The EPS miss versus consensus is notable but offset by a revenue beat and maintained guidance. The zanzalintinib PDUFA delay to March 2027 removes near-term catalyst but the Azurity settlement and MSN patent win extend cabozantinib exclusivity. Activist Farallon's stake adds pressure for capital allocation. Watch for STELLAR-304 topline results in Q1 2027 and the March 2027 PDUFA decision.
Price Chart
Executive Summary
Exelixis reported Q3 2026 total revenues of $658.7M (up 10.2% YoY) and GAAP diluted EPS of $0.85 (up 23.2% YoY), beating consensus estimates of $648.5M and $0.90 respectively on the EPS side. The company maintained its FY 2026 total revenue guidance of $2.500-$2.550B and narrowed its effective tax rate guidance to 16%-18% from 21%-23%. The zanzalintinib NDA PDUFA was extended to March 3, 2027, and the company settled cabozantinib patent litigation with Azurity, pushing generic entry to December 1, 2030.
Key Financial Metrics
Key Facts
- Q3 2026 total revenues of $658.7M, up from $597.8M in Q3 2025 (10.2% YoY growth)
- GAAP diluted EPS of $0.85, up from $0.69 in Q3 2025 (23.2% YoY growth)
- Non-GAAP diluted EPS of $0.94, up from $0.78 in Q3 2025
- Cabozantinib franchise U.S. net product revenues of $604.9M, up from $542.9M in Q3 2025
- EPS of $0.85 missed consensus estimate of $0.90 (5.6% miss); revenue of $658.7M beat consensus of $648.5M (1.6% beat)
- FY 2026 total revenue guidance maintained at $2.500-$2.550B; net product revenue guidance maintained at $2.300-$2.350B
- Effective tax rate guidance narrowed to 16%-18% from 21%-23%
- PDUFA for zanzalintinib NDA extended to March 3, 2027 from December 3, 2026
- Settlement with Azurity grants license for generic cabozantinib beginning December 1, 2030
- Federal Circuit affirmed favorable patent ruling against MSN, pushing ANDA approval to no earlier than January 15, 2030
- Repurchased $402.1M of stock under May 2026 SRP at average price of $54.03 per share
- Activist investor Farallon Capital Management disclosed 13D stake on August 14, 2026
Financial Impact
Q3 revenue beat consensus by $10.2M (1.6%), EPS missed by $0.05 (5.6%); guidance maintained with tax rate narrowed
Risk Factors
- EPS missed consensus by 5.6% despite revenue beat
- Zanzalintinib PDUFA extended to March 2027, delaying potential revenue inflection
- SG&A expenses rose 25% YoY to $154.6M, outpacing revenue growth
- Activist investor Farallon holds a disclosed stake, potentially pushing for strategic changes
- Generic cabozantinib risk remains with MSN litigation still ongoing on separate patent
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000939767-26-000114 |
| Exhibit: exel-20261029.htm | 0000939767-26-000114 |
| Document: 0000939767-26-000114-index-headers.html | 0000939767-26-000114 |
| Document: 0000939767-26-000114-index.html | 0000939767-26-000114 |
| Document: 0000939767-26-000114.txt | 0000939767-26-000114 |
| 8-K Data (Synthetic) | 0000939767-26-000114 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $66.86 | awaiting T+20 | awaiting T+20 | $69.39 (+3.79%) |
Oct 20, 2026 12d ago | Institutional Cluster | $64.58 | awaiting T+20 | awaiting T+20 | $69.39 (+7.45%) |
Oct 12, 2026 20d ago | Institutional Cluster | $59.82 | awaiting T+20 | awaiting T+20 | $69.39 (+16.00%) |
Sep 11, 2026 7w ago | 8-K | $56.12 $59.86 | ▼ −6.66% | ▼ −4.80% | $69.39 (−23.65%) |
Jun 3, 2026 21w ago | Insider Cluster | $52.39 $55.85 | ▲ +6.61% | ▲ +8.23% | $69.39 (+32.45%) |
May 29, 2026 22w ago | 8-K | $50.20 $54.28 | ▲ +8.13% | ▲ +10.44% | $69.39 (+38.23%) |
May 28, 2026 22w ago | Insider Cluster | $50.32 $54.77 | ▲ +8.85% | ▲ +12.48% | $69.39 (+37.90%) |
May 28, 2026 22w ago | Insider Cluster | $50.32 $54.77 | ▲ +8.85% | ▲ +12.48% | $69.39 (+37.90%) |
May 28, 2026 22w ago | Insider Cluster | $50.32 $54.77 | ▲ +8.85% | ▲ +12.48% | $69.39 (+37.90%) |
May 22, 2026 23w ago | Insider Cluster | $49.94 $51.34 | ▲ +2.81% | ▲ +5.07% | $69.39 (+38.95%) |
US Market Status
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