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Exelixis
(NASDAQ:EXEL)
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Rating:80Outperform
Price Target:
$66.00
▲(16.36% Upside)
Action:Reiterated
Date:09/11/26
EXEL’s score is led by strong financial performance—high and improving profitability, excellent TTM free cash flow, and low leverage. Technicals support the setup with price above major moving averages and positive MACD. Offsetting factors include a modest guidance cut and higher gross-to-net expectations from the latest earnings call, plus mixed corporate updates where the FDA review extension partially counterbalances the patent-exclusivity win.
Positive Factors
Leading Oncology Market Position
CABOMETYX is gaining prescriptions faster than its oral TKI market and expanding market share in important oncology settings. This leadership supports durable commercial momentum, strengthens physician adoption, and provides a substantial base for future franchise growth.
Negative Factors
Slower NET Commercial Ramp
A slower NET uptake curve reduces near-term growth from an important expansion opportunity and shows that adoption may take longer than planned. Delayed patient initiation and treatment kinetics can make the revenue contribution less predictable over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Leading Oncology Market Position
CABOMETYX is gaining prescriptions faster than its oral TKI market and expanding market share in important oncology settings. This leadership supports durable commercial momentum, strengthens physician adoption, and provides a substantial base for future franchise growth.
Read all positive factors
Exelixis Key Performance Indicators (KPIs)
Any
Revenue by Geography
Shows how sales are distributed across different markets and countries. For Exelixis, geographic splits reveal dependency on core markets versus international partners, helping investors assess exposure to market-specific demand, pricing pressure, and reimbursement changes.
Shows how sales are distributed across different markets and countries. For Exelixis, geographic splits reveal dependency on core markets versus international partners, helping investors assess exposure to market-specific demand, pricing pressure, and reimbursement changes.
Data provided by:
The Fly
The FlyExelixis (EXEL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.41B
Dividend YieldN/A
Average Volume (3M)2.04M
Price to Earnings (P/E)17.7
Beta (1Y)0.94
Revenue Growth9.23%
EPS Growth53.08%
CountryUS
Employees1,077
SectorGeneral
Sector StrengthN/A
IndustryBiotechnology
Share Statistics
EPS (TTM)3.29
Shares Outstanding247,781,700
10 Day Avg. Volume2,184,080
30 Day Avg. Volume2,040,674
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)5.48
Price to Sales (P/S)5.10
P/FCF Ratio14.02
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$52.00Price Target Upside-8.32% Downside
Rating ConsensusHold
Number of Analyst Covering15
EPS Forecast (FY)3.51
Revenue Forecast (FY)$2.55B
Exelixis Business Overview & Revenue Model
Company Description
Exelixis, Inc. operates as a biotechnology firm dedicated to combating cancer, primarily focusing on the identification, advancement, and marketing of novel oncological treatments within the United States. Its portfolio of commercially available t...
How the Company Makes Money
Exelixis generates revenue primarily from (1) product sales of its marketed oncology medicines and (2) collaboration-related income. Product revenue is largely driven by U.S. sales of CABOMETYX (cabozantinib), with demand tied to its approved indi...
Exelixis Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call reflects strong commercial performance, healthy profitability and a well-advanced zanzalintinib development program with multiple pivotal trials and a pending NDA/PDUFA. These positive fundamentals are tempered by a modestly slower-than-expected NET ramp that prompted a $50 million downward adjustment to revenue guidance, higher gross-to-net expectations (30%–31%), and some clinical/regulatory uncertainties (STELLAR-303 subgroup result, 505(b)(2) dynamics). On balance, the company’s execution, cash position (~$1.4B), active share repurchases, and deep pipeline milestones outweigh the near-term headwinds, supporting a constructive outlook while acknowledging short-term risks.Positive Updates
Total Revenue and Cabozantinib Franchise Growth
Total revenues of ~$629 million in Q2 2026; cabozantinib franchise net product revenues of $573 million. CABOMETYX net product revenues were $571 million. U.S. cabo franchise net product revenues grew ~10% year-over-year; global cabo franchise net product revenues (Exelixis + partners) grew ~13% year-over-year to ~$806 million.
Negative Updates
Reduced and Narrowed Full-Year 2026 Revenue Guidance
Updated guidance lowers and narrows total revenues and net product revenue ranges, reducing the midpoint by $50 million versus prior guidance. Management attributes this to a more gradual ramp for the NET indication in 2026.
Read all updates
Q2-2026 Updates
Positive
Negative
Total Revenue and Cabozantinib Franchise Growth
Total revenues of ~$629 million in Q2 2026; cabozantinib franchise net product revenues of $573 million. CABOMETYX net product revenues were $571 million. U.S. cabo franchise net product revenues grew ~10% year-over-year; global cabo franchise net product revenues (Exelixis + partners) grew ~13% year-over-year to ~$806 million.
Read all positive updates
Company Guidance
Exelixis updated 2026 guidance on the call, lowering and narrowing total revenues and net product revenue guidance (midpoint down $50M versus prior guidance) and trimming R&D expense guidance (midpoint down $50M), while keeping projected free cash flow essentially unchanged; it now projects full‑year gross‑to‑net deductions of 30–31% (Q2 gross‑to‑net was 29.5%). For Q2 the company reported total revenues of ~$629M, U.S. cabo franchise net product revenues of ~$573M (≈+10% YoY), CABOMETYX net product revenues of ~$571M (including ~$2.7M clinical trial sales), global cabo franchise revenues of ~$806M (≈+13% YoY), CABOMETYX trade inventory of 2.1 weeks, total operating expenses of ~$380M, GAAP net income of ~$212M ($0.85 basic / $0.82 diluted) and non‑GAAP net income of ~$237M ($0.95 basic / $0.91 diluted), a tax provision of ~$50.6M, cash and marketable securities of ~ $1.4B, and ~$312M of share repurchases in Q2 (≈6.5M shares retired at an average price of $47.85) with ~$598M remaining under the $750M buyback authorization.Exelixis Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
84
Very Positive
Cash Flow
92
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.44B | 2.32B | 2.17B | 1.83B | 1.61B | 1.43B |
| Gross Profit | 2.35B | 2.24B | 2.09B | 1.76B | 1.55B | 1.38B |
| EBITDA | 1.04B | 921.76M | 718.75M | 283.24M | 255.23M | 307.78M |
| Net Income | 860.62M | 782.57M | 521.27M | 207.76M | 182.28M | 231.06M |
Balance Sheet | ||||||
| Total Assets | 2.49B | 2.84B | 2.95B | 2.94B | 3.07B | 2.62B |
| Cash, Cash Equivalents and Short-Term Investments | 839.38M | 1.06B | 1.11B | 995.30M | 1.31B | 1.47B |
| Total Debt | 165.93M | 173.04M | 190.82M | 189.94M | 190.17M | 51.27M |
| Total Liabilities | 650.47M | 683.10M | 703.49M | 678.45M | 583.06M | 405.62M |
| Stockholders Equity | 1.84B | 2.16B | 2.24B | 2.26B | 2.49B | 2.21B |
Cash Flow | ||||||
| Free Cash Flow | 1.16B | 844.34M | 633.79M | 170.35M | 224.16M | 336.58M |
| Operating Cash Flow | 1.18B | 884.27M | 699.97M | 333.32M | 362.61M | 400.80M |
| Investing Cash Flow | 93.01M | 350.44M | -116.78M | -26.95M | -524.41M | -42.88M |
| Financing Cash Flow | -1.16B | -969.59M | -628.81M | -546.05M | 586.00K | -14.80M |
Exelixis Technical Analysis
Positive
56.72
Price Trends
55.56
Positive
53.84
Positive
48.65
Positive
Market Momentum
0.71
Positive
56.10
Neutral
65.12
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EXEL, the sentiment is Positive. The current price of 56.72 is below the 20-day moving average (MA) of 57.36, above the 50-day MA of 55.56, and above the 200-day MA of 48.65, indicating a bullish trend. The MACD of 0.71 indicates Positive momentum. The RSI at 56.10 is Neutral, neither overbought nor oversold. The STOCH value of 65.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EXEL.
Exelixis Risk Analysis
Exelixis disclosed 31 risk factors in its most recent earnings report. Exelixis reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Exelixis Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $25.11B | 15.35 | 29.70% | ― | 26.93% | 80.66% | |
80 Outperform | $14.41B | 17.74 | 42.49% | ― | 9.23% | 53.08% | |
76 Outperform | $15.45B | 15.68 | 21.37% | ― | 12.59% | ― | |
68 Neutral | $20.70B | 27.34 | 13.58% | ― | 21.75% | -36.69% | |
57 Neutral | $12.45B | -13.82 | -204.33% | ― | ― | -11.10% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | $2.87B | -14.57 | -27.40% | ― | 5.13% | 17.00% |
* General Sector Average
EXEL
Exelixis
58.37
17.80
43.87%
INCY
Incyte
124.82
40.93
48.79%
JAZZ
Jazz Pharmaceuticals
238.28
109.26
84.68%
SMMT
Summit Therapeutics
15.48
-5.68
-26.84%
ZLAB
Zai Lab
25.69
-7.24
-21.99%
GMAB
Genmab
35.36
6.03
20.56%
Exelixis Corporate Events
Product-Related AnnouncementsRegulatory Filings and Compliance
FDA Extends Review Timeline for Exelixis Cancer Drug
Negative
Sep 11, 2026
On September 10, 2026, Exelixis, Inc. received notice from the U.S. Food and Drug Administration that the review period for its new drug application for zanzalintinib, in combination with atezolizumab, for metastatic colorectal cancer has been ext...
Business Operations and StrategyLegal Proceedings
Exelixis Secures Key Patent Victory, Extends Exclusivity
Positive
Aug 31, 2026
On August 31, 2026, Exelixis announced that the U.S. Court of Appeals for the Federal Circuit upheld a Delaware district court ruling that several of its U.S. patents covering a key product are not invalid and dismissed as moot an appeal concernin...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.