Exelixis Reports Q3 2026 Financial Results and Updates FY2026 Guidance

Executive Summary

On October 29, 2026, Exelixis, Inc. (NASDAQ: EXEL) filed a Form 8-K reporting its financial results for the third quarter ended September 30, 2026, and providing corporate and pipeline updates.

Key Financial Highlights

• Total Revenues: $658.7 million, compared to $597.8 million in Q3 2025, driven primarily by higher net product sales.
• Net Product Revenues: $604.9 million (CABOMETYX: $603.2 million; COMETRIQ: $1.8 million), up from $542.9 million in Q3 2025, reflecting higher sales volume and average net selling price increases.
• Collaboration & Royalty Revenues: $53.8 million, compared to $54.8 million in Q3 2025. Royalty revenues from partners Ipsen and Takeda totaled $51.8 million.
• Operating Expenses:
  • Research & Development (R&D): $209.5 million vs. $199.2 million in Q3 2025.
  • Selling, General & Administrative (SG&A): $154.6 million vs. $123.7 million in Q3 2025.
• Net Income & EPS:
  • GAAP Net Income: $218.1 million, or $0.85 per diluted share (up from $193.6 million, or $0.69 per diluted share, in Q3 2025).
  • Non-GAAP Net Income: $240.2 million, or $0.94 per diluted share (up from $217.9 million, or $0.78 per diluted share, in Q3 2025).

Updated 2026 Financial Guidance

• Total Revenues: $2.500 billion – $2.550 billion (unchanged)
• Net Product Revenues: $2.300 billion – $2.350 billion (unchanged)
• Cost of Goods Sold: ~4% of net product revenues
• R&D Expenses: $825 million – $875 million (unchanged; includes $50.0 million stock-based compensation)
• SG&A Expenses: $575 million – $625 million (unchanged; includes $75.0 million stock-based compensation)
• Effective Tax Rate: Lowered to 16% – 18% (previously 21% – 23%)

Clinical and Regulatory Developments

• Zanzalintinib in Metastatic CRC: Following submission of additional safety and efficacy data, the FDA extended its review period by three months, establishing an updated PDUFA target action date of March 3, 2027.
• STELLAR-304: Topline results from the Phase 3 trial evaluating zanzalintinib + nivolumab vs. sunitinib in advanced non-clear cell RCC are now expected in Q1 2027.
• Share Repurchase Program: Under the May 2026 $750 million share repurchase authorization, Exelixis repurchased $402.1 million of common stock through the end of Q3 2026 at an average price of $54.03 per share.