Exelixis (NASDAQ:EXEL) Issues Earnings Results

Exelixis (NASDAQ:EXEL) issued its earnings results on Tuesday. The biotechnology company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.20, FiscalAI reports. Exelixis had a return on equity of 31.06% and a net margin of 29.63%.The company had revenue of $598.66 million during the quarter, compared to analysts’ expectations of $609.17 million. During the same period in the prior year, the business earned $0.55 EPS. The firm’s quarterly revenue was up 5.6% on a year-over-year basis.

Here are the key takeaways from Exelixis’ conference call:

• CABOMETYX commercial strength: US CABO franchise net product revenues grew 17% to ~ $2.12 billion in FY‑2025 (Q4 US CABO $547M) with global CABO franchise revenue of ~$2.89B for the year, GAAP Q4 net income of $244.5M, cash & marketable securities of ~$1.66B, and $954M of share repurchases completed in 2025.
• NDA accepted for zanzalintinib (ZANZA) + atezolizumab: FDA accepted the STELLAR‑303‑based NDA for third‑line‑plus colorectal cancer with a PDUFA date of Dec 3, 2026; STELLAR‑303 showed a 20% reduction in risk of death in the ITT analysis and the non‑liver‑metastases OS final analysis is expected mid‑2026 — a major potential commercial catalyst.
• Extensive ZANZA development plan and early‑stage pipeline: Exelixis has seven ongoing/soon‑to‑start pivotal ZANZA trials (including STELLAR‑316 MRD adjuvant, STELLAR‑304 non‑clear cell RCC, STELLAR‑311 NET), collaborations with Merck and Natera, plus four early clinical molecules advancing — meaningful upside but subject to clinical and regulatory risk.
• Gross‑to‑net and cost headwinds for 2026: Management forecasts FY‑2026 gross‑to‑net of 31–32% (including a 2% Medicare Part D discount tied to “specified small manufacturer” status) and warns of variability from 340B volumes, while Q4 operating expenses rose due to manufacturing, NDA fees, personnel and marketing, which could pressure margins.

Exelixis Price Performance

Shares of NASDAQ:EXEL opened at $42.98 on Wednesday. The firm has a market capitalization of $11.52 billion, a PE ratio of 18.14, a price-to-earnings-growth ratio of 0.74 and a beta of 0.42. Exelixis has a 1 year low of $32.38 and a 1 year high of $49.62. The firm’s 50-day moving average is $43.69 and its two-hundred day moving average is $40.92.

Insider Buying and Selling at Exelixis

In related news, EVP Patrick J. Haley sold 34,187 shares of Exelixis stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $41.88, for a total value of $1,431,751.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 72,230 shares of company stock valued at $3,046,923 in the last ninety days. Insiders own 2.85% of the company’s stock.

Institutional Trading of Exelixis

Large investors have recently modified their holdings of the stock. AQR Capital Management LLC raised its stake in shares of Exelixis by 20.7% in the third quarter. AQR Capital Management LLC now owns 9,181,359 shares of the biotechnology company’s stock valued at $379,190,000 after acquiring an additional 1,575,280 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Exelixis by 7.1% in the 3rd quarter. Invesco Ltd. now owns 5,960,525 shares of the biotechnology company’s stock valued at $246,170,000 after buying an additional 394,897 shares during the period. Caisse de depot et placement du Quebec grew its position in shares of Exelixis by 28.0% during the third quarter. Caisse de depot et placement du Quebec now owns 2,724,564 shares of the biotechnology company’s stock worth $112,524,000 after buying an additional 595,333 shares in the last quarter. UBS Group AG grew its position in shares of Exelixis by 100.1% during the third quarter. UBS Group AG now owns 2,655,069 shares of the biotechnology company’s stock worth $109,654,000 after buying an additional 1,328,087 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Exelixis by 38.2% during the second quarter. Bank of America Corp DE now owns 2,638,666 shares of the biotechnology company’s stock worth $116,299,000 after buying an additional 728,956 shares during the period. Hedge funds and other institutional investors own 85.27% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on EXEL. Stifel Nicolaus set a $43.00 target price on shares of Exelixis in a report on Wednesday, November 5th. Bank of America lowered shares of Exelixis from a “neutral” rating to an “underperform” rating and set a $41.00 price target on the stock. in a research report on Monday, January 5th. Oppenheimer reiterated a “market perform” rating and issued a $36.00 price objective on shares of Exelixis in a research report on Wednesday, November 5th. UBS Group set a $41.00 target price on Exelixis in a research report on Monday, January 5th. Finally, Leerink Partners raised Exelixis from a “market perform” rating to an “outperform” rating and set a $48.00 price target on the stock in a research note on Tuesday, October 21st. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Exelixis presently has an average rating of “Hold” and an average target price of $46.16.

More Exelixis News

Here are the key news stories impacting Exelixis this week:

• Positive Sentiment: Q4 EPS beat and improving profitability — Exelixis reported adjusted EPS above consensus and showed meaningful operating profit and net income growth, driven by margin expansion. That surprise to the upside supports near‑term earnings momentum. Q4 2025 Earnings Call Transcript
• Positive Sentiment: Cabometyx franchise strength and near‑term pipeline catalyst — Management highlighted the CABOMETYX franchise at roughly $2.12B and reiterated plans to pursue a 2026 launch of zanzalintinib, giving the commercial franchise and upcoming product cadence potential to drive revenue growth. Exelixis outlines growth strategy
• Positive Sentiment: Analyst bullishness supports sentiment — Independent analysts (including William Blair and others) continue to publish Buy/Outperform ratings and price targets above current levels, reinforcing investor confidence in earnings power and pipeline upside. Analyst Buy Rating Coverage
• Neutral Sentiment: Corporate update and investor materials posted — The company released its press release, slide deck and call transcript outlining commercial and clinical milestones; useful for modeling but no formal guidance change was highlighted. Business Wire press release
• Negative Sentiment: Revenue slightly below consensus — Total revenue was up year‑over‑year but fell short of some analyst estimates, which tempers the upbeat EPS print and could limit upside if top‑line growth lags. Zacks: Key Metrics vs Estimates
• Negative Sentiment: Insider sales and mixed price targets add risk — Recent insider selling and a wide range of analyst targets (including some low outliers) introduce potential downside and increase volatility for the shares. QuiverQuant earnings summary

About Exelixis

Exelixis, Inc is a biotechnology company specializing in the discovery, development and commercialization of small molecule therapies primarily for the treatment of cancer. Building on a platform that leverages model organism genetics and high-throughput screening, the company focuses its research on kinase inhibitors that modulate critical signaling pathways involved in tumor growth and metastasis. Exelixis’s translational research approach aims to advance novel compounds from early-stage discovery through clinical development and regulatory approval.

The company’s most recognized products include CABOMETYX® (cabozantinib), approved for the treatment of advanced renal cell carcinoma and hepatocellular carcinoma, and COMETRIQ® (cabozantinib) for metastatic medullary thyroid cancer.