What Exelixis (EXEL) said on its Q3 earnings call. October 29, 2026 Key points. * Exelixis reported solid Q3 results, with revenue of approximately $659 million and U.S. cabozantinib franchise revenue up 11% year over year to $605 million. The company posted GAAP net income of about $218 million and ended the quarter with $1.4 billion in cash and marketable securities. * Zanzalintinib remains Exelixis' top development priority, with seven potentially label-enabling trials underway and a March 3, 2027, FDA action date for its colorectal cancer application. The company is also advancing studies in kidney cancer, neuroendocrine tumors, meningioma, lung cancer and other indications. * CABOMETYX demand continued to strengthen, with its oral TKI market share rising to 49% and prescription volume increasing 13% year over year. Exelixis sees a potential third-line-plus colorectal cancer launch for zanzalintinib as an approximately $1.5 billion U.S. market opportunity. * MarketBeat previews top five stocks to own in November. Exelixis NASDAQ: EXEL reported third-quarter 2026 revenue of approximately $659 million, supported by continued growth in its cabozantinib franchise and progress toward a potential launch of zanzalintinib in colorectal cancer. Chief Executive Officer Mike Morrissey said the company is positioning zanzalintinib, also called zanza, as its second potential oncology franchise alongside CABOMETYX. He said CABOMETYX's third-quarter performance reinforced management's confidence in the product's long-term growth trajectory, while zanza remains the company's top research and development priority. "Zanza is in the spotlight as our next potential franchise opportunity," Morrissey said, pointing to ongoing pivotal trials and a planned second wave of potential pivotal studies across genitourinary, gastrointestinal and other tumor types. Third-quarter financial results. Cabozantinib franchise U.S. net product revenue rose about 11% year over year to $605 million during the quarter. CABOMETYX net product revenue totaled $603 million and did not include clinical-trial sales. Chief Financial Officer Chris Senner said clinical-trial sales have historically varied between quarters and are expected to remain uneven. Global cabozantinib franchise net product revenue, including sales from Exelixis and its partners, increased approximately 11% year over year to $818 million. Total revenue also included about $52 million in royalties from partners Ipsen and Takeda on their cabozantinib sales. Exelixis reported GAAP net income of approximately $218 million, or $0.85 per diluted share, for the third quarter. Non-GAAP net income was approximately $240 million, or $0.94 per diluted share, excluding about $22 million of stock-based compensation expense net of related tax effects. Total operating expenses were approximately $390 million, up from $380 million in the second quarter. Senner attributed the sequential increase primarily to higher legal and advisory fees, marketing expenses and cost of goods sold, partially offset by lower license and collaboration costs. Discover more Stock Market News Stock Market Holidays Track Stock Market The company ended the quarter with approximately $1.4 billion in cash and marketable securities. During the quarter, it repurchased roughly $250 million of common stock, retiring about 4.5 million shares at an average price of $55.77 per share. About $348 million remained available under the company's $750 million share-repurchase authorization as of Sept. 30. Senner said the company updated its full-year gross-to-net deduction estimate to approximately 30%. Third-quarter gross-to-net deductions were approximately 29%, lower than the prior quarter primarily because of lower 340B discounts. Zanzalintinib development advances. Executive Vice President of Research and Development Dana Aftab said Exelixis has seven ongoing potentially label-enabling zanza trials, which it calls its Wave 1 program. The company is also planning Wave 2 studies designed to explore additional tumor types and combinations with immunotherapies, chemotherapy and other treatment approaches. The company's updated Prescription Drug User Fee Act action date for its zanza new drug application based on the STELLAR-303 trial in colorectal cancer is March 3, 2027. Exelixis said sites are activated and enrolling patients in STELLAR-316, a Phase III study of zanza with and without subcutaneous pembrolizumab in patients with resected stage 2 or 3 colorectal cancer who test positive for molecular residual disease following definitive therapy but have no radiographic evidence of disease. In kidney cancer, Exelixis expects top-line results from its STELLAR-304 Phase III study in non-clear cell renal cell carcinoma during the first quarter of 2027. The trial compares zanza plus nivolumab with sunitinib. Aftab said the company is approaching a clinical data cutoff, which is driving the timing expectation. The company also highlighted continued enrollment in its STELLAR-311 trial in neuroendocrine tumors and STELLAR-201 trial in recurrent meningioma. Separately, it initiated enrollment in STELLAR-202, a Phase II study evaluating zanza plus pembrolizumab in squamous non-small cell lung cancer following induction treatment with pembrolizumab and chemotherapy. Exelixis is also exploring zanza combinations in bladder cancer, including in patients previously treated with enfortumab vedotin and a PD-1 inhibitor, as well as a zanza-docetaxel combination in metastatic castration-resistant prostate cancer. The company said it has begun enrolling a cohort combining zanza with its XB628 bispecific immunotherapy in a Phase I trial. Aftab additionally announced XL558, a selective somatostatin receptor 2 agonist, as a newly nominated development candidate. Exelixis plans to submit an investigational new drug application for XL558 later in 2026. CABOMETYX demand remains strong. Executive Vice President of Commercial PJ Haley said CABOMETYX continued to gain demand in renal cell carcinoma and neuroendocrine tumors. In an oral TKI market basket that includes CABOMETYX, lenvatinib, axitinib, sunitinib and pazopanib, CABOMETYX's total prescription share rose to 49% in the third quarter from 46% a year earlier. Its prescription volume increased 13%, compared with 6% growth for the market basket. Haley said CABOMETYX remains the leading TKI-plus-immunotherapy combination in renal cell carcinoma through its combination with nivolumab, while it is also the leading oral therapy in the second-line-plus neuroendocrine tumor setting. In neuroendocrine tumors, CABOMETYX's second-line-plus new-patient oral market share exceeded 50%, according to Haley. He said the company expects refills to increase as more patients remain on treatment, while its expanded gastrointestinal sales team has activated more than 1,000 unique neuroendocrine tumor prescribers since launch. Potential colorectal cancer opportunity. Pending regulatory approval, Exelixis sees zanza's potential third-line-plus colorectal cancer launch as an opportunity to build on its commercial presence in community oncology. Haley estimated the U.S. third-line-plus colorectal cancer setting includes approximately 23,000 patients and represents an approximately $1.5 billion market opportunity using contemporary pricing. He said roughly 70% of colorectal cancer prescribers overlap with CABOMETYX prescribers, with overlap rising to 90% when co-located addresses are included. Exelixis believes its established community-based commercial capabilities could support a potential zanza launch in the indication. About Exelixis (NASDAQ:EXEL). Exelixis, Inc is a biopharmaceutical company focused on discovering, developing, and commercializing medicines for cancer and other serious diseases. The company's research programs center primarily on targeted therapies, including treatments designed to inhibit signaling pathways involved in tumor growth and progression. Exelixis' lead product is CABOMETYX (cabozantinib), an oral medicine approved in the United States for certain patients with renal cell carcinoma, hepatocellular carcinoma, and differentiated thyroid cancer. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. Before you consider Exelixis, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. 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Exelixis (NASDAQ:EXEL) hits new 12-month high - what's next? October 26, 2026 Key points. * Exelixis shares reached a new 52-week high of $65.58, trading modestly above the prior close and well above their 50-day and 200-day moving averages. * Analysts remain cautious overall: the stock has a consensus "Hold" rating and an average price target of $51.50, below its current trading level, despite several recent target increases and one reaffirmed "Buy" rating. * Exelixis reported quarterly EPS of $0.91, beating estimates, while revenue rose 10.6% year over year to $628.69 million. Institutional investors own a substantial 85.27% of the shares, although a director recently sold part of her stake under a pre-arranged trading plan. * MarketBeat All Access makes it easier to follow Exelixis with alerts, analyst ratings, and deeper research - now $149 a year with your rate locked in. Shares of Exelixis, Inc. (NASDAQ:EXEL - Get Free Report) hit a new 52-week high during mid-day trading on Monday. The company traded as high as $65.58 and last traded at $65.2550, with a volume of 152,200 shares traded. The stock had previously closed at $64.53. Analysts set new price targets. A number of research firms have recently weighed in on EXEL. Truist Financial upped their price target on shares of Exelixis from $52.00 to $54.00 and gave the stock a "hold" rating in a research note on Wednesday, October 7th. Zacks Research raised shares of Exelixis from a "strong sell" rating to a "hold" rating in a report on Tuesday, September 1st. BMO Capital Markets began coverage on shares of Exelixis in a report on Tuesday, August 18th. They set a "market perform" rating and a $54.00 price objective on the stock. UBS Group set a $55.00 target price on shares of Exelixis in a research report on Monday, August 3rd. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $56.00 target price on shares of Exelixis in a report on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Exelixis presently has an average rating of "Hold" and a consensus target price of $51.50. Exelixis stock up 0.2%. The company has a 50 day moving average of $58.19 and a 200 day moving average of $53.68. The stock has a market capitalization of $16.02 billion, a price-to-earnings ratio of 20.34, a price-to-earnings-growth ratio of 1.81 and a beta of 0.47. Exelixis (NASDAQ:EXEL - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The biotechnology company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.85 by $0.06. The firm had revenue of $628.69 million for the quarter, compared to analyst estimates of $636.40 million. Exelixis had a net margin of 35.33% and a return on equity of 42.17%. Exelixis's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.75 earnings per share. On average, research analysts forecast that Exelixis, Inc. will post 3.19 earnings per share for the current fiscal year. Insider activity. In other Exelixis news, Director Mary Beckerle sold 9,812 shares of the business's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $53.66, for a total transaction of $526,511.92. Following the sale, the director owned 16,079 shares in the company, valued at approximately $862,799.14. The trade was a 37.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.60% of the stock is owned by corporate insiders. Institutional investors weigh in on Exelixis. Several institutional investors have recently made changes to their positions in EXEL. BlackRock Inc. acquired a new stake in shares of Exelixis in the second quarter worth $1,581,991,000. Dimensional Fund Advisors LP lifted its position in Exelixis by 0.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,299,597 shares of the biotechnology company's stock worth $184,391,000 after acquiring an additional 39,920 shares during the last quarter. Assetmark Inc. lifted its position in Exelixis by 1.7% during the 1st quarter. Assetmark Inc. now owns 3,388,920 shares of the biotechnology company's stock worth $145,351,000 after acquiring an additional 58,149 shares during the last quarter. Bank of America Corp DE boosted its holdings in Exelixis by 30.7% during the second quarter. Bank of America Corp DE now owns 2,149,397 shares of the biotechnology company's stock valued at $116,949,000 after acquiring an additional 504,660 shares during the period. Finally, Caisse de depot et placement du Quebec bought a new stake in Exelixis during the second quarter valued at about $113,951,000. 85.27% of the stock is currently owned by institutional investors and hedge funds. About Exelixis. Exelixis, Inc is a biopharmaceutical company focused on discovering, developing, and commercializing medicines for cancer and other serious diseases. The company's research programs center primarily on targeted therapies, including treatments designed to inhibit signaling pathways involved in tumor growth and progression. Exelixis' lead product is CABOMETYX (cabozantinib), an oral medicine approved in the United States for certain patients with renal cell carcinoma, hepatocellular carcinoma, and differentiated thyroid cancer. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. Before you consider Exelixis, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Exelixis wasn't on the list. While Exelixis currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys. AI spending is reshaping the market, and the opportunity extends far beyond the biggest chipmakers. 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Exelixis shares have climbed 49% this year, but the U.S. Food and Drug Administration (FDA) has delayed its review of zanzalintinib, the company's investigational colorectal cancer drug. The agency asked for more data and now expects a decision by March 3, 2027, instead of December 3, 2026. Cabometyx, approved for liver and kidney cancers, still drives growth. Second-quarter revenue rose 10.6% to $628.7 million, and earnings per share grew about 26% to $0.82. A patent win should block US generics until at least January 2030. Some analysts estimate zanzalintinib could reach $4.5 billion in US sales by 2033. Exelixis is testing it in several other cancers and has early-stage candidates in its pipeline.