Exelixis (EXEL) is trading higher Wednesday after the company reported first-quarter 2026 financial results after the close on May 5, 2026, showing stronger profitability and announcing incremental shareholder returns via a new buyback authorization. Investors are focusing on the combination of higher earnings and the expanded repurchase capacity, which can reduce share count and lift per-share metrics.

For the quarter ended March 31, 2026, Exelixis reported total revenue of $610.8 million and GAAP net income of $210.5 million, translating to GAAP diluted EPS of $0.79. Net product revenue was $555.0 million, reflecting higher sales volume, while collaboration revenue was $55.8 million; the company also maintained its fiscal 2026 total revenue outlook of $2.525 billion to $2.625 billion.

Exelixis said its board authorized an additional stock repurchase program of up to $750 million by December 31, 2027, on top of completing its current $750 million repurchase program. The company also highlighted ongoing progress in its zanzalintinib program, including an accepted NDA under review with a target action date of December 3, 2026, keeping attention on upcoming clinical and regulatory milestones later this year.