$EXEL · EXELIXIS, INC.
Exelixis reported Q3 2026 results with total revenues of $658.7M (+10.2% YoY), driven by cabozantinib U.S. net product revenues of $604.9M. GAAP diluted EPS was $0.85 vs $0.69 in Q3 2025; non-GAAP diluted EPS was $0.94. FY2026 guidance was maintained at $2.50B-$2.55B total revenues, with the effective tax rate lowered to 16%-18% from 21%-23%.
- Total revenues $658.7M, +10.2% YoY from $597.8M in Q3 2025
- Cabozantinib U.S. net product revenues $604.9M, driven by higher volume and net selling price
- GAAP diluted EPS $0.85 vs $0.69 YoY; non-GAAP diluted EPS $0.94 vs $0.78 YoY
- SG&A jumped 25% YoY to $154.6M on higher personnel, marketing, and legal costs
- FY2026 guidance maintained: total revenues $2.50B-$2.55B; effective tax rate cut to 16%-18% from 21%-23%
Extended-hours trading shows EXEL at $65.84, down 0.54% from the regular close of $66.20. The modest decline suggests the in-line quarter and maintained guidance were largely priced in, with the zanzalintinib PDUFA extension to March 2027 already known since September.
Exelixis delivered a clean beat-and-hold quarter while the zanzalintinib pipeline advances toward two major Q1 2027 catalysts: the CRC PDUFA and STELLAR-304 topline data.
Exelixis is executing a classic biotech maturation play: milking the cabozantinib cash cow ($604.9M quarterly U.S. sales) while building the zanzalintinib pipeline across CRC, RCC, NET, and NSCLC. The $750M buyback authorization and $3.2B in cumulative repurchases signal capital discipline.
SG&A expense growth (+25% YoY) is outpacing revenue growth (+10%), compressing operating leverage. The zanzalintinib NDA faces a three-month FDA review extension after the company submitted updated data; the STELLAR-303 NLM subpopulation missed statistical significance.