Exelixis reported second quarter total revenues of $628.7 million, missing consensus estimates of $636.4 million, while non-GAAP diluted EPS of $0.91 surpassed the $0.85 estimate. The company lowered its full-year 2026 revenue and product revenue guidance, citing weaker than expected performance.
Key Highlights
- CABOMETYX U.S. net product revenue came in at $570.6 million, missing analyst expectations of $585.0 million.
- The company lowered its full-year 2026 total revenue guidance to a range of $2.50 billion to $2.55 billion, down from a prior range of $2.525 billion to $2.625 billion.
- Exelixis reiterated that the PDUFA target action date for its potential new drug, zanzalintinib, for metastatic colorectal cancer is December 3, 2026.
- The company repurchased $311.6 million of its stock during the quarter and its board authorized a new $750 million share repurchase program.