Exelixis Posts Strong Q1 Results, Expands Share Buybacks
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Exelixis ( (EXEL) ) just unveiled an announcement.
On May 5, 2026, Exelixis reported first quarter 2026 revenues of $610.8 million, up from $555.4 million a year earlier, driven by higher U.S. cabozantinib net product sales of $555.0 million and increased collaboration revenues. GAAP net income rose to $210.5 million, or $0.79 per diluted share, with non-GAAP diluted EPS of $0.87, aided in part by a lower share count from ongoing buybacks.
The company highlighted progress for its next-generation oncology candidate zanzalintinib, including U.S. regulatory review of its first New Drug Application for previously treated metastatic colorectal cancer and multiple ongoing or planned STELLAR trials across tumor types. Exelixis maintained its 2026 financial guidance and disclosed that it expects to complete its current $750 million stock repurchase program in May and has authorized an additional $750 million buyback to be executed by the end of 2027, signaling continued confidence in its cash generation and long-term strategy.
The most recent analyst rating on (EXEL) stock is a Buy with a $50.00 price target. To see the full list of analyst forecasts on Exelixis stock, see the EXEL Stock Forecast page.
Spark’s Take on EXEL Stock
According to Spark, TipRanks’ AI Analyst, EXEL is a Outperform.
The score is primarily supported by strong financial performance (scaling revenue, expanding profitability, and robust cash generation with low leverage) and a constructive earnings call emphasizing CABOMETYX momentum plus ZANZA regulatory progress and ongoing buybacks. These positives are tempered by mixed technical momentum (negative MACD) and near-term risks highlighted on the call, including rising operating expenses, higher gross-to-net deductions, and remaining clinical/regulatory uncertainty.
To see Spark’s full report on EXEL stock, click here.
More about Exelixis
Exelixis, Inc. is a U.S.-based biotechnology company focused on oncology, with a commercial franchise built around the cancer therapy cabozantinib, marketed for genitourinary and gastrointestinal tumors. The company is advancing a pipeline led by zanzalintinib, targeting indications such as metastatic colorectal cancer and other solid tumors, and is expanding its GI sales capabilities to support current and future launches.
Average Trading Volume: 2,752,539
Technical Sentiment Signal: Strong Buy
Current Market Cap: $11.22B
Find detailed analytics on EXEL stock on TipRanks’ Stock Analysis page.
