Exelixis Inc (EXEL)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The quality signal is real and more robust than at many another biotech — a one-product business profitable and growing for nine years with a debt-free balance sheet and a 41 percent margin. Unlike an optical bargain, though, the stock is fairly paid at a price-to-earnings ratio of about 18, not cheap. The whole case hangs on a handover: cabozantinib carries everything today, its core patent falls in 2026 (the staircase of secondary patents reaches to at least January 2030), and the successor zanzalintinib must take over in time — it has no revenue so far, but an FDA date on December 3, 2026 and positive trial data. If the baton handover succeeds, a quality stock can become a growth stock; if it fails, generic pressure from 2030 hits the whole business. The decision is yours.
symbol.quality_note
Exelixis earns almost all its revenue with a single cancer drug — cabozantinib, sold as CABOMETYX — and is thus the rare, genuinely profitable biopharma in our value scanner after Joel Greenblatt's Magic Formula. Net product revenue rose from $1,628.9 million (2023) to $2,122.8 million (2025), 2025 was the ninth consecutive profitable year, and $782.6 million remained at the bottom line. We read the annual report (10-K) for 2025 and the quarterly report (10-Q) as of April 3, 2026: the composition-of-matter patent expires in August 2026, several generic makers stand ready, two wholesalers account for 41 percent of revenue — and the actual price of the stock hangs on a successor that has yet to earn a dollar. Why the 2026 patent expiry is still no cliff, but a staircase down to 2030.
Read the analysis
Stock Watch
This analysis is as of July 15, 2026. Stock Watch will tell you what's changed at EXEL since then.
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Appears in These Scanners
This stock currently matches 14 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 53.00 $ — 82% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
NeutralIn allen sechs ausgewerteten SEC-Berichten (zwei 10-K, vier 10-Q) ist künstliche Intelligenz weder Produkt noch Umsatzquelle noch ein konkretes Geschäftsmodell-Risiko: Sie taucht nur einmal substanziell auf, und zwar als allgemeines Cyberrisiko mit dem Hinweis, KI-Software werde „in begrenztem Umfang“ auch intern genutzt; der Unternehmenswert von Exelixis entscheidet sich an Molekülen (cabozantinib, zanzalintinib) und Patenten. Dokumentierter Negativ-Befund.
View the full file — quotes, sources, reviewed filings
„AI software is increasingly being used in the biopharmaceutical industry, including, in limited instances, by us. The misuse of AI-based software could result in inadvertent disclosure and improper use of confidential information … leading to the loss of trade-secrets or other intellectual property."
KI-Software wird in der Biopharma-Branche zunehmend eingesetzt, in begrenztem Umfang auch von uns. Der Missbrauch KI-gestützter Software könnte zur unbeabsichtigten Offenlegung und unsachgemäßen Nutzung vertraulicher Informationen führen … und den Verlust von Geschäftsgeheimnissen oder anderem geistigen Eigentum nach sich ziehen.
„Additionally, uncertainty remains as to how the FDA's use of artificial intelligence (AI) and deployment of agentic AI capabilities, including for review of drug product applications, will impact the outcomes and timeliness of FDA reviews and other activities."
Zudem bleibt ungewiss, wie der Einsatz künstlicher Intelligenz (KI) durch die FDA und die Nutzung agentischer KI-Fähigkeiten – auch bei der Prüfung von Arzneimittel-Zulassungsanträgen – die Ergebnisse und die Dauer von FDA-Prüfungen und anderen Tätigkeiten beeinflussen wird.
Filings Reviewed: 10-K 2026-02-10 · 10-K 2025-02-11 · 10-Q 2026-05-05 · 10-Q 2025-11-04 · 10-Q 2025-07-28 · 10-Q 2025-05-13
Rated on July 14, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 1.8% below the current price.
- Consensus
- Sell
- Analyst Ratings
- 20
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 3.54 | 3.02 – 3.86 | 2,596 | 14.8% | 11 |
| 12/31/2027 | 4.05 | 2.99 – 5.64 | 2,925 | 14.5% | 12 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- 0.75 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.50 | 81.70 | 567 | 18.20 | 24.70 | 240 | 226 |
| 2025: Q1 | 0.55 | 353.50 | 555 | 30.60 | 28.70 | 211 | 189 |
| 2025: Q2 | 0.65 | -15.50 | 568 | -10.80 | 32.50 | 49 | 45 |
| 2025: Q3 | 0.69 | 71.70 | 598 | 10.80 | 32.40 | 290 | 289 |
| 2025: Q4 | 0.87 | 74.80 | 599 | 5.60 | 40.80 | 334 | 332 |
| 2026: Q1 | 0.79 | 42.10 | 611 | 10.00 | 34.50 | 252 | 250 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 191 | -28 | -70 | -0.28 | 206 | 89 | 598 |
| 2017 | 452 | 166 | 154 | 0.49 | 166 | 285 | 655 |
| 2018 | 854 | 439 | 690 | 2.21 | 416 | 1,287 | 1,422 |
| 2019 | 968 | 369 | 321 | 1.02 | 527 | 1,686 | 1,886 |
| 2020 | 988 | 110 | 112 | 0.35 | 209 | 1,879 | 2,137 |
| 2021 | 1,435 | 287 | 231 | 0.72 | 401 | 2,211 | 2,616 |
| 2022 | 1,611 | 201 | 182 | 0.56 | 363 | 2,488 | 3,071 |
| 2023 | 1,830 | 171 | 208 | 0.65 | 333 | 2,264 | 2,942 |
| 2024 | 2,169 | 605 | 521 | 1.76 | 700 | 2,244 | 2,948 |
| 2025 | 2,320 | 872 | 783 | 2.78 | 884 | 2,161 | 2,844 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Cabozantinib grows robustly: net product revenue from $1,628.9 (2023) to $2,122.8 million (2025, plus 17 percent), Q1 2026 $555.0 million. Carried above all by CABOMETYX plus nivolumab as first-line treatment in kidney cancer and the new indication of neuroendocrine tumors. The catch: it is a single molecule.
Unlike many biotechs, Exelixis is sustainably profitable — 2025 the ninth consecutive profitable year, net income $782.6 million, EBIT margin and return on equity each about 41 percent. The profit is operationally earned, not dressed up by a one-off tax benefit. That is real substance.
About $1.66 billion in cash and investments (December 31, 2025), almost no debt, Altman Z 10.74, Piotroski 8 of 9 — no distress. Critical only: buyback programs totaling $1.75 billion draw down the war chest (cash fell from $1.75 to $1.66 billion) instead of hoarding it for the transition.
100 percent of product revenue hangs on cabozantinib; two wholesalers account for 41 percent of revenue. The composition-of-matter patent ends in August 2026, several generic makers stand ready. Honest nuance: secondary patents defend into the early 2030s, the MSN generic may start no earlier than January 15, 2030 — a cliff becomes a staircase, but the staircase leads downward.
The entire premium of the stock hangs on zanzalintinib: in STELLAR-303 (colorectal cancer) a significant survival advantage, FDA decision date December 3, 2026 — but still no revenue. At a price-to-earnings ratio of about 18 the stock is fairly, not cheaply, paid (data as of July 8, 2026); the price is a bet on a successful baton handover.
Exelixis is a genuinely profitable oncology biopharma in the value scanner: cabozantinib (CABOMETYX) has driven revenue to $2,122.8 million, 2025 was the ninth consecutive profitable year, and $782.6 million remained at the bottom line — operationally earned. But 100 percent of product revenue hangs on this one molecule, the composition-of-matter patent ends in August 2026 (secondary patents and a court ruling, however, stretch protection to at least January 2030), and the entire premium of the stock is a bet on the still revenue-less successor zanzalintinib. A full war chest and a record profit meet a one-molecule business in transition. Not investment advice.
- Membership in the value scanner "Joel Greenblatt: Magic Formula" (not a warning scanner) was confirmed live on July 14, 2026; EXEL shows up in 13 value, quality and trend scanners (among them Magic Formula, Buffett criteria, owner-earnings yield, QARP, EBIT-margin ranking, Weinstein Stage 2), in no warning scanner.
- All earnings and balance-sheet figures come from the audited annual report 10-K for fiscal year 2025 (filed February 10, 2026) as well as the quarterly report 10-Q as of April 3, 2026; the 2025 profit is operationally earned and contains no one-off tax effect.
- Price and valuation figures dated to July 8, 2026 (about $53, about $13.4 billion in market value); analyses are evergreen, daily prices are not a buy argument. The composition-of-matter patent on cabozantinib expires in August 2026, secondary patents reach into the early 2030s.
About the Company
Exelixis, Inc. ist ein Onkologieunternehmen, das sich auf die Entdeckung, Entwicklung und Kommerzialisierung neuer Medikamente für schwer behandelbare Krebserkrankungen in den USA konzentriert.
| Employees | 1,077 |
|---|---|
| Headquarters | Alameda, CA |
| Address | 1851 Harbor Bay Parkway, 94502 Alameda, United States |
| Phone | 650 837 7000 |
| Website | exelixis.com |
| IPO Date | 7. Apr 2000 |
| ISIN | US30161Q1040 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Stelios Papadopoulos Ph.D. | Co-Founder & Independent Chair of the Board | 1948 |
| Michael M. Morrissey Ph.D. | CEO, President & Director | 1961 |
| Christopher J. Senner | Executive VP & CFO | 1968 |
| Brenda J. Hefti J.D., Ph.D. | Senior VP & General Counsel | 1974 |
| Dana T. Aftab Ph.D. | Executive Vice President of Research & Development | 1964 |
| Patrick Joseph Haley M.B.A. | Executive Vice President of Commercial | 1976 |
| William Berg M.D. | Senior Vice President of Medical Affairs | – |
| Stefan Krauss Ph.D. | VP & Head of Business Development | – |
| Andrew Ross Peters | Senior Vice President of Strategy | – |
| Deborah Burke CPA | Senior VP of Finance & Controller | 1956 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.