Exelixis Misses Q2 Revenue, Slashes 2026 Outlook
EXEL sits 59% above its 52-week low of $33.755.
Summary
Exelixis reported Q2 revenue of $628.7M, missing the $635.95M consensus, while adjusted net income of $237.1M beat estimates. The company lowered its 2026 total revenue guidance to $2.5B-$2.55B from prior, with net product revenue now seen at $2.3B-$2.35B. This follows strong Q1 results and a $750M buyback authorization in May; the guidance cut signals softening demand or competitive pressure for cabozantinib. The company repurchased $311.6M in stock during Q2 and authorized an additional $750M buyback, partially offsetting the negative revision. An FDA decision on zanzalintinib is expected by December 2026, which could reshape the growth narrative.
At the time of this announcement, EXEL was trading at $53.73 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $14.3B. The 52-week trading range was $33.76 to $57.57. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Reuters.