• Exelixis recently released preliminary 2025 results, projecting total revenues of about US$2.32 billion and net product revenues of about US$2.12 billion, while guiding 2026 total revenues to US$2.53–2.63 billion and net product revenues to US$2.33–2.43 billion, alongside updates on its oncology pipeline and business.
• At the same time, Exelixis moved to expand beyond cabozantinib by advancing zanzalintinib toward a potential first commercial indication and launching a new colorectal cancer collaboration trial with Natera, which could be important for future franchise diversification.
• Now we’ll examine how Exelixis’ 2026 revenue guidance and zanzalintinib launch preparations may influence the company’s existing investment narrative.

We've found 13 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.

Exelixis Investment Narrative Recap

To own Exelixis, you need to be comfortable with a story that still leans heavily on cabozantinib while management works to build zanzalintinib into a second commercial pillar. The new 2026 revenue guidance and zanzalintinib launch preparations appear supportive of that transition, but they do not change the core near term setup, where the key catalyst is zanzalintinib’s initial commercialization and the biggest risk remains Exelixis’ dependence on a single flagship product.

The STELLAR-316 collaboration with Natera around zanzalintinib in stage II/III colorectal cancer stands out here, because it ties directly into Exelixis’ effort to broaden beyond cabozantinib with a second oncology franchise. While this trial will not move the needle immediately, it sits in the same pipeline that underpins management’s 2026 guidance and the longer term potential for revenue diversification away from cabozantinib.

Yet while investors may welcome the guidance and pipeline momentum, they should also be aware that cabozantinib concentration risk remains…

Exelixis' narrative projects $3.1 billion revenue and $1.1 billion earnings by 2028. This requires 11.7% yearly revenue growth and about a $500 million earnings increase from $602.3 million today.

Uncover how Exelixis' forecasts yield a $45.00 fair value, in line with its current price.

Exploring Other Perspectives

Twelve members of the Simply Wall St Community see fair value anywhere from US$35.47 to US$226.69, underscoring how far apart views can be. Against that backdrop, Exelixis’ new 2026 revenue guidance and pending zanzalintinib launch plans give you fresh information to weigh when you compare different expectations for the business.

Explore 12 other fair value estimates on Exelixis - why the stock might be worth 20% less than the current price!

Build Your Own Exelixis Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Exelixis research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Exelixis research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Exelixis' overall financial health at a glance.

No Opportunity In Exelixis?

Don't miss your shot at the next 10-bagger. Our latest stock picks just dropped:

• Outshine the giants: these 25 early-stage AI stocks could fund your retirement.
• This technology could replace computers: discover 29 stocks that are working to make quantum computing a reality.
• Trump's oil boom is here - pipelines are primed to profit. Discover the 22 US stocks riding the wave.

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.