Exelixis, Inc.
- Open
- 57.21
- Day high
- 59.11
- Day low
- 56.70
- Prev close
- 56.89
- Volume
- 2.8M
- Mkt cap
- $14.5B
- P/E (TTM)
- 17.8
- EPS (TTM)
- $3.29
- P/B
- 7.9
- P/S
- 6.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$527K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
Exelixis, Inc. (EXEL) is a Healthcare company listed on NASDAQ. The stock is up 57% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering EXEL.
Exelixis, Inc. (EXEL) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 10 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
EXEL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $0.85 | $0.91 | +6.7% | $629M | -1.2% |
| May 5, 2026 | $0.75 | $0.87 | +16.0% | $611M | +0.5% |
| Nov 4, 2025 | $0.69 | $0.78 | +13.9% | $598M | +1.3% |
| Apr 30, 2024 | $0.28 | $0.17 | -39.3% | $425M | -7.7% |
| Feb 6, 2024 | $0.21 | $0.27 | +28.6% | $480M | -0.1% |
| Nov 1, 2023 | $0.10 | $0.10 | +0.0% | $472M | +0.0% |
| Aug 1, 2023 | $0.16 | $0.25 | +56.3% | $470M | +5.0% |
| Feb 7, 2023 | $-0.05 | $-0.03 | +40.0% | $424M | +1.5% |
| Nov 1, 2022 | $0.19 | $0.23 | +21.1% | $412M | +2.0% |
| Feb 17, 2022 | $0.06 | $0.29 | +383.3% | $451M | +26.8% |
| Nov 2, 2021 | $0.17 | $0.12 | -29.4% | $328M | -3.9% |
| Aug 5, 2021 | $0.06 | $0.30 | +400.0% | $385M | +30.8% |
EXEL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 12, 2026 | Beckerle Mary Cdirector | Sell | 9,812 | $53.66 |
| Jun 3, 2026 | WYSZOMIERSKI JACK Ldirector | Sell | 3,925 | $50.55 |
| Jun 3, 2026 | Eckhardt Sue Gaildirector | Sell | 9,812 | $50.14 |
| May 29, 2026 | Beckerle Mary Cdirector | Grant | 8,367 | — |
| May 29, 2026 | Oliver Bobdirector | Grant | 8,367 | — |
| May 29, 2026 | PAPADOPOULOS STELIOSdirector | Grant | 8,367 | — |
| May 29, 2026 | Smith Juliedirector | Grant | 8,367 | — |
| May 29, 2026 | JOHNSON DAVID EDWARDdirector | Grant | 19,133 | $50.03 |
| May 29, 2026 | Heyman Tomas J.director | Grant | 8,367 | — |
| May 29, 2026 | Freire Maria Cdirector | Grant | 8,367 | — |
| May 29, 2026 | POSTE GEORGEdirector | Grant | 8,367 | — |
| May 29, 2026 | Eckhardt Sue Gaildirector | Grant | 8,367 | — |
| May 29, 2026 | WYSZOMIERSKI JACK Ldirector | Grant | 8,367 | — |
| May 28, 2026 | Aftab Danaofficer: EVP, Research and Development | Sell | 43,451 | $50.35 |
| May 22, 2026 | Haley Patrick J.officer: EVP, Commercial | Sell | 32,110 | $49.81 |
Source: EXEL SEC Form 4 filings, latest Aug 12, 2026. For informational purposes only — not investment advice.
See the full EXEL insider & 13F page →Exelixis, Inc. company profile
Overview
Exelixis, Inc. (NASDAQ:EXEL) is an oncology-focused biotechnology company founded in 1994 and headquartered in Alameda, California. Originally incorporated as Exelixis Pharmaceuticals, Inc., the company changed its name to Exelixis, Inc. in February 2000 and went public that same year. What began as a drug discovery company has evolved into a leading commercial-stage biotechnology firm specializing in cancer treatments. Today, Exelixis has successfully transitioned from a research-focused organization to a profitable company with multiple approved cancer therapies and a robust pipeline of experimental treatments targeting various solid tumors.
Business
Exelixis operates in the oncology segment of the biotechnology industry, focusing on developing and commercializing targeted cancer therapies. The company's core business revolves around tyrosine kinase inhibitors - small molecule drugs that block specific proteins involved in cancer cell growth and spread. The company's flagship product is CABOMETYX (cabozantinib tablets), which targets multiple tyrosine kinases including MET, AXL, RET, and VEGF receptors. These proteins play crucial roles in tumor growth, blood vessel formation (angiogenesis), and cancer metastasis. By inhibiting these pathways simultaneously, CABOMETYX can slow or stop cancer progression. The drug is primarily approved for advanced renal cell carcinoma (kidney cancer) in patients who have received prior anti-angiogenic therapy, and recently received FDA approval for neuroendocrine tumors. Exelixis also markets COMETRIQ (cabozantinib capsules), a different formulation of the same active ingredient, specifically for progressive and metastatic medullary thyroid cancer. Additionally, the company has partnerships for COTELLIC (an MEK inhibitor for advanced melanoma) and MINNEBRO (a hypertension treatment available in Japan). The company's revenue is heavily concentrated in the cabozantinib franchise, which represents approximately 85-90% of total revenues through direct sales and royalties from international partners. The remaining revenue comes from collaboration agreements and licensing deals with pharmaceutical companies like Ipsen, Takeda, Roche, and others. Beyond its commercial products, Exelixis maintains an active pipeline including zanzalintinib (XL092), a next-generation tyrosine kinase inhibitor currently in multiple Phase 3 trials across different cancer types, and several early-stage compounds targeting novel cancer pathways.
Revenue model
Exelixis generates revenue through multiple streams within its oncology-focused business model. The primary revenue source is direct product sales of CABOMETYX in the United States, which accounted for approximately $1.81 billion in 2024. The company sells directly to specialty pharmacies, hospitals, and cancer treatment centers, with oncologists prescribing the medication for eligible kidney cancer patients. The second major revenue stream comes from royalty payments and licensing fees from international partners. Companies like Ipsen (Europe), Takeda (Japan and other Asian markets), and others pay Exelixis royalties based on their regional sales of cabozantinib, contributing roughly $200-300 million annually. These partnerships allow Exelixis to monetize its intellectual property globally without the operational complexity of international commercialization. The company's customers are primarily oncologists and cancer treatment centers who prescribe CABOMETYX for patients with advanced kidney cancer. The drug typically costs tens of thousands of dollars per patient annually, with treatment duration varying based on patient response and disease progression. Most patients have insurance coverage through private insurers or government programs like Medicare, though the company faces pricing pressure from payers and potential generic competition. Several factors influence Exelixis's profit margins. Positive margin drivers include the company's strong market position in renal cell carcinoma (maintaining over 40% market share), patent protection extending into the late 2020s, and potential label expansions to new cancer types like neuroendocrine tumors. The company also benefits from operational leverage as sales growth outpaces expense increases. Margin pressures come from increasing gross-to-net deductions (rebates to payers, currently around 29-30% of gross sales), potential generic competition following patent expiration, and rising R&D costs for pipeline development. The company also faces competitive pressure from newer cancer therapies and combination treatments that could erode market share. Healthcare cost containment efforts and drug pricing regulations, including the Inflation Reduction Act, represent additional headwinds, though Exelixis has secured small biotech exemptions from some provisions.
Competitive moat
Exelixis possesses a moderate but narrowing competitive moat primarily built on intellectual property, regulatory barriers, and market positioning advantages. The company's strongest protection comes from its patent portfolio around cabozantinib, which provides exclusivity until the late 2020s. This intellectual property moat is reinforced by the complex regulatory pathway required for cancer drug approval, including lengthy and expensive clinical trials that create significant barriers to entry for potential competitors. The company has established a strong market position in renal cell carcinoma, maintaining over 40% market share and deep relationships with oncologists who are familiar with CABOMETYX's efficacy and safety profile. This creates switching costs for physicians who have experience managing patients on the therapy. Additionally, Exelixis benefits from the network effects of its commercial infrastructure and clinical data generation, which supports continued market leadership. However, the moat faces several significant competitive threats. The oncology landscape is rapidly evolving with new immunotherapy combinations, targeted therapies, and novel treatment approaches that could displace current standards of care. Companies like Bristol Myers Squibb, Pfizer, and Merck have competing kidney cancer treatments and robust pipelines. The looming patent cliff in the late 2020s represents the most significant threat, as generic competition could dramatically erode cabozantinib revenues. Furthermore, Exelixis operates in a highly innovative therapeutic area where scientific breakthroughs can quickly shift treatment paradigms. The company's moat is primarily dependent on continued clinical success with its pipeline compounds, particularly zanzalintinib, to maintain competitive positioning beyond the patent expiration period. Without successful pipeline execution, the company's moat will likely weaken substantially as generic competition emerges and newer therapies gain market share.
Risks & safety
Overall Assessment: Exelixis demonstrates a strong margin of safety with solid financial fundamentals, though faces medium-term patent cliff risks. Financial Stability: • Cash and investments: $1.75 billion providing substantial runway • Minimal debt: Debt-to-equity ratio of 0.09, very low leverage • Strong cash generation: $634 million free cash flow in 2024 • No immediate solvency concerns with current ratio of 3.6x Valuation Metrics: • P/E ratio: 18.9x (reasonable for profitable biotech) • EV/EBITDA: 13.7x (moderate valuation) • Price-to-book: 4.4x (elevated but typical for asset-light biotech) • Strong profitability: 24% ROE, 23% net margin Other Considerations: • Patent protection until late 2020s provides revenue visibility • Concentrated revenue risk in single drug franchise • Pipeline execution critical for long-term value • Regulatory approval risks for new indications
Recent development
Over the past few years, Exelixis has executed a strategic transformation from a single-product company to a diversified oncology platform. The most significant development has been the expansion of CABOMETYX's approved indications, with FDA approval for neuroendocrine tumors (NET) received in 2025, opening up an estimated $1 billion market opportunity. This represents the company's first major label expansion beyond kidney cancer. The company has made substantial investments in developing zanzalintinib (formerly XL092), positioning it as the potential successor to cabozantinib. Management has initiated six pivotal trials across multiple cancer types including colorectal cancer (STELLAR-303), non-clear cell kidney cancer (STELLAR-304), and head and neck cancer (STELLAR-305), with data expected throughout 2025-2026. The company projects peak sales potential of $5 billion for zanzalintinib by 2033, representing a significant growth opportunity. Exelixis has also strengthened its pipeline through both internal development and strategic partnerships. The company formed a collaboration with Merck for zanzalintinib development in kidney cancer, leveraging Merck's expertise in immunotherapy combinations. Internally, Exelixis has advanced several early-stage compounds including XL309 (a synthetic lethality target), XB002 (an antibody-drug conjugate), and multiple bispecific antibodies targeting novel cancer pathways. The company has pursued an active capital allocation strategy, returning over $1.1 billion to shareholders through share repurchases since 2022 while maintaining strong cash reserves for pipeline investment. Management has also signaled increased interest in business development opportunities, particularly late-stage assets in genitourinary and gastrointestinal oncology that could complement their existing franchise. Operational improvements include building launch readiness for the NET indication, optimizing manufacturing and supply chain capabilities, and expanding their commercial infrastructure to support multiple products. The company has maintained disciplined expense management while investing in capabilities to support their evolution into a multi-product oncology company.
EXEL company profile · for informational purposes only — not investment advice.
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