Exelixis, Inc. · EXEL · FY2026 Q2 · Calendar Q3 2026
Exelixis lowers guidance as NET ramp slows; pipeline advances
Exelixis retains a credible longer-term growth path through cabozantinib franchise expansion and zanzalintinib development, but the quarter introduced near-term execution pressure as a slower NET ramp led to modestly lower full-year revenue and R&D guidance.
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What changed
Management reported Q2 2026 total revenue of $629 million and said the cabozantinib franchise grew 10% year over year. Full-year revenue and R&D expense guidance were lowered modestly because of a slower-than-expected NET ramp. The company also highlighted regulatory review for zanzalintinib and continued progress across pivotal and expansion studies.
Guidance delta
Lowered modestly: full-year revenue and R&D expense guidance were reduced because of a slower NET ramp.
Key takeaways
- Cabozantinib generated $573 million of U.S. net product revenue and continued to gain share in RCC and NET.
- Management cited a slower NET ramp as the reason for modest reductions to full-year revenue and R&D expense guidance.
- Zanzalintinib remains the next major franchise opportunity, with seven pivotal trials across multiple tumor types and a CRC filing under review.
- The company reported $1.4 billion in cash and completed a $312 million share repurchase in Q2.
- Management emphasized expense discipline while continuing pipeline investment.
Management priorities
- Support continued cabozantinib growth in RCC and NET.
- Prepare for a potential zanzalintinib launch in third-line plus colorectal cancer, pending regulatory review.
- Advance pivotal and expansion studies, including STELLAR-002, STELLAR-202, STELLAR-303, STELLAR-304, and STELLAR-311.
- Continue development of early-stage pipeline molecules XL309, XB010, XB628, and XB371.
- Maintain disciplined capital allocation and share repurchases.
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Analyst 52W Price Targets
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Truist Securities | Hold | Hold | Maintain | Oct 30, 2026 |
| TD Cowen | Buy | Buy | Maintain | Oct 30, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Oct 30, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Oct 30, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 30, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Oct 19, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Aug 19, 2026 |
| Stifel | Hold | Hold | Maintain | Aug 6, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 13, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 2, 2026 |
| HC Wainwright & Co. | Buy | Buy | Maintain | Jul 2, 2026 |
| Guggenheim | Neutral | Buy | Downgrade | Nov 3, 2025 |
| Leerink Partners | Outperform | Market Perform | Upgrade | Oct 21, 2025 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Jul 29, 2025 |
| Stephens & Co. | Overweight | Equal Weight | Upgrade | Jun 24, 2025 |
| B of A Securities | Neutral | Neutral | Maintain | Jun 5, 2025 |
| Citigroup | Buy | Buy | Maintain | May 15, 2025 |
| Piper Sandler | Overweight | Overweight | Maintain | Feb 12, 2025 |
| Oppenheimer | Perform | Outperform | Downgrade | Jan 24, 2025 |
| EF Hutton | Buy | Buy | Maintain | Apr 28, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Jan 26, 2023 |
| Jefferies | Buy | Buy | Maintain | Oct 7, 2021 |
| Needham | Buy | Buy | Maintain | Jun 28, 2021 |
| Wolfe Research | Outperform | Outperform | Maintain | Mar 12, 2021 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | May 14, 2020 |
| Bank of America | Buy | Buy | Maintain | Jan 13, 2020 |
| Stifel Nicolaus | Hold | Hold | Maintain | Aug 1, 2019 |
| Goldman Sachs | Neutral | Neutral | Maintain | Sep 17, 2018 |
| Leerink Swann | Market Perform | Outperform | Downgrade | Sep 22, 2017 |
| Deutsche Bank | Hold | Buy | Downgrade | Aug 3, 2017 |
| PiperJaffray | Neutral | Overweight | Downgrade | Sep 2, 2014 |
| Cowen & Co. | Market Perform | Outperform | Downgrade | Sep 2, 2014 |
| Maxim Group | Buy | Hold | Upgrade | Nov 12, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $69.39. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| BMO Capital | David Lebowitz | $60 | $66.2 | -13.5% | Oct 30, 2026 |
| RBC Capital | Analyst unavailable | $51 | $59.77 | -26.5% | Oct 9, 2026 |
| RBC Capital | Analyst unavailable | $45 | $58.1 | -35.1% | Oct 8, 2026 |
| BMO Capital | Analyst unavailable | $54 | $53.12 | -22.2% | Aug 18, 2026 |
| Leerink Partners | Andrew Berens | $52 | $52.59 | -25.1% | Aug 6, 2026 |
| Truist Financial | Gregory Renza | $52 | $54.54 | -25.1% | Aug 6, 2026 |
| UBS | Analyst unavailable | $55 | $53.03 | -20.7% | Aug 3, 2026 |
| Morgan Stanley | Sean Laaman | $53 | $54.99 | -23.6% | Jul 23, 2026 |
| Barclays | Etzer Darout | $49 | $56.04 | -29.4% | Jul 14, 2026 |
| Wells Fargo | Analyst unavailable | $49 | $56.5 | -29.4% | Jul 13, 2026 |
| RBC Capital | Analyst unavailable | $46 | $55.53 | -33.7% | Jul 7, 2026 |
| UBS | Ashwani Verma | $52 | $55.46 | -25.1% | Jul 2, 2026 |
| H.C. Wainwright | Robert Burns | $56 | $53.96 | -19.3% | Jul 2, 2026 |
| Truist Financial | Gregory Renza | $54 | $52.87 | -22.2% | Jun 25, 2026 |
| Barclays | Analyst unavailable | $45 | $44.89 | -35.1% | Apr 20, 2026 |
| H.C. Wainwright | Analyst unavailable | $54 | $42.94 | -22.2% | Feb 12, 2026 |
| Stifel Nicolaus | Analyst unavailable | $44 | $42.98 | -36.6% | Feb 11, 2026 |
| Barclays | Etzer Darout | $44 | $42.59 | -36.6% | Feb 4, 2026 |
| Morgan Stanley | Sean Laaman | $49 | $41.29 | -29.4% | Feb 2, 2026 |
| Truist Financial | Analyst unavailable | $51 | $44.65 | -26.5% | Jan 14, 2026 |
| H.C. Wainwright | Robert Burns | $52 | $44.79 | -25.1% | Jan 8, 2026 |
| Morgan Stanley | Analyst unavailable | $48 | $46.19 | -30.8% | Jan 8, 2026 |
| UBS | Analyst unavailable | $41 | $43.58 | -40.9% | Jan 5, 2026 |
| H.C. Wainwright | Robert Burns | $49 | $40.52 | -29.4% | Nov 5, 2025 |
| Stifel Nicolaus | Stephen Willey | $43 | $38.74 | -38.0% | Nov 5, 2025 |
| Barclays | Etzer Darout | $41 | $37.9 | -40.9% | Nov 5, 2025 |
| Oppenheimer | Silvan Tuerkcan | $36 | $37.9 | -48.1% | Nov 5, 2025 |
| Morgan Stanley | Analyst unavailable | $44 | $35.03 | -36.6% | Oct 21, 2025 |
| Leerink Partners | Analyst unavailable | $48 | $34.54 | -30.8% | Oct 21, 2025 |
| Wells Fargo | Derek Archila | $30 | $34.54 | -56.8% | Oct 21, 2025 |
| Morgan Stanley | Analyst unavailable | $50 | $40.44 | -27.9% | Sep 17, 2025 |
| Goldman Sachs | Analyst unavailable | $47 | $40.44 | -32.3% | Sep 17, 2025 |
| Barclays | Analyst unavailable | $40 | $39.14 | -42.4% | Sep 16, 2025 |
| H.C. Wainwright | Robert Burns | $46 | $37.41 | -33.7% | Aug 12, 2025 |
| UBS | Analyst unavailable | $38 | $36.85 | -45.2% | Jul 30, 2025 |
| Truist Financial | Asthika Goonewardene | $56 | $44.06 | -19.3% | Jul 15, 2025 |
| UBS | Ashwani Verma | $43 | $44.86 | -38.0% | Jul 11, 2025 |
| Jefferies | Analyst unavailable | $50 | $45.72 | -27.9% | Jun 24, 2025 |
| Guggenheim | Michael Schmidt | $45 | $46.26 | -35.1% | May 15, 2025 |
| Morgan Stanley | Sean Laaman | $47 | $36.98 | -32.3% | May 14, 2025 |
| RBC Capital | Analyst unavailable | $40 | $36.8 | -42.4% | Mar 13, 2025 |
| JMP Securities | Silvan Tuerkcan | $41 | $32.38 | -40.9% | Jan 27, 2025 |
| H.C. Wainwright | Robert Burns | $40 | $36.02 | -42.4% | Jan 10, 2025 |
| Guggenheim | Michael Schmidt | $42 | $34.21 | -39.5% | Jan 7, 2025 |
| BMO Capital | Etzer Darout | $36 | $32.56 | -48.1% | Oct 30, 2024 |
| Truist Financial | Asthika Goonewardene | $38 | $28.73 | -45.2% | Oct 30, 2024 |
| Piper Sandler | Joseph Catanzaro | $36 | $28.73 | -48.1% | Oct 30, 2024 |
| Citigroup | David Lebowitz | $38 | $28.73 | -45.2% | Oct 30, 2024 |
| Leerink Partners | Christopher Liu | $28.5 | $28.5 | -58.9% | Oct 16, 2024 |
| RBC Capital | Kennen MacKay | $34 | $28.5 | -51.0% | Oct 16, 2024 |
| Goldman Sachs | Chris Shibutani | $18 | $28.5 | -74.1% | Oct 16, 2024 |
| Jefferies | Akash Tewari | $33 | $28.8 | -52.4% | Oct 15, 2024 |
| Morgan Stanley | Jeffrey Hung | $30 | $28.5 | -56.8% | Oct 15, 2024 |
| Truist Financial | Asthika Goonewardene | $33 | $26.24 | -52.4% | Oct 14, 2024 |
| Stephens | Sudan Loganathan | $23 | $26.24 | -66.9% | Oct 14, 2024 |
| Morgan Stanley | Jeffrey Hung | $28 | $25.97 | -59.6% | Oct 11, 2024 |
| UBS | Ashwani Verma | $30 | $26.82 | -56.8% | Sep 19, 2024 |
| Citigroup | David Lebowitz | $31 | $26.46 | -55.3% | Sep 16, 2024 |
| Bank of America Securities | Jason Gerberry | $30 | $25.44 | -56.8% | Sep 4, 2024 |
| H.C. Wainwright | Robert Burns | $29 | $26.52 | -58.2% | Aug 8, 2024 |
| JMP Securities | Silvan Tuerkcan | $29 | $23.45 | -58.2% | Aug 7, 2024 |
| New Street | David Lebowitz | $31 | $21.06 | -55.3% | May 20, 2024 |
| BMO Capital | George Farmertzer Darout | $29 | $21.06 | -58.2% | May 20, 2024 |
| Barclays | Peter Lawson | $25 | $23.68 | -64.0% | Apr 11, 2024 |
| JMP Securities | Analyst unavailable | $25 | $16.52 | -64.0% | Dec 9, 2022 |
| Guggenheim | Michael Schmidt | $30 | $18.02 | -56.8% | Jun 28, 2021 |
| Goldman Sachs | Chris Shibutani | $23 | $24.34 | -66.9% | May 18, 2021 |
| Morgan Stanley | Jeffrey Hung | $26 | $23.74 | -62.5% | Apr 19, 2021 |
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Start freeCompany context
Snapshot as of publicationExelixis, Inc. operates as a biotechnology firm dedicated to combating cancer, primarily focusing on the identification, advancement, and marketing of novel oncological treatments within the United States. Its portfolio of commercially available therapeutics includes CABOMETYX tablets, prescribed for individuals with advanced renal cell carcinoma who have previously undergone anti-angiogenic treatment, and COMETRIQ capsules, utilized for managing progressive and metastatic medullary thyroid cancer. Both CABOMETYX and COMETRIQ originate from cabozantinib, a compound that inhibits several tyrosine kinases such as MET, AXL, RET, and VEGF receptors. Additionally, Exelixis offers COTELLIC, an MEK inhibitor employed in combination therapies for advanced melanoma, and MINNEBRO, an orally administered, non-steroidal selective mineralocorticoid receptor blocker, approved for hypertension treatment in Japan.…
Historical context
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Sources
- Earnings call transcript and parsed analysis · 2026-08-07T21:22:55.419995+00:00
- FN2 earnings calendar · 2026-09-10T01:23:13.706414+00:00
- Polygon adjusted daily market bars · 2026-10-31T03:00:42.920471+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-31T03:00:42.917357+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-31. For educational purposes only; not investment advice.