• Exelixis recently outlined a packed schedule of presentations at the 2026 ASCO Annual Meeting in Chicago, showcasing new clinical analyses for its approved cancer drug CABOMETYX and its investigational kinase inhibitor zanzalintinib across multiple late-stage trials and tumor types.
• These data, including pivotal phase 3 results in metastatic colorectal cancer and further evidence for CABOMETYX’s role across difficult-to-treat tumors, could materially influence how investors view the depth and breadth of Exelixis’ oncology portfolio.
• We’ll now examine how the forthcoming ASCO data on zanzalintinib in colorectal cancer may reshape Exelixis’ previously balanced investment narrative.

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Exelixis Investment Narrative Recap

To own Exelixis, you need to believe CABOMETYX can remain a strong cash generator while zanzalintinib and other assets gradually lessen the company’s dependence on a single drug. In the near term, the key catalyst is the FDA decision on zanzalintinib in metastatic colorectal cancer, with ASCO 2026 data potentially shaping sentiment, while the biggest risk remains concentration in CABOMETYX revenues and any future pressure on this franchise.

The most directly relevant recent announcement is the FDA’s acceptance of Exelixis’ New Drug Application for zanzalintinib plus atezolizumab in previously treated metastatic colorectal cancer, with a target action date of December 3, 2026. Together with the phase 3 STELLAR-303 findings being presented at ASCO and the broader STELLAR program, this filing underpins the idea that zanzalintinib could become a second pillar of the business and an important counterweight to CABOMETYX reliance.

Yet investors should also weigh the risk that Exelixis’ heavy dependence on CABOMETYX and rising gross to net pressure could become more problematic if...

Exelixis' narrative projects $3.3 billion revenue and $1.2 billion earnings by 2029. This requires 11.7% 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, in line with its current price.

Exploring Other Perspectives

Before this ASCO news, the most optimistic analysts were already modeling Exelixis to reach about US$3.8 billion in revenue and US$1.8 billion in earnings by 2028, a far more bullish view than the more cautious pipeline risk narrative, and this latest zanzalintinib data could shift those expectations in either direction, so it is worth comparing how your own outlook lines up with both extremes.

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

The Verdict Is Yours

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.