Exelixis reported second-quarter adjusted earnings per share of 91 cents, beating the Zacks Consensus Estimate of 86 cents, while revenue rose 10.6% year over year to $628.7 million, missing the estimate of $635 million. The company lowered its 2026 total revenue guidance to $2.50-$2.55 billion from $2.525-$2.625 billion, primarily due to a slower-than-expected ramp-up for the neuroendocrine tumor indication of Cabometyx. Exelixis completed a $750 million share repurchase program and began a new one of the same size, having repurchased $2.9 billion of stock since March 2023. The FDA is reviewing zanzalintinib for previously treated metastatic colorectal cancer with a target action date of December 3, 2026, and the company plans to initiate a phase III study with Merck evaluating zanzalintinib in resected stage II/III colorectal cancer.
Exelixis IncBeat Q2 earnings estimates and announced a new $750M buyback.
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