Exelixis (NASDAQ: EXEL) has crushed the broader market this year, with its shares climbing 49%. However, the drugmaker recently hit a roadblock. The U.S. Food and Drug Administration (FDA) decided to extend the review period for Exelixis' zanzalintinib, an investigational medicine for colorectal cancer. The health regulatory agency requested more data before it can decide whether to approve the drug. A decision is now expected by March 3, 2027, pushed back from the original deadline of Dec. 3, 2026. That's not great news for Exelixis, but despite this setback, the company's prospects look attractive. Here are three reasons why. Image source: The Motley Fool. Exelixis' most important driver of revenue and earnings growth is Cabometyx, a medicine approved for various cancers, including liver and kidney cancers. Cabometyx is a tyrosine kinase inhibitor -- tyrosine kinase is a protein that plays a role in cell growth and division, a mechanism that is sometimes hijacked by cancer cells to promote rapid growth. Cabometyx has been one of the top-prescribed medicines of its kind in renal cell carcinoma (RCC, the most common form of kidney cancer) for years.
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