• Exelixis recently completed two share repurchase programs totaling approximately US$660 million and reported preliminary 2025 results alongside 2026 revenue guidance centered on its oncology portfolio.
• A key element of this update is the emphasis on zanzalintinib’s expected first commercial availability for multiple cancer indications in 2026, supported by a new collaboration with Natera.
• We’ll now examine how Exelixis’ 2026 revenue guidance, anchored by the anticipated rollout of zanzalintinib, shapes its broader investment narrative.

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What Is Exelixis' Investment Narrative?

For Exelixis, the core belief is that its established oncology franchise can support today’s earnings while zanzalintinib becomes a meaningful contributor from 2026 onward. The company’s completed US$660 million in buybacks and its 2026 revenue guidance of US$2.525 billion to US$2.625 billion both reinforce a management team acting with confidence in cash generation, but they do not fundamentally change the near term catalysts, which still hinge on regulatory and commercial progress for zanzalintinib and continued CABOMETYX performance. The new Natera collaboration and the emphasis on first commercial availability in 2026 sharpen that focus by tying the story more tightly to one drug’s execution and trial readouts. That, in turn, amplifies a key risk: clinical or regulatory setbacks could weigh more heavily on sentiment than before.

However, investors should also recognize how concentrated the near term story has become around zanzalintinib. Despite retreating, Exelixis' shares might still be trading above their fair value and there could be some more downside. Discover how much.

Exploring Other Perspectives

Twelve Simply Wall St Community members place Exelixis’ fair value between US$35.47 and a very large US$225.42, underscoring how differently people view the same numbers. Against that spread, the company’s heavy reliance on zanzalintinib and upcoming trial milestones gives those varied opinions real consequences for how you might think about future performance.

Explore 12 other fair value estimates on Exelixis - why the stock might be worth 21% less than the current price!

Build Your Own Exelixis Narrative

Disagree with this assessment? Create your own narrative 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.

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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.