• Exelixis reported new phase 3 CABINET trial data for CABOMETYX in advanced neuroendocrine tumors.
• The subgroup analysis showed significant improvements in progression free survival regardless of tumor functional status.
• These data were presented at ASCO 2026 and expand the evidence base for CABOMETYX in neuroendocrine tumors.

For investors following NasdaqGS:EXEL, the CABINET subgroup results arrive with the stock at $52.7 and strong recent returns, including 20.9% year to date and 22.5% over the past year. The new findings add fresh clinical detail to Exelixis' oncology portfolio at a time when the stock has also delivered a very large 3 year gain and 129.3% over 5 years.

These data may influence how physicians think about CABOMETYX in both non functional and functional neuroendocrine tumors, with any change in real world use depending on future regulatory decisions and updates to treatment guidelines. For shareholders, an important consideration is how this evolving clinical profile might relate to the long term opportunity for Exelixis' oncology franchise and to what extent the current share price incorporates this new information.

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The CABINET subgroup data reinforces CABOMETYX as a broad neuroendocrine tumor option, with meaningful progression free survival benefits reported in both non functional and functional disease. For you as an investor, that matters because functional status can segment the real world treatment pool. Showing a 74% and 60% reduction in risk of progression or death versus placebo in non functional and functional NET sets out a clearer case for use across a wider slice of previously treated patients. These results sit alongside the existing U.S. approval for pancreatic and extra pancreatic NET, and they arrive as Exelixis is also pushing zanzalintinib toward a potential colorectal cancer launch. Taken together, CABINET adds depth to the existing CABOMETYX label while Exelixis works to build a second revenue pillar. The key question for you is how much incremental demand could flow from wider clinician confidence in NET, and whether that is already reflected in a share price that has moved strongly over multiple time frames.

How This Fits Into The Exelixis Narrative

• The NET subgroup results support the idea that CABOMETYX can serve an expanding patient base in hard to treat tumors, which aligns with the narrative that Exelixis is broadening its oncology reach.
• The focus on CABOMETYX in yet another setting also underscores the existing concentration risk in a single drug, which the narrative already highlights as a key concern for long term diversification.
• The detailed functional status analysis in CABINET goes beyond the high level catalysts discussed in the narrative and may not yet be fully reflected in assumptions about future treatment patterns in NET.

Knowing what a company is worth starts with understanding its story. Check out one of the top narratives in the Simply Wall St Community for Exelixis to help decide what it's worth to you.

The Risks and Rewards Investors Should Consider

• ⚠️ CABOMETYX remains the primary driver of Exelixis' business, so any future pressure on this franchise from competition such as Novartis or Pfizer, pricing changes, or safety concerns could have a meaningful impact.
• ⚠️ CABOMETYX carries boxed and serious warnings, including hemorrhage, thromboembolic events, hypertension, fistulas and gastrointestinal perforation, and any shift in the risk benefit view from regulators or physicians could limit real world use.
• 🎁 CABINET adds to the body of evidence that CABOMETYX can achieve disease control across several tumor types with high unmet need, which supports the view that Exelixis participates in sizeable oncology markets alongside larger peers like Merck and Bristol Myers Squibb.
• 🎁 Analysts already see 4 key rewards for Exelixis, including good relative value and a history of profit and revenue growth, and stronger NET data may help support those reward factors if the results translate into sustained prescription volume.

What To Watch Going Forward

From here, keep an eye on how guidelines bodies and key treatment centers react to the CABINET data, especially whether functional status independent benefits lead to broader use of CABOMETYX in second line and later line NET. It is also worth tracking any further regulatory or reimbursement updates for NET in major markets, and how Exelixis communicates the relative roles of CABOMETYX and zanzalintinib as it presents at events such as the Jefferies Global Healthcare Conference and future oncology meetings. Together, those signals will help you judge how much of Exelixis' oncology opportunity is being converted into durable prescription demand versus what is still just clinical potential.

To ensure you're always in the loop on how the latest news impacts the investment narrative for Exelixis, head to the community page for Exelixis to never miss an update on the top community narratives.

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.