Exelixis (EXEL)
NASDAQ:EXEL
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Exelixis
(NASDAQ:EXEL)
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Rating:76Outperform
Price Target:
$50.00
▲(11.21% Upside)
Action:ReiteratedDate:02/11/26
The score is primarily supported by strong financial performance (scaling revenue, expanding profitability, and robust cash generation with low leverage) and a constructive earnings call emphasizing CABOMETYX momentum plus ZANZA regulatory progress and ongoing buybacks. These positives are tempered by mixed technical momentum (negative MACD) and near-term risks highlighted on the call, including rising operating expenses, higher gross-to-net deductions, and remaining clinical/regulatory uncertainty.
Positive Factors
Strong cash generation
Exelixis's operating cash flow and free cash flow strength provides durable financial flexibility: it funds R&D and launch investments, supports aggressive share buybacks already underway, and reduces reliance on external financing. This cash power underpins multi-year commercialization and pipeline investment plans.
Negative Factors
Rising operating expenses
Sustained higher operating spend for manufacturing scale-up, launch preparation and expanded commercial teams will pressure margins and cash conversion if revenue ramps slower than planned. Over several quarters this elevated cost base can reduce free cash flow cushions and constrain discretionary spending.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Exelixis's operating cash flow and free cash flow strength provides durable financial flexibility: it funds R&D and launch investments, supports aggressive share buybacks already underway, and reduces reliance on external financing. This cash power underpins multi-year commercialization and pipeline investment plans.
Read all positive factors
Exelixis (EXEL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.50B
Dividend YieldN/A
Average Volume (3M)2.71M
Price to Earnings (P/E)12.1
Beta (1Y)0.90
Revenue Growth9.93%
EPS Growth54.33%
CountryUS
Employees1,147
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.94
Shares Outstanding259,708,680
10 Day Avg. Volume1,906,530
30 Day Avg. Volume2,707,114
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 Cap1.02
Enterprise Value/Revenue5.06
Enterprise Value/Gross Profit5.25
Enterprise Value/Ebitda12.57
Forecast
1Y Price Target
$46.36Price Target Upside3.11% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)3.31
Revenue Forecast (FY)$2.58B
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 through the sales of its flagship product, cabozantinib, which contributes significantly to its overall earnings. The company also engages in collaborations and licensing agreements with other pharmaceutical co...
Exelixis Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyExelixis Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum driven by CABOMETYX (17% full-year U.S. growth; Q4 growth) and a materially positive regulatory milestone with ZANZA NDA acceptance and a 20% ITT OS benefit in STELLAR-303, supported by a broad pivotal development program and healthy cash plus aggressive share repurchases. Offsetting risks include rising operating expenses, anticipated higher gross-to-net deductions (31–32% guidance for 2026) driven by channel variability and a 2% Medicare Part D discount, and remaining regulatory/clinical uncertainty tied to immature NLM OS data and the outcomes of several pivotal trials. Overall, the positive commercial and pipeline developments and strong balance sheet outweigh the near-term financial and regulatory risks.Positive Updates
Strong Full-Year and Quarterly Revenue Growth for CABOMETYX
Full year 2025 U.S. cabozantinib franchise net product revenues grew ~17% to approximately $2.12 billion versus 2024. Q4 2025 U.S. cabozantinib franchise net product revenues grew ~6% year-over-year to $547 million (CABOMETYX net product revenues $544.7 million). Global cabozantinib franchise net product revenues were approximately $754 million in Q4 and $2.89 billion for full year 2025.
Negative Updates
Increasing Operating Expenses
Total operating expenses (excluding restructuring) for Q4 2025 were ~ $363 million versus $341 million in 2024, driven by higher manufacturing costs for development candidates, NDA filing fees, personnel expenses, and increased marketing spend—pressuring near-term margins.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Full-Year and Quarterly Revenue Growth for CABOMETYX
Full year 2025 U.S. cabozantinib franchise net product revenues grew ~17% to approximately $2.12 billion versus 2024. Q4 2025 U.S. cabozantinib franchise net product revenues grew ~6% year-over-year to $547 million (CABOMETYX net product revenues $544.7 million). Global cabozantinib franchise net product revenues were approximately $754 million in Q4 and $2.89 billion for full year 2025.
Read all positive updates
Company Guidance
The company’s guidance and financial framing for 2026 included a full‑year gross‑to‑net estimate of 31–32% (which incorporates a 2% Medicare Part D small‑manufacturer discount in 2026) and a continued commitment to share repurchases (having bought back $954M in FY2025, retiring ~24M shares at an average $39.61, with ~$590M remaining under the $750M authorization and a stated intent to complete that program this year), while exiting FY2025 with approximately $1.66B in cash and marketable securities; key FY2025/Q4 metrics referenced alongside that guidance were Q4 total revenues ≈$599M (including cabozantinib franchise net product revenues $546.6M and CABOMETYX $544.7M), global cabo franchise revenues ≈$754M in Q4 and $2.89B for FY2025, US cabo franchise net product revenues ≈$547M in Q4 (up 6% YoY) and ≈$2.12B for FY2025 (up 17% YoY) with CABOMETYX US NET >$100M in neuroendocrine tumors in 2025, Q4 cabo gross‑to‑net of 28.5% (trade inventory 2.2 weeks on hand), Q4 royalties ≈$52.8M, Q4 operating expenses excluding restructuring ≈$363M (vs $341M prior), a Q4 tax provision ≈$8.2M (vs ~$58.8M for FY2025), GAAP net income for FY2025 ≈$244.5M ($2.00 basic, $0.88 diluted) and non‑GAAP net income ≈$259.5M ($0.97 basic, $0.94 diluted).Exelixis Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
82
Very Positive
Cash Flow
89
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.32B | 2.17B | 1.83B | 1.61B | 1.43B |
| Gross Profit | 2.24B | 2.09B | 1.76B | 1.55B | 1.38B |
| EBITDA | 921.76M | 718.75M | 196.60M | 222.36M | 300.30M |
| Net Income | 782.57M | 521.27M | 207.76M | 182.28M | 231.06M |
Balance Sheet | |||||
| Total Assets | 2.84B | 2.95B | 2.94B | 3.07B | 2.62B |
| Cash, Cash Equivalents and Short-Term Investments | 1.06B | 1.11B | 995.30M | 1.31B | 1.47B |
| Total Debt | 173.04M | 190.82M | 189.94M | 190.17M | 51.27M |
| Total Liabilities | 683.10M | 703.49M | 678.45M | 583.06M | 405.62M |
| Stockholders Equity | 2.16B | 2.24B | 2.26B | 2.49B | 2.21B |
Cash Flow | |||||
| Free Cash Flow | 844.34M | 633.79M | 170.35M | 224.16M | 336.58M |
| Operating Cash Flow | 884.27M | 699.97M | 333.32M | 362.61M | 400.80M |
| Investing Cash Flow | 350.44M | -116.78M | -26.95M | -524.41M | -42.88M |
| Financing Cash Flow | -969.59M | -628.81M | -546.05M | 586.00K | -14.80M |
Exelixis Technical Analysis
Positive
44.96
Price Trends
42.76
Positive
43.17
Positive
41.63
Positive
Market Momentum
0.58
Negative
58.34
Neutral
82.68
Negative
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 44.96 is above the 20-day moving average (MA) of 42.61, above the 50-day MA of 42.76, and above the 200-day MA of 41.63, indicating a bullish trend. The MACD of 0.58 indicates Negative momentum. The RSI at 58.34 is Neutral, neither overbought nor oversold. The STOCH value of 82.68 is Negative, 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $11.50B | 12.10 | 36.88% | ― | 9.93% | 54.33% | |
74 Outperform | $19.12B | 14.98 | 29.15% | ― | 18.09% | 3563.21% | |
71 Outperform | $8.03B | 25.45 | 92.67% | ― | 31.19% | 59.01% | |
68 Neutral | $10.49B | 32.67 | 5.82% | ― | 12.31% | 60.21% | |
57 Neutral | $14.69B | -50.22 | 127.54% | ― | 103.32% | 47.55% | |
52 Neutral | $14.46B | -20.69 | 39.18% | ― | 62.46% | -73.59% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
EXEL
Exelixis
44.96
9.22
25.80%
BMRN
BioMarin Pharmaceutical
54.88
-4.79
-8.03%
HALO
Halozyme
66.98
5.59
9.11%
INCY
Incyte
95.55
36.33
61.35%
ASND
Ascendis Pharma
248.55
93.05
59.84%
BBIO
BridgeBio Pharma
77.87
43.02
123.44%
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.