Exelixis Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
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.
Why this colour
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.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Product & growth
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.
Profitability & earnings quality
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.
Balance sheet & financing
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.
Concentration risk & patent timeline
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.
Successor & valuation
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.
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at EXEL since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 34.50 $ to 59.10 $ · Last price: 58.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Exelixis Inc EXEL | 14.7 | 20.2 | 13.0 | 96.5 | 41.2 | 7.0 | 44.6 |
| Vertex Pharmaceuticals Inc VRTX | 130.6 | 31.3 | 24.5 | 55.0 | 38.1 | 9.6 | 33.4 |
| Regeneron Pharmaceuticals Inc REGN | 82.0 | 19.9 | 13.1 | 44.5 | 20.7 | 1.0 | 35.5 |
| Moderna Inc MRNA | 62.7 | – | 4.6 | -66.0 | -131.1 | -39.2 | 532.3 |
| argenx NV ARGX | 61.9 | 38.1 | 34.2 | 59.1 | 32.0 | 89.6 | 30.9 |
| Revolution Medicines Inc RVMD | 40.9 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 338.3 |
| BeiGene, Ltd. ONC | 40.0 | 63.1 | 34.1 | 88.9 | 19.1 | 40.2 | 6.4 |
| Alnylam Pharmaceuticals Inc ALNY | 32.6 | 61.8 | 28.4 | 79.7 | 23.0 | 65.2 | -48.1 |
| Royalty Pharma Plc RPRX | 32.5 | 31.8 | 19.6 | 95.8 | 100.3 | 5.1 | 68.6 |
| Median of companies shown | 40.9 | 31.8 | 19.6 | 59.1 | 23.0 | 7.0 | 35.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
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.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($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 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| 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 |
| 2026: Q2 | 0.82 | 26.20 | 629 | 10.60 | 33.70 | 308 | 301 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 14 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- Above 21-EMA Pullback
- Above the 50- & 200-SMA
- Mike Webster: Swing Trading List
- Stan Weinstein: Stage 2
Research
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
Outlook
Analysts & Price Target
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.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 3.58 | 3.18 – 3.77 | 2,553 | 16.3% | 11 |
| 12/31/2027 | 4.26 | 3.57 – 5.41 | 2,900 | 19.0% | 11 |
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.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 1.5% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $1.16B |
|---|---|
| Market cap | $14.70B |
| Free cash flow in year ten | $1.34B |
| Terminal value as a share of market value | 48.1% |
For comparison: over the past five years free cash flow grew by 36.4% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
In 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.
10-K · 2026-02-10 · View SEC filing
„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.
10-K · 2026-02-10 · View SEC filing
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
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 12.9%
- More than 10% revenue growth is expected for the coming year 12.4%
- Share count grows by less than 3% a year -4.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 43.4%
- Gross margin at 40% or higher and without meaningful erosion 96.4%
- Goodwill from acquisitions does not grow faster than revenue 2.2%
- Net debt below twice EBITDA 886 m net cash
- Operating cash flow covers the profits of the last three years 406 m
- Return on capital at 15% or higher, or up versus two years ago 35.8%
- Insiders hold at least 10% or are net buyers 1.8%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
7/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 31.9%
- Exp. sales growth 3Y > 5% 11.8%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 23.9%
- Net debt < 4x EBIT -1.0x
- EBIT positive, 10Y straight 9
- Max. EBIT decline < 50% 74.9%
- Return on equity > 15% 37.3%
- ROCE > 15% 35.8%
- Expected return > 10% 31.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 10, 2026 | Beckerle Mary C | Director | Sell | 9,812 | 53.66 | 526,512 |
The company
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
- 04/07/2000
- 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.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 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.