Description

Exelixis: Can NET, Meningioma, and RCC Trials Unlock a Major Pipeline Breakout?

Exelixis reported financial and operational results for the first quarter of fiscal year 2026, reflecting continued progress in its core oncology franchises and pipeline development. The company’s revenue totaled approximately $611 million, with cabozantinib (CABOMETYX) franchise net product revenues reaching $555 million, marking an 8% year-over-year increase in the U.S. and a 12.5% rise globally in collaboration with partners. Gross-to-net deductions rose to 30.2%, attributed to increased 340B volume, Medicare-related discounts, and co-pay assistance compared to the previous quarter. Operating expenses slightly declined sequentially to $359 million, driven by lower clinical trial costs but partially offset by higher field team expenses and stock-based compensation. On the commercial front, CABOMETYX maintained its leading position as the most prescribed tyrosine kinase inhibitor (TKI) in renal cell carcinoma (RCC) and oral therapy segment leader for neuroendocrine tumors (NETs) in second-line plus settings.