For the second quarter of 2026, analysts expect Exelixis to report consensus revenue of $636.40 million and non-GAAP EPS of $0.85, with the stock currently trading at $53.03 against an average price target of $52.07.
Investors are primarily focused on the commercial trajectory of the CABOMETYX franchise following recent label expansions and the regulatory progress of zanzalintinib ahead of its December 2026 PDUFA date.
The company is navigating mixed Phase 3 data for zanzalintinib in colorectal cancer, where a primary endpoint was met despite a miss in a key liver-metastasis subgroup. Market sentiment is also being shaped by a newly initiated patent infringement lawsuit against Handa Oncology and the ongoing execution of a $750 million share repurchase program.