Exelixis is trading at $53.64 (down 5.4%) after its Q2 earnings report showed weaker-than-expected revenue and a significant cut to full-year 2026 guidance.
- Investors are reacting to soft sales of the flagship drug CABOMETYX and lowered product revenue targets, which overshadowed an EPS beat.
- Management characterized 2026 as a transition year as the company faces looming generic threats and a challenging long-term outlook.