$EXEL · EXELIXIS, INC.
Exelixis filed its 10-Q for Q3 FY2026 (ended October 2, 2026), reporting total revenues of $658.7M (+10.2% YoY), net income of $218.1M, and diluted EPS of $0.85. CABOMETYX net product revenue grew 12% to $603.2M on 6% unit volume growth. The company repurchased $1.0B of common stock in the first nine months, reducing outstanding shares to 244.7M.
- Q3 total revenues $658.7M, +10.2% YoY, driven by CABOMETYX net product revenue of $603.2M (+12% YoY).
- Q3 diluted EPS $0.85 vs $0.69 a year ago; nine-month diluted EPS $2.46 vs $1.90.
- Operating margin expanded to 40.8% in Q3 from 39.6% in the prior-year quarter.
- Share repurchases totaled $1.0B in the first nine months, reducing basic shares outstanding by 8.1% YoY to 246.8M.
- Cash and marketable securities stand at $1.40B as of September 30, 2026, down from $1.66B at year-end 2025.
Extended-hours trading shows EXEL at $65.13, down 1.62% from the regular close of $66.20. The modest decline may reflect profit-taking after a strong year-to-date run or concern over the $1.0B cash burn on buybacks reducing the cash position by ~$260M since year-end.
Exelixis combines double-digit revenue growth, expanding margins, and aggressive capital return — $1B in buybacks over nine months — while advancing a pipeline catalyst in zanzalintinib.
Exelixis continues to execute as a profitable mid-cap oncology pure-play, with CABOMETYX maintaining double-digit growth in the competitive RCC market alongside Opdivo. The zanzalintinib FDA submission for colorectal cancer represents the next pipeline catalyst.
CABOMETYX concentration risk: the product accounts for nearly all net product revenue ($603.2M of $604.9M in Q3). COMETRIQ revenue fell 42% YoY to $1.8M. Potential milestone obligations total up to $3.2B across development, regulatory, and commercial categories.