Exelixis stock: Q3 revenue rises as zanzalintinib advances

Published on 11/06/2026 at 22:12 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Exelixis stock remains tied to growth in its cabozantinib franchise. Management kept 2026 revenue guidance unchanged while advancing zanzalintinib trials.

Quarterly growth meets pipeline milestones

Exelixis reported higher third-quarter revenue and GAAP net income for the period ended September 30, 2026.
The company maintained its full-year revenue guidance while lowering its effective tax-rate range.
Zanzalintinib remains central to the pipeline, with a March 3, 2027 FDA action date for its colorectal cancer application.

EXEL, US30161Q1040, Illustration mit AI erstellt.

Exelixis reported stronger third-quarter results on October 29, with revenue and profit rising year over year as its cabozantinib franchise continued to drive the oncology business. The company also kept its 2026 revenue outlook unchanged and highlighted upcoming regulatory and clinical milestones. The Exelixis investor relations release covers the quarterly results and corporate update.

Cabozantinib supports quarterly growth

Total revenue for the quarter ended September 30 reached USD 658.7 million, compared with USD 597.8 million in the year-earlier period. Net product revenue increased to USD 604.9 million from USD 542.9 million, with Exelixis citing higher sales volume and a higher average net selling price.

GAAP net income rose to USD 218.1 million from USD 193.6 million. Diluted GAAP earnings per share increased to USD 0.85 from USD 0.69, while non-GAAP diluted earnings per share reached USD 0.94. The adjusted figure excludes stock-based compensation after the related tax effect.

Guidance holds as tax range falls

Exelixis maintained its 2026 total revenue guidance at USD 2.500 billion to USD 2.550 billion and its net product revenue range at USD 2.300 billion to USD 2.350 billion. The company reduced its effective tax-rate guidance to 16% to 18% from 21% to 23%.

The outlook does not include potential revenue from a US approval and launch of zanzalintinib with atezolizumab in previously treated metastatic colorectal cancer. The FDA action date for that application is March 3, 2027. Exelixis also expects topline results from the STELLAR-304 trial in the first quarter of 2027.

Pipeline remains the next catalyst

Zanzalintinib is being tested across colorectal, renal, neuroendocrine and other cancers. The program includes ongoing pivotal studies, but future commercial contribution remains dependent on clinical outcomes and regulatory decisions.

Exelixis stock traded at 62.47 euros on Lang & Schwarz at 10:10 p.m. CET on Friday, November 6, 2026.