10-K · February 10, 2026
Exelixis positions itself as a cabozantinib-focused oncology company leveraging strong commercial momentum in CABOMETYX/COMETRIQ while advancing a diversified pipeline led by zanzalintinib (currently under FDA review).…
Earnings analysis · 10-Q
EXEL earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
Exelixis reported strong first-quarter results for 2026, with total revenues of $610.8 million, surpassing expectations, and a diluted EPS of $0.79, reflecting solid growth driven by increasing demand for its…
Read full summary
Exelixis reported strong first-quarter results for 2026, with total revenues of $610.8 million, surpassing expectations, and a diluted EPS of $0.79, reflecting solid growth driven by increasing demand for its cabozantinib franchise. The company's net product revenues increased by 8% year-over-year, buoyed by a rise in sales volume, while expenses saw a decrease, leading to improved profitability.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.79
- Gross margin
- 96%
- Segment
- Net product revenues
- Segment
- License revenues
- Segment
- Collaboration services revenues
What stood out
-
Revenue Surge Above Estimates
Total revenues reached $610.8 million in Q1 2026, up 10% from $555.4 million in Q1 2025, exceeding the estimate of $606.4 million.
-
Strong EPS Growth
Diluted EPS increased to $0.79 in Q1 2026 from $0.55 in Q1 2025, surpassing the expected $0.74.
-
Increase in Net Product Revenues
Net product revenues rose to $555 million, an 8% increase from $513.3 million in the prior year.
-
Cash Flow from Operations Increases
Net cash provided by operating activities grew by 19%, reaching $251.8 million compared to $211.4 million in the prior period.
-
Decreased R&D Expenses
Research and development expenses dropped to $199.9 million, down 6% from $212.2 million in Q1 2025.
-
Share Repurchase Program Continuing
As of March 31, 2026, Exelixis completed $590.6 million in share repurchases and authorized an additional $750 million for future buybacks.
What to watch
-
Regulatory Approval Risks Persist
Continued success hinges on the FDA approval of zanzalintinib, which is under review, with a PDUFA date of December 3, 2026.
-
Increasing Competition Looms
Generic versions of CABOMETYX face potential entry, which could significantly impact revenues.
-
Reimbursement Pressure
Ongoing changes in U.S. healthcare policies may affect coverage and payment for CABOMETYX, impacting sales.
Management's outlook
Maintained 2026 revenue guidance of $2.525B to $2.625B, continuing strong expectations despite potential headwinds.
Earlier filings 4
10-Q · July 28, 2025
Exelixis reported Q2 revenues of $568,261,000 and diluted EPS of $0.65 for the three months ended June 30, 2025. Results were driven by higher net product sales (cabozantinib) but offset by a sharp decline in…
10-Q · May 13, 2025
Exelixis reported strong Q1 results with revenues of $555.447M and operating income of $186.859M, driven by CABOMETYX product sales of $510.872M. Operating margin expanded to ~33.6% and diluted EPS was $0.55; operating…
10-K · February 11, 2025
Exelixis remains a cabozantinib‑focused oncology company with strong 2024 commercial performance (net product revenues of $1,809.4 million, ~11% YoY) and its eighth consecutive year of profitability. The company is…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.