Exelixis, Inc. reported a strong financial performance for the first quarter of 2026, with total revenues reaching $610.8 million, a 10% increase from $555.4 million in the same period last year. The growth was primarily driven by net product revenues of $555.0 million, up 8% from $513.3 million in the first quarter of 2025. This increase was largely attributed to a 7% rise in the number of units sold of CABOMETYX, reflecting ongoing demand for the drug in combination with nivolumab for advanced renal cell carcinoma (RCC) and previously treated advanced neuroendocrine tumors (NET). The company also reported a net income of $210.5 million, or $0.81 per share, compared to $159.6 million, or $0.57 per share, in the prior year.
In terms of operational changes, Exelixis has been actively expanding its product pipeline. The company is advancing zanzalintinib, its lead clinical asset, which is currently under review by the U.S. Food and Drug Administration (FDA) for the treatment of certain forms of colorectal cancer. The FDA accepted the New Drug Application (NDA) for zanzalintinib in February 2026, with a target action date set for December 3, 2026. Additionally, Exelixis initiated several clinical trials for zanzalintinib, including STELLAR-201, a phase 2 trial for recurrent meningioma, and STELLAR-316, a planned phase 3 trial for patients with resected stage II/III colorectal cancer.
The company’s financial position showed a decrease in cash and cash equivalents, which fell to $226.2 million from $482.5 million at the end of 2025. This decline was primarily due to significant stock repurchases, with Exelixis repurchasing $590.6 million worth of its common stock under a previously authorized stock repurchase program. The total stockholders' equity also decreased to $1.94 billion from $2.16 billion at the end of the previous fiscal year, reflecting the impact of these repurchases and an increase in the accumulated deficit.
Exelixis reported a decrease in research and development expenses to $199.9 million from $212.2 million in the prior year, primarily due to reduced clinical trial costs associated with cabozantinib and zanzalintinib. Selling, general, and administrative expenses increased slightly to $139.6 million from $137.2 million, driven by higher marketing activities in anticipation of the zanzalintinib launch. The company anticipates that both research and development and selling expenses may increase for the remainder of 2026 as it continues to invest in its product pipeline and expand its salesforce.
Looking ahead, Exelixis remains focused on leveraging its cash flows to support ongoing clinical trials and the commercialization of its products. The company is also navigating challenges related to pricing pressures and competition in the oncology market, particularly with the potential entry of generic versions of CABOMETYX. Despite these challenges, Exelixis is optimistic about its growth prospects, driven by the continued demand for its products and the advancement of its clinical pipeline.
About EXELIXIS, INC.
Exelixis, Inc. is an oncology-focused biopharmaceutical company developing targeted cancer therapies, primarily through its flagship molecule cabozantinib. Its core business includes marketing approved treatments for kidney, thyroid, liver, and other cancers, alongside a robust pipeline of investigational small molecules and biotherapeutics. The company leverages strategic collaborations and licensing to expand its portfolio, aiming to improve cancer patient outcomes worldwide.
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