--- title: "Exelixis authorizes another $750 million buyback" url: "https://aibio.space/news/exelixis-authorizes-another-750-million-buyback-first-quarter-revenue/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-05-05" section: "Financings" tickers: "NASDAQ:EXEL" source: "https://www.sec.gov/Archives/edgar/data/939767/000093976726000058/exel-20260505.htm" summary: "The new program runs through Dec. 31, 2027. First-quarter net product revenue was $555.0 million and 2026 guidance was left unchanged." --- By the aibio.space Exelixis desk. Sources - [Exelixis 8-K (SEC)](https://www.sec.gov/Archives/edgar/data/939767/000093976726000058/exel-20260505.htm) - [Exelixis Q1 2026 release](https://www.sec.gov/Archives/edgar/data/939767/000093976726000058/exel20260331exhibit991.htm) [EXEL](https://aibio.space/companies/exelixis/) 2026-05-05 # Exelixis authorizes another $750 million buyback as first-quarter revenue hits $610.8 million Tickers [EXEL](https://aibio.space/companies/exelixis/) The new program runs through Dec. 31, 2027. First-quarter net product revenue was $555.0 million and 2026 guidance was left unchanged. ## Key facts - **Company**: Exelixis, Inc. (NASDAQ: EXEL) - **News type**: Financings - **Primary source**: [Exelixis 8-K (SEC)](https://www.sec.gov/Archives/edgar/data/939767/000093976726000058/exel-20260505.htm) *Two people shaking hands across a table. Photo: Kristin Hardwick, CC0, via StockSnap. The picture shows the field, not the companies named.* Exelixis [reported first-quarter 2026 revenue of $610.8 million](https://www.sec.gov/Archives/edgar/data/939767/000093976726000058/exel20260331exhibit991.htm) and authorized a new $750 million share repurchase program on May 5. The company said it would finish its existing $750 million program in May and begin the new one, which runs through Dec. 31, 2027. The new authorization was disclosed in an [8-K filing](https://www.sec.gov/Archives/edgar/data/939767/000093976726000058/exel-20260505.htm) alongside the earnings release. Net product revenue was [$555.0 million](https://www.sec.gov/Archives/edgar/data/939767/000093976726000058/exel20260331exhibit991.htm), up from $513.3 million a year earlier, and GAAP net income was $210.5 million, or $0.79 per diluted share. ## The details Total revenue included [$55.8 million of collaboration revenue](https://www.sec.gov/Archives/edgar/data/939767/000093976726000058/exel20260331exhibit991.htm), compared with $42.2 million in the first quarter of 2025. Exelixis cited higher Ipsen royalties and milestone-related revenue. R&D expense fell to $199.9 million from $212.2 million, and SG&A rose slightly to $139.6 million. Exelixis kept its 2026 guidance unchanged: total revenue of [$2.525 billion to $2.625 billion](https://www.sec.gov/Archives/edgar/data/939767/000093976726000058/exel20260331exhibit991.htm) and net product revenue of $2.325 billion to $2.425 billion. The numbers excluded any zanzalintinib approval. Guidance was later cut in August, as covered in the [second-quarter report](https://www.sec.gov/Archives/edgar/data/939767/000093976726000096/exel20260630exhibit991.htm). The repurchase authorization adds to a long program. Since the first one was authorized in March 2023, the company has retired [93.3 million shares](https://www.sec.gov/Archives/edgar/data/939767/000093976726000096/exel20260630exhibit991.htm) at an average price of $31.12, for a total of $2.9 billion as of the end of June. Repurchases can be made in the open market, in block trades, under Rule 10b5-1 plans or through accelerated repurchase transactions, and the company is not obligated to purchase any set amount. ## Context CEO Michael Morrissey said the R&D group was on track for several milestones in 2026, including data from STELLAR-303 and STELLAR-304, enrollment in STELLAR-311 and the start of STELLAR-316. The company said it had [seven ongoing or soon-to-start](https://www.sec.gov/Archives/edgar/data/939767/000093976726000058/exel20260331exhibit991.htm) phase 3 studies of zanzalintinib. Two additions came with the [quarter](https://www.sec.gov/Archives/edgar/data/939767/000093976726000058/exel20260331exhibit991.htm). Exelixis announced STELLAR-202, a planned phase 2 lung cancer trial, and a new cohort in STELLAR-002 testing zanzalintinib with docetaxel in castration-resistant prostate cancer. Merck had also started LITESPARK-034 in April, a phase 3 trial of zanzalintinib with Welireg in kidney cancer. Cabozantinib pays for the buyback. Cabometyx and Cometriq together brought in [$555.0 million](https://www.sec.gov/Archives/edgar/data/939767/000093976726000058/exel20260331exhibit991.htm) of U.S. net product revenue in the first quarter. ## What it means for investors A second [$750 million authorization](https://www.sec.gov/Archives/edgar/data/939767/000093976726000058/exel-20260505.htm) in seven months shows management is putting cash toward repurchases. Buybacks have also lifted per-share earnings, since the company said lower share counts helped GAAP earnings per share. The cost is a thinner cash cushion. Cash and marketable securities fell from [$1.7 billion at the end of 2025 to $1.4 billion at June 30](https://www.sec.gov/Archives/edgar/data/939767/000093976726000098/exel-20260703.htm). If zanzalintinib needs more launch spending than planned, or an acquisition opportunity appears, there is less room. Net product revenue grew about 8% from a year earlier in the first quarter, per the [release](https://www.sec.gov/Archives/edgar/data/939767/000093976726000058/exel20260331exhibit991.htm), and the company later cut its full-year range. ## What to watch Exelixis expects STELLAR-304 topline results in the second half of 2026 and a zanzalintinib decision from the FDA, now set for [March 3, 2027](https://www.sec.gov/Archives/edgar/data/939767/000093976726000108/exel-20260910.htm). [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story EXEL Exelixis, Inc. NASDAQ ยท United States Open the desk ## More from the Exelixis desk Debt Financing ### [Pelthos amends Horizon venture loan, funds Loans E to H and adds Loans I and J](https://aibio.space/news/pelthos-amends-horizon-venture-loan-funds-loans-e-h-adds-loans/) Oct 30, 2026 Debt Financing ### [Repligen announces $1.0 billion private convertible notes transaction](https://aibio.space/news/repligen-announces-1-0-billion-private-convertible-notes-transaction/) Oct 30, 2026 Company Updates ### [PTC reports third-quarter 2026 revenue of $358 million and raises product guidance](https://aibio.space/news/ptc-reports-third-quarter-2026-revenue-358-million-raises-product/) Oct 29, 2026 --- Source page: https://aibio.space/news/exelixis-authorizes-another-750-million-buyback-first-quarter-revenue/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Exelixis authorizes another $750 million buyback", 2026-05-05, https://aibio.space/news/exelixis-authorizes-another-750-million-buyback-first-quarter-revenue/