Exelixis shares have risen 49% this year, but the FDA has extended the review of zanzalintinib, its investigational colorectal cancer drug, with a decision now expected by March 3, 2027, instead of December 3, 2026. The article argues the outlook remains attractive, citing three factors. First, Cabometyx, its main revenue driver, posted second-quarter revenue up 10.6% year over year to $628.7 million, and patent protection should keep generics out of the U.S. until at least 2030. Second, some analysts estimate zanzalintinib could generate $4.5 billion in U.S. sales by 2033, compared with $2.3 billion in revenue last year. Third, Exelixis has several other early-stage candidates and research collaborations in its pipeline.
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