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.

Reported After market closeNASDAQHealthcare $17.44B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.91 Consensus $0.85
EPS surprise +6.7% Reported versus consensus
Reported revenue $628.7M Consensus $636.4M
Revenue surprise -1.2% Reported versus consensus

Market reaction

event-close to next-session close
Stock move -7.9% Event window
SPY move -0.2% Same window
Abnormal move -7.8% Stock minus SPY
Volume 2.2× Versus trailing sessions
Subsequent drift +13.3% Up to 20 sessions
EXELSPY benchmark

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Transcript intelligence

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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Earnings History

Estimate Beat Miss Match
EXEL EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q1 '25 estimate $0.28 Q1 '25 actual $0.17, miss Q2 '25 estimate $0.30 Q2 '25 actual $0.77, beat Q3 '25 estimate $0.35 Q3 '25 actual $0.40, beat Q2 '26 estimate $0.65 Q2 '26 actual $0.75, beat Q3 '26 estimate $0.69 Q3 '26 actual $0.78, beat Q4 '26 estimate $0.77 Q4 '26 actual $0.94, beat Q1 '27 estimate $0.77 Q1 '27 actual $0.87, beat Q2 '27 estimate $0.85 Q2 '27 actual $0.91, beat Q3 '27 estimate $0.88 Q4 '27 estimate $0.89 Q1 '28 estimate $0.92 Q2 '28 estimate $0.98
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Analyst Consensus ?

ConsensusHold33 ratings
Bullish1648.5%
Neutral1751.5%
Bearish00.0%

Analyst 52W Price Targets

$69.39Current
$18Low
$41.99Average
$60High

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.

FirmRatingPrior ratingActionDate
Truist Securities Hold HoldMaintainOct 30, 2026
TD Cowen Buy BuyMaintainOct 30, 2026
RBC Capital Sector Perform Sector PerformMaintainOct 30, 2026
Morgan Stanley Equal Weight Equal WeightMaintainOct 30, 2026
Barclays Equal Weight Equal WeightMaintainOct 30, 2026
Citizens Market Outperform Market OutperformMaintainOct 19, 2026
BMO Capital Market Perform Market PerformMaintainAug 19, 2026
Stifel Hold HoldMaintainAug 6, 2026
Wells Fargo Equal Weight Equal WeightMaintainJul 13, 2026
UBS Neutral NeutralMaintainJul 2, 2026
HC Wainwright & Co. Buy BuyMaintainJul 2, 2026
Guggenheim Neutral BuyDowngradeNov 3, 2025
Leerink Partners Outperform Market PerformUpgradeOct 21, 2025
JMP Securities Market Outperform Market OutperformMaintainJul 29, 2025
Stephens & Co. Overweight Equal WeightUpgradeJun 24, 2025
B of A Securities Neutral NeutralMaintainJun 5, 2025
Citigroup Buy BuyMaintainMay 15, 2025
Piper Sandler Overweight OverweightMaintainFeb 12, 2025
Oppenheimer Perform OutperformDowngradeJan 24, 2025
EF Hutton Buy BuyMaintainApr 28, 2023
Credit Suisse Outperform OutperformMaintainJan 26, 2023
Jefferies Buy BuyMaintainOct 7, 2021
Needham Buy BuyMaintainJun 28, 2021
Wolfe Research Outperform OutperformMaintainMar 12, 2021
SunTrust Robinson Humphrey Buy BuyMaintainMay 14, 2020
Bank of America Buy BuyMaintainJan 13, 2020
Stifel Nicolaus Hold HoldMaintainAug 1, 2019
Goldman Sachs Neutral NeutralMaintainSep 17, 2018
Leerink Swann Market Perform OutperformDowngradeSep 22, 2017
Deutsche Bank Hold BuyDowngradeAug 3, 2017
PiperJaffray Neutral OverweightDowngradeSep 2, 2014
Cowen & Co. Market Perform OutperformDowngradeSep 2, 2014
Maxim Group Buy HoldUpgradeNov 12, 2013
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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.

FirmAnalyst52W targetPrice when postedUpsideDate
BMO CapitalDavid Lebowitz$60$66.2 -13.5%Oct 30, 2026
RBC CapitalAnalyst unavailable$51$59.77 -26.5%Oct 9, 2026
RBC CapitalAnalyst unavailable$45$58.1 -35.1%Oct 8, 2026
BMO CapitalAnalyst unavailable$54$53.12 -22.2%Aug 18, 2026
Leerink PartnersAndrew Berens$52$52.59 -25.1%Aug 6, 2026
Truist FinancialGregory Renza$52$54.54 -25.1%Aug 6, 2026
UBSAnalyst unavailable$55$53.03 -20.7%Aug 3, 2026
Morgan StanleySean Laaman$53$54.99 -23.6%Jul 23, 2026
BarclaysEtzer Darout$49$56.04 -29.4%Jul 14, 2026
Wells FargoAnalyst unavailable$49$56.5 -29.4%Jul 13, 2026
RBC CapitalAnalyst unavailable$46$55.53 -33.7%Jul 7, 2026
UBSAshwani Verma$52$55.46 -25.1%Jul 2, 2026
H.C. WainwrightRobert Burns$56$53.96 -19.3%Jul 2, 2026
Truist FinancialGregory Renza$54$52.87 -22.2%Jun 25, 2026
BarclaysAnalyst unavailable$45$44.89 -35.1%Apr 20, 2026
H.C. WainwrightAnalyst unavailable$54$42.94 -22.2%Feb 12, 2026
Stifel NicolausAnalyst unavailable$44$42.98 -36.6%Feb 11, 2026
BarclaysEtzer Darout$44$42.59 -36.6%Feb 4, 2026
Morgan StanleySean Laaman$49$41.29 -29.4%Feb 2, 2026
Truist FinancialAnalyst unavailable$51$44.65 -26.5%Jan 14, 2026
H.C. WainwrightRobert Burns$52$44.79 -25.1%Jan 8, 2026
Morgan StanleyAnalyst unavailable$48$46.19 -30.8%Jan 8, 2026
UBSAnalyst unavailable$41$43.58 -40.9%Jan 5, 2026
H.C. WainwrightRobert Burns$49$40.52 -29.4%Nov 5, 2025
Stifel NicolausStephen Willey$43$38.74 -38.0%Nov 5, 2025
BarclaysEtzer Darout$41$37.9 -40.9%Nov 5, 2025
OppenheimerSilvan Tuerkcan$36$37.9 -48.1%Nov 5, 2025
Morgan StanleyAnalyst unavailable$44$35.03 -36.6%Oct 21, 2025
Leerink PartnersAnalyst unavailable$48$34.54 -30.8%Oct 21, 2025
Wells FargoDerek Archila$30$34.54 -56.8%Oct 21, 2025
Morgan StanleyAnalyst unavailable$50$40.44 -27.9%Sep 17, 2025
Goldman SachsAnalyst unavailable$47$40.44 -32.3%Sep 17, 2025
BarclaysAnalyst unavailable$40$39.14 -42.4%Sep 16, 2025
H.C. WainwrightRobert Burns$46$37.41 -33.7%Aug 12, 2025
UBSAnalyst unavailable$38$36.85 -45.2%Jul 30, 2025
Truist FinancialAsthika Goonewardene$56$44.06 -19.3%Jul 15, 2025
UBSAshwani Verma$43$44.86 -38.0%Jul 11, 2025
JefferiesAnalyst unavailable$50$45.72 -27.9%Jun 24, 2025
GuggenheimMichael Schmidt$45$46.26 -35.1%May 15, 2025
Morgan StanleySean Laaman$47$36.98 -32.3%May 14, 2025
RBC CapitalAnalyst unavailable$40$36.8 -42.4%Mar 13, 2025
JMP SecuritiesSilvan Tuerkcan$41$32.38 -40.9%Jan 27, 2025
H.C. WainwrightRobert Burns$40$36.02 -42.4%Jan 10, 2025
GuggenheimMichael Schmidt$42$34.21 -39.5%Jan 7, 2025
BMO CapitalEtzer Darout$36$32.56 -48.1%Oct 30, 2024
Truist FinancialAsthika Goonewardene$38$28.73 -45.2%Oct 30, 2024
Piper SandlerJoseph Catanzaro$36$28.73 -48.1%Oct 30, 2024
CitigroupDavid Lebowitz$38$28.73 -45.2%Oct 30, 2024
Leerink PartnersChristopher Liu$28.5$28.5 -58.9%Oct 16, 2024
RBC CapitalKennen MacKay$34$28.5 -51.0%Oct 16, 2024
Goldman SachsChris Shibutani$18$28.5 -74.1%Oct 16, 2024
JefferiesAkash Tewari$33$28.8 -52.4%Oct 15, 2024
Morgan StanleyJeffrey Hung$30$28.5 -56.8%Oct 15, 2024
Truist FinancialAsthika Goonewardene$33$26.24 -52.4%Oct 14, 2024
StephensSudan Loganathan$23$26.24 -66.9%Oct 14, 2024
Morgan StanleyJeffrey Hung$28$25.97 -59.6%Oct 11, 2024
UBSAshwani Verma$30$26.82 -56.8%Sep 19, 2024
CitigroupDavid Lebowitz$31$26.46 -55.3%Sep 16, 2024
Bank of America SecuritiesJason Gerberry$30$25.44 -56.8%Sep 4, 2024
H.C. WainwrightRobert Burns$29$26.52 -58.2%Aug 8, 2024
JMP SecuritiesSilvan Tuerkcan$29$23.45 -58.2%Aug 7, 2024
New StreetDavid Lebowitz$31$21.06 -55.3%May 20, 2024
BMO CapitalGeorge Farmertzer Darout$29$21.06 -58.2%May 20, 2024
BarclaysPeter Lawson$25$23.68 -64.0%Apr 11, 2024
JMP SecuritiesAnalyst unavailable$25$16.52 -64.0%Dec 9, 2022
GuggenheimMichael Schmidt$30$18.02 -56.8%Jun 28, 2021
Goldman SachsChris Shibutani$23$24.34 -66.9%May 18, 2021
Morgan StanleyJeffrey Hung$26$23.74 -62.5%Apr 19, 2021
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Company context

Snapshot as of publication

Exelixis, 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.…

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Sources

  1. Earnings call transcript and parsed analysis · 2026-08-07T21:22:55.419995+00:00
  2. FN2 earnings calendar · 2026-09-10T01:23:13.706414+00:00
  3. Polygon adjusted daily market bars · 2026-10-31T03:00:42.920471+00:00
  4. 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.