Exelixis Q1 Results Confirm Steady Cabometyx Growth, No Change to Outlook

What happened

Exelixis reported Q1 2026 financials, highlighting ongoing progress in its oncology franchises and reaffirming its commercial and pipeline goals. The quarter likely showed continued Cabometyx revenue growth in line with the 2026 guidance range of $2.325-$2.425B, supported by sustained RCC/NET share and the NET label expansion. However, the release provided no update on the critical zanzalintinib NDA submission for CRC or STELLAR-304 data, leaving the key catalyst for a second franchise still unresolved. The company's strong cash position and buyback program remain intact, but the core dependency on Cabometyx and approaching patent cliff (2030-2033) keep the risk-reward balanced at current ~$44 price. For investors, the quarter offers no reason to adjust the wait stance, as the stock already prices in base-case execution.

Implication

Steady Cabometyx supports base case but limited upside without zanzalintinib de-risking; attractive entry on weakness.

Thesis delta

The first quarter 2026 results confirm Exelixis is on track to meet its Cabometyx-driven guidance, but the absence of new zanzalintinib regulatory milestones reinforces that the stock's upside is capped until late 2026. No change to the existing thesis that risk-reward favors patience at current levels.