Exelixis Q2 revenue misses analyst estimates, lowers 2026 outlook
EXEL•Outlook
- Exelixis now sees 2026 total revenues of $2.5 bln-$2.55 bln, down from prior guidance
- Company expects 2026 net product revenues of $2.3 bln-$2.35 bln, below previous forecast
- 2026 guidance excludes potential U.S. zanzalintinib launch; FDA decision expected by Dec. 2026
Overview
- U.S. oncology firm's Q2 revenue rose yr/yr but missed analyst expectations
- Adjusted net income for Q2 beat analyst estimates
- Company repurchased $311.6 mln in stock and authorized $750 mln additional buyback
Result drivers and key details
- Cabozantinib sales volume - Co said higher Q2 net product revenues were primarily due to increased sales volume of cabozantinib products
- International royalties - Co said higher collaboration revenues were mainly related to increased royalty revenues for cabozantinib sales outside the U.S.
- Expense increases - Co said research and development expenses rose due to higher clinical trial and manufacturing costs, while SG&A expenses increased from expanded marketing and personnel costs
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|
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