Exelixis, Inc. Q1 2026 Earnings Recap

Exelixis shares rose 10.3% following a quarter that demonstrated solid revenue growth driven by cabozantinib and encouraging pipeline progress, reassuring investors on the near-term commercial momentum and long-term opportunity.

Key Takeaways

• U.S. cabozantinib franchise net product revenues increased 8% year-over-year to $555 million.
• Global cabozantinib franchise revenues rose 12.5% year-over-year to $764 million, reflecting broad international uptake.
• The ZANZA franchise is advancing rapidly, with an NDA under regulatory review for third-line colorectal cancer and seven pivotal trials ongoing or planned.
• Total revenues for the quarter were approximately $611 million, with operating expenses declining slightly sequentially to about $359 million.
• Gross-to-net deductions increased due to higher 340B volume, Medicare Part D discounts, and co-pay assistance, pressuring margins but not outweighing overall revenue gains.