Exelixis (EXEL) investor relations material

Executive summary

• Achieved Q2 2026 total revenues of $629 million, up 11% year-over-year, driven by strong cabozantinib (CABOMETYX) performance and collaboration revenues.

• Net income for Q2 2026 was $212.1 million (GAAP), with diluted EPS of $0.82 and non-GAAP EPS of $0.91, both increasing from the prior year.

• Advanced multi-franchise oncology strategy, with zanzalintinib NDA for third-line plus metastatic colorectal cancer under FDA review and launch preparations underway.

• Continued investment in R&D and commercial infrastructure, with multiple pivotal trials for zanzalintinib and other pipeline assets ongoing or planned.

• Completed significant stock repurchases, with new buyback programs authorized and strong liquidity maintained.

Financial highlights

• Q2 2026 total revenues reached $629 million, with U.S. cabozantinib net product revenues of $573 million and global revenues of $806 million, up 10–13% year-over-year.

• Collaboration revenues and royalties increased, driven by higher ex-U.S. sales and milestone achievements.

• R&D expenses were $212 million, up from the prior year, mainly due to higher clinical trial and manufacturing costs.

• SG&A expenses rose to $147.6 million, reflecting increased marketing, personnel, and stock-based compensation.

• Cash and marketable securities totaled $1.38–$1.4 billion at quarter end.

Outlook and guidance

• FY 2026 revenue guidance set at $2.50–$2.55 billion, with net product revenues of $2.30–$2.35 billion; guidance excludes potential U.S. zanzalintinib revenues.

• R&D expense guidance lowered to $825–$875 million; SG&A guidance unchanged at $575–$625 million.

• Full-year gross-to-net deductions projected at 30%–31%.