Exelixis Inc. shares reached an all-time high of $57.68 on Wednesday, extending gains that have pushed the stock 53% higher over the past 12 months. The biotechnology company’s shares were last trading at $57.53, just 1% below its 52-week peak of $57.57.
The milestone follows second-quarter 2026 results that exceeded Wall Street expectations. Adjusted earnings per share came in at $0.91, surpassing the consensus estimate of $0.84. Revenue totaled $628.69 million, narrowly missing the expected $633.8 million. Full-year 2026 revenue guidance was revised downward due to slower-than-anticipated growth in the NET segment.
Cabometinib franchise revenue rose 13% to $806 million, driven in part by contributions from partners Ipsen and Takeda. CABOMETYX product net revenue increased 10% year-over-year. The cabozantinib franchise generated approximately $2.12 billion in cash during fiscal 2025.
BMO Capital initiated coverage with a Market Perform rating and a $54 price target, citing the franchise’s durability and cash-generation capacity while flagging risks from an impending patent expiration. InvestingPro data shows six analysts have raised earnings projections for the upcoming period, though the platform’s Fair Value analysis suggests the stock may be overvalued at current levels.
Investors are also monitoring the potential launch of zanzalintinibe for colorectal cancer later this year as a key catalyst. The company’s pipeline remains a focal point amid ongoing patent concerns for its cabozantinibe franchise.
