Key Highlights

  • Total revenues rose 10% to $658.7 million from $597.8 million in the third quarter of 2025.
  • CABOMETYX net product revenues grew 12% to $603.2 million.
  • Net income was $218.1 million, or $0.85 per diluted share, compared with $0.69 a year earlier.
  • Nine-month Operating Cash Flow was $839.5 million, up from $550.8 million.
  • Cash and marketable securities stood at $1.4 billion, down from $1.7 billion at year end.

CABOMETYX Volume and price both contribute to a 10% Revenue rise

Exelixis (NASDAQ:EXEL) is an oncology company that relies heavily on CABOMETYX, an oral therapy approved for kidney, liver, thyroid and neuroendocrine tumors, while advancing a pipeline led by zanzalintinib. Its Quarterly Report covers the period ended October 2, 2026, which the filing presents as the third quarter, and was filed on October 29, 2026.

Total revenues came to $658.7 million, up 10% from $597.8 million. Net product revenues rose 11% to $604.9 million, with CABOMETYX contributing $603.2 million, up 12%, while COMETRIQ fell 42% to $1.8 million.

The company said CABOMETYX units sold increased 6%, helped by Demand for its combination with nivolumab in first-line advanced kidney cancer and for previously treated neuroendocrine tumors. The average net selling price rose 5%.

Gross-to-net and collaboration revenue shape the top line

Gross product revenues were $853.7 million, up 9%, while discounts and allowances totaled $248.8 million, up 5%, so net sales outpaced gross sales. License revenues were $58.4 million, up 4%, and collaboration services revenues were negative $4.6 million, leaving total collaboration revenues at $53.8 million, down 2%.

For the nine months, total revenues reached $1.90 billion, up 10% from $1.72 billion.

Profit grows even as selling expenses jump 25%

Net income was $218.1 million, or $0.88 basic and $0.85 diluted per share, compared with $193.6 million, or $0.72 basic and $0.69 diluted.

Research and development expenses rose to $209.5 million from $199.2 million, with zanzalintinib spending up 22% to $50.8 million. Selling, general and administrative expenses climbed 25% to $154.6 million from $123.7 million, which the company linked to higher personnel costs, pre-launch Marketing for zanzalintinib, and legal and advisory fees.

For the nine months, Net Income was $640.6 million, or $2.46 per diluted share, compared with $538.0 million, or $1.90.

Buybacks pull cash down to $1.4 billion despite stronger cash generation

Net cash provided by Operating Activities for the nine months was $839.5 million, up 52% from $550.8 million. Payments for repurchases of common stock totaled $1.00 billion, against $689.9 million in the prior year period.

Cash, cash equivalents and marketable securities were $1.4 billion at quarter end, compared with $1.7 billion at December 31, 2025. The company finished a $750.0 million program in June 2026, repurchasing 17.2 million shares.

Under a new program authorized in May 2026 for up to $750.0 million through December 31, 2027, the company had bought back 7.4 million shares for $402.1 million, an average of $54.03 per share by quarter end, leaving about $347.9 million available.

Zanzalintinib review is extended and a generic settlement is signed

In September 2026, the FDA extended its review of the zanzalintinib application, filed in combination with atezolizumab for metastatic colorectal cancer, by three months after the company submitted updated data that was classified as a major amendment. The new target action date is March 3, 2027.

In October 2026, the company resolved litigation with Azurity Pharmaceuticals by granting a license to market its proposed product in the United States from December 1, 2030, if approved. The effective date for proposed generic cabozantinib products with existing settlements remains January 1, 2031.

Readers will likely watch CABOMETYX unit growth, whether selling costs keep rising ahead of a possible launch, and the March 3, 2027 decision date.