Exelixis (EXEL)
NASDAQ:EXEL
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Exelixis
(NASDAQ:EXEL)
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Rating:86Outperform
Price Target:
$57.00
▲(26.98% Upside)
Action:Reiterated
Date:05/09/26
EXEL scores highly due to strong financial performance (very high margins, excellent cash conversion, and low leverage) and a supportive earnings-call backdrop (reiterated guidance, strong CABOMETYX momentum, and significant buybacks). Technicals are constructive with price above key moving averages and positive momentum. Valuation is reasonable on P/E, though the lack of a dividend yield limits that component’s upside.
Positive Factors
Strong cash generation
Consistent, high operating cash flow and near‑par free cash flow provide durable internal funding for R&D, pipeline trials, and sizable buybacks. This cash conversion strength supports strategic optionality and resilience through biotech cycle variability over the next 2–6 months.
Negative Factors
Clinical and regulatory readout dependency
A material portion of future growth depends on ZANZA pivotal trials and the pending NDA (STELLAR‑303 PDUFA). These binary development and approval outcomes create sustained execution risk over months, where negative or delayed readouts would meaningfully affect revenue trajectory and strategic plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent, high operating cash flow and near‑par free cash flow provide durable internal funding for R&D, pipeline trials, and sizable buybacks. This cash conversion strength supports strategic optionality and resilience through biotech cycle variability over the next 2–6 months.
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
$12.61B
Dividend YieldN/A
Average Volume (3M)2.71M
Price to Earnings (P/E)13.5
Beta (1Y)0.92
Revenue Growth3.33%
EPS Growth38.64%
CountryUS
Employees1,147
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)3.12
Shares Outstanding251,355,090
10 Day Avg. Volume2,521,549
30 Day Avg. Volume2,712,257
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 Cap1.00
Enterprise Value/Revenue5.28
Enterprise Value/Gross Profit5.48
Enterprise Value/Ebitda12.56
Forecast
1Y Price Target
$47.70Price Target Upside6.26% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)3.49
Revenue Forecast (FY)$2.59B
Exelixis Business Overview & Revenue Model
Company Description
Exelixis, Inc., an oncology-focused biotechnology company, focuses on the discovery, development, and commercialization of new medicines to treat cancers in the United States. The company's products include CABOMETYX tablets for the treatment of p...
How the Company Makes Money
Exelixis generates revenue primarily from product sales of its marketed oncology therapies, with CABOMETYX (cabozantinib) representing the company’s core commercial product and COMETRIQ (cabozantinib) also contributing. In addition to product reve...
Exelixis Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 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
92
Very Positive
Balance Sheet
86
Very Positive
Cash Flow
90
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.38B | 2.32B | 2.17B | 1.83B | 1.61B | 1.43B |
| Gross Profit | 2.29B | 2.24B | 2.09B | 1.76B | 1.55B | 1.38B |
| EBITDA | 998.74M | 921.76M | 718.75M | 196.60M | 222.36M | 300.30M |
| Net Income | 833.42M | 782.57M | 521.27M | 207.76M | 182.28M | 231.06M |
Balance Sheet | ||||||
| Total Assets | 2.59B | 2.84B | 2.95B | 2.94B | 3.07B | 2.62B |
| Cash, Cash Equivalents and Short-Term Investments | 777.21M | 1.06B | 1.11B | 995.30M | 1.31B | 1.47B |
| Total Debt | 169.54M | 173.04M | 190.82M | 189.94M | 190.17M | 51.27M |
| Total Liabilities | 657.85M | 683.10M | 703.49M | 678.45M | 583.06M | 405.62M |
| Stockholders Equity | 1.94B | 2.16B | 2.24B | 2.26B | 2.49B | 2.21B |
Cash Flow | ||||||
| Free Cash Flow | 916.41M | 844.34M | 633.79M | 170.35M | 224.16M | 336.58M |
| Operating Cash Flow | 924.67M | 884.27M | 699.97M | 333.32M | 362.61M | 400.80M |
| Investing Cash Flow | 249.61M | 350.44M | -116.78M | -26.95M | -524.41M | -42.88M |
| Financing Cash Flow | -1.13B | -969.59M | -628.81M | -546.05M | 586.00K | -14.80M |
Exelixis Technical Analysis
Positive
44.89
Price Trends
45.33
Positive
44.32
Positive
42.31
Positive
Market Momentum
1.44
Negative
59.87
Neutral
50.25
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 44.89 is below the 20-day moving average (MA) of 47.96, below the 50-day MA of 45.33, and above the 200-day MA of 42.31, indicating a bullish trend. The MACD of 1.44 indicates Negative momentum. The RSI at 59.87 is Neutral, neither overbought nor oversold. The STOCH value of 50.25 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 |
|---|---|---|---|---|---|---|---|
86 Outperform | $12.61B | 13.46 | 40.21% | ― | 3.33% | 38.64% | |
83 Outperform | $8.10B | 12.72 | 126.27% | ― | 39.12% | -24.20% | |
81 Outperform | $19.41B | 15.46 | 29.31% | ― | 21.48% | 1853.63% | |
70 Outperform | $10.45B | 25.76 | 4.41% | ― | 12.53% | -49.09% | |
62 Neutral | $15.41B | 4.77 | -5641.90% | ― | 155.14% | ― | |
53 Neutral | $13.54B | -22.04 | 36.00% | ― | 355.17% | -6.09% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
EXEL
Exelixis
49.98
6.89
15.99%
BMRN
BioMarin Pharmaceutical
52.88
-5.23
-9.00%
HALO
Halozyme
68.72
14.30
26.28%
INCY
Incyte
97.10
31.75
48.58%
ASND
Ascendis Pharma
239.65
82.38
52.38%
BBIO
BridgeBio Pharma
67.73
34.63
104.62%
Exelixis Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Exelixis Posts Strong Q1 Results, Expands Share Buybacks
Positive
May 5, 2026
On May 5, 2026, Exelixis reported first quarter 2026 revenues of $610.8 million, up from $555.4 million a year earlier, driven by higher U.S. cabozantinib net product sales of $555.0 million and increased collaboration revenues. GAAP net income ro...
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.