Exelixis (EXEL) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue was $658.7M, up 10% YoY; GAAP net income was $218.1M and diluted EPS was $0.85.

• Cabozantinib growth and zanzalintinib development underpin a multi-franchise oncology strategy, with disciplined investment and shareholder returns.

• 9M revenue grew 10% YoY to $1.90B; operating cash flow was $839.5M and quarter-end cash and marketable securities totaled $1.40B.

Financial highlights

• Q3 net product revenue was $604.9M, up 11% YoY; collaboration revenue was $53.8M, down 2% as higher license revenue was offset by lower services revenue.

• GAAP operating income was $268.4M versus $236.5M; GAAP net income was $218.1M versus $193.6M.

• Non-GAAP net income was $240.2M and diluted EPS was $0.94, excluding stock-based compensation net of tax.

• R&D expense was $209.5M, up 5% YoY; SG&A was $154.6M, up 25%, reflecting personnel, clinical trial, marketing, legal and advisory costs.

• CABOMETYX generated $603.2M in Q3 net product revenue; COMETRIQ revenue was $1.8M.

Outlook and guidance

• FY 2026 revenue guidance remains $2.500B–$2.550B, including net product revenue of $2.300B–$2.350B.

• FY 2026 COGS guidance is ~4% of net product revenue; R&D guidance remains $825M–$875M and SG&A $575M–$625M.

• FY 2026 effective tax-rate guidance fell to 16%–18% from 21%–23%; revenue guidance excludes a potential U.S. zanzalintinib CRC approval and launch.

• STELLAR-304 top-line results are expected in Q1 2027; positive results could support a second zanzalintinib NDA.

• Gross margin is expected to remain broadly unchanged for the rest of 2026; higher R&D, clinical, launch-preparation and legal costs may affect spending.