Exelixis’ cabozantinib reduces lung and thymic NET progression risk by 81%

ALAMEDA, Calif. - Exelixis, Inc. (NASDAQ:EXEL), a biopharmaceutical company with a robust $10.57 billion market capitalization and exceptional financial health according to InvestingPro metrics, announced that its drug CABOMETYX (cabozantinib) demonstrated an 81% reduction in the risk of disease progression or death compared to placebo in patients with advanced lung or thymic neuroendocrine tumors (NET), according to subgroup data from the phase 3 CABINET trial.

The findings, to be presented at the European Society for Medical Oncology Congress on Monday, showed that among 49 patients with lung or thymic NET, median progression-free survival reached 8.2 months with CABOMETYX versus 2.7 months with placebo. The company’s strong commercial execution is reflected in its impressive 96.59% gross profit margin and 10.73% revenue growth over the last twelve months.

Lung NET represents the second most common site of NET origin, with limited treatment options available. The five-year survival rate for advanced lung NET is 49%, while thymic NET are rare and typically more aggressive.

"These subgroup results showing that cabozantinib achieved a meaningful progression-free survival benefit in patients with lung or thymic NET are encouraging, as these subtypes of the disease can be particularly challenging to treat," said Jennifer Chan, M.D., study chair for the CABINET trial and Clinical Director of the Gastrointestinal Cancer Center at Dana-Farber Cancer Institute.

The safety profile observed in patients with lung or thymic NET was consistent with CABOMETYX’s known profile. The most frequent grade 3/4 adverse events included fatigue (24%), hypertension (18%), diarrhea (9%) and palmar plantar erythrodysesthesia (9%).

CABOMETYX received U.S. Food and Drug Administration approval in March 2025 for previously treated, unresectable, locally advanced or metastatic, well-differentiated pancreatic NET and extra-pancreatic NET. The European Commission granted similar approval in July 2025.

The CABINET trial, sponsored by the National Cancer Institute and conducted by the Alliance for Clinical Trials in Oncology, was stopped early after an interim analysis demonstrated superior efficacy of cabozantinib compared to placebo.

Based on a press release statement, Exelixis is also conducting the STELLAR-311 pivotal trial examining zanzalintinib as a potential first-line oral targeted therapy for patients with locally advanced or metastatic NET. With a strong current ratio of 3.51 and minimal debt levels, the company appears well-positioned to fund its research pipeline. InvestingPro analysis suggests the stock is currently undervalued, with additional insights available in the comprehensive Pro Research Report, which provides deep-dive analysis of 1,400+ top stocks.

In other recent news, Exelixis has been the focus of several analyst evaluations and company developments. Truist Securities reiterated its Buy rating with a $49.00 price target on Exelixis, ahead of the European Society for Medical Oncology (ESMO) 2025 conference, where the STELLAR-303 clinical trial data will be presented. UBS, however, lowered its price target for Exelixis to $35.00, maintaining a Neutral rating due to concerns regarding the Zanza pipeline program’s upcoming Phase 3 STELLAR data. Barclays initiated coverage of Exelixis with an Equalweight rating and a $40.00 price target, projecting continued growth for cabozantinib until its patent expiry in 2029. Goldman Sachs also initiated coverage with a Buy rating and a $47.00 price target, highlighting zanzalintinib’s potential to offset future revenue losses. In company news, Exelixis announced leadership changes, appointing Dana T. Aftab, Ph.D., as Executive Vice President, Research and Development. Meanwhile, Amy C. Peterson, M.D., concluded her role as Executive Vice President, Product Development and Medical Affairs. These developments reflect ongoing strategic and operational shifts within the company.

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