Exelixis Q2 revenue misses analyst estimates, lowers 2026 outlook
Exelixis Q2 revenue misses analyst estimates, lowers 2026 outlook
Overview
U.S. oncology firm's Q2 revenue rose yr/yr but missed analyst expectations
Adjusted net income for Q2 beat analyst estimates
Company repurchased $311.6 mln in stock and authorized $750 mln additional buyback
Outlook
Exelixis now sees 2026 total revenues of $2.5 bln-$2.55 bln, down from prior guidance
Company expects 2026 net product revenues of $2.3 bln-$2.35 bln, below previous forecast
2026 guidance excludes potential U.S. zanzalintinib launch; FDA decision expected by Dec 2026
Result Drivers
CABOZANTINIB SALES VOLUME - Co said higher Q2 net product revenues were primarily due to increased sales volume of cabozantinib products
INTERNATIONAL ROYALTIES - Co said higher collaboration revenues were mainly related to increased royalty revenues for cabozantinib sales outside the U.S.
EXPENSE INCREASES - Co said research and development expenses rose due to higher clinical trial and manufacturing costs, while SG&A expenses increased from expanded marketing and personnel costs
Company press release: ID:nBw7yN28Ra
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Miss | $628.7 mln | $635.95 mln (18 Analysts) |
Q2 Adjusted Net Income | Beat | $237.1 mln | $203.65 mln (11 Analysts) |
Q2 Net Income |
| $212.1 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 11 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the biotechnology & medical research peer group is "buy"
Wall Street's median 12-month price target for Exelixis Inc is $54.00, about 3.6% below its August 4 closing price of $56.00
The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 14 three months ago
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For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)