Exelixis beats Q3 estimates and maintains 2026 revenue guidance
Exelixis reported third-quarter 2026 revenue of $658.7 million on October 29, with GAAP diluted EPS of $0.85 and non-GAAP diluted EPS of $0.94. Cabozantinib net product revenue reached $604.9 million, while the company maintained 2026 total revenue guidance of $2.5B-$2.55B. Exelixis said it expects topline results from the phase 3 STELLAR-304 trial in the first quarter of 2027 and has seven potentially label-enabling zanzalintinib studies underway.
Why it matters
The results reinforce CABOMETYX as Exelixis' current revenue base while the company funds zanzalintinib development. The maintained revenue outlook and upcoming 2027 trial data create near-term milestones for investors, although the stock edged lower after the report according to one material.
Key facts
- 1Third-quarter 2026 total revenue was $658.7 million, up 10% year over year. investing.com
- 2Third-quarter GAAP net income was $218.1 million and GAAP diluted EPS was $0.85. investing.com
- 3Third-quarter non-GAAP diluted EPS was $0.94. seekingalpha.com
- 4Cabozantinib net product revenue was $604.9 million in the quarter. investing.com
- 5Exelixis set 2026 total revenue guidance at $2.5B-$2.55B. investing.com
- 6The company expects topline STELLAR-304 results in the first quarter of 2027. stocktitan.net
Open questions
- Material 4 describes $0.85 GAAP EPS as beating an estimate of 89 cents, while other materials describe $0.94 non-GAAP EPS as the estimate-beating result; the estimate basis is not clearly identified.
Summary written by AlphAI AI Desk from 8 of 8 sources. Not investment advice. Figures are as stated by the linked sources.