Exelixis, Inc., an oncology company, focuses on the discovery, development, and commercialization of new medicines for difficult-to-treat cancers in the United States. The company offers CABOMETYX tablets for the treatment of patients with advanced renal cell carcinoma who received prior anti-angiogenic therapy; and COMETRIQ capsules for the treatment of progressive and metastatic medullary thyroid cancer. Its CABOMETYX and COMETRIQ are derived from cabozantinib, an inhibitor of multiple tyrosine kinases, including MET, AXL, RET, and VEGF receptors. The company also offers COTELLIC, an inhibitor of MEK as a combination regimen to treat specific forms of advanced melanoma; and MINNEBRO, an oral non-steroidal selective blocker of the mineralocorticoid receptor for the treatment of hypertension in Japan. It develops zanzalintinib, a novel, potent oral inhibitor of kinases, including the TAM kinases, MET, and VEGF receptors; XL309, a small molecule inhibitor of USP1, a synthetic lethal target in the context of BRCA-mutated tumors; XB010, an antibody-drug conjugates (ADC) consisting of a MMAE payload conjugated to a monoclonal antibody targeting the tumor antigen 5T4; XB628, a first-in-class bispecific antibody that targets programmed cell death ligand 1and natural killer cell receptor group 2A; and XB371, a next-generation tissue factor targeting ADC with a topoisomerase inhibitor payload. It has research collaborations and license agreements with Ipsen Pharma SAS; Takeda Pharmaceutical Company Ltd.; F. Hoffmann-La Roche Ltd.; Catalent, Inc.; Iconic Therapeutics, Inc.; Adagene Inc.; Invenra, Inc.; Genentech, Inc.; Bristol-Myers Squibb Company; and Daiichi Sankyo Company, Limited, as well as business development activities and other collaborations. The company was formerly known as Exelixis Pharmaceuticals, Inc. and changed its name to Exelixis, Inc. in February 2000. Exelixis, Inc. was incorporated in 1994 and is headquartered in Alameda, California.
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Exelixis beats Q2 earnings but misses on revenue, lowers 2026 outlook
Exelixis reported mixed second-quarter 2026 results, beating earnings estimates but missing on revenue and lowering its full-year guidance. Adjusted earnings per share came in at 82 cents, above the Zacks Consensus Estimate of 75 cents and up from 65 cents a year earlier, while total revenue rose 10.6% to $628.7 million, falling short of the $635 million consensus. Net product revenue from its flagship drug Cabometyx reached $570.6 million, missing the $578 million estimate, as the ramp of its newly approved neuroendocrine tumor indication proved slower than expected. Management lowered and narrowed its 2026 total revenue guidance to $2.50 billion to $2.55 billion from $2.525 billion to $2.625 billion, citing the slower NET uptake. The company also highlighted progress on its pipeline, with the FDA reviewing zanzalintinib for previously treated metastatic colorectal cancer and a target action date of December 3, 2026.
Kuehn Law Investigates EXELIXIS Officers and Directors for Potential Self-Dealing
Kuehn Law, PLLC is investigating whether certain officers and directors of EXELIXIS, Inc. breached their fiduciary duties to shareholders. The investigation concerns potential self-dealing. Shareholders may be entitled to damages and corporate governance reforms. Long-term EXELIXIS stockholders are encouraged to contact the law firm immediately, as there may be limited time to enforce their rights.
Exelixis Expected to Beat Earnings Estimates on Higher Revenues
Exelixis is expected to post quarterly earnings of $0.86 per share, a 14.7% year-over-year increase, on revenues of $635 million, up 11.7%, for the quarter ended June 2026. The Zacks Earnings ESP model indicates a positive surprise of +6.31%, as the Most Accurate Estimate is higher than the consensus, and the stock carries a Zacks Rank #2. Over the last four quarters, the company has beaten consensus EPS estimates each time. In the same industry, NovoCure is expected to report a loss of $0.30 per share on revenues of $174.11 million, with an Earnings ESP of +0.83% but a Zacks Rank #4, making a beat less predictable.
Biotech Sector Gains Momentum as AI Rally Pauses, Zacks Highlights Key Stocks
The biotech sector is quietly emerging as a new market leader while the AI-driven semiconductor rally shows signs of exhaustion, according to Zacks Investment Research. The Health Care Sector ETF XLV hit record highs this month, and the Biotech ETF XBI is approaching levels not seen since 2021, fueled by a stronger drug development cycle and defensive rotation. Among standout names, Eli Lilly remains the clear leader, while mid-cap players like Exelixis, PTC Therapeutics, Fortrea Holdings, and Illumina are gaining traction. PTC Therapeutics surged roughly 75% since its drug Sephience was approved in July 2025, with first-quarter revenue reaching $273 million, and was upgraded to a Zacks Rank #1 (Strong Buy) on July 8. Fortrea Holdings, a contract research organization, rebounded from around $4 to the mid-teens on backlog growth and cost cuts, and was added to the Zacks Rank #1 list on July 7. Exelixis offers a blend of profitability and growth at roughly 16x forward earnings, while Illumina, the genomics leader, has recovered about 46% year to date after an 80% tumble.
Exelixis Stock Surges 26.8% in Three Months on Pipeline Optimism
Exelixis shares have surged 26.8% over the past three months, outperforming the industry's 4.5% gain and the broader market. The rally reflects investor optimism about the company's pipeline momentum, particularly its lead candidate zanzalintinib, despite a recent setback in the STELLAR-303 study where the combination with Roche's Tecentriq showed a non-statistically significant overall survival trend in a subset of metastatic colorectal cancer patients without liver metastases. The U.S. FDA has set a target action date of December 3, 2026, for zanzalintinib's new drug application in combination with Tecentriq for previously treated metastatic colorectal cancer, which would mark the drug's first approval and establish a new growth platform beyond flagship therapy Cabometyx. Exelixis is also expanding zanzalintinib's development through collaborations with Merck on multiple phase III trials in colorectal and renal cell carcinoma, and with Natera on molecular residual disease testing. Meanwhile, Cabometyx maintains momentum as the leading prescribed TKI in renal cell carcinoma following a label expansion in March 2025 for certain neuroendocrine tumors.
Exelixis Reports Final Phase 3 STELLAR 303 Data for Zanzalintinib Combination
Exelixis reported final Phase 3 STELLAR 303 data showing zanzalintinib plus atezolizumab produced a non-statistically significant overall survival trend in favor of the combination among metastatic colorectal cancer patients without active liver metastases. The median overall survival was 15.9 months for the combination versus 12.7 months for regorafenib, with a hazard ratio of 0.83 and P = 0.1185, and no new safety signals emerged. The trial previously met its other dual primary endpoint with a statistically significant survival benefit in the intention-to-treat population. Detailed findings were presented at the 2025 European Society for Medical Oncology Congress and published in The Lancet. The FDA accepted the New Drug Application for the combination in February 2026 with a target action date of December 3, 2026.
Renal Cancer Pipeline Report 2026: Over 80 Drugs and 75+ Companies Analyzed
A new report on the renal cancer pipeline for 2026 provides comprehensive insights into over 75 companies and more than 80 pipeline drugs. The analysis covers drug profiles across clinical and nonclinical stages, including assessments by product type, stage, route of administration, and molecule type. Key emerging drugs include Exelixis' zanzalintinib in phase III for non-clear cell renal cell carcinoma, Merck's quavonlimab combined with pembrolizumab in phase III, and Corvus Pharmaceuticals' ciforadenant in phase II. The report also details collaborations, acquisitions, and licensing activities, and highlights unmet needs and future perspectives in renal cancer therapeutics.
Truist Downgrades Exelixis to Hold on Zanzalintinib Uncertainty
Truist analyst Gregory Renza downgraded Exelixis to Hold from Buy with a price target of $54, up from $51, after assuming coverage of the stock on June 25. Renza cited pipeline uncertainty, specifically around zanzalintinib, the next-generation cancer drug Exelixis is developing as a long-term successor to its flagship product cabozantinib. The FDA is currently reviewing Exelixis's application for zanzalintinib in combination with atezolizumab for previously treated metastatic colorectal cancer, supported by positive Phase 3 STELLAR-303 trial data. However, Renza noted that regulatory approval alone does not guarantee commercial success and that the broader clinical program still has several major data readouts pending. Renza is stepping in for Asthika Goonewardene, who had been consistently bullish and last raised the price target to $51 from $44.55 on January 14.
Exelixis Falls on Disappointing Zanzalintinib Overall Survival Data in Colorectal Cancer Subgroup
Shares of Exelixis fell 1.08% after the company announced that the final analysis of the STELLAR-303 study showed a non-statistically significant trend in overall survival favoring zanzalintinib plus Roche's Tecentriq in the subgroup of metastatic colorectal cancer patients without active liver metastases. Median overall survival was 15.9 months for the combination versus 12.7 months for regorafenib. The phase III trial had previously met its other dual primary endpoint of overall survival in the intent-to-treat population. The disappointing subgroup result creates uncertainty for the U.S. new drug application under review, with a target action date of December 3, 2026.