0000939767-26-000116 | 10-Q | XBRL Viewer

Collaboration Agreements And Business Development Activities - Royalty Pharma and GSK - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 02, 2026	Oct. 03, 2025	Oct. 02, 2026	Oct. 03, 2025
Collaborative Arrangements with Glaxo Smith Kline
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percent of royalty on net sale			3.00%
Collaborative Arrangements with Royalty Pharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty expense	$ 24.5	$ 22.2	$ 71.6	$ 63.9

Collaboration Agreements And Business Development Activities - Takeda Collaboration - Narrative (Details) - Collaborative Arrangement with Takeda $ in Millions	9 Months Ended
	Oct. 02, 2026 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net revenue from sales milestone	$ 7.8
Revenue from contract with customer, regulatory milestone	8.0
Cumulative net sales milestone	300.0
License revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from contract with customer, commercial sales milestone	5.3
Collaboration services revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from contract with customer, commercial sales milestone	$ 2.5

Net Income Per Share - Potential Shares of Common Stock Not Included in the Computation of Diluted Net Income Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2026	Oct. 03, 2025	Oct. 02, 2026	Oct. 03, 2025
Share-based Payment Arrangement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities and contingently issuable shares excluded (in shares)	2,017	2,133	2,593	1,856

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Oct. 02, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings MSN ANDA Litigation Consolidated lawsuits in the United States District Court for the District of Delaware (the Delaware District Court), numbered Civil Action Nos. 19-02017 and 20-00633 (collectively referred to as MSN I), related to an Abbreviated New Drug Application (ANDA) submitted to the FDA and an amendment thereto by MSN Pharmaceuticals, Inc. (individually and collectively with certain of its affiliates, including MSN Laboratories Private Limited, referred to as MSN), requesting approval to market a generic version of CABOMETYX tablets. The litigation included U.S. Patents No. 7,579,473, composition of matter (the ’473 Patent), 8,497,284, methods of treatment (the ’284 Patent), 8,877,776, salt and polymorphic forms (the ’776 Patent), 9,724,342, formulations (the ’342 Patent), 10,034,873, methods of treatment (the ’873 Patent), and 10,039,757, methods of treatment (the ’757 Patent), which are listed in the Approved Drug Products with Therapeutic Equivalence Evaluations, also referred to as the Orange Book, for CABOMETYX. On January 19, 2023, the Delaware District Court issued a ruling rejecting MSN’s invalidity challenge to the ’473 Patent. The Delaware District Court also ruled that MSN’s proposed ANDA product does not infringe the ’776 Patent. In accordance with these rulings, the Delaware District Court entered judgment that the effective date of any final FDA approval of MSN’s ANDA shall not be a date earlier than August 14, 2026, the expiration date of the ’473 Patent. Final judgment was entered on January 30, 2023. This ruling in MSN I did not impact our separate MSN II lawsuit (as defined below). On January 11, 2022, we received notice from MSN that it had further amended its ANDA to assert additional Paragraph IV certifications. In particular, the January 11, 2022 amended ANDA requested approval to market a generic version of CABOMETYX tablets prior to expiration of three previously-unasserted CABOMETYX patents that are now listed in the Orange Book: U.S. Patents No. 11,091,439, crystalline salt forms (the ’439 Patent), 11,091,440, pharmaceutical composition (the ’440 Patent), and 11,098,015, methods of treatment (the ’015 Patent). On February 23, 2022, we filed a complaint in the Delaware District Court for patent infringement against MSN asserting infringement of the ’439, ’440, and ’015 Patents arising from MSN’s further amendment of its ANDA filing with the FDA. On February 25, 2022, MSN filed its response to the complaint, alleging that the asserted claims of the ’439, ’440, and ’015 Patents are invalid and not infringed. On June 7, 2022, we received notice from MSN that it had further amended its ANDA to assert an additional Paragraph IV certification. As currently amended, MSN’s ANDA now requests approval to market a generic version of CABOMETYX tablets prior to expiration of a previously-unasserted CABOMETYX patent that is now listed in the Orange Book: U.S. Patent No. 11,298,349, pharmaceutical composition (the ’349 Patent). On July 18, 2022, we filed a complaint in the Delaware District Court for patent infringement against MSN asserting infringement of the ’349 Patent arising from MSN’s further amendment of its ANDA filing with the FDA. On August 9, 2022, MSN filed its response to the complaint, alleging that the asserted claims of the ’349 Patent are invalid and not infringed and amended its challenges to the ’439, ’440, and ’015 Patents to allege that these patents are not enforceable based on equitable grounds. The two lawsuits comprising this litigation (collectively referred to as MSN II), numbered Civil Action Nos. 22-00228 and 22-00945, were consolidated in October 2022 and involve Exelixis patents that are different from those asserted in the MSN I litigation described above. On June 21, 2022, pursuant to a stipulation between us and MSN, the Delaware District Court entered an order that (i) MSN’s submission of its ANDA constitutes infringement of certain claims relating to the ’439, ’440, and ’015 Patents, if those claims are not found to be invalid, and (ii) upon approval, MSN’s commercial manufacture, use, sale or offer for sale within the U.S., and importation into the U.S., of MSN’s proposed ANDA product prior to the expiration of these patents would also infringe certain claims of each patent, if those claims are not found to be invalid. In our MSN II complaints, we sought, among other relief, an order that the effective date of any FDA approval of MSN’s ANDA would be a date no earlier than the expiration of the ’439, ’440, ’015, and ’349 Patents, the latest of which expires on February 10, 2032, and equitable relief enjoining MSN from infringing these patents. On September 28, 2023, the Delaware District Court granted the parties’ stipulation of dismissal of MSN’s equitable defenses and counterclaims. A bench trial occurred in October 2023, and on October 15, 2024, the Delaware District Court issued a ruling rejecting MSN’s invalidity challenge to each of the ’439, ’440, and ’015 Patents. The Delaware District Court also ruled that the ’349 Patent is not invalid and that MSN’s proposed ANDA product does not infringe this patent. In accordance with these rulings, the Delaware District Court entered final judgment on October 23, 2024, that, should the FDA ultimately approve MSN’s ANDA, the effective date of any such approval of MSN’s ANDA shall not be a date earlier than January 15, 2030, the expiration date of each of the ’439, ’440, and ’015 Patents, subject to our potential additional regulatory exclusivity. On November 22, 2024, MSN noticed an appeal to the Court of Appeals for the Federal Circuit (CAFC) and we noticed a cross-appeal on November 26, 2024. On April 1, 2025, MSN filed its Opening Brief arguing that the asserted claims of the ’439, ’440, ’015, and ’349 Patents are invalid. On June 10, 2025, the CAFC granted our request to dismiss our cross-appeal. On June 11, 2025, we filed our Response Brief. On August 1, 2025, MSN filed its Reply Brief. Oral argument in this matter was held on June 4, 2026. On August 31, 2026, the CAFC issued its opinion, where it affirmed that the asserted claims of the ’439, ’440, and ’015 patents are not invalid, dismissed MSN’s appeal as to the asserted claim of the ’349 patent, which expires on February 10, 2032, and vacated the district court’s judgment with respect to the validity of the asserted claim of the ’349 patent. Based on the CAFC’s opinion, the effective date of any final approval by the FDA of MSN’s ANDA shall not be a date earlier than January 15, 2030, the expiration date of each of the ’439, ’440, and ’015 patents, subject to any further appellate proceedings, applicable regulatory exclusivity, and the outcome of separate litigation involving the ’039 Patent (as defined below), which expires in February 2032 and for which trial is currently scheduled to begin in November 2026. MSN has until October 30, 2026 to seek rehearing at the CAFC. In February 2025, we received another notice letter from MSN regarding its ANDA, requesting FDA approval to market a generic version of CABOMETYX tablets. MSN’s notice letter included a Paragraph IV certification with respect to Orange Book-listed patent U.S. Patent No. 12,128,039, low impurity (the ’039 Patent), which expires in 2032. On March 19, 2025, we filed a complaint in the Delaware District Court for patent infringement against MSN asserting infringement of this patent arising from MSN’s further amendment of its ANDA filing with the FDA. On April 10, 2025, MSN filed its response to the complaint, alleging that the asserted claims of the ’039 Patent are invalid, unenforceable, and not infringed. On May 1, 2025, we filed our answer to MSN’s counterclaim. On August 18, 2025, pursuant to a stipulation between us and MSN, the Delaware District Court entered an order that (i) MSN’s submission of its ANDA constitutes infringement of certain claims relating to the ’039 Patent, if those claims are not found to be invalid or unenforceable, and (ii) upon approval, MSN’s commercial manufacture, use, sale or offer for sale within the U.S., and importation into the U.S., of MSN’s proposed ANDA product prior to the expiration of the ’039 Patent would also infringe certain claims of the patent, if those claims are not found to be invalid or unenforceable. This litigation has been consolidated with the Azurity Pharmaceuticals, Inc. (Azurity) litigation for the trial scheduled for November 2, 2026 (Consolidated Litigation). For additional information on the Consolidated Litigation, see “– Legal Proceedings – Consolidated Litigation.” Azurity 505(b)(2) NDA Litigation In March 2025, we received a notice letter regarding a 505(b)(2) New Drug Application (NDA) submitted to the FDA by Azurity, requesting approval to market cabozantinib tablets. Azurity’s notice letter included a Paragraph IV certification with respect to the ’776 Patent, the ’342 Patent, the ’873 Patent, the ’757 Patent, the ’439 Patent, the ’440 Patent, the ’015 Patent, the ’349 Patent, and the ’039 Patent, which are listed in the Orange Book, for CABOMETYX. On April 18, 2025, we filed a complaint in the Delaware District Court for patent infringement against Azurity asserting infringement of the ’776, ’439, ’440, ’015, ’349, and ’039 Patents. On April 24, 2025, we filed our First Amended Complaint alleging infringement of the same patents. On June 11, 2025, Azurity filed its response to the complaint, alleging that the asserted claims of the patents at issue are not infringed and/or invalid. On July 2, 2025, we filed our answer to Azurity’s counterclaims. On July 28, 2025, Azurity filed motions for judgment on the pleadings regarding the non-infringement of the ’776, ’439, ’440, ’015, ’349, and ’039 Patents. On August 25, 2025, we filed our answering briefs to Azurity’s motions for judgment on the pleadings. On September 15, 2025, Azurity filed its reply briefs. On October 5, 2026, the Delaware District Court denied Azurity’s motions for judgment on the pleadings. On October 22, 2026, pursuant to a stipulation between us and Azurity, the Delaware District Court entered an order that (i) Azurity’s submission of its 505(b)(2) NDA constitutes infringement of certain claims relating to the ’349 and ’039 Patents, if those claims are not found to be invalid, and (ii) upon approval, Azurity’s commercial manufacture, use, sale or offer for sale within the U.S., and importation into the U.S., of Azurity’s proposed 505(b)(2) NDA product prior to the expiration of the ’349 and ’039 Patents would also infringe certain claims of those patents, if those claims are not found to be invalid. This Azurity litigation was consolidated in the Consolidated Litigation. On October 28, 2026, we entered into a settlement and license agreement with Azurity (the Azurity Settlement Agreement) to resolve the Azurity litigation. Pursuant to the terms of the Azurity Settlement Agreement, we will grant Azurity a license to market its proposed 505(b)(2) NDA product in the U.S. beginning on December 1, 2030, if approved by the FDA and subject to conditions and exceptions customary for agreements of this type. The effective date for the proposed generic cabozantinib products where we have a settlement and license agreement remains January 1, 2031, subject to conditions and exceptions customary for agreements of this type. Consolidated Litigation On August 8, 2025, the Delaware District Court ordered that the then-pending abovementioned MSN and Azurity district court litigations be consolidated with the trial scheduled for November 2, 2026. In accordance with the Azurity Settlement Agreement, within three (3) business days after the effective date, we and Azurity will jointly file a stipulated dismissal (the Azurity Dismissal) terminating all ongoing litigation between us and Azurity in the Consolidated Litigation. The Azurity Dismissal will not affect our litigation with MSN, which remains pending in the Consolidated Litigation. Handa 505(b)(2) NDA Litigation In November 2025, we received a notice letter regarding a 505(b)(2) NDA submitted to the FDA by Handa Oncology, LLC (Handa), requesting approval to market cabozantinib capsules (in the form of cabozantinib lauryl sulfate). Handa’s notice letter included a Paragraph IV certification with respect to the ’776 Patent, the ’342 Patent, the ’873 Patent, the ’757 Patent, the ’439 Patent, the ’440 Patent, the ’015 Patent, the ’349 Patent, and the ’039 Patent, which are listed in the Orange Book, for CABOMETYX. Handa’s notice letter also included a Paragraph III certification with respect to the ’473 Patent. In April 2026, we filed a citizen petition with the FDA pursuant to section 505(q) of the Food, Drug, and Cosmetic Act notifying the FDA that Handa’s application raises new questions of safety and effectiveness requiring clinical data to support approval. On July 6, 2026, we filed a complaint in the Delaware District Court for patent infringement against Handa asserting infringement of U.S. Patent Nos. 9,174,947, method of use and process for preparing compounds, 9,365,516, process for preparing compounds, 9,969,692, process for preparing compounds, 10,123,999, process for preparing compounds, and 10,736,886, method of use and process for preparing compounds arising from Handa’s 505(b)(2) NDA filing with the FDA. On August 31, 2026, the Delaware District Court granted our request to dismiss the July 6, 2026 complaint without prejudice. On September 3, 2026, the FDA responded to our citizen petition denying our requests and, on the same day, granted full approval to Handa’s 505(b)(2) NDA. In its response, the FDA stated that it had carefully considered the issues raised in the petition and concluded, based on its review of the data submitted in support of Handa’s NDA, that Handa was not required to submit additional data to support the safety and effectiveness of its product. We continue to evaluate all legal and strategic options with respect to Handa’s approved product. Accord ANDA Litigation In May 2026, we received a notice letter regarding an ANDA submitted to the FDA by Intas Pharmaceuticals Ltd. and Accord Healthcare, Inc. (collectively, Accord), requesting approval to market cabozantinib tablets. Accord’s notice letter included a Paragraph IV certification with respect to the ’776 Patent, the ’342 Patent, the ’873 Patent, the ’757 Patent, the ’439 Patent, the ’440 Patent, the ’015 Patent, the ’349 Patent, and the ’039 Patent, which are listed in the Orange Book, for CABOMETYX. On July 6, 2026, we filed a complaint in the Delaware District Court for patent infringement against Accord asserting infringement of the ’776, ’439, ’440, ’015, and ’039 Patents arising from Accord’s ANDA filing with the FDA. On September 22, 2026, Accord filed its response to the complaint, alleging that the asserted claims of the patents at issue are not infringed, invalid, and/or unenforceable. On October 20, 2026, we filed our answer to Accord’s counterclaims. Other In May 2026, we received a notice letter regarding a 505(b)(2) NDA submitted to the FDA by Almatica Pharma, LLC (Almatica), requesting approval to market cabozantinib tablets (in the form of cabozantinib fumarate). Almatica’s notice letter included a Paragraph IV certification with respect to the ’776 Patent, the ’342 Patent, the ’873 Patent, the ’757 Patent, the ’439 Patent, the ’440 Patent, the ’015 Patent, the ’349 Patent, and the ’039 Patent, which are listed in the Orange Book, for CABOMETYX. We continue to evaluate all legal and strategic options with respect to Almatica’s product. In September 2026, we received a notice letter regarding a 505(b)(2) NDA submitted to the FDA by MSN Pharmaceuticals, Inc. and MSN Private Laboratories Limited (the September 2026 Notice Letter), requesting approval to market cabozantinib tablets (in the form of cabozantinib fumarate). The September 2026 Notice Letter included a Paragraph IV certification with respect to the ’776 Patent, the ’342 Patent, the ’873 Patent, the ’757 Patent, the ’439 Patent, the ’440 Patent, the ’015 Patent, the ’349 Patent, and the ’039 Patent, which are listed in the Orange Book, for CABOMETYX. We continue to evaluate all legal and strategic options with respect to the fumarate product of MSN Pharmaceuticals, Inc. and MSN Private Laboratories Limited. The sale of any cabozantinib products, including tablets and/or capsules, besides CABOMETYX significantly earlier than CABOMETYX’s patent expiration could decrease our revenues derived from the U.S. sales of CABOMETYX and thereby materially harm our business, financial condition and results of operations. It is not possible at this time to determine the likelihood of an unfavorable outcome or estimate of the amount or range of any potential loss. We may also from time-to-time become a party or subject to various other legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. Some of these proceedings have involved, and may involve in the future, claims that are subject to substantial uncertainties and unascertainable damages.

Revenues - Revenues Disaggregated by Concentration Risks (Details) - Customer Concentration Risk	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 02, 2026	Oct. 03, 2025	Oct. 02, 2026	Oct. 03, 2025	Jan. 02, 2026
Affiliates of Cencora, Inc. \| Revenue
Concentration Risk [Line Items]
Percent of total revenues	20.00%	20.00%	21.00%	22.00%
Affiliates of Cencora, Inc. \| Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues			24.00%		23.00%
Affiliates of McKesson Corporation \| Revenue
Concentration Risk [Line Items]
Percent of total revenues	20.00%	20.00%	20.00%	19.00%
Affiliates of McKesson Corporation \| Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues			25.00%		25.00%
Affiliates of CVS Health Corporation \| Revenue
Concentration Risk [Line Items]
Percent of total revenues	16.00%	15.00%	15.00%	15.00%
Affiliates of CVS Health Corporation \| Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues			13.00%		13.00%
Affiliates of Optum Specialty Pharmacy \| Revenue
Concentration Risk [Line Items]
Percent of total revenues	11.00%		10.00%
Accredo Health Group, Inc. \| Revenue
Concentration Risk [Line Items]
Percent of total revenues		11.00%	10.00%	12.00%
Ipsen Pharma SAS \| Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues			15.00%		19.00%
Cardinal Health, Inc. \| Revenue
Concentration Risk [Line Items]
Percent of total revenues	10.00%
Cardinal Health, Inc. \| Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues			12.00%		12.00%

Cash And Marketable Securities - Narrative (Details)	Oct. 02, 2026 USD ($) investment	Jan. 02, 2026 USD ($) investment
Investments, Debt and Equity Securities [Abstract]
Interest receivable	$ 9,800,000	$ 12,400,000
Number of investments in an unrealized loss position \| investment	356	35
Allowance for credit losses	$ 0

Segment Reporting

9 Months Ended

Oct. 02, 2026

Segment Reporting [Abstract]

SEGMENT REPORTING

We operate in one business segment that focuses on the discovery, development and commercialization of new medicines for difficult-to-treat cancers. Our President and Chief Executive Officer, as the chief operating decision-maker, manages and allocates resources to our operations on a total consolidated basis. Consistent with this decision-making process, our President and Chief Executive Officer uses net income to monitor budget versus actual results for purposes of evaluating performance and to make decisions about the allocation of resources.

Our significant segment expenses that are regularly provided to our President and Chief Executive Officer and included in the measure of segment net income consist of consolidated expenses for our operational departments: drug discovery, development, and selling, general and administrative and other segment items.

The segment and consolidated net income, including significant segment expenses were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenues	$	658,696	$	597,755	$	1,898,198	$	1,721,463
Less:
Cost of goods sold	26,233		18,574		66,843		57,216
Drug discovery	17,144		23,838		54,872		63,448
Development	147,739		133,645		433,976		421,021
Selling, general, and administrative	136,910		103,129		387,193		336,835
Other segment items(1)	62,200		82,078		186,816		206,212
Interest income	(14,315)		(15,922)		(44,652)		(51,787)
Provision for income taxes	64,690		58,835		172,538		150,476
Segment and consolidated net income	$	218,095	$	193,578	$	640,612	$	538,042

_________________

(1) Other segment items include stock-based compensation, restructuring expenses, other research and development expenses, including the allocation of general corporate costs to research and development services and development cost reimbursements in connection with certain of our collaboration arrangements, and other income (expenses), net.

All of our long-lived assets are located in the U.S. See “Note 3. Revenues” for enterprise-wide disclosures about product sales, revenues from major customers and revenues by geographic region.

- Definition

The entire disclosure for segment reporting.

+ References

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

+ Details

Segment Reporting - Narrative (Details)	9 Months Ended
Segment Reporting - Narrative (Details)	Oct. 02, 2026 segment
Segment Reporting [Abstract]
Number of business segments	1
Number of reportable segments	1

Stockholders’ Equity (Tables)

9 Months Ended

Oct. 02, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Allocated Stock-Based Compensation

We allocated stock-based compensation for the 2017 Plan and the 2000 Employee Stock Purchase Plan (as amended and restated, the Amended ESPP) as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Research and development	$	11,069	$	10,353	$	35,731	$	34,018
Selling, general and administrative	17,649		20,532		54,600		58,868
Total stock-based compensation	$	28,718	$	30,885	$	90,331	$	92,886

Stock-based compensation for each type of award under the 2017 Plan and the Amended ESPP were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Stock options	$	206	$	493	$	673	$	2,224
Restricted stock units	27,830		29,660		86,533		87,388
Performance-based restricted stock units	—		—		—		241
Employee stock purchase plan	682		732		3,125		3,033
Total stock-based compensation	$	28,718	$	30,885	$	90,331	$	92,886

Schedule Of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions

We used a Monte Carlo simulation model and the following assumptions to determine the grant date fair value of $55.31 per share for the 2026 TSR-based RSUs:


	2026 TSR-based RSUs
Fair value of Exelixis common stock on grant date	$	44.28
Expected volatility	35.5		%
Risk-free interest rate	3.4		%
Dividend yield	—		%

Restructuring	9 Months Ended
Restructuring	Oct. 02, 2026
Restructuring and Related Activities [Abstract]
RESTRUCTURING	RESTRUCTURING In the third quarter of fiscal year 2025, our Board of Directors authorized, and we implemented, a corporate reorganization plan (the 2025 Plan) to reorganize our workforce and close our office located in King of Prussia, Pennsylvania. Restructuring expenses incurred under the 2025 Plan were primarily severance and employee-related costs. During the three and nine months ended September 30, 2025, we recognized $19.8 million in expenses associated with the 2025 Plan, which are presented in restructuring in the accompanying Condensed Consolidated Statements of Income. We incurred the majority of the charges related to the 2025 Plan during the third quarter of 2025 and substantially completed the 2025 Plan by the end of the fiscal year 2025. For more information about our restructuring expenses, see “Note 13. Restructuring” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2025 Form 10-K.

Stockholders’ Equity - Employee Service Share - Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2026	Oct. 03, 2025	Oct. 02, 2026	Oct. 03, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 28,718	$ 30,885	$ 90,331	$ 92,886
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	206	493	673	2,224
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	27,830	29,660	86,533	87,388
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	0	0	0	241
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 682	$ 732	$ 3,125	$ 3,033

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Collaboration Agreements And Business Development Activities

9 Months Ended

Oct. 02, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

COLLABORATION AGREEMENTS AND BUSINESS DEVELOPMENT ACTIVITIES

We have established multiple collaborations with leading biopharmaceutical companies for the commercialization and further development of our cabozantinib franchise. Additionally, we have made considerable progress under our existing research collaboration and in-licensing arrangements to further enhance our pipeline and expand our ability to discover, develop and commercialize novel therapies with the goal of providing new treatment options for cancer patients. Historically, we also entered into other collaborations with leading biopharmaceutical companies pursuant to which we out-licensed other compounds and programs in our portfolio.

See “Note 4. Collaboration Agreements and Business Development Activities” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2025 Form 10-K for additional information on certain of our collaboration agreements and in-licensing arrangements.

Cabozantinib Commercial Collaborations

Ipsen Collaboration

In February 2016, we entered into a collaboration and license agreement with Ipsen for the commercialization and further development of cabozantinib, which was subsequently amended and restated to, among other things, modify the amount of reimbursements we receive for costs associated with pharmacovigilance activities. The parties’ efforts are governed through a joint steering committee and appropriate subcommittees established to guide and oversee the collaboration’s operation and strategic direction; provided, however, that we retain final decision-making authority with respect to cabozantinib’s ongoing development.

Revenues under the collaboration agreement with Ipsen were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
License revenues	$	49,071	$	47,313	$	143,142	$	120,832
Collaboration services revenues	(4,773)		(2,347)		(13,269)		(6,127)
Total collaboration revenues	$	44,298	$	44,966	$	129,873	$	114,705

During the three and nine months ended September 30, 2025, we recognized $4.3 million in license revenues and $0.4 million in collaboration services revenues in connection with a $5.0 million regulatory milestone payment, upon approval by the European Commission for the treatment of patients with either advanced pancreatic neuroendocrine tumors or advanced extra-pancreatic neuroendocrine tumors.

Takeda Collaboration

In January 2017, we entered into a collaboration and license agreement with Takeda, which was subsequently amended, to, among other things, modify the amount of reimbursements we receive for costs associated with our required pharmacovigilance activities and milestones we are eligible to receive, as well as modify certain cost-sharing obligations related to the Japan-specific development costs associated with certain studies for the commercialization and further

development of cabozantinib and also grant Exelixis the right to develop and commercialize a competing product in Japan and modify certain costs sharing and milestone payments that may become payable if Takeda opts into certain studies. The operation and strategic direction of the parties’ collaboration is governed through a joint executive committee and appropriate subcommittees.

Revenues under the collaboration agreement with Takeda were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
License revenues	$	2,691	$	3,299	$	13,003	$	9,891
Collaboration services revenues	136		936		3,375		3,346
Total collaboration revenues	$	2,827	$	4,235	$	16,378	$	13,237

During the nine months ended September 30, 2026, we recognized $7.8 million in revenues in connection with an $8.0 million commercial milestone payment from Takeda, which was earned upon their achievement of $300.0 million of cumulative net sales of cabozantinib in Japan. Of the revenues recognized from this milestone, $5.3 million was allocated to license revenues and $2.5 million was allocated to collaboration services revenues. Upon the achievement of this commercial milestone, the tiered royalty rate on annual net sales reset to 20% and will reset each calendar year, thereafter.

Royalty Pharma and GSK

In October 2002, we established a product development and commercialization collaboration agreement with GlaxoSmithKline (now GSK plc, or GSK), that required us to pay a 3% royalty to GSK on the worldwide net sales of any product containing cabozantinib sold by us and our collaboration partners. Effective January 1, 2021, Royalty Pharma plc (Royalty Pharma) acquired from GSK all rights, title and interest in royalties on net product sales containing cabozantinib for non-U.S. markets for the full term of the royalty and for the U.S. market through September 2026, after which time U.S. royalties reverted back to GSK. Royalty fees earned in connection with cabozantinib sales are recognized in cost of goods sold for our sales and as a reduction of collaboration services revenues for sales made by our collaboration partners. Such royalty fees earned were $24.5 million and $71.6 million during the three and nine months ended September 30, 2026, respectively, as compared to $22.2 million and $63.9 million, respectively, for the corresponding prior year periods.

Research Collaborations, In-Licensing Arrangements and Other Business Development Activities

We enter into collaborative arrangements with other pharmaceutical or biotechnology companies to develop and commercialize oncology assets or other intellectual property. Our research collaborations and in-licensing arrangements are intended to enhance our pipeline and expand our ability to discover, develop and commercialize novel therapies with the goal of providing new treatment options for cancer patients. Our research collaborations, in-licensing arrangements and other strategic transactions generally include upfront payments for the purchase or in-licensing of intellectual property, development, regulatory and commercial milestone payments and royalty payments, in each case contingent upon the occurrence of certain future events linked to the success of the asset in development. Certain of our research collaborations provide us exclusive options that give us the right to license programs or acquire the intellectual property developed under the research collaborations for further discovery and development. When we decide to exercise the options, we are required to pay an exercise fee and then assume the responsibilities for all subsequent development, manufacturing and commercialization.

During the three and nine months ended September 30, 2026, we recognized $3.2 million and $20.3 million, respectively, as compared to $8.4 million and $19.3 million, respectively, for the corresponding prior year periods, within research and development expenses on the Condensed Consolidated Statements of Income, primarily related to development milestone payments for the cost of intellectual property that have not yet achieved technological feasibility, research and development funding and other fees.

As of September 30, 2026, in conjunction with the active collaborative in-licensing arrangements and asset purchase agreements, we are subject to potential future development milestone payments of up to $441.5 million, regulatory milestone payments of up to $278.0 million and commercial milestone payments of up to $2.5 billion, each in the aggregate per product or target, as well as royalties on future net sales of products.

Inventory (Tables)

9 Months Ended

Oct. 02, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):


	September 30, 2026		December 31, 2025
Raw materials	$	798	$	894
Work in process	45,803		53,531
Finished goods	17,917		5,942
Total	$	64,518	$	60,367

Balance Sheet classification:
Current portion included in inventory	$	29,871	$	21,686
Non-current portion included in other non-current assets	34,647		38,681
Total	$	64,518	$	60,367

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2026	Oct. 03, 2025	Oct. 02, 2026	Oct. 03, 2025
Statement of Comprehensive Income [Abstract]
Net unrealized gains (losses) on available-for-sale debt securities, tax impact	$ 1,357	$ (659)	$ 2,979	$ (1,445)

Collaboration Agreements And Business Development Activities - Collaboration Revenues under the Collaboration Agreement with Takeda (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2026	Oct. 03, 2025	Oct. 02, 2026	Oct. 03, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 658,696	$ 597,755	$ 1,898,198	$ 1,721,463
Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	2,827	4,235	16,378	13,237
License revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	58,408	56,236	175,166	148,017
License revenues \| Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	2,691	3,299	13,003	9,891
Collaboration services revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	(4,636)	(1,411)	(9,894)	(2,781)
Collaboration services revenues \| Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 136	$ 936	$ 3,375	$ 3,346

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

Net Income Per Share - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2026	Oct. 03, 2025	Oct. 02, 2026	Oct. 03, 2025
Numerator:
Net income	$ 218,095	$ 193,578	$ 640,612	$ 538,042
Denominator:
Weighted-average common shares outstanding — basic	246,756	268,421	251,964	273,269
Dilutive securities	8,998	10,114	8,953	10,432
Weighted-average common shares outstanding — diluted	255,754	278,535	260,917	283,701
Net income per share — basic	$ 0.88	$ 0.72	$ 2.54	$ 1.97
Net income per share — diluted	$ 0.85	$ 0.69	$ 2.46	$ 1.90

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482705/350-40-65-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 65
-Paragraph 2
-Subparagraph (e)(4)
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 65
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-Subparagraph (d)(1)
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
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Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
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Reference 50: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 51: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 52: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
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Reference 53: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Revenues - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Oct. 02, 2026	Jan. 02, 2026
Contract liabilities:
Current portion	$ 1,081	$ 1,115
Non-current portion	4,041	6,112
Total contract liabilities	$ 5,122	$ 7,227

Stockholders’ Equity - Estimate Grant-Date Fair Value (Details) - 2026 TSR-based RSUs	9 Months Ended
	Oct. 02, 2026 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value, awarded (in dollars per share)	$ 44.28
Expected volatility	35.50%
Risk-free interest rate	3.40%
Dividend yield	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Net Income Per Share

9 Months Ended

Oct. 02, 2026

Earnings Per Share [Abstract]

NET INCOME PER SHARE

Net income per share — basic and diluted, were computed as follows (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator:
Net income	$	218,095	$	193,578	$	640,612	$	538,042
Denominator:
Weighted-average common shares outstanding — basic	246,756		268,421		251,964		273,269
Dilutive securities	8,998		10,114		8,953		10,432
Weighted-average common shares outstanding — diluted	255,754		278,535		260,917		283,701

Net income per share — basic	$	0.88	$	0.72	$	2.54	$	1.97
Net income per share — diluted	$	0.85	$	0.69	$	2.46	$	1.90

The basic net income per share is computed using the weighted-average number of common shares outstanding during the periods. The diluted net income per share is computed using the weighted-average number of common shares outstanding and dilutive potential common shares outstanding during the periods. Dilutive common shares outstanding include the dilutive effect of in-the-money options, unvested RSUs (including market condition-based RSUs), unvested PSUs when the performance condition is met and ESPP contributions. The dilutive effect of such equity awards is calculated based on the average share price for each fiscal period using the treasury stock method.

Certain potential common shares were excluded from our calculation of weighted-average common shares outstanding — diluted because either they would have had an anti-dilutive effect on net income per share or they were related to shares from PSUs or from market condition-based RSUs that were contingently issuable, and the contingency had not been satisfied at the end of the reporting period.

The weighted-average potential common shares excluded from our calculation were as follows (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Anti-dilutive securities and contingently issuable shares excluded	2,017	2,133	2,593	1,856

Fair Value Measurements - Fair Value of Financial Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Oct. 02, 2026	Jan. 02, 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	$ 1,213,635	$ 1,291,842
Total financial assets carried at fair value	1,399,777	1,662,582
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	139,503	304,352
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	46,639	66,388
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	257,762	241,439
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	785,501	886,500
U.S. Treasury and government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	163,579	155,139
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	6,793	8,764
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	0	0
Total financial assets carried at fair value	139,503	304,352
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	139,503	304,352
Level 1 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		0
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	0	0
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	0	0
Level 1 \| U.S. Treasury and government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	0	0
Level 1 \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	1,213,635	1,291,842
Total financial assets carried at fair value	1,260,274	1,358,230
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 2 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	46,639	66,388
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	257,762	241,439
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	785,501	886,500
Level 2 \| U.S. Treasury and government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	163,579	155,139
Level 2 \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	$ 6,793	$ 8,764

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2026	Oct. 03, 2025	Oct. 02, 2026	Oct. 03, 2025
Revenues:
Total revenues	$ 658,696	$ 597,755	$ 1,898,198	$ 1,721,463
Operating expenses:
Cost of goods sold	26,233	18,574	66,843	57,216
Research and development	209,481	199,164	621,384	611,753
Selling, general and administrative	154,559	123,661	441,793	395,703
Restructuring	0	19,816	0	19,816
Total operating expenses	390,273	361,215	1,130,020	1,084,488
Income from operations	268,423	236,540	768,178	636,975
Interest income	14,315	15,922	44,652	51,787
Other income (expenses), net	47	(49)	320	(244)
Income before income taxes	282,785	252,413	813,150	688,518
Provision for income taxes	64,690	58,835	172,538	150,476
Segment and consolidated net income	$ 218,095	$ 193,578	$ 640,612	$ 538,042
Net income per share:
Basic (in dollars per share)	$ 0.88	$ 0.72	$ 2.54	$ 1.97
Diluted (in dollars per share)	$ 0.85	$ 0.69	$ 2.46	$ 1.90
Weighted-average common shares outstanding:
Basic (in shares)	246,756	268,421	251,964	273,269
Diluted (in shares)	255,754	278,535	260,917	283,701
Net product revenues
Revenues:
Total revenues	$ 604,924	$ 542,930	$ 1,732,926	$ 1,576,227
Collaboration revenues
Revenues:
Total revenues	$ 53,772	$ 54,825	$ 165,272	$ 145,236

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2026	Oct. 03, 2025	Oct. 02, 2026	Oct. 03, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 218,095	$ 193,578	$ 640,612	$ 538,042
Other comprehensive income (loss):
Net unrealized gains (losses) on available-for-sale debt securities, net of tax impact of $1,357, $(659), $2,979 and $(1,445), respectively	(4,576)	2,216	(10,065)	4,912
Comprehensive income	$ 213,519	$ 195,794	$ 630,547	$ 542,954

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Cash And Marketable Securities - Investments by Security Type (Details) - USD ($) $ in Thousands	Oct. 02, 2026	Jan. 02, 2026
Debt securities available-for-sale:
Amortized Cost	$ 1,221,830	$ 1,286,993
Gross Unrealized Gains	87	4,887
Gross Unrealized Losses	(8,282)	(38)
Fair Value	1,213,635	1,291,842
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	1,407,972	1,657,845
Gross Unrealized Gains	87	4,887
Gross Unrealized Losses	(8,282)	(38)
Fair Value	1,399,777	1,662,694
Commercial paper
Debt securities available-for-sale:
Amortized Cost	257,765	241,439
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(3)	0
Fair Value	257,762	241,439
Corporate bonds
Debt securities available-for-sale:
Amortized Cost	792,197	882,390
Gross Unrealized Gains	84	4,138
Gross Unrealized Losses	(6,780)	(28)
Fair Value	785,501	886,500
U.S. Treasury and government-sponsored enterprises
Debt securities available-for-sale:
Amortized Cost	165,033	154,449
Gross Unrealized Gains	3	700
Gross Unrealized Losses	(1,457)	(10)
Fair Value	163,579	155,139
Municipal bonds
Debt securities available-for-sale:
Amortized Cost	6,835	8,715
Gross Unrealized Gains	0	49
Gross Unrealized Losses	(42)	0
Fair Value	6,793	8,764
Cash
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost		112
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Fair Value		112
Money market funds
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	139,503	304,352
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	139,503	304,352
Certificates of deposit
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	46,639	66,388
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 46,639	$ 66,388

Cash And Marketable Securities

9 Months Ended

Oct. 02, 2026

Investments, Debt and Equity Securities [Abstract]

CASH AND MARKETABLE SECURITIES

Cash, Cash Equivalents and Marketable Securities

Cash, cash equivalents and marketable securities consisted of the following (in thousands):


	September 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	257,765	$	—	$	(3)	$	257,762
Corporate bonds	792,197		84		(6,780)		785,501
U.S. Treasury and government-sponsored enterprises	165,033		3		(1,457)		163,579
Municipal bonds	6,835		—		(42)		6,793
Total debt securities available-for-sale	1,221,830		87		(8,282)		1,213,635

Money market funds	139,503		—		—		139,503
Certificates of deposit	46,639		—		—		46,639
Total cash, cash equivalents and marketable securities	$	1,407,972	$	87	$	(8,282)	$	1,399,777


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	241,439	$	—	$	—	$	241,439
Corporate bonds	882,390		4,138		(28)		886,500
U.S. Treasury and government-sponsored enterprises	154,449		700		(10)		155,139
Municipal bonds	8,715		49		—		8,764
Total debt securities available-for-sale	1,286,993		4,887		(38)		1,291,842
Cash	112		—		—		112
Money market funds	304,352		—		—		304,352
Certificates of deposit	66,388		—		—		66,388
Total cash, cash equivalents and marketable securities	$	1,657,845	$	4,887	$	(38)	$	1,662,694

Interest receivable was $9.8 million and $12.4 million as of September 30, 2026 and December 31, 2025, respectively, and is included in prepaid expenses and other current assets in the accompanying Condensed Consolidated Balance Sheets.

Realized gains and losses on the sales of marketable securities were immaterial during the three and nine months ended September 30, 2026 and 2025.

We manage credit risk associated with our marketable securities portfolio through our investment policy, which limits purchases to high-quality issuers and the amount of our portfolio that can be invested in a single issuer. The fair value and gross unrealized losses on debt securities available-for-sale in an unrealized loss position were as follows (in thousands):


	September 30, 2026
	In an Unrealized Loss Position Less than 12 Months				In an Unrealized Loss Position 12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Commercial Paper	$	26,354	$	(3)	$	—	$	—	$	26,354	$	(3)
Corporate bonds	680,392		(6,780)		—		—		680,392		(6,780)
U.S. Treasury and government-sponsored enterprises	147,881		(1,407)		4,948		(50)		152,829		(1,457)
Municipal Bonds	6,793		(42)		—		—		6,793		(42)
Total	$	861,420	$	(8,232)	$	4,948	$	(50)	$	866,368	$	(8,282)


	December 31, 2025
	In an Unrealized Loss Position Less than 12 Months				In an Unrealized Loss Position 12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate bonds	$	46,851	$	(25)	$	5,104	$	(3)	$	51,955	$	(28)
U.S. Treasury and government-sponsored enterprises	11,350		(5)		4,991		(5)		16,341		(10)
Total	$	58,201	$	(30)	$	10,095	$	(8)	$	68,296	$	(38)

There were 356 and 35 debt securities available-for-sale in an unrealized loss position as of September 30, 2026 and December 31, 2025, respectively. During the three and nine months ended September 30, 2026, we did not record an allowance for credit losses or other impairment charges on our marketable securities. Based upon our quarterly impairment review, we determined that the unrealized losses were not attributed to credit risk but were primarily associated with changes in interest rates and market liquidity. Based on the scheduled maturities of our marketable securities, we determined that it was more likely than not that we will hold these marketable securities for a period of time sufficient for a recovery of our cost basis.

The fair values of debt securities available-for-sale by contractual maturity were as follows (in thousands):


	September 30, 2026		December 31, 2025
Maturing in one year or less	$	705,875	$	691,409
Maturing after one year through five years	507,760		600,433
Total debt securities available-for-sale	$	1,213,635	$	1,291,842

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (loss)	Accumulated Deficit
Beginning balance (in shares) at Jan. 03, 2025		281,732
Beginning balance at Jan. 03, 2025	$ 2,244,203	$ 282	$ 2,343,915	$ (1,347)	$ (98,647)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	538,042				538,042
Other comprehensive income (loss)	4,912			4,912
Issuance of common stock under the equity incentive plans and stock purchase plan (in shares)		4,328
Issuance of common stock under the equity incentive plan and stock purchase plan	41,350	$ 4	41,346
Stock transactions associated with taxes withheld on equity awards	(66,422)		(66,422)
Repurchases of common stock (in shares)		(17,962)
Repurchases of common stock	(695,038)	$ (18)	(149,564)		(545,456)
Stock-based compensation	93,653		93,653
Ending balance (in shares) at Oct. 03, 2025		268,098
Ending balance at Oct. 03, 2025	2,160,700	$ 268	2,262,928	3,565	(106,061)
Beginning balance (in shares) at Jul. 04, 2025		270,132
Beginning balance at Jul. 04, 2025	2,033,536	$ 270	2,251,456	1,349	(219,539)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	193,578				193,578
Other comprehensive income (loss)	2,216			2,216
Issuance of common stock under the equity incentive plans and stock purchase plan (in shares)		340
Issuance of common stock under the equity incentive plan and stock purchase plan	3,500	$ 0	3,500
Stock transactions associated with taxes withheld on equity awards	(3,363)		(3,363)
Repurchases of common stock (in shares)		(2,374)
Repurchases of common stock	(99,891)	$ (2)	(19,789)		(80,100)
Stock-based compensation	31,124		31,124
Ending balance (in shares) at Oct. 03, 2025		268,098
Ending balance at Oct. 03, 2025	$ 2,160,700	$ 268	2,262,928	3,565	(106,061)
Beginning balance (in shares) at Jan. 02, 2026	262,483	262,483
Beginning balance at Jan. 02, 2026	$ 2,161,319	$ 262	2,234,411	3,476	(76,830)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	640,612				640,612
Other comprehensive income (loss)	(10,065)			(10,065)
Issuance of common stock under the equity incentive plans and stock purchase plan (in shares)		3,210
Issuance of common stock under the equity incentive plan and stock purchase plan	26,225	$ 4	26,221
Stock transactions associated with taxes withheld on equity awards	(73,909)		(73,909)
Repurchases of common stock (in shares)		(21,015)
Repurchases of common stock	(1,001,079)	$ (21)	(178,474)		(822,584)
Stock-based compensation	$ 90,729		90,729
Ending balance (in shares) at Oct. 02, 2026	244,678	244,678
Ending balance at Oct. 02, 2026	$ 1,833,832	$ 245	2,098,978	(6,589)	(258,802)
Beginning balance (in shares) at Jul. 03, 2026		248,885
Beginning balance at Jul. 03, 2026	1,843,762	$ 249	2,108,059	(2,013)	(262,533)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	218,095				218,095
Other comprehensive income (loss)	(4,576)			(4,576)
Issuance of common stock under the equity incentive plans and stock purchase plan (in shares)		274
Issuance of common stock under the equity incentive plan and stock purchase plan	3,395	$ 0	3,395
Stock transactions associated with taxes withheld on equity awards	(3,357)		(3,357)
Repurchases of common stock (in shares)		(4,481)
Repurchases of common stock	(252,313)	$ (4)	(37,945)		(214,364)
Stock-based compensation	$ 28,826		28,826
Ending balance (in shares) at Oct. 02, 2026	244,678	244,678
Ending balance at Oct. 02, 2026	$ 1,833,832	$ 245	$ 2,098,978	$ (6,589)	$ (258,802)

Revenues - Net Product Revenues Disaggregated by Product (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2026	Oct. 03, 2025	Oct. 02, 2026	Oct. 03, 2025
Disaggregation of Revenue [Line Items]
Net product revenues	$ 658,696	$ 597,755	$ 1,898,198	$ 1,721,463
Net product revenues
Disaggregation of Revenue [Line Items]
Net product revenues	604,924	542,930	1,732,926	1,576,227
CABOMETYX
Disaggregation of Revenue [Line Items]
Net product revenues	603,154	539,878	1,726,575	1,568,640
COMETRIQ
Disaggregation of Revenue [Line Items]
Net product revenues	$ 1,770	$ 3,052	$ 6,351	$ 7,587

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Section 55
-Paragraph 91
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Paragraph 91
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Paragraph 91
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Stockholders’ Equity

9 Months Ended

Oct. 02, 2026

Share-Based Payment Arrangement [Abstract]

STOCKHOLDERS’ EQUITY

Stock-based Compensation

We have an equity incentive plan under which we grant stock options and restricted stock units (RSUs), including market condition-based RSUs and performance-based RSUs (PSUs) to employees and directors. On May 26, 2026, at the 2026 Annual Meeting of Stockholders, our stockholders approved the amendment and restatement of the Exelixis, Inc. 2017 Equity Incentive Plan (as amended and restated, the 2017 Plan). The amendment and restatement increased the share reserve, under the 2017 Plan, by 2,000,000 shares. As of September 30, 2026, 17.0 million shares were available for grant under the 2017 Plan. The share reserve is reduced by 1 share for each share issued pursuant to any award granted on or after May 26, 2026, including stock options, RSUs and PSUs. In addition, for each share that becomes available again for issuance under the terms of the 2017 Plan on or after May 26, 2026, the share reserve will be increased by the same number of shares by which the share reserve was reduced at the time the applicable award was granted.

We allocated stock-based compensation for the 2017 Plan and the 2000 Employee Stock Purchase Plan (as amended and restated, the Amended ESPP) as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Research and development	$	11,069	$	10,353	$	35,731	$	34,018
Selling, general and administrative	17,649		20,532		54,600		58,868
Total stock-based compensation	$	28,718	$	30,885	$	90,331	$	92,886

Stock-based compensation for each type of award under the 2017 Plan and the Amended ESPP were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Stock options	$	206	$	493	$	673	$	2,224
Restricted stock units	27,830		29,660		86,533		87,388
Performance-based restricted stock units	—		—		—		241
Employee stock purchase plan	682		732		3,125		3,033
Total stock-based compensation	$	28,718	$	30,885	$	90,331	$	92,886

As of September 30, 2026, there were 1.1 million stock options outstanding and $0.6 million of related unrecognized stock-based compensation.

In February 2026, we awarded to certain employees an aggregate of 0.7 million RSUs (the target number) that are subject to a total shareholder return (TSR) market condition and a time-based service condition (the 2026 TSR-based RSUs). The TSR market condition is based on our relative TSR percentile rank compared to companies in the Nasdaq Biotechnology Index during the performance period, which is January 3, 2026 through December 29, 2028. Depending on the results relative to the TSR market condition, the holders of the 2026 TSR-based RSUs may earn up to 200% of the target number of shares. Following achievement of the market condition at the end of the performance period and upon employee’s continuous service through the vesting dates, 50% of the shares earned pursuant to the 2026 TSR-based RSUs will vest shortly after the end of the performance period, and the remainder will vest approximately one year later. The 2026 TSR-based RSUs will be forfeited if the market condition at or above a threshold level is not achieved, and/or the time-based service condition is not fulfilled, by the end of the performance period and through the vesting dates.

We used a Monte Carlo simulation model and the following assumptions to determine the grant date fair value of $55.31 per share for the 2026 TSR-based RSUs:


	2026 TSR-based RSUs
Fair value of Exelixis common stock on grant date	$	44.28
Expected volatility	35.5		%
Risk-free interest rate	3.4		%
Dividend yield	—		%

The Monte Carlo simulation model for our 2026 TSR-based RSUs assumed correlations of returns of the stock prices of Exelixis common stock and the common stock of a peer group of companies and historical stock price volatility of the peer group of companies. The valuation model also used terms based on the remaining length of the performance period and compound annual growth rate goals for TSR based on the provisions of the awards. Stock-based compensation related to RSUs with a market condition is recognized regardless of the outcome of the market condition.

During the nine months ended September 30, 2026, we granted 2.0 million service-based RSUs with a weighted- average grant date fair value of $45.38 per share. As of September 30, 2026, there were 15.8 million RSUs outstanding, including RSUs that are subject to market conditions, and $307.3 million of related unrecognized stock-based compensation. Service-based RSUs granted to employees during the nine months ended September 30, 2026, have vesting conditions and contractual lives of a similar nature to those described in “Note 9. Stockholders’ Equity” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2025 Form 10-K.

Common Stock Repurchases

In October 2025, our Board of Directors authorized a stock repurchase program (SRP) to acquire up to $750.0 million of our outstanding common stock before December 31, 2026 (the October 2025 SRP). As of June 30, 2026, we completed the repurchase of 17.2 million shares of outstanding common stock for an aggregate purchase price of $750.0 million pursuant to the October 2025 SRP. In May 2026, our Board of Directors authorized the repurchase of up to an additional $750.0 million of our outstanding common stock before December 31, 2027 (the May 2026 SRP). Under the May 2026 SRP, as of September 30, 2026, we repurchased 7.4 million shares of common stock for an aggregate purchase price of $402.1 million. As of September 30, 2026, approximately $347.9 million remained available for future stock repurchases before December 31, 2027. Stock repurchases under the May 2026 SRP may be made from time to time through a variety of methods, which may include open market purchases, in block trades, Rule 10b5-1 trading plans, accelerated share repurchase transactions, exchange transactions, or any combination of such methods. The timing and amount of any stock repurchases under the SRP will be based on a variety of factors, including ongoing assessments of the capital needs of the business, alternative investment opportunities, the market price of our common stock and general market conditions. The SRP does not obligate us to acquire any amount of our common stock, and the SRP may be modified, suspended or discontinued at any time without prior notice.

Cash And Marketable Securities - Fair Value and Gross Unrealized Losses of Investments Available-for-Sale in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Oct. 02, 2026	Jan. 02, 2026
Fair Value
In an Unrealized Loss Position Less than 12 Months	$ 861,420	$ 58,201
In an Unrealized Loss Position 12 Months or Greater	4,948	10,095
Total	866,368	68,296
Gross Unrealized Losses
In an Unrealized Loss Position Less than 12 Months	(8,232)	(30)
In an Unrealized Loss Position 12 Months or Greater	(50)	(8)
Total	(8,282)	(38)
Commercial paper
Fair Value
In an Unrealized Loss Position Less than 12 Months	26,354
In an Unrealized Loss Position 12 Months or Greater	0
Total	26,354
Gross Unrealized Losses
In an Unrealized Loss Position Less than 12 Months	(3)
In an Unrealized Loss Position 12 Months or Greater	0
Total	(3)
Corporate bonds
Fair Value
In an Unrealized Loss Position Less than 12 Months	680,392	46,851
In an Unrealized Loss Position 12 Months or Greater	0	5,104
Total	680,392	51,955
Gross Unrealized Losses
In an Unrealized Loss Position Less than 12 Months	(6,780)	(25)
In an Unrealized Loss Position 12 Months or Greater	0	(3)
Total	(6,780)	(28)
U.S. Treasury and government-sponsored enterprises
Fair Value
In an Unrealized Loss Position Less than 12 Months	147,881	11,350
In an Unrealized Loss Position 12 Months or Greater	4,948	4,991
Total	152,829	16,341
Gross Unrealized Losses
In an Unrealized Loss Position Less than 12 Months	(1,407)	(5)
In an Unrealized Loss Position 12 Months or Greater	(50)	(5)
Total	(1,457)	$ (10)
Municipal bonds
Fair Value
In an Unrealized Loss Position Less than 12 Months	6,793
In an Unrealized Loss Position 12 Months or Greater	0
Total	6,793
Gross Unrealized Losses
In an Unrealized Loss Position Less than 12 Months	(42)
In an Unrealized Loss Position 12 Months or Greater	0
Total	$ (42)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 02, 2026	Jan. 02, 2026
Current assets:
Cash and cash equivalents	$ 304,774	$ 482,488
Marketable securities	587,244	576,603
Trade receivables, net	328,466	286,916
Inventory	29,871	21,686
Prepaid expenses and other current assets	71,267	75,596
Total current assets	1,321,622	1,443,289
Non-current marketable securities	507,759	603,603
Property and equipment, net	87,276	98,960
Deferred tax assets, net	295,561	292,582
Goodwill	63,684	63,684
Right-of-use assets and other non-current assets	237,587	342,305
Total assets	2,513,489	2,844,423
Current liabilities:
Accounts payable	30,833	29,623
Accrued compensation and benefits	100,493	102,218
Accrued clinical trial liabilities	70,316	65,742
Rebates and fees due to customers	70,767	59,896
Accrued collaboration liabilities	24,627	22,783
Other current liabilities	114,841	125,382
Total current liabilities	411,877	405,644
Non-current operating lease liabilities	162,201	173,038
Other non-current liabilities	105,579	104,422
Total liabilities	679,657	683,104
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000 shares authorized and no shares issued	0	0
Common stock, $0.001 par value; 400,000 shares authorized; issued and outstanding: 244,678 and 262,483 at September 30, 2026, and December 31, 2025, respectively	245	262
Additional paid-in-capital	2,098,978	2,234,411
Accumulated other comprehensive income (loss)	(6,589)	3,476
Accumulated deficit	(258,802)	(76,830)
Total stockholders’ equity	1,833,832	2,161,319
Total liabilities and stockholders’ equity	$ 2,513,489	$ 2,844,423

Revenues - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Revenues - Narrative (Details) - USD ($)	Oct. 02, 2026	Oct. 03, 2025	Oct. 02, 2026	Oct. 03, 2025	Jan. 02, 2026
Disaggregation of Revenue [Line Items]
Contract assets	$ 0		$ 0		$ 0
Contract revenue recognized, including revenue from deferred revenue beginning balance	1,000,000.0	$ 1,000,000.0	3,100,000	$ 3,100,000
Ipsen And Takeda Collaborations
Disaggregation of Revenue [Line Items]
Revenues recognized for performance obligations satisfied in previous periods	58,000,000.0	$ 57,600,000	177,900,000	$ 151,300,000
Remaining performance obligation	$ 16,000,000.0		$ 16,000,000.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Organization and Summary of Significant Accounting Policies	9 Months Ended
	Oct. 02, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Exelixis, Inc. (Exelixis, we, our or us) is an oncology company innovating next-generation medicines and regimens at the forefront of cancer care. We have produced four marketed pharmaceutical products, two of which are formulations of our flagship molecule, cabozantinib, and we are steadily advancing and evolving our product pipeline portfolio, including our lead clinical asset, zanzalintinib, currently under review by the U.S. Food and Drug Administration (FDA) for the treatment of certain forms of colorectal cancer, as well as the focus of an extensive late-stage clinical development program in other indications. With a rational and disciplined approach to investment, we are leveraging our internal experience and expertise, and the strength of strategic partnerships, to identify and pursue opportunities across the landscape of scientific modalities, including small molecules and biotherapeutics, such as antibody-drug conjugates. Sales related to cabozantinib account for the majority of our revenues. Cabozantinib is an inhibitor of multiple tyrosine kinases, including MET, AXL, VEGF receptors and RET and has been approved by the FDA, and in other countries for all or a combination of, the following: as CABOMETYX® (cabozantinib) tablets for advanced renal cell carcinoma (RCC) (both alone and in combination with Bristol-Myers Squibb Company’s nivolumab (OPDIVO®)), previously treated hepatocellular carcinoma, previously treated, radioactive iodine-refractory differentiated thyroid cancer, and previously treated, unresectable, locally advanced or metastatic, well-differentiated pancreatic neuroendocrine tumors and extra-pancreatic neuroendocrine tumors; and as COMETRIQ® (cabozantinib) capsules for progressive, metastatic medullary thyroid cancer. For physicians treating these types of cancer, cabozantinib has become or is becoming an important medicine in their selection of effective therapies. The other two products resulting from our discovery efforts are: COTELLIC® (cobimetinib), an inhibitor of MEK, approved as part of multiple combination regimens to treat specific forms of advanced melanoma and marketed under a collaboration with Genentech, Inc. (a member of the Roche Group) (Genentech); and MINNEBRO® (esaxerenone), an oral, non-steroidal, selective blocker of the mineralocorticoid receptor, approved for the treatment of hypertension in Japan and licensed to Daiichi Sankyo Company, Limited. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Exelixis and those of our wholly owned subsidiaries. These entities’ functional currency is the U.S. dollar. All intercompany balances and transactions have been eliminated. We use a 52- or 53-week fiscal year policy that generally ends on the Friday closest to December 31. Fiscal year 2026, which is a 52-week fiscal year, will end on January 1, 2027 and fiscal year 2025, which was a 52-week fiscal year, ended on January 2, 2026. For convenience, references in this report as of and for the fiscal periods ended October 2, 2026, October 3, 2025, July 3, 2026 and July 4, 2025, and as of and for the fiscal year ending January 1, 2027 and the fiscal years ended January 2, 2026 and January 3, 2025, are indicated as being as of and for the periods ended September 30, 2026, September 30, 2025, June 30, 2026 and June 30, 2025, and the year ending December 31, 2026, and the years ended December 31, 2025, and December 31, 2024, respectively. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial statements for the periods presented have been included. Operating results for the nine months ended September 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026 or for any future period. The accompanying Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with our Consolidated Financial Statements and Notes thereto for the fiscal year ended December 31, 2025, included in Part II, Item 8 of our Annual Report on Form 10-K, filed with the SEC on February 10, 2026 (Fiscal 2025 Form 10-K). Use of Estimates The preparation of the accompanying Condensed Consolidated Financial Statements conforms to accounting principles generally accepted in the U.S., which requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosures. On an ongoing basis, we evaluate our significant estimates. We base our estimates on historical experience and on various other market-specific and other relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates. Significant Accounting Policies There have been no material changes to our significant accounting policies during the nine months ended September 30, 2026, as compared to the significant accounting policies disclosed in “Note 1. Organization and Summary of Significant Accounting Policies” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2025 Form 10-K. Recently Adopted Accounting Pronouncements There were no new accounting pronouncements adopted by us since our filing of the Fiscal 2025 Form 10-K, which could have a significant effect on our Condensed Consolidated Financial Statements. Recent Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), which enhances the disclosures required for expense disaggregation in our annual and interim consolidated financial statements. In January 2025, the FASB issued ASU 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) – Clarifying the effective Date (ASU 2025-01), which clarifies the effective date of ASU 2024-03 for companies with a non-calendar year end. ASU 2024-03 is effective for us in our annual reporting for fiscal year 2027, and in our interim periods beginning in fiscal year 2028. Early adoption and retrospective application are permitted. We are currently evaluating the impact of ASU 2024-03 on our Consolidated Financial Statements. In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06) to clarify and modernize the accounting for costs related to internal-use software by removing all references to software development project stages and clarifying the threshold entities apply to begin capitalizing costs. ASU 2025-06 is effective for us in our annual reporting for fiscal year 2028. Early adoption and retrospective reporting are permitted. We do not expect the adoption of ASU 2025-06 to have a material impact on our Consolidated Financial Statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (ASU 2025-11), which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. ASU 2025-11 provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for us in our annual reporting for fiscal year 2028, and in our interim periods beginning in fiscal year 2028. Early adoption and retrospective application are permitted. We do not expect the adoption of ASU 2025-11 to have a material impact on our Consolidated Financial Statements. In December 2025, the FASB issued ASU 2025-12, Codification Improvements (ASU 2025-12), which addresses 33 issues, representing amendments to Accounting Standards Codification (ASC) topics that clarify, correct errors or make minor improvements. ASU 2025-12 makes the ASC topics easier to understand and apply. ASU 2025-12 is effective for us in our annual reporting for fiscal year 2027, and in our interim periods beginning in fiscal year 2027. Early adoption and retrospective application are permitted on an issue-by-issue basis. We are currently evaluating the impact of ASU 2025-12 on our Consolidated Financial Statements.

Cash And Marketable Securities (Tables)

9 Months Ended

Oct. 02, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments by Security Type

Cash, cash equivalents and marketable securities consisted of the following (in thousands):


	September 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	257,765	$	—	$	(3)	$	257,762
Corporate bonds	792,197		84		(6,780)		785,501
U.S. Treasury and government-sponsored enterprises	165,033		3		(1,457)		163,579
Municipal bonds	6,835		—		(42)		6,793
Total debt securities available-for-sale	1,221,830		87		(8,282)		1,213,635

Money market funds	139,503		—		—		139,503
Certificates of deposit	46,639		—		—		46,639
Total cash, cash equivalents and marketable securities	$	1,407,972	$	87	$	(8,282)	$	1,399,777


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	241,439	$	—	$	—	$	241,439
Corporate bonds	882,390		4,138		(28)		886,500
U.S. Treasury and government-sponsored enterprises	154,449		700		(10)		155,139
Municipal bonds	8,715		49		—		8,764
Total debt securities available-for-sale	1,286,993		4,887		(38)		1,291,842
Cash	112		—		—		112
Money market funds	304,352		—		—		304,352
Certificates of deposit	66,388		—		—		66,388
Total cash, cash equivalents and marketable securities	$	1,657,845	$	4,887	$	(38)	$	1,662,694

Schedule of Fair Value and Gross Unrealized Losses of Investments Available-for-Sale in an Unrealized Loss Position

The fair value and gross unrealized losses on debt securities available-for-sale in an unrealized loss position were as follows (in thousands):


	September 30, 2026
	In an Unrealized Loss Position Less than 12 Months				In an Unrealized Loss Position 12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Commercial Paper	$	26,354	$	(3)	$	—	$	—	$	26,354	$	(3)
Corporate bonds	680,392		(6,780)		—		—		680,392		(6,780)
U.S. Treasury and government-sponsored enterprises	147,881		(1,407)		4,948		(50)		152,829		(1,457)
Municipal Bonds	6,793		(42)		—		—		6,793		(42)
Total	$	861,420	$	(8,232)	$	4,948	$	(50)	$	866,368	$	(8,282)


	December 31, 2025
	In an Unrealized Loss Position Less than 12 Months				In an Unrealized Loss Position 12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate bonds	$	46,851	$	(25)	$	5,104	$	(3)	$	51,955	$	(28)
U.S. Treasury and government-sponsored enterprises	11,350		(5)		4,991		(5)		16,341		(10)
Total	$	58,201	$	(30)	$	10,095	$	(8)	$	68,296	$	(38)

Schedule of Fair Value of Cash Equivalents and Investments by Contractual Maturity

The fair values of debt securities available-for-sale by contractual maturity were as follows (in thousands):


	September 30, 2026		December 31, 2025
Maturing in one year or less	$	705,875	$	691,409
Maturing after one year through five years	507,760		600,433
Total debt securities available-for-sale	$	1,213,635	$	1,291,842

Collaboration Agreements And Business Development Activities - Research Collaborations and In-Licensing Arrangements Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2026	Oct. 03, 2025	Oct. 02, 2026	Oct. 03, 2025
Asset Acquisition [Line Items]
Research and development	$ 209,481	$ 199,164	$ 621,384	$ 611,753
Research Collaborations, In-Licensing Arrangements and Other Business Development Activities
Asset Acquisition [Line Items]
Research and development	3,200	$ 8,400	20,300	$ 19,300
Collaborative arrangement, maximum aggregate development milestone payments	441,500		441,500
Collaborative arrangement, maximum aggregate regulatory milestone payments	278,000		278,000
Collaborative arrangement, rights and obligations, maximum aggregate commercial milestone payments	$ 2,500,000		$ 2,500,000

Segment Reporting - Segment and Consolidated Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2026	Oct. 03, 2025	Oct. 02, 2026	Oct. 03, 2025
Segment Reporting [Line Items]
Revenues	$ 658,696	$ 597,755	$ 1,898,198	$ 1,721,463
Less:
Cost of goods sold	26,233	18,574	66,843	57,216
Interest income	(14,315)	(15,922)	(44,652)	(51,787)
Provision for income taxes	64,690	58,835	172,538	150,476
Segment and consolidated net income	218,095	193,578	640,612	538,042
Reportable Segment
Segment Reporting [Line Items]
Revenues	658,696	597,755	1,898,198	1,721,463
Less:
Cost of goods sold	26,233	18,574	66,843	57,216
Drug discovery	17,144	23,838	54,872	63,448
Development	147,739	133,645	433,976	421,021
Selling, general, and administrative	136,910	103,129	387,193	336,835
Other segment items	62,200	82,078	186,816	206,212
Interest income	(14,315)	(15,922)	(44,652)	(51,787)
Provision for income taxes	64,690	58,835	172,538	150,476
Segment and consolidated net income	$ 218,095	$ 193,578	$ 640,612	$ 538,042

Provision For Income Taxes	9 Months Ended
Provision For Income Taxes	Oct. 02, 2026
Income Tax Disclosure [Abstract]
PROVISION FOR INCOME TAXES	PROVISION FOR INCOME TAXES The effective tax rates for the three and nine months ended September 30, 2026 were 22.9% and 21.2%, respectively, as compared to 23.3% and 21.9% for the corresponding prior year periods. The effective tax rates for the three months ended September 30, 2026, differed from the U.S. federal statutory tax rate of 21%, primarily due to state taxes, partially offset by the Foreign-Derived Intangible Income (FDII) deduction. The effective tax rate for the nine months ended September 30, 2026, differed from the U.S. federal statutory rate of 21% primarily due to state taxes, offset by excess tax benefits related to certain stock grants and the FDII deduction. The effective tax rates for the three and nine months ended September 30, 2025, differed from the U.S. federal statutory tax rate of 21%, primarily due to state taxes, offset by excess tax benefits related to certain stock grants.

- Definition

The entire disclosure for income tax.

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+ Details

Organization and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Oct. 02, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Consolidation	The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Exelixis and those of our wholly owned subsidiaries. These entities’ functional currency is the U.S. dollar. All intercompany balances and transactions have been eliminated.
Fiscal Period	We use a 52- or 53-week fiscal year policy that generally ends on the Friday closest to December 31. Fiscal year 2026, which is a 52-week fiscal year, will end on January 1, 2027 and fiscal year 2025, which was a 52-week fiscal year, ended on January 2, 2026. For convenience, references in this report as of and for the fiscal periods ended October 2, 2026, October 3, 2025, July 3, 2026 and July 4, 2025, and as of and for the fiscal year ending January 1, 2027 and the fiscal years ended January 2, 2026 and January 3, 2025, are indicated as being as of and for the periods ended September 30, 2026, September 30, 2025, June 30, 2026 and June 30, 2025, and the year ending December 31, 2026, and the years ended December 31, 2025, and December 31, 2024, respectively.
Basis of Presentation	The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial statements for the periods presented have been included. Operating results for the nine months ended September 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026 or for any future period. The accompanying Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with our Consolidated Financial Statements and Notes thereto for the fiscal year ended December 31, 2025, included in Part II, Item 8 of our Annual Report on Form 10-K, filed with the SEC on February 10, 2026 (Fiscal 2025 Form 10-K).
Use of Estimates	The preparation of the accompanying Condensed Consolidated Financial Statements conforms to accounting principles generally accepted in the U.S., which requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosures. On an ongoing basis, we evaluate our significant estimates. We base our estimates on historical experience and on various other market-specific and other relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements There were no new accounting pronouncements adopted by us since our filing of the Fiscal 2025 Form 10-K, which could have a significant effect on our Condensed Consolidated Financial Statements. Recent Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), which enhances the disclosures required for expense disaggregation in our annual and interim consolidated financial statements. In January 2025, the FASB issued ASU 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) – Clarifying the effective Date (ASU 2025-01), which clarifies the effective date of ASU 2024-03 for companies with a non-calendar year end. ASU 2024-03 is effective for us in our annual reporting for fiscal year 2027, and in our interim periods beginning in fiscal year 2028. Early adoption and retrospective application are permitted. We are currently evaluating the impact of ASU 2024-03 on our Consolidated Financial Statements. In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06) to clarify and modernize the accounting for costs related to internal-use software by removing all references to software development project stages and clarifying the threshold entities apply to begin capitalizing costs. ASU 2025-06 is effective for us in our annual reporting for fiscal year 2028. Early adoption and retrospective reporting are permitted. We do not expect the adoption of ASU 2025-06 to have a material impact on our Consolidated Financial Statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (ASU 2025-11), which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. ASU 2025-11 provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for us in our annual reporting for fiscal year 2028, and in our interim periods beginning in fiscal year 2028. Early adoption and retrospective application are permitted. We do not expect the adoption of ASU 2025-11 to have a material impact on our Consolidated Financial Statements. In December 2025, the FASB issued ASU 2025-12, Codification Improvements (ASU 2025-12), which addresses 33 issues, representing amendments to Accounting Standards Codification (ASC) topics that clarify, correct errors or make minor improvements. ASU 2025-12 makes the ASC topics easier to understand and apply. ASU 2025-12 is effective for us in our annual reporting for fiscal year 2027, and in our interim periods beginning in fiscal year 2027. Early adoption and retrospective application are permitted on an issue-by-issue basis. We are currently evaluating the impact of ASU 2025-12 on our Consolidated Financial Statements.
Segment Reporting	We operate in one business segment that focuses on the discovery, development and commercialization of new medicines for difficult-to-treat cancers. Our President and Chief Executive Officer, as the chief operating decision-maker, manages and allocates resources to our operations on a total consolidated basis. Consistent with this decision-making process, our President and Chief Executive Officer uses net income to monitor budget versus actual results for purposes of evaluating performance and to make decisions about the allocation of resources. Our significant segment expenses that are regularly provided to our President and Chief Executive Officer and included in the measure of segment net income consist of consolidated expenses for our operational departments: drug discovery, development, and selling, general and administrative and other segment items.
Revenues	Total revenues include net product revenues attributed to geographic regions based on the ship-to location and license and collaboration services revenues attributed to geographic regions based on the location of our collaboration partners’ headquarters. Net product revenues and license revenues are recorded in accordance with ASC Topic 606, Revenue from Contracts with Customers (Topic 606). License revenues include the recognition of the portion of milestone payments allocated to the transfer of intellectual property licenses for which it had become probable in the current period that the milestone would be achieved and a significant reversal of revenues would not occur, as well as royalty revenues and our share of profits under our collaboration agreement with Genentech. Collaboration services revenues are recorded in accordance with ASC Topic 808, Collaborative Arrangements. Collaboration services revenues include the recognition of deferred revenues for the portion of upfront and milestone payments allocated to our research and development services performance obligations, development cost reimbursements earned under our collaboration agreements, product supply revenues, net of product supply costs and the royalties we paid on sales of products containing cabozantinib by our collaboration partners. License revenues and collaboration services revenues are presented in collaboration revenues in the accompanying Condensed Consolidated Statements of Income. The allowance for chargebacks, discounts for prompt payment and other are recorded as a reduction of trade receivables, net, and the remaining reserves are recorded as rebates and fees due to customers in the accompanying Condensed Consolidated Balance Sheets. Contract Assets and Liabilities We receive payments from our collaboration partners based on billing schedules established in each contract. Amounts are recorded as accounts receivable when our right to consideration is unconditional. We may also recognize revenue in advance of the contractual billing schedule and such amounts are recorded as a contract asset when recognized. We may be required to defer recognition of revenue for upfront and milestone payments until we perform our obligations under these arrangements, and such amounts are recorded as deferred revenue upon receipt or when due. For those contracts that have multiple performance obligations, contract assets and liabilities are reported on a net basis at the contract level. There were no contract assets as of September 30, 2026 and December 31, 2025. Contract liabilities are primarily related to deferred revenues from Ipsen Pharma SAS (Ipsen) and Takeda Pharmaceutical Company Limited (Takeda).

- Definition

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Oct. 02, 2026	Oct. 03, 2025
Statement of Cash Flows [Abstract]
Net income	$ 640,612	$ 538,042
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	20,867	22,109
Stock-based compensation	90,331	92,886
Non-cash lease expense	17,808	18,210
Acquired in-process research and development technology	11,600	6,999
Other, net	(4,556)	(9,261)
Changes in operating assets and liabilities:
Trade receivables, net	(41,550)	(44,207)
Inventory	(3,753)	(1,581)
Prepaid expenses and other assets	94,349	(36,737)
Accrued collaboration liabilities	844	1,544
Accounts payable and other liabilities	12,990	(37,252)
Net cash provided by operating activities	839,542	550,752
Cash flows from investing activities:
Purchases of marketable securities	(527,580)	(477,556)
Proceeds from maturities and sales of marketable securities	582,646	833,527
Purchases of property, equipment and other, net	(10,814)	(7,272)
Acquired in-process research and development technology	(10,600)	(25,499)
Net cash provided by investing activities	33,652	323,200
Cash flows from financing activities:
Payments for repurchases of common stock	(1,003,289)	(689,893)
Proceeds from issuance of common stock under the equity incentive plan and stock purchase plan	26,313	41,262
Taxes paid related to net share settlement of equity awards	(73,932)	(66,395)
Net cash used in financing activities	(1,050,908)	(715,026)
Net increase (decrease) in cash and cash equivalents	(177,714)	158,926
Cash and cash equivalents at beginning of period	482,488	217,374
Cash and cash equivalents at end of period	$ 304,774	$ 376,300

Inventory (Details) - USD ($) $ in Thousands	Oct. 02, 2026	Jan. 02, 2026
Inventory [Line Items]
Raw materials	$ 798	$ 894
Work in process	45,803	53,531
Finished goods	17,917	5,942
Total	64,518	60,367
Balance Sheet Location [Axis]: us-gaap:InventoryNet
Inventory [Line Items]
Total	29,871	21,686
Balance Sheet Location [Axis]: exel:OperatingLeaseRightOfUseAssetAndOtherNonCurrentAssets
Inventory [Line Items]
Total	$ 34,647	$ 38,681

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Oct. 02, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenues - Revenues Disaggregated by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2026	Oct. 03, 2025	Oct. 02, 2026	Oct. 03, 2025
Disaggregation of Revenue [Line Items]
Total revenues	$ 658,696	$ 597,755	$ 1,898,198	$ 1,721,463
U.S.
Disaggregation of Revenue [Line Items]
Total revenues	609,099	546,461	1,746,006	1,588,413
Europe
Disaggregation of Revenue [Line Items]
Total revenues	44,298	44,966	129,873	114,705
Japan
Disaggregation of Revenue [Line Items]
Total revenues	$ 5,299	$ 6,328	$ 22,319	$ 18,345

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Fair Value Measurements

9 Months Ended

Oct. 02, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Fair value reflects the amounts that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy has the following three levels:

•Level 1 - quoted prices (unadjusted) in active markets for identical assets and liabilities;

•Level 2 - inputs other than Level 1 that are observable either directly or indirectly, such as quoted prices in active markets for similar instruments or on industry models using data inputs, such as interest rates and prices that can be directly observed or corroborated in active markets; and

•Level 3 - unobservable inputs that are supported by little or no market activity that are significant to the fair value measurement.

The classifications within the fair value hierarchy of our financial assets that were measured and recorded at fair value on a recurring basis were as follows (in thousands):


	September 30, 2026
	Level 1		Level 2		Total
Commercial paper	$	—	$	257,762	$	257,762
Corporate bonds	—		785,501		785,501
U.S. Treasury and government-sponsored enterprises	—		163,579		163,579
Municipal bonds	—		6,793		6,793
Total debt securities available-for-sale	—		1,213,635		1,213,635
Money market funds	139,503		—		139,503
Certificates of deposit			46,639		46,639
Total financial assets carried at fair value	$	139,503	$	1,260,274	$	1,399,777


	December 31, 2025
	Level 1		Level 2		Total
Commercial paper	$	—	$	241,439	$	241,439
Corporate bonds	—		886,500		886,500
U.S. Treasury and government-sponsored enterprises	—		155,139		155,139
Municipal bonds	—		8,764		8,764
Total debt securities available-for-sale	—		1,291,842		1,291,842
Money market funds	304,352		—		304,352
Certificates of deposit	—		66,388		66,388
Total financial assets carried at fair value	$	304,352	$	1,358,230	$	1,662,582

When available, we value marketable securities based on quoted prices for those financial instruments, which is a Level 1 input. Our remaining marketable securities are valued using third-party pricing sources, which use observable market prices, interest rates and yield curves observable at commonly quoted intervals for similar assets as observable inputs for pricing, which is a Level 2 input.

The carrying amount of our remaining financial assets and liabilities, which include cash, receivables and payables, approximate their fair values due to their short-term nature.

Forward Foreign Currency Contracts

We may enter into forward foreign currency exchange contracts that are not designated as hedges for accounting purposes to hedge certain operational exposures for the changes in foreign currency exchange rates associated with assets or liabilities denominated in foreign currencies, primarily the Euro.

As of September 30, 2026, we had one forward contract outstanding to sell €2.2 million. The forward contract with a maturity of three months is recorded at fair value and is included in other current liabilities in the accompanying Condensed Consolidated Balance Sheets. The unrealized gain on the forward contract was immaterial as of September 30, 2026. The forward contract is considered a Level 2 in the fair value hierarchy of our fair value measurements. The net realized gains and losses recognized upon maturity of forward contracts were immaterial for each of the three and nine months ended September 30, 2026 and 2025, and are included in other income (expenses), net in the accompanying Condensed Consolidated Statements of Income.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Commitments and Contingencies (Details) - MSN II ANDA	Jan. 11, 2022 patent	Oct. 31, 2022 lawsuit
Loss Contingencies [Line Items]
Number of patents allegedly infringed \| patent	3
Number of lawsuits \| lawsuit		2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482645/405-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.W.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479583/944-40-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
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-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Fair Value Measurements - Narrative (Details) - Foreign Exchange Forward € in Millions	9 Months Ended
	Oct. 02, 2026 EUR (€) derivative_instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of contract \| derivative_instrument	1
Derivative notional amount \| €	€ 2.2
Derivative term of contract	3 months

- Definition

The number of derivative instruments of a particular group held by the entity.

+ References + Details

Segment Reporting (Tables)

9 Months Ended

Oct. 02, 2026

Segment Reporting [Abstract]

Schedule of Segment and Consolidated Net Income, Including Significant Segment Expenses

The segment and consolidated net income, including significant segment expenses were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenues	$	658,696	$	597,755	$	1,898,198	$	1,721,463
Less:
Cost of goods sold	26,233		18,574		66,843		57,216
Drug discovery	17,144		23,838		54,872		63,448
Development	147,739		133,645		433,976		421,021
Selling, general, and administrative	136,910		103,129		387,193		336,835
Other segment items(1)	62,200		82,078		186,816		206,212
Interest income	(14,315)		(15,922)		(44,652)		(51,787)
Provision for income taxes	64,690		58,835		172,538		150,476
Segment and consolidated net income	$	218,095	$	193,578	$	640,612	$	538,042

_________________

Provision For Income Taxes (Details)	3 Months Ended		9 Months Ended
Provision For Income Taxes (Details)	Oct. 02, 2026	Oct. 03, 2025	Oct. 02, 2026	Oct. 03, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate (as percent)	22.90%	23.30%	21.20%	21.90%

Stockholders' Equity - Narrative (Details) - USD ($)				1 Months Ended	9 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Oct. 02, 2026	Jun. 30, 2026	May 26, 2026	Feb. 28, 2026	Oct. 02, 2026	May 31, 2026	Oct. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction in share reserve after stock option or stock appreciation award (in shares)					1
Options outstanding (in shares)	1,100,000				1,100,000
Options, unrecognized stock-based compensation	$ 600,000				$ 600,000
May 2026 Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount						$ 750,000,000.0
Repurchases of common stock (in shares)	7,400,000
Repurchases of common stock	$ 402,100,000
Stock repurchase program, remaining authorized repurchase amount	$ 347,900,000				$ 347,900,000
October 2025 Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount							$ 750,000,000.0
Repurchases of common stock (in shares)		17,200,000
Repurchases of common stock		$ 750,000,000.0
2026 TSR-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)				700,000
Maximum potential to vest				200.00%
Weighted average grant date fair value, awarded (in dollars per share)					$ 55.31
2026 TSR-based RSUs \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting award percentage				50.00%
2026 TSR-based RSUs \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				1 year
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)					2,000,000.0
Weighted average grant date fair value, awarded (in dollars per share)					$ 45.38
Number of awards outstanding (in shares)	15,800,000				15,800,000
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	$ 307,300,000				$ 307,300,000
Amended And Restated 2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amendment and restatement increase (in shares)			2,000,000
Number of shares available for grant (in shares)	17,000,000.0				17,000,000.0

Inventory

9 Months Ended

Oct. 02, 2026

Inventory Disclosure [Abstract]

INVENTORY

Inventory consisted of the following (in thousands):


	September 30, 2026		December 31, 2025
Raw materials	$	798	$	894
Work in process	45,803		53,531
Finished goods	17,917		5,942
Total	$	64,518	$	60,367

Balance Sheet classification:
Current portion included in inventory	$	29,871	$	21,686
Non-current portion included in other non-current assets	34,647		38,681
Total	$	64,518	$	60,367

Organization and Summary of Significant Accounting Policies (Details)	9 Months Ended
	Oct. 02, 2026 product
Resulting From Discovery Efforts
Organization And Summary Of Significant Policies [Line Items]
Number of products that entered in the commercial marketplace	4
Products Derived From Other Compounds
Organization And Summary Of Significant Policies [Line Items]
Number of products that entered in the commercial marketplace	2

Revenues (Tables)

9 Months Ended

Oct. 02, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenues consisted of the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Product revenues:
Gross product revenues	$	853,716	$	780,272	$	2,461,852	$	2,247,263
Discounts and allowances	(248,792)		(237,342)		(728,926)		(671,036)
Net product revenues	604,924		542,930		1,732,926		1,576,227
Collaboration revenues:
License revenues	58,408		56,236		175,166		148,017
Collaboration services revenues	(4,636)		(1,411)		(9,894)		(2,781)
Collaboration revenues	53,772		54,825		165,272		145,236
Total revenues	$	658,696	$	597,755	$	1,898,198	$	1,721,463

Net product revenues by product were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
CABOMETYX	$	603,154	$	539,878	$	1,726,575	$	1,568,640
COMETRIQ	1,770		3,052		6,351		7,587
Net product revenues	$	604,924	$	542,930	$	1,732,926	$	1,576,227

Schedule of Concentration Risks

The percentage of total revenues by customer who individually accounted for 10% or more of our total revenues were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Affiliates of Cencora, Inc.	20	%	20	%	21	%	22	%
Affiliates of McKesson Corporation	20	%	20	%	20	%	19	%
Affiliates of CVS Health Corporation	16	%	15	%	15	%	15	%
Affiliates of Optum Specialty Pharmacy	11	%	*		10	%	*
Accredo Health Group, Inc.	*		11	%	10	%	12	%
Cardinal Health, Inc.	10	%	*		*		*

___________________

(*) Represents less than 10% of our total revenues in the applicable period.

The percentage of trade receivables by customer who individually accounted for 10% or more of our trade receivables were as follows:


	September 30, 2026		December 31, 2025
Affiliates of McKesson Corporation	25	%	25	%
Affiliates of Cencora, Inc.	24	%	23	%
Ipsen Pharma SAS	15	%	19	%
Affiliates of CVS Health Corporation	13	%	13	%
Cardinal Health, Inc.	12	%	12	%

Schedule of Revenues Disaggregated by Geographic Region

Total revenues by geographic region were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
U.S.	$	609,099	$	546,461	$	1,746,006	$	1,588,413
Europe	44,298		44,966		129,873		114,705
Japan	5,299		6,328		22,319		18,345
Total revenues	$	658,696	$	597,755	$	1,898,198	$	1,721,463

Schedule of Activities and Ending Reserve Balances for Significant Categories of Discounts and Allowances

The activities and ending reserve balances for each significant category of discounts and allowances (which constitute variable consideration) were as follows (in thousands):


	Chargebacks, Discounts for Prompt Payment and Other		Other Customer Credits/Fees and Co-pay Assistance		Rebates		Total
Balance at December 31, 2025	$	34,223	$	23,612	$	36,284	$	94,119
Provision related to sales made in:
Current period	492,111		55,155		192,295		739,561
Prior periods	(10,015)		(402)		(218)		(10,635)
Payments and customer credits issued	(485,149)		(56,113)		(179,846)		(721,108)
Balance at September 30, 2026	$	31,170	$	22,252	$	48,515	$	101,937

Schedule of Other Assets and Other Liabilities

Contract liabilities were as follows (in thousands):


	September 30, 2026		December 31, 2025





Contract liabilities:
Current portion(1)	$	1,081	$	1,115
Non-current portion(2)	4,041		6,112
Total contract liabilities	$	5,122	$	7,227

____________________

(1) Presented in other current liabilities in the accompanying Condensed Consolidated Balance Sheets.

(2) Presented in other non-current liabilities in the accompanying Condensed Consolidated Balance Sheets.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Oct. 02, 2026	Jan. 02, 2026
Preferred stock
Par value (in dollars per share)	$ 0.001	$ 0.001
Shares authorized (in shares)	10,000,000	10,000,000
Shares issued (in shares)	0	0
Common stock
Par value (in dollars per share)	$ 0.001	$ 0.001
Shares authorized (in shares)	400,000,000	400,000,000
Shares issued (in shares)	244,678,000	262,483,000
Shares outstanding (in shares)	244,678,000	262,483,000

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

- Definition

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

Collaboration Agreements And Business Development Activities - Collaboration Revenues under the Collaboration Agreement with Ipsen (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2026	Oct. 03, 2025	Oct. 02, 2026	Oct. 03, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 658,696	$ 597,755	$ 1,898,198	$ 1,721,463
Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	44,298	44,966	129,873	114,705
Revenue from contract with customer, regulatory milestone		5,000		5,000
License revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	58,408	56,236	175,166	148,017
License revenues \| Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	49,071	47,313	143,142	120,832
Revenue from contract with customer, regulatory milestone, application submission		4,300		4,300
Collaboration services revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	(4,636)	(1,411)	(9,894)	(2,781)
Collaboration services revenues \| Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ (4,773)	(2,347)	$ (13,269)	(6,127)
Revenue from contract with customer, regulatory milestone, application submission		$ 400		$ 400

- Definition

+ References

+ Details

Cash And Marketable Securities - Fair Value of Cash Equivalents and Investments by Contractual Maturity (Details) - USD ($) $ in Thousands	Oct. 02, 2026	Jan. 02, 2026
Investments, Debt and Equity Securities [Abstract]
Maturing in one year or less	$ 705,875	$ 691,409
Maturing after one year through five years	507,760	600,433
Total debt securities available-for-sale	$ 1,213,635	$ 1,291,842

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Oct. 02, 2026	Oct. 19, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 02, 2026
Document Transition Report	false
Entity File Number	000-30235
Entity Registrant Name	EXELIXIS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3257395
Entity Address, Address Line One	1851 Harbor Bay Parkway
Entity Address, City or Town	Alameda,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94502
City Area Code	650
Local Phone Number	837-7000
Title of 12(b) Security	Common Stock, $0.001 Par Value per Share
Trading Symbol	EXEL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		244,010,895
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000939767
Current Fiscal Year End Date	--01-01

Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Restructuring (Details) - USD ($) $ in Thousands	Oct. 02, 2026	Oct. 03, 2025	Oct. 02, 2026	Oct. 03, 2025
Restructuring and Related Activities [Abstract]
Restructuring	$ 0	$ 19,816	$ 0	$ 19,816

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Fair Value Measurements (Tables)

9 Months Ended

Oct. 02, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets Measured on a Recurring Basis

The classifications within the fair value hierarchy of our financial assets that were measured and recorded at fair value on a recurring basis were as follows (in thousands):


	September 30, 2026
	Level 1		Level 2		Total
Commercial paper	$	—	$	257,762	$	257,762
Corporate bonds	—		785,501		785,501
U.S. Treasury and government-sponsored enterprises	—		163,579		163,579
Municipal bonds	—		6,793		6,793
Total debt securities available-for-sale	—		1,213,635		1,213,635
Money market funds	139,503		—		139,503
Certificates of deposit			46,639		46,639
Total financial assets carried at fair value	$	139,503	$	1,260,274	$	1,399,777


	December 31, 2025
	Level 1		Level 2		Total
Commercial paper	$	—	$	241,439	$	241,439
Corporate bonds	—		886,500		886,500
U.S. Treasury and government-sponsored enterprises	—		155,139		155,139
Municipal bonds	—		8,764		8,764
Total debt securities available-for-sale	—		1,291,842		1,291,842
Money market funds	304,352		—		304,352
Certificates of deposit	—		66,388		66,388
Total financial assets carried at fair value	$	304,352	$	1,358,230	$	1,662,582

Collaboration Agreements And Business Development Activities (Tables)

9 Months Ended

Oct. 02, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Collaborative Revenues Under Collaboration and License Agreement

Revenues under the collaboration agreement with Ipsen were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
License revenues	$	49,071	$	47,313	$	143,142	$	120,832
Collaboration services revenues	(4,773)		(2,347)		(13,269)		(6,127)
Total collaboration revenues	$	44,298	$	44,966	$	129,873	$	114,705

Revenues under the collaboration agreement with Takeda were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
License revenues	$	2,691	$	3,299	$	13,003	$	9,891
Collaboration services revenues	136		936		3,375		3,346
Total collaboration revenues	$	2,827	$	4,235	$	16,378	$	13,237

Net Income Per Share (Tables)

9 Months Ended

Oct. 02, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Income Per Share

Net income per share — basic and diluted, were computed as follows (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator:
Net income	$	218,095	$	193,578	$	640,612	$	538,042
Denominator:
Weighted-average common shares outstanding — basic	246,756		268,421		251,964		273,269
Dilutive securities	8,998		10,114		8,953		10,432
Weighted-average common shares outstanding — diluted	255,754		278,535		260,917		283,701

Net income per share — basic	$	0.88	$	0.72	$	2.54	$	1.97
Net income per share — diluted	$	0.85	$	0.69	$	2.46	$	1.90

Schedule of Potential Shares of Common Stock Not Included in the Computation of Diluted Net Income Per Share

The weighted-average potential common shares excluded from our calculation were as follows (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Anti-dilutive securities and contingently issuable shares excluded	2,017	2,133	2,593	1,856

Stockholders’ Equity - Allocated Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2026	Oct. 03, 2025	Oct. 02, 2026	Oct. 03, 2025
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 28,718	$ 30,885	$ 90,331	$ 92,886
Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpense
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	11,069	10,353	35,731	34,018
Income Statement Location [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 17,649	$ 20,532	$ 54,600	$ 58,868

Revenues - Activities and Ending Reserve Balances for Significant Categories of Discounts and Allowances (Details) $ in Thousands	9 Months Ended
	Oct. 02, 2026 USD ($)
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2025	$ 94,119
Provision related to sales made in:
Current period	739,561
Prior periods	(10,635)
Payments and customer credits issued	(721,108)
Balance at September 30, 2026	101,937
Chargebacks, Discounts for Prompt Payment and Other
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2025	34,223
Provision related to sales made in:
Current period	492,111
Prior periods	(10,015)
Payments and customer credits issued	(485,149)
Balance at September 30, 2026	31,170
Other Customer Credits/Fees and Co-pay Assistance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2025	23,612
Provision related to sales made in:
Current period	55,155
Prior periods	(402)
Payments and customer credits issued	(56,113)
Balance at September 30, 2026	22,252
Rebates
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2025	36,284
Provision related to sales made in:
Current period	192,295
Prior periods	(218)
Payments and customer credits issued	(179,846)
Balance at September 30, 2026	$ 48,515

Revenues - Revenues by Disaggregated Category (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2026	Oct. 03, 2025	Oct. 02, 2026	Oct. 03, 2025
Disaggregation of Revenue [Line Items]
Total revenues	$ 658,696	$ 597,755	$ 1,898,198	$ 1,721,463
Gross product revenues
Disaggregation of Revenue [Line Items]
Total revenues	853,716	780,272	2,461,852	2,247,263
Discounts and allowances
Disaggregation of Revenue [Line Items]
Total revenues	(248,792)	(237,342)	(728,926)	(671,036)
Net product revenues
Disaggregation of Revenue [Line Items]
Total revenues	604,924	542,930	1,732,926	1,576,227
License revenues
Disaggregation of Revenue [Line Items]
Total revenues	58,408	56,236	175,166	148,017
Collaboration services revenues
Disaggregation of Revenue [Line Items]
Total revenues	(4,636)	(1,411)	(9,894)	(2,781)
Collaboration revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 53,772	$ 54,825	$ 165,272	$ 145,236

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Revenues

9 Months Ended

Oct. 02, 2026

Revenue from Contract with Customer [Abstract]

REVENUES

Revenues consisted of the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Product revenues:
Gross product revenues	$	853,716	$	780,272	$	2,461,852	$	2,247,263
Discounts and allowances	(248,792)		(237,342)		(728,926)		(671,036)
Net product revenues	604,924		542,930		1,732,926		1,576,227
Collaboration revenues:
License revenues	58,408		56,236		175,166		148,017
Collaboration services revenues	(4,636)		(1,411)		(9,894)		(2,781)
Collaboration revenues	53,772		54,825		165,272		145,236
Total revenues	$	658,696	$	597,755	$	1,898,198	$	1,721,463

The percentage of total revenues by customer who individually accounted for 10% or more of our total revenues were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Affiliates of Cencora, Inc.	20	%	20	%	21	%	22	%
Affiliates of McKesson Corporation	20	%	20	%	20	%	19	%
Affiliates of CVS Health Corporation	16	%	15	%	15	%	15	%
Affiliates of Optum Specialty Pharmacy	11	%	*		10	%	*
Accredo Health Group, Inc.	*		11	%	10	%	12	%
Cardinal Health, Inc.	10	%	*		*		*

___________________

(*) Represents less than 10% of our total revenues in the applicable period.

The percentage of trade receivables by customer who individually accounted for 10% or more of our trade receivables were as follows:


	September 30, 2026		December 31, 2025
Affiliates of McKesson Corporation	25	%	25	%
Affiliates of Cencora, Inc.	24	%	23	%
Ipsen Pharma SAS	15	%	19	%
Affiliates of CVS Health Corporation	13	%	13	%
Cardinal Health, Inc.	12	%	12	%

Total revenues by geographic region were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
U.S.	$	609,099	$	546,461	$	1,746,006	$	1,588,413
Europe	44,298		44,966		129,873		114,705
Japan	5,299		6,328		22,319		18,345
Total revenues	$	658,696	$	597,755	$	1,898,198	$	1,721,463

Total revenues include net product revenues attributed to geographic regions based on the ship-to location and license and collaboration services revenues attributed to geographic regions based on the location of our collaboration partners’ headquarters.

Net product revenues and license revenues are recorded in accordance with ASC Topic 606, Revenue from Contracts with Customers (Topic 606). License revenues include the recognition of the portion of milestone payments allocated to the transfer of intellectual property licenses for which it had become probable in the current period that the milestone would be achieved and a significant reversal of revenues would not occur, as well as royalty revenues and our share of profits under our collaboration agreement with Genentech. Collaboration services revenues are recorded in accordance with ASC Topic 808, Collaborative Arrangements. Collaboration services revenues include the recognition of deferred revenues for the portion of upfront and milestone payments allocated to our research and development services performance obligations, development cost reimbursements earned under our collaboration agreements, product supply revenues, net of product supply costs and the royalties we paid on sales of products containing cabozantinib by our collaboration partners. License revenues and collaboration services revenues are presented in collaboration revenues in the accompanying Condensed Consolidated Statements of Income.

Net product revenues by product were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
CABOMETYX	$	603,154	$	539,878	$	1,726,575	$	1,568,640
COMETRIQ	1,770		3,052		6,351		7,587
Net product revenues	$	604,924	$	542,930	$	1,732,926	$	1,576,227

Product Sales Discounts and Allowances

The activities and ending reserve balances for each significant category of discounts and allowances (which constitute variable consideration) were as follows (in thousands):


	Chargebacks, Discounts for Prompt Payment and Other		Other Customer Credits/Fees and Co-pay Assistance		Rebates		Total
Balance at December 31, 2025	$	34,223	$	23,612	$	36,284	$	94,119
Provision related to sales made in:
Current period	492,111		55,155		192,295		739,561
Prior periods	(10,015)		(402)		(218)		(10,635)
Payments and customer credits issued	(485,149)		(56,113)		(179,846)		(721,108)
Balance at September 30, 2026	$	31,170	$	22,252	$	48,515	$	101,937

The allowance for chargebacks, discounts for prompt payment and other are recorded as a reduction of trade receivables, net, and the remaining reserves are recorded as rebates and fees due to customers in the accompanying Condensed Consolidated Balance Sheets.

Contract Assets and Liabilities

We receive payments from our collaboration partners based on billing schedules established in each contract. Amounts are recorded as accounts receivable when our right to consideration is unconditional. We may also recognize revenue in advance of the contractual billing schedule and such amounts are recorded as a contract asset when recognized. We may be required to defer recognition of revenue for upfront and milestone payments until we perform our obligations under these arrangements, and such amounts are recorded as deferred revenue upon receipt or when due. For those contracts that have multiple performance obligations, contract assets and liabilities are reported on a net basis at the contract level. There were no contract assets as of September 30, 2026 and December 31, 2025. Contract liabilities are primarily related to deferred revenues from Ipsen Pharma SAS (Ipsen) and Takeda Pharmaceutical Company Limited (Takeda).

Contract liabilities were as follows (in thousands):


	September 30, 2026		December 31, 2025





Contract liabilities:
Current portion(1)	$	1,081	$	1,115
Non-current portion(2)	4,041		6,112
Total contract liabilities	$	5,122	$	7,227

____________________

(1) Presented in other current liabilities in the accompanying Condensed Consolidated Balance Sheets.

(2) Presented in other non-current liabilities in the accompanying Condensed Consolidated Balance Sheets.

During each of the three and nine months ended September 30, 2026, and 2025, we recognized $1.0 million and $3.1 million, respectively, of revenues that were included in the deferred revenues balance at the beginning of the respective periods.

During the three and nine months ended September 30, 2026, we recognized $58.0 million and $177.9 million, respectively, in revenues for performance obligations satisfied in previous periods, as compared to $57.6 million and $151.3 million, respectively, for the corresponding prior year periods. During the three and nine months ended September 30, 2026, such revenues were primarily related to royalty payments allocated to our license performance obligations for our collaborations with Ipsen and Takeda and the recognition of revenues for the achievement of milestones, including a commercial milestone achieved during the first quarter of 2026. During the three and nine months ended September 30, 2025, such revenues were primarily related to royalty payments allocated to our license performance obligations for our collaborations with Ipsen and Takeda and the recognition of revenues for the achievement of milestones, including a regulatory milestone achieved during the third quarter of 2025.

As of September 30, 2026, $16.0 million of the combined transaction prices for our Ipsen and Takeda collaborations were allocated to research and development services performance obligations that had not yet been satisfied. See “Note 4. Collaboration Agreements and Business Development Activities” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2025 Form 10-K for additional information about the expected timing to satisfy these performance obligations.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details