Exelixis lowers guidance as NET ramp slows; pipeline advances

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.