Exelixis (NASDAQ:EXEL) released its first-quarter 2026 financial results on May 5, surpassing expectations across its oncology portfolio while advancing next-generation pipeline candidates.
Financial Highlights
The company posted total revenue of $610.8 million, marking a 10% increase year-over-year. Non-GAAP adjusted earnings per share (EPS) reached $0.87, exceeding analyst estimates of $0.77.
Following the release, shares climbed 0.57% to $44.47 in after-hours trading, signaling strong investor confidence in the firm’s growth trajectory.
CABOMETYX Drives Revenue Momentum
CABOMETYX (cabozantinib) net product sales hit $555 million in the quarter, up 8% from $513.3 million in Q1 2025. Collaborative revenues from royalties and milestones added $55.8 million, including a $30 million Takeda milestone and $7.7 million from Ipsen-related activities.
Total global CABOMETYX franchise sales through partners reached $764 million, reflecting 12.5% year-over-year growth. This expansion stems from robust U.S. performance and international gains via Ipsen partnerships, alongside increasing adoption in key markets.
Overall net product sales achieved double-digit growth compared to the prior year, with further upside evident in sales breakdowns.
Pipeline Advances with Zanzalintinib
Exelixis highlighted progress on zanzalintinib, featuring seven ongoing pivotal trials. Topline data from key studies emerges soon, with FDA approval targeted for December 2026. Analysts project sustained franchise profitability through 2030.
Analyst Reactions
Quarterly results exceeded forecasts on major metrics, bolstering optimism for future performance. Observers note solid growth in core products and partnerships as key drivers.
