Exelixis, Inc. Q2 2026 Earnings Recap

Shares fell 6.8% as investors reacted negatively to the company's modest guidance revision citing slower-than-anticipated growth in the NET indication and more cautious near-term revenue ramp expectations.

Key Takeaways

• Total revenues for Q2 2026 were approximately $629 million, with cabozantinib franchise net product revenues of $573 million.
• U.S. cabozantinib franchise sales grew about 10% year-over-year, while global cabozantinib revenues increased roughly 13% year-over-year.
• Guidance was lowered modestly due to a slower ramp in the NET indication reflecting patient population and histology characteristics.
• Gross-to-net deductions increased, with Q2 at 29.5%, driven by lower co-pay assistance offset partially by increased 340B utilization; full-year gross-to-net expected between 30%-31%.
• Management emphasized disciplined expense management and maintained free cash flow projections despite investment in R&D and pipeline expansion.