Exelixis, Inc. (EXEL)

Price$59.23Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong cash returns are balanced by franchise-replacement risk.

Trailing diluted earnings are about $3.19 a share, putting the stock at roughly 18 times recent earnings. Trailing free cash flow—cash left after operating needs and capital spending—is about $1.17 billion. With roughly $1.38 billion of cash and marketable securities and no debt, investors are paying about $12.5 billion for the operating business, or roughly 11 times that cash flow. Those are reasonable value signals, but not a deep bargain, because most revenue still depends on cabozantinib and its future protection. (stockanalysis.com)

Big pictureProfits and cash generation have improved sharply, while demand is less tied to the economic cycle.

Revenue rose from $2.17 billion in 2024 to $2.32 billion in 2025, while net income jumped from $521 million to $783 million and operating income rose 44%. Free cash flow increased to about $876 million in 2025, then strengthened further over the latest four quarters. Second-quarter 2026 revenue grew about 11% from a year earlier and net income about 15%. Cancer-treatment demand is not conventionally cyclical; the bigger swings come from drug uptake, clinical results and product life cycles rather than recessions. (sec.gov)

Business strengthA debt-free balance sheet and shrinking share count give investors meaningful downside support.

Exelixis had $1.38 billion of cash and marketable securities at June 30 and no reported debt. Current assets of $1.25 billion also comfortably exceeded current liabilities of about $362 million. Capital allocation has been unusually shareholder-friendly: since 2023, Exelixis has spent $2.9 billion repurchasing 93.3 million shares. The quarter-end share count fell nearly 8% year over year. Stock-based pay can dilute owners by creating shares, but recent buybacks have more than offset it, leaving each remaining share with a larger claim on earnings. (sec.gov)

What could change the storyZanzalintinib success could justify upside, while earlier generic competition could break the current valuation.

The bull case is that zanzalintinib becomes a second major franchise. Its colorectal-cancer application has a U.S. regulatory target date of December 3, and the broader phase-three population previously showed a 20% reduction in death risk versus regorafenib. The bear case is concentration: cabozantinib produced about 91% of second-quarter revenue, while competing formulations and generic challengers are advancing. Existing settlements permit some generic launches from 2031. The current valuation therefore assumes several more years of strong cabozantinib cash generation plus meaningful replacement value from zanzalintinib. (ir.exelixis.com)

AI: News

Second-quarter guidance cutSales grew, but slower neuroendocrine-tumor uptake forced management to lower full-year revenue expectations.

On August 5, Exelixis reported second-quarter revenue of $628.7 million and diluted earnings of $0.82 a share. U.S. cabozantinib product revenue reached $573.0 million, but total 2026 revenue guidance was reduced to $2.50-$2.55 billion from $2.525-$2.625 billion. Financial reporting attributed the cut largely to slower neuroendocrine-tumor uptake. Shares fell about 8% in the following session, a reaction widely tied to the revenue miss and weaker sales outlook. (ir.exelixis.com)

Handa wins tentative approvalA potential cabozantinib rival moved closer to market, raising concern about Exelixis’s dominant revenue source.

The U.S. Food and Drug Administration granted tentative approval on July 29 to Handa Oncology’s alternate-salt cabozantinib capsules, which Handa says are bioequivalent to Cabometyx at a lower dose and cover several overlapping indications. Exelixis had already filed patent litigation against Handa. Tentative approval is not final commercial clearance, so launch timing remains uncertain. Exelixis shares fell roughly 5% on July 31, when Handa announced the decision, although the timing alone does not prove the approval caused the decline. (sec.gov)

Zanzalintinib subgroup missesA key colorectal-cancer subgroup showed longer survival, but the result was not statistically conclusive.

On June 22, Exelixis reported that patients without active liver metastases lived a median 15.9 months on zanzalintinib plus atezolizumab versus 12.7 months on regorafenib. The estimated death-risk reduction was 17%, but the trial’s statistical test did not meet its preset threshold for a conclusive result. Shares declined about 1% after the announcement. Importantly, the study had already succeeded in the broader patient population, so the subgroup miss weakened the case without eliminating the regulatory opportunity. (ir.exelixis.com)

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$2.32B	$2.17B	$1.83B	$1.61B	$1.43B	$987.5M	$967.8M	$853.8M	$452.5M	$191.5M	$37.2M	$25.1M	$31.3M	$47.5M	$289.6M	$185.0M	$151.8M
Gross profit	$2.24B	$2.09B	$1.76B	$1.55B	$1.38B	$951.3M	$934.7M	$827.5M	$437.4M	$184.9M	$33.3M	$23.1M	$30.2M	$47.5M	$289.6M	—	—
Gross margin	96.39%	96.49%	96.04%	96.41%	96.32%	96.33%	96.58%	96.91%	96.67%	96.58%	89.52%	91.86%	96.43%	100.00%	100.00%	—	—
Research & development	$825.0M	$910.4M	$1.04B	$891.8M	$693.7M	$547.9M	$337.0M	$182.3M	$112.2M	$96.0M	$96.4M	$189.1M	$178.8M	$128.9M	$156.8M	$210.7M	$234.7M
Operating expenses	$1.45B	$1.56B	$1.66B	$1.41B	$1.15B	$877.5M	$598.3M	$415.0M	$286.6M	$219.6M	$158.6M	$249.6M	$232.1M	$169.9M	$200.1M	$276.4M	$273.7M
Operating income	$872.2M	$604.6M	$170.9M	$201.5M	$286.7M	$110.1M	$369.5M	$438.9M	$165.9M	−$28.1M	−$121.4M	−$224.5M	−$200.7M	−$122.4M	$89.5M	−$91.4M	−$121.9M
Operating margin	37.59%	27.88%	9.34%	12.51%	19.98%	11.14%	38.18%	51.40%	36.67%	−14.69%	−326.65%	−893.86%	−640.54%	−258.03%	30.91%	−49.39%	−80.33%
EBITDA	$901.2M	$633.4M	$196.6M	$222.4M	$300.3M	$119.2M	$377.8M	$443.8M	$167.1M	−$27.1M	−$120.0M	−$222.1M	−$197.6M	−$116.9M	$96.4M	−$80.9M	−$109.3M
EBITDA margin	38.84%	29.21%	10.74%	13.80%	20.93%	12.07%	39.04%	51.97%	36.93%	−14.17%	−322.86%	−884.34%	−630.50%	−246.41%	33.27%	−43.69%	−72.03%
Net income	$782.6M	$521.3M	$207.8M	$182.3M	$231.1M	$111.8M	$321.0M	$690.1M	$154.2M	−$70.2M	−$161.7M	−$261.3M	−$238.2M	−$145.3M	$75.7M	−$92.3M	−$135.2M
Net profit margin	33.73%	24.04%	11.35%	11.31%	16.10%	11.32%	33.17%	80.82%	34.09%	−36.68%	−435.12%	−1,040.57%	−760.07%	−306.29%	26.14%	−49.90%	−89.10%
Basic EPSper basic share	$2.88	$1.80	$0.65	$0.57	$0.73	$0.36	$1.06	$2.32	$0.52	-$0.28	-$0.77	-$1.34	-$1.33	-$0.92	$0.60	-$0.85	-$1.26
Diluted EPSper diluted share	$2.78	$1.76	$0.65	$0.56	$0.72	$0.35	$1.02	$2.21	$0.49	-$0.28	-$0.77	-$1.34	-$1.33	-$0.92	$0.58	-$0.85	-$1.26

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of EXEL
Holder	Shares held
BlackRock, Inc.	29.08M
FARALLON CAPITAL MANAGEMENT, L.L.C.	13.47M
RENAISSANCE TECHNOLOGIES LLC	13.43M
VANGUARD PORTFOLIO MANAGEMENT LLC	12.04M
AQR CAPITAL MANAGEMENT LLC	11.02M
VANGUARD CAPITAL MANAGEMENT LLC	10.95M
STATE STREET CORP	9.97M
FULLER & THALER ASSET MANAGEMENT, INC.	8.93M
LSV ASSET MANAGEMENT	8.15M
GEODE CAPITAL MANAGEMENT, LLC	7.65M
D. E. Shaw & Co., Inc.	5.55M
MORRISSEY MICHAEL	4.87M
MORGAN STANLEY	4.52M
Invesco Ltd.	4.5M
DIMENSIONAL FUND ADVISORS LP	4.43M
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	4.37M
TWO SIGMA INVESTMENTS, LP	4.21M
ASSETMARK, INC	3.43M
Nuveen, LLC	3.28M
UBS Group AG	3.17M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$1.19M disclosed value

Sells (SEC code S)78$95.80M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 1, 2026Form 4 · 10b5-1	WYSZOMIERSKI JACK LDirector	SellCommon Stock	3.9K	$50.55	$198.4K	284.4K
Jun 1, 2026Form 4 · 10b5-1	Eckhardt Sue GailDirector	SellCommon Stock	9.8K	$50.14	$492.0K	16.1K
May 26, 2026Form 4	Aftab DanaEVP, Research and Development	SellCommon Stock	43.5K	$50.35	$2.19M	594.7K
May 20, 2026Form 4	Haley Patrick J.EVP, Commercial	SellCommon Stock	32.1K	$49.81	$1.60M	357.6K
May 18, 2026Form 4	Senner Christopher J.EVP and CFO	SellCommon Stock	34.9K	$50.00	$1.75M	952.3K

Review ownership filings at SEC.gov ↗

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Exelixis, Inc. (EXEL)

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