EXEL
A pretty sturdy quarter
Exelixis came out swinging with second-quarter 2026 revenue of about $629 million, and the cabozantinib franchise was the star of the show, bringing in roughly $573 million in net product revenue. In plain English: the company’s main cancer drug is still paying the bills, and then some.
Why investors are paying attention
When a biotech already has a profitable franchise, the question stops being “Can it survive?” and starts being “Can it keep the momentum going?” That’s the vibe here. If cabozantinib keeps humming and a potential late-year launch gets across the finish line, you’ve got the ingredients for a stock that can keep acting like it has somewhere to go.
The setup from here
The big watch items now are pretty simple:
- whether cabozantinib stays a dependable cash engine
- whether the company can turn its late-year launch plans into an actual commercial boost
- whether the market decides this is a steady biotech story or a rerating candidate
Big picture: Exelixis isn’t trying to wow you with moonshot science headlines. It’s doing the less glamorous but often more rewarding thing — selling a drug that works and trying to stack another catalyst on top.