Exelixis reported $570.6 million in Q2 Cabometyx sales, falling short of market expectations and weighing on its stock.
Exelixis (EXEL) shares fell sharply after its second-quarter earnings revealed weaker-than-expected sales of its flagship cancer drug, Cabometyx. The drug, used to treat kidney, liver, and thyroid cancers, generated $570.6 million in revenue for the quarter, below analyst projections.
In the prior quarter, Cabometyx sales had reached $581.3 million, while the year-ago period saw $544.8 million. The company’s mixed results highlighted ongoing challenges in maintaining growth momentum amid competitive pressures in the oncology market.
The stock decline reflected investor disappointment over the revenue miss, though the company did not provide immediate guidance on market reaction.