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    How Exelixis’ Earnings Beat and FDA Zanzalintinib Milestone Will Impact Exelixis (EXEL) Investors

    Simply Wall St·03/15/2026 00:30:50
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    • Exelixis recently reported quarterly adjusted earnings per share that exceeded expectations, helped by higher Cabometyx volumes and lower operating expenses, while the FDA accepted its New Drug Application for zanzalintinib in metastatic colorectal cancer with a target action date in December 2026.
    • Alongside these results, the company reiterated its 2026 guidance and benefited from multiple upward analyst earnings estimate revisions, underscoring how regulatory milestones and disciplined cost control are reshaping expectations for its oncology portfolio.
    • We’ll now examine how the earnings beat and FDA progress for zanzalintinib affect Exelixis’ existing investment narrative and risk-reward profile.

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    Exelixis Investment Narrative Recap

    To own Exelixis, you have to believe that its oncology franchise can steadily broaden beyond Cabometyx while funding an expanding pipeline without eroding profitability. The latest earnings beat and the FDA’s acceptance of zanzalintinib’s NDA support that thesis in the near term, but they do not change the core reality that Cabometyx concentration and future pricing pressure remain the most important catalyst and the central risk to watch.

    The FDA’s acceptance of the zanzalintinib NDA in metastatic colorectal cancer is the clearest near term catalyst tied to this update, because a potential approval could begin to ease Exelixis’ heavy reliance on Cabometyx. For now, however, zanzalintinib is still an unapproved asset, so the key questions around future label scope, uptake, and reimbursement remain open and will only be clarified as regulators complete their review and additional colorectal data read out.

    Yet investors should also be aware that growing exposure to discounted channels and future generic risk for Cabometyx could...

    Read the full narrative on Exelixis (it's free!)

    Exelixis’ narrative projects $3.1 billion revenue and $1.1 billion earnings by 2028. This requires 11.7% yearly revenue growth and roughly a $0.5 billion earnings increase from $602.3 million today.

    Uncover how Exelixis' forecasts yield a $46.83 fair value, a 14% upside to its current price.

    Exploring Other Perspectives

    EXEL 1-Year Stock Price Chart
    EXEL 1-Year Stock Price Chart

    Some of the lowest ranked analysts were assuming only about US$2.5 billion in future revenue and roughly US$674 million in earnings, so this zanzalintinib news could lead you to rethink how pessimistic or optimistic those prior risk views really were.

    Explore 12 other fair value estimates on Exelixis - why the stock might be worth over 4x more than the current price!

    Form Your Own Verdict

    Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.