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Exelixis
(NASDAQ:EXEL)
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Rating:83Outperform
Price Target:
$66.00
▲(19.20% Upside)
Action:Reiterated
Date:08/06/26
EXEL scores well primarily due to strong recent financial performance (high margins, excellent free cash flow, and low leverage) reinforced by a positive earnings call highlighting CABOMETYX momentum and continued guidance. Technicals add support with an uptrend and positive MACD, while valuation is fair at ~17x earnings but lacks dividend support. Key risks are gross-to-net pressure and reliance on upcoming ZANZA clinical/regulatory readouts.
Positive Factors
Cash generation
Sustained high operating and free cash flow (~$1.44B TTM) gives Exelixis durable financial flexibility to fund clinical programs, support buybacks, and weather trial timing variability. High cash conversion also signals earnings quality and reduces dependence on external financing over the medium term.
Negative Factors
Gross-to-net pressure
Rising gross-to-net deductions (30.2%) driven by 340B, Medicare Part D discounts and co-pay assistance structurally reduce realized product revenue and margins. This trend can persist due to payor dynamics and patient assistance needs, constraining net revenue growth even if underlying demand stays strong.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained high operating and free cash flow (~$1.44B TTM) gives Exelixis durable financial flexibility to fund clinical programs, support buybacks, and weather trial timing variability. High cash conversion also signals earnings quality and reduces dependence on external financing over the medium term.
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.
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The Fly
The FlyExelixis (EXEL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.33B
Dividend YieldN/A
Average Volume (3M)2.53M
Price to Earnings (P/E)17.0
Beta (1Y)0.89
Revenue Growth3.33%
EPS Growth38.64%
CountryUS
Employees1,077
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)3.29
Shares Outstanding251,355,090
10 Day Avg. Volume2,048,214
30 Day Avg. Volume2,530,490
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
$51.75Price Target Upside-6.54% Downside
Rating ConsensusHold
Number of Analyst Covering14
EPS Forecast (FY)3.5
Revenue Forecast (FY)$2.60B
Exelixis Business Overview & Revenue Model
Company Description
Exelixis, Inc. (EXEL) is a biotechnology company focused on discovering, developing, and commercializing medicines, primarily in oncology. The company’s core products are small-molecule therapeutics, including its marketed cancer therapy cabozanti...
How the Company Makes Money
Exelixis generates revenue primarily from (1) net product sales of its commercial oncology medicines and (2) collaboration-related income. The largest revenue stream is product revenue from cabozantinib-based products: CABOMETYX (cabozantinib) and...
Exelixis Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum for CABOMETYX (double-digit global growth, notable TRx and market share gains), solid profitability and cash position, active share repurchases, and substantial advancement of ZANZA with one positive pivotal result (20% OS risk reduction in STELLAR-303 ITT) and multiple ongoing pivotal trials across tumor types. Offsetting these positives were increased gross-to-net deductions (30.2%), a materially higher tax provision, reliance on several upcoming readouts (some immature or timing‑sensitive), and broader development complexity highlighted by a competitive miss in a related triplet program. On balance, operational and commercial strengths and a broad, advancing pipeline materially outweigh the near-term execution and regulatory uncertainties.Positive Updates
Strong topline and cabozantinib franchise revenue growth
Total revenue of approximately $611 million in Q1 2026; U.S. cabo franchise net product revenues grew 8% year-over-year to $555 million; global cabo franchise net product revenues grew 12.5% year-over-year to $764 million. CABOMETYX net product revenues were $552.8 million (including $3.6 million in clinical trial sales).
Negative Updates
Increased gross-to-net deductions pressure net revenue
Gross-to-net for the cabozantinib franchise rose to 30.2% in 2026 (higher than 2025), driven primarily by higher 340B volume, increased Medicare Part D discounts and rebates, and greater co-pay assistance—reducing net realized revenue from product sales.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong topline and cabozantinib franchise revenue growth
Total revenue of approximately $611 million in Q1 2026; U.S. cabo franchise net product revenues grew 8% year-over-year to $555 million; global cabo franchise net product revenues grew 12.5% year-over-year to $764 million. CABOMETYX net product revenues were $552.8 million (including $3.6 million in clinical trial sales).
Read all positive updates
Company Guidance
The company reiterated its full‑year 2026 financial guidance (see slide 16) and reported Q1 results that support that outlook: total revenues of approximately $611 million, U.S. cabo franchise net product revenues up 8% year‑over‑year to $555 million (CABOMETYX net product revenues $552.8 million, including $3.6 million in clinical trial sales), and global cabo franchise net product revenues of $764 million (+12.5% YoY); CABOMETYX TRx volume grew 14% vs Q1 2025 while the oral TKI market basket grew 7% and CABOMETYX market share rose from 44% to 47%. Financial metrics included a cabo gross‑to‑net of 30.2%, trade inventory of 2.1 weeks on hand, royalties of ~$45.9 million, total operating expenses of ~$359 million (vs $363 million prior year), GAAP net income of ~$210.5 million (EPS $0.81 basic/$0.79 diluted) and non‑GAAP net income of ~$232.8 million (EPS $0.90/$0.87) excluding ~$22.3 million of stock‑based compensation, cash and marketable securities of ~$1.4 billion, and aggressive capital returns with ~$430.8 million of share repurchases (~10 million shares at an average $42.99), $159.4 million remaining under the prior $750 million plan and a new $50 million authorization through 12/31/2027.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 | 1.43B | 844.34M | 633.79M | 170.35M | 224.16M | 336.58M |
| Operating Cash Flow | 1.44B | 884.27M | 699.97M | 333.32M | 362.61M | 400.80M |
| Investing Cash Flow | 41.94M | 350.44M | -116.78M | -26.95M | -524.41M | -42.88M |
| Financing Cash Flow | -1.62B | -969.59M | -628.81M | -546.05M | 586.00K | -14.80M |
Exelixis Technical Analysis
Positive
55.37
Price Trends
53.93
Positive
49.54
Positive
46.03
Positive
Market Momentum
0.46
Positive
57.00
Neutral
78.76
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 55.37 is below the 20-day moving average (MA) of 55.73, above the 50-day MA of 53.93, and above the 200-day MA of 46.03, indicating a bullish trend. The MACD of 0.46 indicates Positive momentum. The RSI at 57.00 is Neutral, neither overbought nor oversold. The STOCH value of 78.76 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 (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | $24.23B | 14.70 | 29.70% | ― | 26.93% | 80.66% | |
83 Outperform | $13.33B | 17.00 | 42.49% | ― | 3.33% | 38.64% | |
77 Outperform | $9.79B | 28.27 | 126.27% | ― | 39.12% | -24.20% | |
71 Outperform | $11.60B | 42.87 | 4.41% | ― | 12.53% | -49.09% | |
62 Neutral | $15.70B | -21.36 | 36.00% | ― | 355.17% | -6.09% | |
61 Neutral | $15.21B | 25.82 | -5641.90% | ― | 155.14% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
EXEL
Exelixis
56.70
19.31
51.64%
BMRN
BioMarin Pharmaceutical
59.91
0.45
0.76%
HALO
Halozyme
83.59
21.49
34.61%
INCY
Incyte
119.80
41.60
53.20%
ASND
Ascendis Pharma
244.20
53.85
28.29%
BBIO
BridgeBio Pharma
81.99
36.04
78.43%
Exelixis Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Exelixis Shareholders Approve Equity Plan and Board Slate
Positive
May 29, 2026
On May 26, 2026, Exelixis held its annual meeting of stockholders via live webcast, where shareholders approved an amendment and restatement of the company’s 2017 Equity Incentive Plan, which became effective immediately upon approval. The m...
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.