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Exelixis, Inc.
NASDAQ: EXEL Healthcare Pharma 🔎 Screen
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$15.3B
Market Cap
15.8
P/E
0.53
PEG
56.0%
ROCE
35.5%
ROE
0.09
D/E
38.5%
OPM
-3.8%
% from 52W High
80
α RS
🔍 EXEL is showing a high-conviction setup because it matches 23 of 39 tracked screener presets, Sector RRG has Technology in the Leading quadrant with the trail still rolling over, and RS Rating is 80. Net: Broad signal stack, not a recommendation. ? Conviction RRG RS Rating
Sources
Conviction 23/39 · Technology in Leading quadrant · RS Rating 80
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About

Exelixis, Inc., an oncology company, focuses on the discovery, development, and commercialization of new medicines for difficult-to-treat cancers in the United States. The company offers CABOMETYX tablets for the treatment of patients with advanced renal cell carcinoma who received prior anti-angiogenic therapy; and COMETRIQ capsules for the treatment of progressive and metastatic medullary thyroid cancer. Its CABOMETYX and COMETRIQ are derived from cabozantinib, an inhibitor of multiple tyrosine kinases, including MET, AXL, RET, and VEGF receptors. The company also offers COTELLIC, an inhibitor of MEK as a combination regimen to treat specific forms of advanced melanoma; and MINNEBRO, an oral non-steroidal selective blocker of the mineralocorticoid receptor for the treatment of hypertension in Japan. It develops zanzalintinib, a novel, potent oral inhibitor of kinases, including the TAM kinases, MET, and VEGF receptors; XL309, a small molecule inhibitor of USP1, a synthetic lethal target in the context of BRCA-mutated tumors; XB010, an antibody-drug conjugates (ADC) consisting of a MMAE payload conjugated to a monoclonal antibody targeting the tumor antigen 5T4; XB628, a first-in-class bispecific antibody that targets programmed cell death ligand 1and natural killer cell receptor group 2A; and XB371, a next-generation tissue factor targeting ADC with a topoisomerase inhibitor payload. It has research collaborations and license agreements with Ipsen Pharma SAS; Takeda Pharmaceutical Company Ltd.; F. Hoffmann-La Roche Ltd.; Catalent, Inc.; Iconic Therapeutics, Inc.; Adagene Inc.; Invenra, Inc.; Genentech, Inc.; Bristol-Myers Squibb Company; and Daiichi Sankyo Company, Limited, as well as business development activities and other collaborations. The company was formerly known as Exelixis Pharmaceuticals, Inc. and changed its name to Exelixis, Inc. in February 2000. Exelixis, Inc. was incorporated in 1994 and is headquartered in Alameda, California.

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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 13.73M $588.8M 0.92% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Exelixis posts Q1 2026 revenue of $611M, CABOMETYX grows 8% YoY; ZANZA NDA under review for CRC.
Revenue & Profitability
Total revenues for Q1 2026 were approximately $611 million, including cabozantinib franchise net product revenues of $555 million and royalties of $45.9 million from partners Ipsen and Takeda. GAAP net income was $210.5 million ($0.81 per share basic, $0.79 diluted), while non-GAAP net income was $232.8 million ($0.90 per share basic, $0.87 diluted). Operating expenses were roughly $359 million, down slightly from $363 million in Q4 2025. The company had cash and marketable securities of about $1.4 billion at quarter end.
Outlook
Management views 2026 as a potentially transformational year, driven by the anticipated ZANZA approval and launch in CRC, which addresses a $1.5 billion market opportunity in third-line plus. The company sees continued demand for CABOMETYX in RCC and NET, with opportunities to grow market share, particularly in the community setting. Macro headwinds mentioned include government drug pricing policies and the complexity of improving first-line RCC regimens, as highlighted by recent competitive trial data.
Growth Drivers
CABOMETYX growth is driven by market share gains in RCC (highest quarterly first-line market share to date) and NET leadership, with Q1 2026 recording the highest new patient starts ever. The ZANZA franchise could expand into a large CRC opportunity (23,000 patients) and other indications such as non-clear cell RCC (STELLAR-304, top-line H2 2026), NET (STELLAR-311, enrollment ahead of projections), and new phase II trials in meningioma, squamous NSCLC, and prostate cancer. The expedited build-out of the GI sales team aims to accelerate CABOMETYX growth and prepare for ZANZA launch.
Balance Sheet & CapEx
Not discussed in this earnings call.
Margins
Gross to net for the cabozantinib franchise was 30.2% in Q1 2026, higher than Q4 2025 due to increased 340B volume, Medicare Part D discounts, and co-pay assistance. Total operating expenses were $359 million, down sequentially from $363 million, driven by lower clinical trial costs offset by higher FT-related and stock-based compensation. The company reiterated its full-year 2026 financial guidance.
Key Risks
Risks include regulatory and approval uncertainties for the ZANZA NDA, clinical trial enrollment and event rate timing (e.g., STELLAR-304 delayed to H2 2026), and the complexity of first-line RCC combinations as seen with COSMIC-313 and competitive trials. Dependence on collaboration partners (Merck, Ipsen, Takeda), government drug pricing policies, and the ability to execute a broad R&D program across multiple indications were also flagged. The company faces competition in RCC, CRC, and NET, and must manage capital allocation across R&D, BD, and share repurchases.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-05
Q2 2026 revenues grew to $629M, with CABO franchise up 10% year-over-year and global revenues up 13%. Zanza's CRC NDA is under review, with multiple pivotal trials advancing and a robust pipeline supporting long-term growth. Guidance was lowered due to a slower NET ramp.
Q1 2026 Q1 2026 2026-05-05
Q1 2026 saw robust revenue and net income growth, record CABOMETYX patient starts, and strong market share gains. ZANZA's NDA for CRC is under review, with multiple pivotal trials advancing across tumor types. A new $750M share repurchase plan was authorized.
Q4 2025 Q4 2025 2026-02-10
2025 saw robust revenue and net income growth, led by CABOMETYX's dominance in RCC and neuroendocrine tumors, and preparations for the launch of zanzalintinib in CRC. The company remains focused on expanding its oncology franchises, advancing pivotal trials, and maintaining strong capital allocation.
Q3 2025 Q3 2025 2025-11-04
Q3 2025 saw strong revenue and net income growth, led by Cabozantinib's leadership in RCC and rapid expansion in NETs, while Zanzalintinib achieved pivotal trial success in CRC. Guidance was raised, R&D expenses lowered, and a new $750M share repurchase was authorized.
Q2 2025 Q2 2025 2025-07-28
Q2 2025 saw 19% revenue growth to $568M, driven by cabozantinib and a strong NET launch, with CABOMETYX gaining 35% new patient share in NETs and maintaining RCC leadership. Zanzalintinib advanced with positive CRC data, while capital allocation focused on high-value opportunities.
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Information Sources:
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