Exelixis (EX9) Q3 2026 Earnings Report
DE:EX9 Q3 2026 EPS Results
- Actual EPS
- EUR 0.84
- Consensus EPS
- EUR 0.79
- Beat/Miss
- Beat by +EUR 0.05
- One Year Ago EPS
- EUR 0.70
DE:EX9 Q3 2026 Revenue Results
- Actual Revenue
- EUR 589.79M
- Expected Revenue
- EUR 578.89M
- Beat/Miss
- Beat by +EUR 10.91M
- YoY Revenue Growth
- +10.19%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- After Close
- Conference Call
- Thursday, October 29, 2026
DE:EX9 Upcoming Earnings
Exelixis's next earnings date is estimated for February 9, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:EX9 Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive. Management reported solid revenue and CABOMETYX growth, improving market share in RCC and NET, robust zanzalintinib enrollment and broad pipeline expansion, while also highlighting a substantial potential CRC opportunity and continued share repurchases. The main challenges were sequentially higher operating expenses and taxes, a higher full-year gross-to-net estimate, volatile clinical-trial sales, and the previously reduced revenue guidance.
Company Guidance
Exelixis is now projecting full year 2026 gross-to-net deductions of approximately 30% and is updating full year 2026 financial guidance to reflect changes to cost of goods sold and tax rate estimates; it expects STELLAR-304 top line results in the first quarter next year, with the NDA based on STELLAR-303 having an updated PDUFA action date of March 3, 2027, plans to submit an IND for XL558 later this year, expects refill to continue to increase going forward in NET, and said its longer-term expectation is that the tax rate will be at the federal rate or thereabouts.
- Strong Third-Quarter Revenue and ProfitabilityExelixis reported approximately $659 million in total revenue for the third quarter of 2026, including approximately $52 million in royalties from Ipsen and Takeda. GAAP net income was approximately $218 million, or $0.85 per diluted share, while non-GAAP net income was approximately $240 million, or $0.94 per diluted share.
- Cabozantinib Franchise Revenue GrowthU.S. cabozantinib franchise net product revenue grew approximately 11% year-over-year to $605 million. Global cabozantinib franchise net product revenue generated by Exelixis and its partners also grew approximately 11% year-over-year to $818 million.
- CABOMETYX Maintained Commercial MomentumCABOMETYX net product revenue grew 12% year-over-year in the third quarter. CABOMETYX remained the number-one TKI and TKI-plus-IO combination in RCC and the number-one prescribed oral therapy in the second-line-plus NET market.
- Improved RCC Market Share and Prescription GrowthCABOMETYX's share of the oral TKI market basket increased from 46% to 49% from the third quarter of 2025 to the third quarter of 2026. CABOMETYX prescription volume grew 13% year-over-year, outpacing 6% growth for the market basket.
- Continued NET Franchise ExpansionCABOMETYX's second-line-plus new-patient oral market share in NET increased to greater than 50%. Demand and refills continued to grow, and more than 1,000 unique NET prescribers had been activated since the expanded GI sales team launched.
- Zanzalintinib Positioned as Second Potential FranchiseZanzalintinib remained Exelixis's number-one R&D priority. The company reported seven ongoing potentially label-enabling Wave 1 trials and said it was planning and executing a second wave of potential pivotal studies across GU, GI and other indications.
- STELLAR-316 Trial Activated and EnrollingSites for the pivotal Phase III STELLAR-316 trial in resected Stage II or III colorectal cancer patients with molecular residual disease were activated and were enrolling participants. The trial is evaluating zanzalintinib with and without subcutaneous pembrolizumab, and the updated PDUFA action date for the STELLAR-303-based NDA is March 3, 2027.
- Robust Enrollment Across Key Zanzalintinib StudiesSTELLAR-311 continued to show robust enrollment in its global Phase III trial evaluating zanzalintinib against everolimus in pancreatic and extrapancreatic neuroendocrine tumors. Enrollment in the STELLAR-201 Phase II recurrent meningioma trial continued to exceed initial projections.
- Progress in GU and RCC Development ProgramsEnrollment in STELLAR-304 was completed, and top-line results are expected in the first quarter of 2027. The trial is the first global randomized Phase III study in non-clear cell RCC, while Merck continued running the LITESPARK-033 and LITESPARK-034 Phase III studies evaluating zanzalintinib combinations in clear-cell RCC.
- Wave 2 Development ExpansionSTELLAR-202 was initiated and was enrolling participants in squamous non-small cell lung cancer. The company was also planning zanzalintinib combinations with checkpoint inhibitors in bladder cancer, where the STELLAR-002 cohort in patients previously treated with enfortumab vedotin plus a PD-1 inhibitor enrolled extremely quickly.
- New Combination and Pipeline ProgramsA cohort combining the novel bispecific immunotherapy XB628 with zanzalintinib began enrolling, with expansion cohorts expected to focus on GU and GI tumor franchises. A zanzalintinib-plus-docetaxel cohort in metastatic castration-resistant prostate cancer was actively enrolling. Exelixis also nominated XL558, a selective somatostatin receptor 2 agonist, as a new development candidate and plans to submit an IND later this year.
- Meaningful Potential CRC Commercial OpportunityThe third-line-plus CRC setting was described as approximately 23,000 U.S. patients and an overall market opportunity of approximately $1.5 billion at contemporary pricing. Approximately 70% of targeted CRC prescribers also prescribe CABOMETYX, increasing to 90% when co-location of addresses is included.
- Strong Liquidity and Shareholder ReturnsCash and marketable securities were approximately $1.4 billion at September 30, 2026. During the quarter, Exelixis repurchased approximately $250 million of common stock, retiring approximately 4.5 million shares at an average price of $55.77. Approximately $348 million remained under the $750 million repurchase plan.
- Lower Gross-to-Net Deductions in the QuarterThird-quarter gross-to-net deductions for the cabozantinib franchise were approximately 29%, lower than in the second quarter, primarily due to lower 340B discounts. Management said the 340B situation was stabilizing and had very little impact on the company to its knowledge.
DE:EX9 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 09, 2027 | 2026 (Q4) | 0.86- | 0.84 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 0.790.84 | 0.7 | 20.51% (+0.14) | |
| Aug 05, 2026 | 2026 (Q2) | 0.760.81 | 0.67 | 21.33% (+0.14) | |
| May 05, 2026 | 2026 (Q1) | 0.680.78 | 0.56 | 40.32% (+0.22) | |
| Feb 10, 2026 | 2025 (Q4) | 0.750.84 | 0.43 | 95.83% (+0.41) | |
| Nov 04, 2025 | 2025 (Q3) | 0.610.70 | 0.36 | 95.00% (+0.34) | |
| Jul 28, 2025 | 2025 (Q2) | 0.600.67 | 0.69 | -2.60% (-0.02) | |
| May 13, 2025 | 2025 (Q1) | 0.320.56 | 0.11 | 416.67% (+0.45) | |
| Feb 11, 2025 | 2024 (Q4) | 0.380.43 | 0.24 | 77.78% (+0.19) | |
| Oct 29, 2024 | 2024 (Q3) | 0.300.36 | 0 | ― |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
