Exelixis Secures FDA Approval for Cabometyx in Advanced Neuroendocrine Tumors

The FDA has approved Exelixis' cancer drug Cabometyx for patients aged 12 and older with advanced neuroendocrine tumors, marking a significant expansion in treatment options for these patients. This approval allows Cabometyx to be used for both pancreatic and extra-pancreatic tumors, making it the first and only systemic treatment authorized for previously treated neuroendocrine tumors, regardless of tumor site or other characteristics. Following this regulatory milestone, Exelixis has reported notable financial gains, including an 11% increase in share price, robust earnings growth, and the initiation of a $500 million share repurchase program. The company's cabozantinib franchise generated substantial revenue, totaling $1.81 billion last year, reflecting its strong market position. Exelixis is also actively pursuing further advancements in its oncology pipeline, with plans to present preclinical data for additional molecules at an upcoming cancer research conference. Investors are encouraged to monitor the progress of these developments, which could significantly influence Exelixis' future financial performance.