Oncology drugmaker Exelixis' Q3 revenue, adjusted net income beat estimates
EXEL•Exelixis reported Q3 revenue of $658.7 million and adjusted net income of $240.2 million, beating analyst estimates. It maintained its 2026 revenue guidance and lowered its effective tax rate outlook.
1. Quarterly results
Exelixis reported Q3 revenue of $658.7 million, above the $646.51 million analyst estimate, and adjusted net income of $240.2 million, above the $203.29 million estimate. Net income was $218.1 million. The company repurchased $402 million in shares during the quarter.
2. 2026 outlook
Exelixis maintained its 2026 total revenue guidance at $2.5 billion to $2.55 billion and expects net product revenue of $2.3 billion to $2.35 billion. It lowered its effective tax rate guidance to 16%-18%, from 21%-23%.
3. Revenue drivers
The company said increased sales volume and a higher average net selling price drove higher U.S. net product revenue. Lower collaboration revenue reflected decreased milestone-related revenue and lower development cost reimbursements, partly offset by higher royalties from partner sales outside the U.S. Research and development and selling, general and administrative expenses rose, driven by personnel, clinical trial costs, marketing and legal fees.
