--- title: "Exelixis | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 610.81 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285302549.md" datetime: "2026-05-06T03:11:57.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285302549.md) - [en](https://longbridge.com/en/news/285302549.md) - [zh-HK](https://longbridge.com/zh-HK/news/285302549.md) --- # Exelixis | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 610.81 M Revenue: As of FY2026 Q1, the actual value is USD 610.81 M, beating the estimate of USD 604.87 M. EPS: As of FY2026 Q1, the actual value is USD 0.79, beating the estimate of USD 0.7035. EBIT: As of FY2026 Q1, the actual value is USD 235.21 M. Exelixis, Inc. operates as a single business segment focused on the discovery, development, and commercialization of new medicines for difficult-to-treat cancers, with performance monitored via net income on a consolidated basis. #### Segment Revenue Total revenues for the three months ended March 31, 2026, were $610.8 million, an increase of 10% from $555.4 million in the corresponding prior year period. - **Net Product Revenues**: Net product revenues increased by 8% to $555.0 million for Q1 2026, from $513.3 million for Q1 2025. - CABOMETYX: $552.8 million for Q1 2026, an 8% increase from $510.9 million for Q1 2025. - COMETRIQ: $2.2 million for Q1 2026, a 9% decrease from $2.4 million for Q1 2025. - **Collaboration Revenues**: Total collaboration revenues increased by 32% to $55.8 million for Q1 2026, from $42.2 million for Q1 2025. - License revenues: $56.9 million for Q1 2026, up 34% from $42.5 million for Q1 2025. - Collaboration services revenues: - $1.1 million for Q1 2026, compared to - $0.3 million for Q1 2025. - Milestone revenues: $8.8 million for Q1 2026, compared to $0.9 million for Q1 2025. - Royalty revenues from Ipsen: $43.5 million for Q1 2026, up from $34.0 million for Q1 2025. - Royalty revenues from Takeda: $2.4 million for Q1 2026, down from $2.8 million for Q1 2025. #### Operational Metrics - **Net Income**: Net income was $210.5 million for Q1 2026, compared to $159.6 million for Q1 2025. - **Cost of Goods Sold**: Cost of goods sold was $20.0 million for Q1 2026, an increase of 4% from $19.2 million for Q1 2025. - **Gross Margin**: Gross margin was 96% for both Q1 2026 and Q1 2025. - **Research and Development (R&D) Expenses**: Total R&D expenses were $199.9 million for Q1 2026, a decrease of 6% from $212.2 million for Q1 2025. - Development expenses: $135.7 million for Q1 2026, an 11% decrease from $153.2 million for Q1 2025. - Clinical trial costs: $51.4 million for Q1 2026, an 18% decrease from $62.7 million for Q1 2025. - Zanzalintinib clinical trial costs: $37.3 million for Q1 2026, down 9% from $41.1 million for Q1 2025. - Cabozantinib clinical trial costs: $4.3 million for Q1 2026, down 57% from $10.0 million for Q1 2025. - Biotherapeutics clinical trial costs: $8.2 million for Q1 2026, up 34% from $6.1 million for Q1 2025. - Drug discovery expenses: $19.5 million for Q1 2026, an increase of 7% from $18.3 million for Q1 2025. - **Selling, General and Administrative (SG&A) Expenses**: Total SG&A expenses were $139.6 million for Q1 2026, an increase of 2% from $137.2 million for Q1 2025. - **Interest Income**: Interest income was $16.1 million for Q1 2026, a decrease of 15% from $19.1 million for Q1 2025. - **Other Income (Expenses), Net**: Other income (expenses), net was $0.2 million for Q1 2026, compared to - $0.2 million for Q1 2025. - **Provision for Income Taxes**: Provision for income taxes was $57.2 million for Q1 2026, an increase of 24% from $46.1 million for Q1 2025. - **Effective Tax Rate**: The effective tax rate was 21.4% for Q1 2026, compared to 22.4% for Q1 2025. #### Cash Flow - **Net Cash Provided by Operating Activities**: Net cash provided by operating activities increased to $251.8 million for Q1 2026, compared to $211.4 million for Q1 2025. - **Net Cash Used in Investing Activities**: Net cash used in investing activities was - $51.1 million for Q1 2026, compared to net cash provided by investing activities of $49.8 million for Q1 2025. - **Net Cash Used in Financing Activities**: Net cash used in financing activities increased to - $457.1 million for Q1 2026, compared to - $294.8 million for Q1 2025. - **Cash and Cash Equivalents at End of Period**: Cash and cash equivalents were $226.2 million at March 31, 2026, compared to $183.8 million at March 31, 2025. #### Unique Metrics - **Cash, Cash Equivalents, and Marketable Securities**: As of March 31, 2026, 伊克力西斯 had $1.4 billion, down from $1.7 billion as of December 31, 2025. - **Stock Repurchase Program (SRP)**: Under the October 2025 SRP, 伊克力西斯 repurchased 13.7 million shares for $590.6 million as of March 31, 2026, with $159.4 million remaining available. - **Marketable Securities Unrealized Losses**: As of March 31, 2026, there were 230 debt securities available-for-sale in an unrealized loss position, with total gross unrealized losses of - $2.0 million. - **Contract Liabilities**: Total contract liabilities were $6.3 million as of March 31, 2026, compared to $7.2 million as of December 31, 2025. - **Potential Future Milestone Payments**: As of March 31, 2026, 伊克力西斯 is subject to potential future development milestone payments of up to $441.5 million, regulatory milestone payments of up to $278.0 million, and commercial milestone payments of up to $2.5 billion, plus royalties on future net sales. - **Stock-based Compensation**: Total stock-based compensation was $29.1 million for Q1 2026, compared to $25.9 million for Q1 2025. #### Future Outlook and Strategy 伊克力西斯 plans to utilize operating cash flows to advance its biotherapeutics and small molecule programs, supporting clinical trials for cabozantinib and zanzalintinib. The company anticipates net product revenues to increase for the remainder of 2026 due to continued demand for CABOMETYX. R&D expenses are projected to rise due to ongoing and planned trials for zanzalintinib and other pipeline candidates, while SG&A expenses are also expected to increase, driven by salesforce expansion and marketing for zanzalintinib’s anticipated commercial launch. ### Related Stocks - [EXEL.US](https://longbridge.com/en/quote/EXEL.US.md) ## Related News & Research - [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md) - [The Home Depot Announces First Quarter Fiscal 2026 Results; Reaffirms Fiscal 2026 Guidance | HD Stock News](https://longbridge.com/en/news/286890512.md) - [OceanPal Inc. 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