Research · Sep 3, 2026
[EXEL] Exelixis Thesis 2026: Cabometyx Franchise Drives Zanzalintinib Pipeline
Exelixis, Inc. (NASDAQ: EXEL) FY2025 revenue ~$2.40-2.55B (+10-17%) with adj. EPS ~$2.45-2.75 reflecting continued post-2024 ~$2.05-2.18B aggregate Cabometyx (cabozantinib) US net product revenue (~85%+ aggregate revenue mix; selected primary RCC + HCC + selected post-March 2025 NET indication launch) + selected continued post-2024 ~$300-360M aggregate Cabometyx + Cometriq royalties + selected various Other revenue (~14%+ aggregate revenue mix; selected various Ipsen + Takeda ex-US partner royalties) under continued President + CEO Michael Morrissey, PhD since June 2010 (~15-year tenure as Exelixis CEO). US specialty oncology biopharmaceutical company. Founded 1994 as Exelixis Pharmaceuticals in South San Francisco California (~31-year heritage); selected post-April 2000 NASDAQ IPO; selected post-November 2012 FDA approval (Cometriq); selected post-April 2016 FDA approval (Cabometyx for RCC); selected post-2018 FDA approval (Cabometyx for HCC); selected post-March 2025 FDA approval (Cabometyx for NET); selected post-June 2010 Michael Morrissey CEO appointment. Headquartered in Alameda California; ~1,300-1,500+ employees globally with ~$2.40-2.55B revenue. One primary business: specialty oncology biopharmaceutical (~100% ~$2.40-2.55B). Cabometyx franchise (RCC + HCC + NET): ~$2.05-2.18B Cabometyx US net product revenue; ~50,000-55,000 aggregate annual TRx; ~$15K-18K aggregate Net Sales/TRx; selected post-March 2025 NET indication launch; ~+10-15% aggregate Cabometyx growth. Zanzalintinib pipeline + post-2024 STELLAR readouts: zanzalintinib (XL092; next-gen TKI; 2L+ RCC + CRC + HNSCC); selected post-2024 Phase 3 STELLAR-303 (CRC) + STELLAR-304 (RCC) + STELLAR-305 (HNSCC) Phase 3 readouts; selected various AB6210 (next-gen ADC) + selected various pipeline. President + CEO Michael Morrissey, PhD since June 2010 (~15-year tenure); CFO Christopher Senner. Capital position: ~$0 dividend (no dividend track post-2000 NASDAQ IPO); ~$500-650M aggregate FY2024-2025 buyback program (~$300-400M aggregate FY2025); ~$1.5-1.8B aggregate cash + investments balance; net leverage ~negligible (~debt-free balance sheet); ~270-280M diluted shares. FY2026 thesis: Cabometyx franchise expansion (RCC + HCC + post-March 2025 NET launch) + Zanzalintinib pipeline (STELLAR-303 + STELLAR-304 + STELLAR-305 readouts) + ~$300-400M aggregate annual buybacks + ~$1.5-1.8B aggregate cash + selected potential post-2026 zanzalintinib launch. Risks: cabozantinib LOE (post-2030+ patent expiration), Pfizer Inlyta + Merck Lenvatinib + Eisai Lenvatinib competition, zanzalintinib Phase 3 readout binary failure, Cabometyx-to-zanzalintinib franchise transition slower-than-expected.