EXEL · Exelixis, Inc.

Exelixis reported strong first quarter 2026 results, with total revenues of $610.8 million, up 10% from $555.4 million in the same period last year. The increase was driven by cabozantinib franchise U.S. net product revenues of $555.0 million, up from $513.3 million, primarily due to higher sales volume. Collaboration revenues rose to $55.8 million from $42.2 million, reflecting higher royalty revenues from Ipsen and milestone-related revenues. GAAP net income was $210.5 million ($0.79 diluted EPS) compared to $159.6 million ($0.55 diluted EPS) in Q1 2025, benefiting from lower share count due to stock repurchases. Non-GAAP net income was $232.8 million ($0.87 diluted EPS) versus $179.6 million ($0.62 diluted EPS). The company maintained its full-year 2026 guidance, projecting total revenues of $2.525-$2.625 billion and net product revenues of $2.325-$2.425 billion. Management highlighted the FDA acceptance of the NDA for zanzalintinib in metastatic colorectal cancer with a PDUFA date of December 3, 2026, and the initiation of several pivotal trials. Additionally, the Board authorized a new $750 million stock repurchase program through December 31, 2027, reflecting confidence in the company's financial position and outlook.