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, versus $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 add to a 10% Revenue rise

Exelixis (NASDAQ:EXEL) is an oncology company whose cash flow depends on CABOMETYX, an oral therapy approved for kidney, liver, thyroid and neuroendocrine tumors, and it is advancing a pipeline led by zanzalintinib. It filed its Quarterly Report for the period ended October 2, 2026 on October 29, 2026, which the filing presents as the third quarter.

Total revenues were $658.7 million, up 10% from $597.8 million. Net product revenues rose 11% to $604.9 million, of which CABOMETYX was $603.2 million, up 12%, while COMETRIQ fell 42% to $1.8 million.

The company said CABOMETYX units sold rose 6%, driven 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%, and discounts and allowances were $248.8 million, up 5%, so net sales grew faster than gross sales. License revenues were $58.4 million, up 4%, while collaboration services revenues were a negative $4.6 million, leaving total collaboration revenues at $53.8 million, down 2%.

For the nine months, total revenues were $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 were $209.5 million, up from $199.2 million, with zanzalintinib spending up 22% to $50.8 million. Selling, general and administrative expenses rose 25% to $154.6 million from $123.7 million, which the company attributed 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 were $1.00 billion, against $689.9 million in the prior year period.

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

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

Zanzalintinib review is extended and a generic settlement is signed

In September 2026, the FDA extended the review of the zanzalintinib application, combined with atezolizumab for metastatic colorectal cancer, by three months after the company submitted updated data deemed a major amendment. The new target action date is March 3, 2027.

In October 2026, the company settled litigation with Azurity Pharmaceuticals, 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.