• At ASCO 2026, Exelixis reported that its pivotal phase 3 CABINET trial showed CABOMETYX significantly improved progression-free survival in patients with advanced neuroendocrine tumors, leading to early trial termination for superior efficacy.
• An important nuance is that CABOMETYX showed benefit across both functional and non-functional neuroendocrine tumor subgroups, potentially broadening its clinical and commercial relevance within this diverse cancer population.
• We’ll now consider how CABOMETYX’s phase 3 success in both functional and non-functional neuroendocrine tumors may reshape Exelixis’ investment narrative.

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Exelixis Investment Narrative Recap

To own Exelixis, you need to believe cabozantinib can keep anchoring the business while new indications and pipeline assets gradually reduce single-drug dependence. The CABINET success in neuroendocrine tumors reinforces CABOMETYX’s central role and looks supportive for near term revenue momentum, but it does not remove the key risk around future patent expiry and pricing pressure, which remain the most important issues to watch in the coming years.

Among recent updates, the February 2026 FDA acceptance of Exelixis’ NDA for zanzalintinib plus atezolizumab in metastatic colorectal cancer is most relevant here. Together with CABINET, it highlights how Exelixis is trying to broaden its oncology footprint beyond cabozantinib, setting up zanzalintinib as a potential second meaningful revenue pillar and an important counterweight to future generic risk on CABOMETYX.

Yet, while CABINET is encouraging, investors should still pay close attention to how exposed Exelixis remains to future pricing pressure and patent erosion on CABOMETYX...

Exelixis’ narrative projects $3.3 billion revenue and $1.2 billion earnings by 2029. This requires 12.0% yearly revenue growth and an earnings increase of about $400 million from $833.4 million today.

Uncover how Exelixis' forecasts yield a $49.65 fair value, a 5% downside to its current price.

Exploring Other Perspectives

Some analysts were far more cautious before CABINET, assuming revenue of about US$2.4 billion and earnings near US$590 million by 2029, reminding you that views on Exelixis’ dependence on CABOMETYX and future margins can differ sharply and may shift again as the neuroendocrine tumor data are fully absorbed.

Explore 8 other fair value estimates on Exelixis - why the stock might be worth 7% less than the current price!

Reach Your Own Conclusion

Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

• 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.