabozantinib franchise U.S. net product revenues were $573.0 million, including $570.6 million from CABOMETYX and $2.4 million from COMETRIQ. Based on partner sales by Ipsen and Takeda, Exelixis earned $53.2 million in royalty revenues. Collaboration revenues were $55.7 million, compared with $48.2 million a year earlier. The increase was primarily related to higher royalty revenues for cabozantinib sales outside the U.S. generated by Ipsen, partially offset by lower development cost reimbursements.

GAAP net income was $212.1 million, or $0.82 a share, diluted, versus $184.8 million, or $0.65 a share, diluted, a year earlier. Non-GAAP net income was $237.1 million, or $0.91 a share, diluted. GAAP earnings per share were favorably impacted by lower weighted-average common shares outstanding as a result of stock repurchase programs.

Research and development expenses were $212.0 million, compared with $200.4 million a year earlier. The increase was primarily related to higher clinical trial costs, manufacturing costs to support development candidates, and license and other collaboration costs, partially offset by a decrease in personnel expenses. Selling, general and administrative expenses were $147.6 million, compared with $134.9 million a year earlier, primarily due to higher marketing activities and personnel expenses. Income from operations was $248.4 million.

In the second quarter, Exelixis repurchased $311.6 million of stock at an average of $47.85 a share and completed the October 2025 program. The board had authorized an additional $750 million program in May 2026, and repurchases under that program began in the second quarter. Since the first program authorized in March 2023, the company has repurchased $2.9 billion of common stock, retiring 93.3 million shares at an average of $31.12 a share, as of the end of the second quarter.

The FDA is reviewing Exelixis’ New Drug Application for zanzalintinib in combination with atezolizumab for previously treated metastatic colorectal cancer, with a PDUFA target action date of December 3, 2026. The final analysis of overall survival in the non-liver metastases subgroup of the phase 3 STELLAR-303 trial showed a non-statistically significant trend favoring the combination. STELLAR-303 had previously met its other dual primary endpoint, overall survival in the intention-to-treat population.

Exelixis remains on track to initiate the phase 3 STELLAR-316 trial of zanzalintinib in mid-2026, in collaboration with Merck and Natera, in patients with resected stage II/III colorectal cancer who are molecular residual disease positive. It is continuing enrollment in the phase 2/3 STELLAR-311 trial in advanced neuroendocrine tumors. The company expects topline results from the phase 3 STELLAR-304 trial in the second half of 2026, depending on event rates, in previously untreated advanced non-clear cell renal cell carcinoma. Merck initiated LITESPARK-034 in April 2026, the second of two Merck-sponsored phase 3 pivotal trials of zanzalintinib with WELIREG in renal cell carcinoma.

President and Chief Executive Officer Michael M. Morrissey said the company is executing across the key pillars of the business, with continued growth of the cabozantinib franchise and preparations for a potential zanzalintinib launch in metastatic colorectal cancer, pending regulatory approval later this year.