• Exelixis recently reported subgroup results from the phase 3 CABINET trial showing that CABOMETYX significantly improved progression-free survival versus placebo in previously treated patients with advanced neuroendocrine tumors, regardless of functional status.
• Because CABOMETYX already has U.S. approval for pancreatic and extra-pancreatic neuroendocrine tumors, these ASCO 2026 data mainly strengthen the drug’s clinical profile and potential real-world uptake rather than opening an entirely new indication.
• We’ll now examine how this broad progression-free survival benefit across functional and non-functional neuroendocrine tumors may influence Exelixis’ investment narrative.

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Exelixis Investment Narrative Recap

To own Exelixis, you need to believe its oncology franchise can stay relevant while it gradually reduces dependence on CABOMETYX and manages pricing pressure. The new CABINET subgroup data reinforces CABOMETYX’s role in neuroendocrine tumors, but with U.S. approval already in place, this looks more like a support for near term utilization than a change to the key catalyst, which remains the FDA decision on zanzalintinib in metastatic colorectal cancer. The biggest risk is still heavy reliance on one drug.

Among recent announcements, the FDA’s acceptance of the new drug application for zanzalintinib plus atezolizumab in metastatic colorectal cancer is most relevant here. Together with the CABINET update, it highlights how Exelixis is trying to balance deepening CABOMETYX’s value in existing indications while building a second pillar of growth in colorectal cancer, a combination that could meaningfully shift how investors weigh upcoming catalysts against concentration and pricing risks.

Yet, while CABOMETYX’s broader NET data look encouraging, investors should be aware that growing 340B exposure and future generic risk could still...

Exelixis' narrative projects $3.3 billion revenue and $1.2 billion earnings by 2029. This requires 11.7% yearly revenue growth and about a $366.6 million earnings increase from $833.4 million today.

Uncover how Exelixis' forecasts yield a $49.65 fair value, a 6% downside to its current price.

Exploring Other Perspectives

Some of the most optimistic analysts were already penciling in around US$3.8 billion of revenue and US$1.8 billion of earnings by 2028, but CABINET’s NET data and the pipeline risks you just read about show how far actual outcomes could diverge from those forecasts and why it is worth comparing multiple views before deciding how Exelixis fits in your portfolio.

Explore 8 other fair value estimates on Exelixis - why the stock might be worth over 4x more than the current price!

Decide For Yourself

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• 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.