Exelixis (EXEL) AI Stock Analysis

• Market Cap: $11.40B
• Dividend Yield: N/A
• Average Volume (3M): 2.99M
• Price to Earnings (P/E): 17.9
• Beta (1Y): 0.88
• Revenue Growth: 9.93%
• EPS Growth: 54.33%
• Country: US
• Employees: 1,147
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 0.78
• Shares Outstanding: 268,112,150
• 10 Day Avg. Volume: 2,528,531
• 30 Day Avg. Volume: 2,993,609
• PEG Ratio: 0.11
• Price to Book (P/B): 4.39
• Price to Sales (P/S): 4.54
• P/FCF Ratio: 15.55
• Enterprise Value/Market Cap: 0.91
• Enterprise Value/Revenue: 4.53
• Enterprise Value/Gross Profit: 4.68
• Enterprise Value/Ebitda: 12.00
• 1Y Price Target: $45.33
• Price Target Upside: 6.63% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 17
• EPS Forecast (FY): 2.9
• Revenue Forecast (FY): $2.34B

• Rating: 76 Outperform
• Price Target: $43.00 ▲(1.15% Upside)

Exelixis's strong financial performance and positive earnings call sentiment are the primary drivers of its stock score. The company's robust revenue growth, efficient cost management, and strategic advancements in its R&D pipeline contribute to a favorable outlook. However, technical indicators suggest a bearish trend, and valuation metrics indicate fair pricing, which slightly tempers the overall score.

Positive Factors

Revenue Growth

The consistent revenue growth driven by the cabozantinib franchise indicates strong market demand and effective commercialization strategies, supporting long-term financial health.

Clinical Success

The clinical success of zanzalintinib in colorectal cancer trials enhances Exelixis's R&D pipeline, potentially leading to new market opportunities and revenue streams.

Cash Flow Management

Improved free cash flow indicates efficient operations and financial flexibility, enabling Exelixis to invest in growth opportunities and withstand economic fluctuations.

Negative Factors

Restructuring Charges

Restructuring charges increase operating expenses, potentially affecting profitability and indicating internal adjustments that may disrupt operations in the short term.

Regulatory Delays

Regulatory delays can postpone market entry for new drugs, impacting revenue growth and strategic plans, and potentially affecting investor confidence.

Declining Cash Reserves

Declining cash reserves may limit Exelixis's ability to fund operations and strategic initiatives, posing a risk to financial flexibility and long-term growth.

Exelixis Business Overview & Revenue Model

Company Description

Exelixis, Inc. is a biotechnology company focused on the development and commercialization of innovative therapies for cancer treatment. Headquartered in Alameda, California, Exelixis is primarily involved in the oncology sector, offering a range of products designed to improve the lives of patients with various types of cancer. The company’s core product is cabozantinib, marketed under the brand names Cometriq and Cabometyx, which is used for the treatment of multiple cancer indications, including renal cell carcinoma and hepatocellular carcinoma.

How the Company Makes Money

Exelixis generates revenue through the sale of its pharmaceutical products, particularly cabozantinib, which is a key driver of their earnings. The company also earns revenue from collaboration agreements and licensing deals with other pharmaceutical companies, which may include upfront payments, milestone payments, and royalties on sales of partnered products. Exelixis has formed strategic partnerships with a number of organizations to enhance its research capabilities and expand its market reach, thus contributing to its financial performance. Additionally, the company may receive funding from grants or governmental programs aimed at cancer research and development.

Exelixis Financial Statement Overview

Summary

Exelixis demonstrates strong financial health with robust revenue and profit growth, efficient cost management, and strong cash flow generation. The balance sheet reflects stability with low leverage and solid equity. While there are small risks associated with declining cash reserves, the company's overall financial position supports its growth trajectory in the biotechnology industry.

Income Statement

Exelixis demonstrates strong income statement performance with consistent growth in revenue, reflected in a TTM revenue of $2.23 billion, a significant increase from prior periods. The company's gross profit margin remains robust, with a TTM margin of approximately 96.6%, indicating efficient cost management. The net profit margin has improved to 27.0% in the TTM period, showcasing enhanced profitability. EBIT and EBITDA margins have also increased, underscoring operational efficiency. Overall, the company shows strong revenue and profit growth, with efficient cost control contributing to improved profitability.

Balance Sheet

The balance sheet reflects a solid financial position, with stockholders' equity accounting for approximately 75.9% of total assets in the TTM period. The debt-to-equity ratio remains low at 0.09, indicating manageable leverage. Return on equity is strong at 29.6%, reflecting efficient use of shareholder funds. While the equity ratio suggests financial stability, the decrease in cash and short-term investments could pose a potential risk if it affects liquidity in the future.

Cash Flow

Exelixis displays strong cash flow management with an improvement in free cash flow, growing by 18.2% from the previous annual period to $748.9 million in the TTM. The operating cash flow to net income ratio of 1.28 indicates good cash generation from operations relative to net income. The free cash flow to net income ratio also supports the company's ability to convert earnings into cash. Despite high financing cash outflows, the overall cash flow position remains strong, supporting further growth and investment.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.29B	2.17B	1.83B	1.61B	1.43B	987.54M
Gross Profit	2.21B	2.09B	1.76B	1.55B	1.38B	951.27M
EBITDA	862.90M	718.75M	196.60M	222.36M	300.30M	119.20M
Net Income	677.90M	521.27M	207.76M	182.28M	231.06M	111.78M
Balance Sheet
Total Assets	2.82B	2.95B	2.94B	3.07B	2.62B	2.14B
Cash, Cash Equivalents and Short-Term Investments	988.53M	1.11B	995.30M	1.31B	1.47B	1.21B
Total Debt	176.46M	190.82M	189.94M	190.17M	51.27M	49.09M
Total Liabilities	662.85M	703.49M	678.45M	583.06M	405.62M	258.22M
Stockholders Equity	2.16B	2.24B	2.26B	2.49B	2.21B	1.88B
Cash Flow
Free Cash Flow	753.10M	633.79M	170.35M	224.16M	336.58M	178.64M
Operating Cash Flow	791.01M	699.97M	333.32M	362.61M	400.80M	208.98M
Investing Cash Flow	230.00M	-116.78M	-26.95M	-524.41M	-42.88M	-131.22M
Financing Cash Flow	-903.06M	-628.81M	-546.05M	586.00K	-14.80M	-25.13M

Exelixis Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 42.51
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 42.51 is above the 20-day moving average (MA) of 41.04, above the 50-day MA of 39.93, and above the 200-day MA of 39.47, indicating a bullish trend. The MACD of 0.89 indicates Negative momentum. The RSI at 57.55 is Neutral, neither overbought nor oversold. The STOCH value of 47.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EXEL.

Exelixis Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INCY	81 Outperform	$20.04B	17.12	30.39%	―	18.09%	3563.21%
HALO	78 Outperform	$8.27B	14.79	124.50%	―	31.19%	59.01%
EXEL	76 Outperform	$11.40B	17.90	30.56%	―	9.93%	54.33%
BMRN	73 Outperform	$10.51B	20.49	9.07%	―	12.31%	60.21%
BBIO	55 Neutral	$13.13B	―	―	―	62.46%	-73.59%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ASND	46 Neutral	$12.86B	―	―	―	103.32%	47.55%

Exelixis Corporate Events

Exelixis Reports Strong Q3 2025 Financial Results

Exelixis, Inc. is a biotechnology company focused on developing and commercializing cancer therapies, with a strong emphasis on its cabozantinib franchise and expanding pipeline of oncology treatments.

Exelixis Announces $750 Million Stock Repurchase Program

On November 4, 2025, Exelixis announced a stock repurchase program of up to $750 million to be completed by the end of 2026. The company reported strong financial results for the third quarter of 2025, with total revenues of $597.8 million and significant growth in its cabozantinib franchise. Exelixis also highlighted progress in its clinical trials and pipeline development, including positive results from the STELLAR-303 trial. The company is undergoing a corporate reorganization plan, which includes workforce changes and office closures, expected to be completed by the end of 2025.

The most recent analyst rating on (EXEL) stock is a Buy with a $44.00 price target. To see the full list of analyst forecasts on Exelixis stock, see the EXEL Stock Forecast page.

Exelixis Advances Phase 1 Study of XL309 for Advanced Solid Tumors

Exelixis is currently conducting a Phase 1 clinical study titled An Open-Label, Multicenter Study to Investigate the Safety, Tolerability, Pharmacokinetics, and Preliminary Efficacy of XL309 (ISM3091) as Single-Agent and Combination Therapy in Patients With Advanced Solid Tumors. The study aims to evaluate the safety, tolerability, and preliminary efficacy of XL309, both alone and in combination with olaparib, in patients with advanced solid tumors. This research is significant as it explores potential new treatment options for these challenging conditions.

Exelixis Advances in Neuroendocrine Tumor Treatment with New Clinical Trial

Study Overview: Exelixis is conducting a Phase 2/3 clinical trial titled ‘A Phase 2/3, Multicenter, Randomized Open-Label Study of Zanzalintinib vs Everolimus in Participants With Previously Treated, Unresectable, Locally Advanced or Metastatic Neuroendocrine Tumors.’ The study aims to evaluate the effectiveness of zanzalintinib compared to everolimus in treating pancreatic and extra-pancreatic neuroendocrine tumors, which are challenging conditions with limited treatment options.

Exelixis Announces New Executive VP for R&D

On August 29, 2025, Exelixis, Inc. announced a significant leadership change as Dana T. Aftab, Ph.D., was appointed as Executive Vice President, Research and Development, succeeding Amy C. Peterson, M.D., who concluded her service as Executive Vice President, Product Development and Medical Affairs and Chief Medical Officer. This transition may impact the company’s strategic direction in research and development, potentially influencing its market positioning and stakeholder interests.

The most recent analyst rating on (EXEL) stock is a Buy with a $43.00 price target. To see the full list of analyst forecasts on Exelixis stock, see the EXEL Stock Forecast page.

Exelixis’s Promising Study on XB371: A New Hope for Solid Tumors

Exelixis is currently conducting a clinical study titled ‘A Dose Escalation and Expansion Study of XB371 Administered in Participants With Locally Advanced or Metastatic Solid Tumors.’ The study aims to evaluate the safety and tolerability of the drug XB371 in patients with advanced solid tumors, which is crucial for determining its potential as a treatment option.

Exelixis and Novartis: Key Updates from the Pan Tumor Rollover Study

The Pan Tumor Rollover Study, officially titled ‘Pan-Tumor Study for Long-term Treatment of Cancer Patients Who Have Participated in BMS Sponsored Trials Investigating Nivolumab and Other Cancer Therapies,’ aims to assess the long-term safety of nivolumab, both as a monotherapy and in combination with other cancer treatments, across various tumor types. This study is significant as it seeks to provide insights into the sustained safety profile of these therapies, potentially impacting treatment protocols for cancer patients.

Exelixis’s Promising Study on Renal Cell Carcinoma: A Potential Game Changer?

Study Overview: The clinical study titled ‘A Phase 1b/2 Study of Immune and Targeted Combination Therapies in Participants With RCC (KEYMAKER-U03): Substudy 03C’ aims to evaluate the safety and efficacy of experimental drug combinations in patients with clear cell renal cell carcinoma (ccRCC) who have experienced recurrent disease during or after anti-PD-(L)1 therapy. This study is significant as it explores new treatment avenues for a challenging cancer type.

Exelixis’s Innovative RCC Study: A Potential Game-Changer?

Study Overview: The clinical study titled A Phase 1b/2 Study of Immune and Targeted Combination Therapies in Participants With RCC (KEYMAKER-U03): Substudy 03C aims to assess the safety and efficacy of experimental drug combinations in patients with clear cell renal cell carcinoma (ccRCC) who have experienced disease recurrence during or after anti-PD-(L)1 therapy. This study is significant as it explores new treatment options for a challenging patient population.

Exelixis’s Promising Study on Renal Cell Carcinoma: Key Updates for Investors

Study Overview: The clinical study titled ‘A Phase 1b/2 Study of Immune and Targeted Combination Therapies in Participants With RCC (KEYMAKER-U03): Substudy 03C’ aims to evaluate the safety and efficacy of experimental treatment combinations in patients with clear cell renal cell carcinoma (ccRCC) who have experienced disease recurrence during or after anti-PD-(L)1 therapy. This study is significant as it explores new therapeutic options for a challenging patient group.

Pan-Tumor Rollover Study: A New Horizon in Long-term Cancer Treatment

The Pan-Tumor Rollover Study, officially titled ‘Pan-Tumor Study for Long-term Treatment of Cancer Patients Who Have Participated in BMS Sponsored Trials Investigating Nivolumab and Other Cancer Therapies,’ aims to evaluate the long-term safety of nivolumab monotherapy and its combinations with other cancer therapies across various tumor types. This study is significant as it explores sustained treatment options for patients who have previously participated in Bristol-Myers Squibb (BMS) trials.