Exelixis Charts Clinical Course for 2026 with Key Partnerships and Buyback

Exelixis US30161Q1040

Exelixis Inc. is defining its clinical development roadmap for 2026, with pivotal moves involving a new Phase 3 collaboration and a significant regulatory decision. The company's future growth hinges on whether its investigational therapy, zanzalintinib, can follow the commercial success of its flagship drug, Cabometyx. The answer is expected to emerge from clinical data anticipated next year.

The biopharmaceutical firm's financial strategy underscores confidence in its trajectory. In October 2025, the board authorized a new share repurchase program for up to $750 million, marking the fifth such initiative since March 2023. This buyback is scheduled for completion by the end of 2026.

Concurrently, Exelixis provided its revenue forecast for fiscal year 2026, projecting sales between $2.525 billion and $2.625 billion. Market reaction has been measured; shares closed on the Nasdaq at $44.19 (approximately €40.91) in the latest session. Analyst perspectives are mixed: Truist Securities raised its price target to $51, Citizens JMP reiterated a "Market Outperform" rating with a $50 target, while Bank of America downgraded the stock to "Underperform" in January, citing competitive pressures and patent risks.

Strategic Clinical Advancements

Two major clinical developments are shaping the company's near-term research focus. First, Exelixis entered a Phase 3 cooperation with Natera Inc. The collaboration will utilize Natera's Signatera molecular residual disease (MRD) test to select patients for a study in colorectal cancer. This "enrichment strategy" aims to identify individuals statistically more likely to respond to the investigational treatment, thereby enhancing trial efficiency and the potential for conclusive outcomes.

In a parallel and critical step, the National Cancer Institute's (NCI) Cancer Therapy Evaluation Program (CTEP) announced it would accept proposals for zanzalintinib. This decision opens the door for NCI-sponsored and funded studies, significantly expanding the drug's clinical investigation without placing the entire operational and financial burden on Exelixis.

Pipeline and Competitive Landscape

While Cabometyx remains the cornerstone revenue driver, market attention is increasingly fixed on zanzalintinib's potential and the defense of the company's intellectual property. In a related disclosure on the same date, Adagene confirmed the continuation of a partnership for a third masked antibody-drug conjugate (ADC) program.

The primary catalyst for Exelixis in 2026 will be the clinical readouts for zanzalintinib. These results will ultimately determine the drug's commercial viability. In the shorter term, the stock is testing technical support levels, with the active share repurchase program potentially providing price stability.

Investors can expect further details on strategic execution and financial performance during the next quarterly earnings call, scheduled for Tuesday, February 10, 2026.