Exelixis Stock Soars 9%, Adding $1.4 Billion, After Cabozantinib Sales Lift Quarterly Revenue
The cancer drugmaker kept its 2026 revenue range, cut its expected tax rate and hit a 52-week high of $71.83 on Friday.
Exelixis, which develops cancer medicines, saw its shares climb 8.50% to $71.83 in Friday trading as of 12:32 p.m. ET, adding $1.4 billion in market value, the session after it said third-quarter revenue rose to $658.7 million from $597.8 million a year earlier.
Cabozantinib carries the quarter
The company said on Thursday that sales of cabozantinib drove the revenue gain. Management kept its 2026 revenue range and lowered its expected 2026 tax rate to 16% to 18%, from 21% to 23%.
Cabozantinib, sold as CABOMETYX tablets and COMETRIQ capsules, treats cancers including advanced kidney, liver, thyroid and neuroendocrine tumors, and accounts for most of Exelixis's revenue. In 2025, net product revenues from the two brands were $2,122.8 million, according to the company's annual report. Exelixis sells them itself in the US, while Ipsen handles territories outside the US and Japan and Takeda handles Japan, paying royalties.
A 52-week high and a 51% year
The stock was on pace for its biggest one-day gain since May 6 and reached a new 52-week high of $71.83 on Friday, putting its total market value at $17.8 billion.
As of Thursday's close, shares were up about 51% year to date, against about 13% for the S&P 500, and had risen 13% over the prior month. The company said it bought back roughly $250 million of its stock in the quarter, retiring about 4.5 million shares at an average price of $55.77.
Two dated catalysts for zanzalintinib
On Thursday's call, management said the FDA's action date for zanzalintinib in colorectal cancer is March 3, 2027. It also said it expects kidney cancer trial data in the first quarter of 2027.
The FDA's March 3, 2027 action date for zanzalintinib in colorectal cancer is the next fixed date on the calendar.
Sources
- Exelixis (EXEL) Surpasses Q3 Earnings and Revenue Estimates — Yahoo Finance
- Exelixis Non-GAAP EPS of $0.94 beats by $0.04, revenue of $658.7M beats by $10.19M (EXEL:NASDAQ) | Seeking Alpha — seekingalpha.com
- Exelixis: Q3 Earnings Snapshot – WTOP News — wtop.com
- What Exelixis (EXEL) Said on Its Q3 Earnings Call — Yahoo Finance
- AutoNation, Regeneron Pharmaceuticals, AstraZeneca And Other Big Stocks Moving Higher On Friday — benzinga.com
- The company's filing (Exelixis) — SEC filing
- Exelixis — Form 10-Q for the quarter ended 2026-10-02 (quarterly results) — SEC EDGAR
