Exelixis reported preliminary full-year 2025 revenues of approximately $2.32 billion, driven primarily by continued uptake of Cabometyx in both renal cell carcinoma and hepatocellular carcinoma indications. The company projects 2026 product sales in a range of $2.525 billion to $2.625 billion, reflecting expected mid‐single-digit growth in Cabometyx and initial contributions from newly launched territories. Operating expenses are anticipated to increase modestly as Exelixis ramps up commercial infrastructure and invests in late-stage development programs, with adjusted EBITDA margins projected to expand by 1–2 percentage points year-over-year.

At the 44th Annual J.P. Morgan Healthcare Conference, CEO Michael Morrissey highlighted the near-term regulatory milestone for zanzalintinib, with a new drug application submission on track for mid-year 2026. He outlined a commercial strategy that leverages existing Cabometyx field teams to support the launch, estimating peak year sales potential in excess of $600 million for the FGFR-inhibitor in cholangiocarcinoma and urothelial carcinoma. During the Q&A, management confirmed plans to initiate two Phase III trials in combination regimens, underscoring a push to broaden the company’s oncology portfolio beyond its current core franchise.