Exelixis, Inc. reported a strong financial performance for the second quarter of 2026, with total revenues reaching $628.7 million, an increase of 11% compared to $568.3 million in the same period last year. The company's net product revenues also rose by 10% to $573.0 million, driven primarily by a 6% increase in the number of units sold of its flagship product, CABOMETYX, which continues to see strong demand in the treatment of advanced renal cell carcinoma (RCC) and neuroendocrine tumors. Collaboration revenues increased by 15% to $55.7 million, reflecting growth in license revenues and milestone payments.
In terms of profitability, Exelixis reported a net income of $212.1 million for the second quarter, or $0.85 per share, compared to $184.8 million, or $0.68 per share, in the prior year. The increase in net income was attributed to higher revenues, although operating expenses also rose, with research and development expenses increasing to $212.0 million from $200.4 million, and selling, general, and administrative expenses rising to $147.6 million from $134.9 million. The provision for income taxes for the quarter was $50.6 million, up from $45.6 million in the previous year.
Exelixis has been actively expanding its product pipeline, with significant developments in its clinical trials. The company initiated several new studies for its lead clinical asset, zanzalintinib, including a phase 2 trial for recurrent meningioma and additional cohorts for ongoing trials in metastatic castration-resistant prostate cancer and bladder cancer. The company is also preparing for the anticipated commercial launch of zanzalintinib, which is currently under review by the U.S. Food and Drug Administration (FDA).
Operationally, Exelixis reported a decrease in cash and cash equivalents to $281.4 million as of June 30, 2026, down from $482.5 million at the end of 2025. The decrease was primarily due to stock repurchases, with the company having repurchased $902.2 million of its common stock under its stock repurchase programs. The company’s total assets decreased to $2.49 billion from $2.84 billion at the end of the previous fiscal year, reflecting changes in cash and marketable securities.
Looking ahead, Exelixis remains optimistic about its growth trajectory, projecting continued increases in net product revenues for the remainder of 2026, driven by ongoing demand for CABOMETYX and the anticipated launch of zanzalintinib. However, the company also acknowledges potential challenges, including competition from generic versions of its products and the evolving landscape of drug pricing and reimbursement policies. Exelixis plans to leverage its cash flow and strategic partnerships to support its ongoing clinical trials and product development initiatives.
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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