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Exelixis (EXEL)

Market Price (12/23/2025): $46.22 | Market Cap: $12.4 Bil
Sector: Health Care | Industry: Biotechnology

Exelixis (EXEL)

Market Price (12/23/2025): $46.22
Market Cap: $12.4 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.5%, FCF Yield is 6.0%	Trading close to highs Dist 52W High is -0.2%, Dist 3Y High is -0.2%	Key risks EXEL key risks include [1] its heavy financial dependence on the flagship product CABOMETYX amid intense market competition and [2] the critical need for its key pipeline asset, Show more.
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 36%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33%
3	Low stock price volatility Vol 12M is 44%
4	Megatrend and thematic drivers Megatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Oncology Treatments, Targeted Therapies, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.5%, FCF Yield is 6.0%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 36%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33%
3	Low stock price volatility Vol 12M is 44%
4	Megatrend and thematic drivers Megatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Oncology Treatments, Targeted Therapies, Show more.
5	Trading close to highs Dist 52W High is -0.2%, Dist 3Y High is -0.2%
6	Key risks EXEL key risks include [1] its heavy financial dependence on the flagship product CABOMETYX amid intense market competition and [2] the critical need for its key pipeline asset, Show more.

Valuation, Metrics & Events

	12/23/25	2024	2023	2022	2021
Share Price CYE	$46.22	$33.30	$23.99	$16.04	$18.28
Market Cap CYE ($ Bil)	12.4	9.5	7.4	5.2	5.8
Total Debt ($ Bil)	0.2	0.2	0.2	0.2	0.1
Total Cash ($ Bil)	1.0	1.1	1.0	1.3	1.5
Enterprise Value ($ Bil)	11.6	9.7	7.6	5.4	5.9
Valuation Ratios
P/S TTM	5.4	4.5	4.2	3.2	4.0
P/EBIT TTM	15.1	14.0	44.7	25.6	20.1
P/E TTM	18.3	18.5	36.7	28.3	24.9
P/FCF TTM	16.7	15.2	44.8	23.0	17.1
Sector Ratios
P/S TTM (Sector)	4.2	3.5	3.9	4.5	7.1
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4	-1.3	-2.7
P/E TTM (Sector)	-1.7	-1.5	-1.5	-1.3	-2.8
P/FCF TTM (Sector)	-1.5	-1.4	-1.4	-1.5	-3.2

	12/23/25	2024	2023
Share Price CYE	$46.22	$33.30	$23.99
Market Cap CYE ($ Bil)	12.4	9.5	7.4
Total Debt ($ Bil)	0.2	0.2	0.2
Total Cash ($ Bil)	1.0	1.1	1.0
Enterprise Value ($ Bil)	11.6	9.7	7.6
Valuation Ratios
P/S TTM	5.4	4.5	4.2
P/EBIT TTM	15.1	14.0	44.7
P/E TTM	18.3	18.5	36.7
P/FCF TTM	16.7	15.2	44.8
Sector Ratios
P/S TTM (Sector)	4.2	3.5	3.9
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4
P/E TTM (Sector)	-1.7	-1.5	-1.5
P/FCF TTM (Sector)	-1.5	-1.4	-1.4

	EXEL	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	2.3
Rev Chg Q	10.8%	7.3%
Rev Chg LTM	9.9%	6.0%
Rev Chg 3Y Avg	11.8%	5.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	0.8
CFO LTM ($ Bil)	0.8
Net Inc LTM ($ Bil)	0.7
Op Mgn LTM	35.8%	18.8%
CFO/Rev LTM	34.6%	20.4%
Net Inc Mgn	29.6%	13.1%
VALUATION	MODERATE
P/S	5.4	3.2
P/CFO	15.7	15.5
P/FCF	16.7	20.7
P/E	18.3	23.5
STABILITY	VERY GOOD
Debt/Equity	0.01	0.21
Cash/Assets	0.35	0.07

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Metric	Value	Date	Source
U.S. cabozantinib franchise net product revenues	$542.9 million	9302025	Link
New patient market share in second-line and later neuroendocrine tumors	>40%	11042025	Link
Number of ongoing Phase 1 clinical trials	4	11042025	Link
STELLAR-303 phase 3 trial enrollment	901	6222025	Link
CABINET phase 3 trial enrollment	298	9162024	Link

Upcoming
2/10/2026	Earnings Release	Rev: $609 Mil (E) EPS: $0.74 (E)

EXEL Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are the key points explaining the 23.4% stock movement for Exelixis (EXEL) from approximately August 31, 2025, to December 23, 2025:

1. Positive Phase 3 STELLAR-303 Trial Results for Zanzalintinib. In October 2025, Exelixis announced detailed positive results from the Phase 3 STELLAR-303 pivotal trial. This trial evaluated zanzalintinib in combination with atezolizumab for metastatic colorectal cancer, demonstrating a 20% reduction in the risk of death and an improved median overall survival to 10.9 months. Based on these findings, Exelixis plans to submit a New Drug Application (NDA) for zanzalintinib in the U.S. in 2025.

2. Strong Third Quarter 2025 Financial Performance. On November 4, 2025, Exelixis reported its third-quarter 2025 financial results, which exceeded analyst expectations. The company posted total revenues of $597.8 million, surpassing the consensus estimate of $590.04 million, and a non-GAAP diluted EPS of $0.78, beating estimates of $0.68. The cabozantinib franchise also showed continued robust growth.

Show more Here are the key points explaining the 23.4% stock movement for Exelixis (EXEL) from approximately August 31, 2025, to December 23, 2025:

1. Positive Phase 3 STELLAR-303 Trial Results for Zanzalintinib. In October 2025, Exelixis announced detailed positive results from the Phase 3 STELLAR-303 pivotal trial. This trial evaluated zanzalintinib in combination with atezolizumab for metastatic colorectal cancer, demonstrating a 20% reduction in the risk of death and an improved median overall survival to 10.9 months. Based on these findings, Exelixis plans to submit a New Drug Application (NDA) for zanzalintinib in the U.S. in 2025.

2. Strong Third Quarter 2025 Financial Performance. On November 4, 2025, Exelixis reported its third-quarter 2025 financial results, which exceeded analyst expectations. The company posted total revenues of $597.8 million, surpassing the consensus estimate of $590.04 million, and a non-GAAP diluted EPS of $0.78, beating estimates of $0.68. The cabozantinib franchise also showed continued robust growth.

3. Authorization of an Additional Stock Repurchase Program. In October 2025, Exelixis' Board of Directors authorized a new stock repurchase program. This program allows for the acquisition of up to an additional $750 million of the company's common stock by December 31, 2026, signaling management's confidence in the company's valuation and commitment to returning capital to shareholders.

4. Favorable Analyst Sentiment and Upgrades. During November and December 2025, Exelixis saw positive shifts in analyst ratings and price targets. Notably, Wall Street Zen upgraded the stock from a "buy" to a "strong-buy" rating in December 2025, and several other firms maintained or increased their price targets, reflecting growing analyst confidence in the company's prospects.

5. Corporate Reorganization Plan. In August 2025, Exelixis' Board of Directors authorized a corporate reorganization plan, which was implemented in the third quarter of fiscal year 2025. This strategic move involved reorganizing the company's workforce and closing an office, aimed at streamlining operations and enhancing overall efficiency. Show less

Stock Movement Drivers

Fundamental Drivers

The 16.7% change in EXEL stock from 9/22/2025 to 12/22/2025 was primarily driven by a 9.7% change in the company's Net Income Margin (%).

	9222025	12222025	Change
Stock Price ($)	39.58	46.19	16.70%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2230.01	2288.22	2.61%
Net Income Margin (%)	27.01%	29.63%	9.69%
P/E Multiple	17.91	18.29	2.10%
Shares Outstanding (Mil)	272.58	268.42	1.53%
Cumulative Contribution			16.67%

LTM = Last Twelve Months as of date shown

Market Drivers

9/22/2025 to 12/22/2025

	Return	Correlation
EXEL	16.7%
Market (SPY)	2.7%	18.6%
Sector (XLV)	13.7%	18.2%

Fundamental Drivers

The 6.5% change in EXEL stock from 6/23/2025 to 12/22/2025 was primarily driven by a 5.8% change in the company's Net Income Margin (%).

	6232025	12222025	Change
Stock Price ($)	43.37	46.19	6.50%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2298.92	2288.22	-0.47%
Net Income Margin (%)	27.99%	29.63%	5.83%
P/E Multiple	18.79	18.29	-2.66%
Shares Outstanding (Mil)	278.80	268.42	3.72%
Cumulative Contribution			6.35%

LTM = Last Twelve Months as of date shown

Market Drivers

6/23/2025 to 12/22/2025

	Return	Correlation
EXEL	6.5%
Market (SPY)	14.4%	17.9%
Sector (XLV)	18.0%	26.6%

Fundamental Drivers

The 38.8% change in EXEL stock from 12/22/2024 to 12/22/2025 was primarily driven by a 32.1% change in the company's Net Income Margin (%).

	12222024	12222025	Change
Stock Price ($)	33.29	46.19	38.75%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2081.60	2288.22	9.93%
Net Income Margin (%)	22.43%	29.63%	32.08%
P/E Multiple	20.36	18.29	-10.19%
Shares Outstanding (Mil)	285.62	268.42	6.02%
Cumulative Contribution			38.25%

LTM = Last Twelve Months as of date shown

Market Drivers

12/22/2024 to 12/22/2025

	Return	Correlation
EXEL	38.8%
Market (SPY)	16.9%	23.8%
Sector (XLV)	14.5%	23.7%

Fundamental Drivers

The 191.8% change in EXEL stock from 12/23/2022 to 12/22/2025 was primarily driven by a 57.8% change in the company's Net Income Margin (%).

	12232022	12222025	Change
Stock Price ($)	15.83	46.19	191.79%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1638.29	2288.22	39.67%
Net Income Margin (%)	18.78%	29.63%	57.78%
P/E Multiple	16.58	18.29	10.33%
Shares Outstanding (Mil)	322.15	268.42	16.68%
Cumulative Contribution			183.67%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2023 to 12/22/2025

	Return	Correlation
EXEL	92.9%
Market (SPY)	47.7%	18.9%
Sector (XLV)	18.4%	19.6%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
EXEL Return	14%	-9%	-12%	50%	39%	33%	151%
Peers Return	-4%	21%	20%	-11%	4%	15%	49%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	113%
Monthly Win Rates [3]
EXEL Win Rate	42%	58%	50%	58%	58%	67%
Peers Win Rate	47%	50%	55%	37%	50%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
EXEL Max Drawdown	-18%	-21%	-18%	0%	-16%	-3%
Peers Max Drawdown	-23%	-8%	-11%	-23%	-14%	-14%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: BMY, PFE, MRK, AMGN, GILD. See EXEL Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)

How Low Can It Go

Unique Key	Event	EXEL	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-41.5%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	70.9%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	667 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-33.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	50.8%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	35 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-57.2%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	133.6%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	2,193 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-80.6%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	415.8%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	829 days	1,480 days

Compare to ACAD, AGIO, NKTR, OMER, ALPS

In The Past

Exelixis's stock fell -41.5% during the 2022 Inflation Shock from a high on 5/14/2021. A -41.5% loss requires a 70.9% gain to breakeven.

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About Exelixis (EXEL)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Exelixis, Inc., an oncology-focused biotechnology company, focuses on the discovery, development, and commercialization of new medicines to treat cancers in the United States. The company's products include 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 patients with 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 advanced melanoma; and MINNEBRO, an oral non-steroidal selective blocker of the mineralocorticoid receptor for the treatment of hypertension in Japan. In addition, it is developing XL092, an oral tyrosine kinase inhibitor that targets VEGF receptors, MET, AXL, MER, and other kinases implicated in growth and spread of cancer; XB002, an antibody-drug conjugate composed of human mAb against tissue factor (TF) for the treatment of advanced solid tumors; XL102, an orally bioavailable cyclin-dependent kinase 7 (CDK7) inhibitor for the treatment of advanced or metastatic solid tumors; and XB002 for the treatment of non-hodgkin's lymphoma. Exelixis, Inc. has research collaborations and license agreements with Ipsen Pharma SAS; Takeda Pharmaceutical Company Ltd.; F. Hoffmann-La Roche Ltd.; Redwood Bioscience, Inc.; R.P. Scherer Technologies, LLC; Catalent Pharma Solutions, Inc.; NBE Therapeutics AG; Aurigene Discovery Technologies Limited; Iconic Therapeutics, Inc.; Invenra, Inc.; StemSynergy Therapeutics, Inc.; Genentech, Inc.; Bristol-Myers Squibb Company; and Daiichi Sankyo Company, Limited. 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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Here are 1-2 brief analogies for Exelixis:

Like a specialized Amgen or Gilead Sciences that solely develops and sells cancer drugs.
Imagine a smaller Bristol Myers Squibb or Merck, but with its entire focus on oncology drug development.

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Cabometyx (cabozantinib): A kinase inhibitor indicated for the treatment of advanced renal cell carcinoma, hepatocellular carcinoma, and differentiated thyroid cancer.
Cometriq (cabozantinib): A kinase inhibitor indicated for the treatment of progressive, metastatic medullary thyroid cancer.

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Exelixis (EXEL) sells primarily to other companies. Its major customers and partners include:

Ipsen Biopharmaceuticals, Inc. (OTC: IPSEY) - Ipsen holds exclusive commercialization rights for cabozantinib (Exelixis's primary drug, CABOMETYX) outside the United States and Japan. This partnership generates significant royalty and milestone revenue for Exelixis.
Takeda Pharmaceutical Company Limited (NYSE: TAK) - Takeda holds exclusive commercialization rights for cabozantinib in Japan, also contributing revenue to Exelixis through royalties and milestones.
In the United States, Exelixis commercializes its products directly but distributes them primarily through major pharmaceutical wholesalers. These wholesalers serve as Exelixis's direct customers for product sales. The largest distributors in the U.S. market, through whom Exelixis's products reach pharmacies and hospitals, include:
- McKesson Corporation (NYSE: MCK)
- AmerisourceBergen Corporation (NYSE: ABC)
- Cardinal Health, Inc. (NYSE: CAH)

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Michael M. Morrissey, Ph.D. President and Chief Executive Officer

Dr. Morrissey has served as President and Chief Executive Officer of Exelixis since July 2010, having joined the company in February 2000. Prior to his CEO role, he held various positions of increasing responsibility at Exelixis, including President of Research and Development. Before joining Exelixis, he served as Vice President, Discovery Research at Berlex Biosciences from 1991 to 2000 and was a Senior Scientist at CIBA-Geigy Corporation. He also serves on the board of XWPharma Ltd. and was appointed Chairman of the Board of Vera Therapeutics in April 2022.

Christopher J. Senner Executive Vice President and Chief Financial Officer

Mr. Senner has been the Executive Vice President and Chief Financial Officer of Exelixis since July 2015. Before joining Exelixis, he served as Vice President, Corporate Finance at Gilead Sciences, Inc. for five years. Earlier in his career, he spent 18 years at Wyeth, a pharmaceutical company acquired by Pfizer Inc. in 2009, where he held various financial roles, including Chief Financial Officer of Wyeth's U.S. pharmaceuticals business and the BioPharma business unit. He also serves on the Board of Directors for Quince Therapeutics.

Jeffrey J. Hessekiel Executive Vice President and General Counsel

Mr. Hessekiel has served as Executive Vice President and General Counsel of Exelixis since February 2014. Prior to Exelixis, he was Senior Counsel at Arnold & Porter Kaye Scholer LLP, advising life sciences companies. From 2002 to 2012, he held key legal and compliance roles at Gilead Sciences, Inc., ultimately becoming Chief Compliance & Quality Officer. He also practiced corporate law at Wilson Sonsini Goodrich & Rosati and Heller Ehrman LLP.

Dana T. Aftab, Ph.D. Executive Vice President, Discovery & Translational Research & Chief Scientific Officer

Dr. Aftab holds the title of Executive Vice President, Discovery & Translational Research & Chief Scientific Officer at Exelixis.

P.J. Haley Executive Vice President, Commercial

Mr. Haley serves as the Executive Vice President, Commercial for Exelixis.

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Exelixis (EXEL) faces several key risks that could impact its business, primarily revolving around product success, market competition, and regulatory hurdles.

Key Risks to Exelixis' Business:

Dependence on Key Products and Clinical Trial Success: Exelixis' financial stability and future growth are heavily reliant on the continued success of its flagship product, CABOMETYX (cabozantinib), and the successful development and commercialization of its pipeline assets, particularly zanzalintinib. Challenges to the efficacy, safety, or marketability of cabozantinib, or failures in clinical trials for new product candidates, could significantly impact the company's financial performance. The company has recently restructured to focus resources on its clinical and near-clinical pipeline, emphasizing the importance of these assets.
Intense Competition and Market Pressures: The oncology market, where Exelixis primarily operates, is highly competitive. Exelixis faces significant competition in the treatment areas for its key products, such as renal cell carcinoma (RCC) and hepatocellular carcinoma (HCC). This competition includes larger pharmaceutical companies with broader portfolios and the potential for generic versions of Exelixis' marketed products, which could lead to market share loss and pricing pressures.
Regulatory Challenges and Approval Uncertainty: As a pharmaceutical company, Exelixis operates within a heavily regulated industry. The regulatory approval processes by authorities such as the FDA are lengthy, complex, and uncertain. Changes in healthcare laws, policies, or unforeseen delays in obtaining regulatory approvals for new indications or product candidates, including zanzalintinib, could materially affect the company's ability to commercialize its products and impact its financial condition.

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Exelixis's main products and their addressable markets are as follows:

Cabometyx (cabozantinib): This product is indicated for advanced renal cell carcinoma (RCC), hepatocellular carcinoma (HCC), and previously treated advanced neuroendocrine tumors (NET). Exelixis projects that U.S. net product revenues for the cabozantinib franchise, which primarily includes Cabometyx, could reach $3 billion by 2030. In 2024, the global cabozantinib franchise net product revenues generated by Exelixis and its partners exceeded $2.5 billion.
Cometriq (cabozantinib): Cometriq is indicated for the treatment of patients with progressive, metastatic medullary thyroid cancer (MTC). The global cabozantinib (Cometriq) market is projected to reach $8,432.8 million by 2035, growing from $2,996.8 million in 2025. The United States thyroid cancer drugs market, which includes Cometriq, was estimated at $129.51 million in 2022 and is projected to reach $207.72 million by 2027.
Zanzalintinib (investigational): This is an investigational oral tyrosine kinase inhibitor in Exelixis's pipeline. Exelixis estimates that upon approval, zanzalintinib could generate approximately $5 billion in U.S. revenues by 2033 across its various indications, primarily in genitourinary (GU) and gastrointestinal (GI) cancers, with an important contribution from head and neck cancer treatment.

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Exelixis (NASDAQ: EXEL) is expected to drive future revenue growth over the next 2-3 years through several key initiatives, focusing on its established product, CABOMETYX, and the anticipated launch of new therapies, alongside strategic market expansion.

Continued Growth and Label Expansion of CABOMETYX (cabozantinib): CABOMETYX remains a strong revenue generator for Exelixis. The company anticipates continued robust demand and market leadership for cabozantinib in renal cell carcinoma (RCC). Furthermore, the recent U.S. regulatory approval and launch of CABOMETYX in advanced neuroendocrine tumors (NET) in late March 2025 is expected to contribute to revenue growth, with early reception being positive. Exelixis also implemented a wholesale acquisition cost increase for CABOMETYX effective January 1, 2025, which will positively impact net product revenues. Management is focused on further label expansion for the drug.
Successful Launch and Commercialization of Zanzalintinib: Zanzalintinib is a promising oncology asset in Exelixis's pipeline, with several pivotal trials underway. The company plans to submit a New Drug Application (NDA) for zanzalintinib by year-end 2025. Positive results from trials, such as STELLAR-303 in colorectal cancer (CRC) and STELLAR-304 in non-clear cell renal cell carcinoma, are anticipated and could lead to significant new product launches and market expansion in high unmet need areas.
Expansion of Sales Capacity and Market Penetration: Exelixis is strategically investing in expanding its commercial capabilities to maximize the reach of its products. This includes the build-out of a gastrointestinal (GI) sales team in Q4 2025 to accelerate growth, particularly in anticipation of zanzalintinib's potential expansion in GI-related indications. This increased sales capacity aims to grow the customer base and market share for both existing and new products.
Advancement of Early-Stage Pipeline Assets: Beyond CABOMETYX and zanzalintinib, Exelixis has a pipeline of other oncology candidates moving through development. The company is advancing several programs, with plans to initiate clinical development for three biotherapeutics programs in 2025 (XB628 PD-L1-NKG2A bispecific antibody, XB064 ILT-2 monoclonal antibody, and XB371 TF-topoisomerase I inhibitor ADC), along with profiling other candidates like XB010 and XL495. Successful progression of these assets into later-stage development and eventual commercialization could provide additional revenue streams in the longer term.

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Share Repurchases

Exelixis completed a $550 million share repurchase program in 2023, acquiring 26.2 million shares, representing 8% of outstanding shares.
The company authorized a new $450 million share repurchase program for 2024 and two additional $500 million programs for 2025 (one in August 2024, one in February 2025).
As of September 30, 2025, Exelixis had repurchased $895.3 million of common stock under the August 2024 and February 2025 programs, and overall, has returned $1.9 billion to shareholders through repurchases since March 2023.
A new $750 million stock repurchase program was authorized in October 2025, to be completed by the end of 2026.

Share Issuance

No significant share issuances were identified during the last 3-5 years.

Inbound Investments

No large inbound investments by strategic partners or private equity firms were identified within the specified timeframe, beyond general institutional investor holdings.

Outbound Investments

In May 2021, Exelixis acquired GamaMabs Pharma's AMHR2 antibody technology for an upfront payment of $5 million, with potential for additional milestone payments.
In November 2022, Exelixis invested $100 million in two collaboration deals to expand its cancer pipeline, including an upfront payment of $60 million for an exclusive option to Cybrexa's CBX-12 and $40 million for an option for global rights to Sairopa's ADU-1805.
In September 2020, Exelixis made an upfront payment of $25 million to NBE-Therapeutics for an exclusive option to nominate target programs on NBE's antibody-drug conjugate (ADC) platform.

Capital Expenditures

Exelixis's capital expenditures were $138.5 million in 2022, $40.47 million in 2023, and are estimated at $28.44 million for 2024 and $26.07 million for 2025.
R&D spending is capped at approximately $1 billion annually, focusing on profitability and free cash flow generation, with resources concentrated on clinical-stage and IND-enabling activities following a corporate restructuring in Q1 2024.
An impairment of long-lived assets totaling $51.7 million was recorded in the quarter ended September 30, 2024, related to certain leased facilities as part of a corporate reorganization plan.

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CPRX (46.5% | 5.2x)

Catalyst Pharmaceuticals

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for EXEL: 11.8% | 15.1x)

UTHR (19.0% | 14.8x)

United Therapeutics

HALO (29.0% | 10.8x)

Halozyme Therapeutics

PTCT (41.7% | 6.7x)

PTC Therapeutics

CPRX (46.5% | 11.5x)

Catalyst Pharmaceuticals

HRMY (27.4% | 9.9x)

Harmony Biosciences

Higher Rev Chg LTM (Value for EXEL: 9.9%)

ALNY (53.2%)

Alnylam Pharmaceuticals

INSM (30.3%)

Insmed

UTHR (13.5%)

United Therapeutics

AMGN (10.6%)

Amgen

VRTX (10.3%)

Vertex Pharmaceuticals

Higher Rev Chg 3Y Avg (Value for EXEL: 11.8%)

BBIO (727.6%)

BridgeBio Pharma

ALNY (51.4%)

Alnylam Pharmaceuticals

INSM (22.8%)

Insmed

UTHR (19.0%)

United Therapeutics

INCY (13.1%)

Incyte

Higher Op Mgn LTM (Value for EXEL: 35.8%)

RPRX (65.2%)

Royalty Pharma

HALO (59.3%)

Halozyme Therapeutics

UTHR (48.7%)

United Therapeutics

KRYS (42.4%)

Krystal Biotech

GILD (38.3%)

Gilead Sciences

Higher CFO/Rev LTM (Value for EXEL: 34.6%)

RPRX (102.4%)

Royalty Pharma

UTHR (49.7%)

United Therapeutics

AMGN (36.5%)

Amgen

REGN (35.6%)

Regeneron Pharmaceuticals

ABBV (35.0%)

AbbVie

Higher FCF/Rev LTM (Value for EXEL: 32.5%)

RPRX (102.4%)

Royalty Pharma

HALO (48.5%)

Halozyme Therapeutics

KRYS (44.4%)

Krystal Biotech

UTHR (35.7%)

United Therapeutics

ABBV (33.0%)

AbbVie

Higher Total Yield (Value for EXEL: 5.5%)

GILD (7.8%)

Gilead Sciences

AMGN (6.8%)

Amgen

BIIB (6.3%)

Biogen

REGN (6.0%)

Regeneron Pharmaceuticals

UTHR (5.7%)

United Therapeutics

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for EXEL: 11.8% | 5.4x)

MCK (12.6% | 0.3x)

McKesson

CI (13.6% | 0.3x)

Cigna

INCY (13.1% | 4.1x)

Incyte

GMED (45.6% | 4.3x)

Globus Medical

BMRN (15.5% | 3.7x)

BioMarin Pharmaceutical

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for EXEL: 11.8% | 15.1x)

UTHR (19.0% | 14.8x)

United Therapeutics

MOH (12.8% | 6.5x)

Molina Healthcare

HALO (29.0% | 10.8x)

Halozyme Therapeutics

PTCT (41.7% | 6.7x)

PTC Therapeutics

ALKS (12.1% | 13.2x)

Alkermes

Higher Rev Chg LTM (Value for EXEL: 9.9%)

LLY (36.8%)

Eli Lilly

ISRG (22.2%)

Intuitive Surgical

BSX (21.6%)

Boston Scientific

AMGN (10.6%)

Amgen

UNH (10.5%)

UnitedHealth

Higher Rev Chg 3Y Avg (Value for EXEL: 11.8%)

LLY (23.4%)

Eli Lilly

ISRG (16.3%)

Intuitive Surgical

BSX (15.6%)

Boston Scientific

CI (13.6%)

Cigna

MCK (12.6%)

McKesson

Higher Op Mgn LTM (Value for EXEL: 35.8%)

RPRX (65.2%)

Royalty Pharma

UTHR (48.7%)

United Therapeutics

LLY (43.0%)

Eli Lilly

GILD (38.3%)

Gilead Sciences

ZTS (37.6%)

Zoetis

Higher CFO/Rev LTM (Value for EXEL: 34.6%)

VEEV (44.7%)

Veeva Systems

AMGN (36.5%)

Amgen

REGN (35.6%)

Regeneron Pharmaceuticals

ABBV (35.0%)

AbbVie

BMY (34.6%)

Bristol-Myers Squibb

Higher FCF/Rev LTM (Value for EXEL: 32.5%)

RPRX (102.4%)

Royalty Pharma

VEEV (44.7%)

Veeva Systems

UTHR (35.7%)

United Therapeutics

RMD (33.4%)

ResMed

ABBV (33.0%)

AbbVie

Higher Total Yield (Value for EXEL: 5.5%)

MRK (10.4%)

Merck

UNH (8.6%)

UnitedHealth

ABT (8.3%)

Abbott Laboratories

JNJ (7.5%)

Johnson & Johnson

AMGN (6.8%)

Amgen

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for EXEL: 11.8% | 5.4x)

BRK-B (19.8% | 2.7x)

Berkshire Hathaway

JPM (13.4% | 5.0x)

JPMorgan Chase

UBER (19.6% | 3.4x)

Uber Technologies

COF (13.4% | 3.3x)

Capital One Financial

PGR (20.6% | 1.6x)

Progressive

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for EXEL: 11.8% | 15.1x)

NEM (23.9% | 12.3x)

Newmont

APO (89.3% | 10.9x)

Apollo Asset Management

CP (22.2% | 12.2x)

Canadian Pacific Kansas City

URI (13.2% | 13.1x)

United Rentals

OKE (16.4% | 7.8x)

ONEOK

Higher Rev Chg LTM (Value for EXEL: 9.9%)

NVDA (65.2%)

NVIDIA

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

Higher Rev Chg 3Y Avg (Value for EXEL: 11.8%)

NVDA (91.6%)

NVIDIA

AVGO (25.2%)

Broadcom

BRK-B (19.8%)

Berkshire Hathaway

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

Higher Op Mgn LTM (Value for EXEL: 35.8%)

NVDA (58.8%)

NVIDIA

MA (58.3%)

Mastercard

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

AVGO (40.8%)

Broadcom

Higher CFO/Rev LTM (Value for EXEL: 34.6%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

GOOGL (39.3%)

Alphabet

Higher FCF/Rev LTM (Value for EXEL: 32.5%)

V (53.9%)

Visa

MA (52.5%)

Mastercard

PLTR (46.0%)

Palantir Technologies

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

Higher Total Yield (Value for EXEL: 5.5%)

XOM (9.3%)

Exxon Mobil

BAC (7.1%)

Bank of America

HD (6.9%)

Home Depot

JPM (6.5%)

JPMorgan Chase

BRK-B (6.3%)

Berkshire Hathaway

		Best Bets In Health Care Sector
	EXEL	RPRX	HALO	DOCS	CPRX	HRMY	LGND	ISRG	GMED	MD	HIMS
What You Pay
P/E	18.3	21.9	13.4	33.4	13.7	12.0	79.8	75.3	28.4	11.5	59.3
P/EBIT	15.1	10.6	10.5	34.2	11.5	9.1	58.0	73.4	27.7	7.7	69.0
What You Get
Rev Chg Q	10.8%	7.9%	22.1%	23.2%	15.3%	28.7%	122.8%	22.9%	22.9%	-3.6%	49.2%
Rev Chg LTM	9.9%	3.7%	31.2%	20.2%	25.6%	21.1%	64.8%	22.2%	11.7%	-4.2%	78.0%
Rev Chg 3Y Avg	11.8%	1.5%	29.0%	17.4%	46.5%	27.4%	16.0%	16.3%	45.6%	-0.5%	71.0%
FCF/Rev 3Y Avg	19.8%	115.2%	45.0%	42.7%	34.2%	33.2%	23.9%	16.5%	14.3%	8.9%	6.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Exelixis Earnings Notes
2	Exelixis Earnings Notes
3	Can Exelixis Stock Hold Up When Markets Turn?	Return
4	Exelixis vs Halozyme Therapeutics: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	Better Bet Than EXEL Stock: Pay Less Than Exelixis To Get More From CALM, HHH
6	Better Bet Than EXEL Stock: Pay Less Than Exelixis To Get More From CPRX, PTCT
7	Better Bet Than EXEL Stock: Pay Less Than Exelixis To Get More From CPRX, PTCT
8	Is The 20.6% Decline In Exelixis (EXEL) Stock A Dip Buying Opportunity?	Actionable
9	EXEL Dip Buy Analysis
10	Exelixis Market Price	Market Price
11	ARTICLES
12	Better Bet Than AbbVie Stock: Pay Less To Get More From EXEL, UTHR		July 26th, 2025
13	Better Bet Than Amgen Stock: Pay Less To Get More From BMRN, EXEL		July 19th, 2025
14	What’s Happening With Exelixis Stock?		September 8th, 2021
15	Will Exelixis Stock See Even Lower Levels After Negative Data From A Clinical Trial?		June 29th, 2021

	Title
0	DASHBOARDS
1	Exelixis Earnings Notes
2	Exelixis Earnings Notes
3	Can Exelixis Stock Hold Up When Markets Turn?
4	Exelixis vs Halozyme Therapeutics: Which Is A Better Investment?
5	Better Bet Than EXEL Stock: Pay Less Than Exelixis To Get More From CALM, HHH
6	Better Bet Than EXEL Stock: Pay Less Than Exelixis To Get More From CPRX, PTCT
7	Better Bet Than EXEL Stock: Pay Less Than Exelixis To Get More From CPRX, PTCT
8	Is The 20.6% Decline In Exelixis (EXEL) Stock A Dip Buying Opportunity?
9	EXEL Dip Buy Analysis
10	Exelixis Market Price
11	ARTICLES
12	Better Bet Than AbbVie Stock: Pay Less To Get More From EXEL, UTHR
13	Better Bet Than Amgen Stock: Pay Less To Get More From BMRN, EXEL
14	What’s Happening With Exelixis Stock?
15	Will Exelixis Stock See Even Lower Levels After Negative Data From A Clinical Trial?

Trade Ideas

Select ideas related to EXEL. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	21.0%	21.0%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-8.8%	-8.8%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	11.5%	11.5%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	2.7%	2.7%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	13.8%	13.8%	-5.1%
EXEL_7312025_Quality_Momentum_RoomToRun_10%	07312025	EXEL	Exelixis	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	27.5%	27.5%	-4.6%
EXEL_12312022_Dip_Buyer_ValueBuy	12312022	EXEL	Exelixis	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	19.1%	49.6%	0.0%
EXEL_5312022_Dip_Buyer_FCFYield	05312022	EXEL	Exelixis	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-10.3%	5.2%	-18.4%
EXEL_8312019_Dip_Buyer_FCFYield	08312019	EXEL	Exelixis	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-6.3%	9.0%	-27.2%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ADEA	Adeia	1.8	30.5%	21.0%
AAOI	Applied Optoelectronics	2.5	24.8%	6.1%
QBTS	D-Wave Quantum	11.0	20.0%	283.2%
ZBIO	Zenas BioPharma	1.8	17.1%	416.8%
UNF	UniFirst	3.6	16.1%	16.4%
FLY	Firefly Aerospace	4.0	16.0%
UAMY	United States Antimony	0.7	16.0%	215.8%
RZLT	Rezolute	0.2	15.8%	-58.2%
RCAT	Red Cat	0.8	14.5%	-28.2%
KURA	Kura Oncology	1.0	14.5%	29.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TPL	Texas Pacific Land	7.0	-66.3%	-72.5%
EWTX	Edgewise Therapeutics	2.2	-18.0%	-21.6%
DJT	Trump Media & Technology	4.0	-10.4%	-57.7%
AVO	Mission Produce	0.8	-9.7%	-17.0%
GTN-A	Gray Media	1.0	-8.0%	43.1%
ANGX	Angel Studios	0.8	-8.0%
DDS	Dillard's	9.6	-7.7%	48.3%
NKTR	Nektar Therapeutics	0.6	-7.2%	211.7%
MPLT	MapLight Therapeutics	0.8	-6.7%
TLRY	Tilray Brands	11.0	-6.6%	-21.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LUNR	Intuitive Machines	2.0	50.1%	-8.1%
FBYD	Falcons Beyond Global	0.7	46.4%	129.2%
TE	T1 Energy	1.1	44.3%
HUT	Hut 8	5.3	42.2%	145.9%
FLY	Firefly Aerospace	4.0	40.5%
RKLB	Rocket Lab	39.9	40.0%	204.5%
DJT	Trump Media & Technology	4.0	37.8%	-57.7%
QBTS	D-Wave Quantum	11.0	35.6%	283.2%
EEX	Emerald	0.9	34.2%	-0.1%
AAOI	Applied Optoelectronics	2.5	30.8%	6.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-79.5%	-26.1%
TPL	Texas Pacific Land	7.0	-63.9%	-72.5%
LW	Lamb Weston	6.0	-28.0%	-34.3%
OLMA	Olema Pharmaceuticals	2.4	-21.4%	383.4%
FDMT	4D Molecular Therapeutics	0.5	-20.5%	56.4%
NKTR	Nektar Therapeutics	0.6	-18.4%	211.7%
INSP	Inspire Medical Systems	2.9	-17.9%	-47.2%
PLAY	Dave & Buster's Entertainment	0.6	-17.9%	-45.0%
NKE	Nike	84.5	-15.6%	-22.6%
HPP	Hudson Pacific Properties	4.6	-14.9%	-51.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TE	T1 Energy	1.1	168.4%
WVE	WAVE Life Sciences	2.9	166.0%	45.3%
LUNR	Intuitive Machines	2.0	107.3%	-8.1%
AAOI	Applied Optoelectronics	2.5	100.6%	6.1%
RKLB	Rocket Lab	39.9	96.4%	204.5%
VERA	Vera Therapeutics	3.4	93.0%	27.2%
ANF	Abercrombie & Fitch	5.9	83.9%	-16.6%
PL	Planet Labs PBC	6.3	83.4%	409.9%
ARWR	Arrowhead Pharmaceuticals	9.6	81.1%	267.0%
FTRE	Fortrea	1.6	76.2%	-5.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.2	-78.8%	-58.2%
TPL	Texas Pacific Land	7.0	-65.7%	-72.5%
JANX	Janux Therapeutics	0.9	-50.7%	-73.7%
FRMI	Fermi	6.2	-42.4%
LENZ	LENZ Therapeutics	0.5	-36.4%	-39.0%
GOGO	Gogo	0.6	-30.3%	-41.9%
UP	Wheels Up Experience	0.4	-27.4%	-62.1%
ACLX	Arcellx	3.7	-27.2%	-15.0%
ORIC	ORIC Pharmaceuticals	0.7	-26.8%	4.1%
KOS	Kosmos Energy	0.5	-26.5%	-71.8%

Peer Comparisons for Exelixis

Peers to compare with:

Financials

	EXEL	BMY	PFE	MRK	AMGN	GILD	Median
Name	Exelixis	Bristol-.	Pfizer	Merck	Amgen	Gilead S.
Mkt Price	46.19	54.66	25.21	104.72	331.39	124.16	79.69
Mkt Cap	12.4	111.3	143.3	261.3	178.3	154.3	148.8
Rev LTM	2,288	48,034	62,786	64,235	35,971	29,086	42,002
Op Inc LTM	820	11,420	15,417	22,391	8,671	11,151	11,286
FCF LTM	744	15,302	10,376	13,049	11,539	9,162	10,958
FCF 3Y Avg	428	13,598	8,927	13,685	9,067	8,815	8,997
CFO LTM	791	16,621	13,077	17,065	13,126	9,667	13,102
CFO 3Y Avg	553	14,846	12,127	17,506	10,322	9,364	11,224

Growth & Margins

	EXEL	BMY	PFE	MRK	AMGN	GILD	Median
Name	Exelixis	Bristol-.	Pfizer	Merck	Amgen	Gilead S.
Rev Chg LTM	9.9%	1.3%	3.9%	1.7%	10.6%	2.8%	3.3%
Rev Chg 3Y Avg	11.8%	1.0%	-13.2%	2.9%	11.2%	2.3%	2.6%
Rev Chg Q	10.8%	2.8%	-5.9%	3.7%	12.4%	3.0%	3.3%
QoQ Delta Rev Chg LTM	2.6%	0.7%	-1.6%	1.0%	3.0%	0.8%	0.9%
Op Mgn LTM	35.8%	23.8%	24.6%	34.9%	24.1%	38.3%	29.7%
Op Mgn 3Y Avg	22.5%	19.0%	19.4%	23.7%	25.4%	39.2%	23.1%
QoQ Delta Op Mgn LTM	2.1%	2.9%	-1.4%	3.7%	0.6%	0.9%	1.5%
CFO/Rev LTM	34.6%	34.6%	20.8%	26.6%	36.5%	33.2%	33.9%
CFO/Rev 3Y Avg	26.5%	31.7%	18.9%	28.2%	32.7%	33.1%	29.9%
FCF/Rev LTM	32.5%	31.9%	16.5%	20.3%	32.1%	31.5%	31.7%
FCF/Rev 3Y Avg	19.8%	29.0%	13.9%	22.0%	28.8%	31.2%	25.4%

Valuation

	EXEL	BMY	PFE	MRK	AMGN	GILD	Median
Name	Exelixis	Bristol-.	Pfizer	Merck	Amgen	Gilead S.
Mkt Cap	12.4	111.3	143.3	261.3	178.3	154.3	148.8
P/S	5.4	2.3	2.3	4.1	5.0	5.3	4.5
P/EBIT	15.1	11.1	12.1	11.3	16.1	14.2	13.1
P/E	18.3	18.4	14.6	13.7	25.5	19.0	18.4
P/CFO	15.7	6.7	11.0	15.3	13.6	16.0	14.4
Total Yield	5.5%	9.9%	13.6%	10.4%	6.8%	7.8%	8.9%
Dividend Yield	0.0%	4.5%	6.8%	3.1%	2.8%	2.6%	3.0%
FCF Yield 3Y Avg	4.7%	13.2%	5.5%	5.5%	5.9%	8.0%	5.7%
D/E	0.0	0.5	0.4	0.2	0.3	0.2	0.2
Net D/E	-0.1	0.3	0.3	0.1	0.3	0.1	0.2

Returns

	EXEL	BMY	PFE	MRK	AMGN	GILD	Median
Name	Exelixis	Bristol-.	Pfizer	Merck	Amgen	Gilead S.
1M Rtn	8.7%	18.2%	0.7%	8.0%	-1.8%	-1.3%	4.4%
3M Rtn	16.7%	23.2%	6.7%	31.4%	16.7%	11.1%	16.7%
6M Rtn	6.5%	19.7%	8.6%	33.1%	23.5%	18.5%	19.1%
12M Rtn	38.8%	0.1%	2.6%	10.8%	29.9%	37.9%	20.4%
3Y Rtn	191.8%	-14.4%	-42.1%	2.6%	38.2%	62.8%	20.4%
1M Excs Rtn	5.4%	13.8%	-1.9%	6.0%	-6.6%	-5.2%	1.7%
3M Excs Rtn	12.7%	20.1%	3.0%	28.8%	13.0%	5.9%	12.9%
6M Excs Rtn	-11.9%	6.5%	-5.6%	19.9%	8.3%	4.5%	5.5%
12M Excs Rtn	20.1%	-16.2%	-12.7%	-6.6%	15.1%	23.6%	4.2%
3Y Excs Rtn	115.8%	-93.3%	-120.6%	-71.9%	-39.5%	-17.2%	-55.7%

Comparison Analyses

	Title
0	Exelixis vs. Seagen: With Return Forecast Of 88%, Exelixis Is A Better Bet
1	Exelixis vs. ACADIA Pharmaceuticals: With Return Forecast Of 380%, ACADIA Pharmaceuticals Is A Better Bet
2	Exelixis vs. Nektar Therapeutics: With Return Forecast Of 101%, Exelixis Is A Better Bet
3	Exelixis vs Varonis Systems: Similar Market Cap; Which Stock Is A Better Bet?
4	Exelixis vs HubSpot: Similar Revenue; Which Stock Is A Better Bet?
5	Exelixis vs Wayfair: Similar Income; Which Stock Is A Better Bet?
6	Exelixis vs MercadoLibre: Similar Income; Which Stock Is A Better Bet?
7	Exelixis vs Enphase Energy: Similar Income; Which Stock Is A Better Bet?
8	Exelixis vs Graphic Packaging: Similar Market Cap; Which Stock Is A Better Bet?
9	Exelixis vs nVent Electric plc: Similar Market Cap; Which Stock Is A Better Bet?

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for More

					Post-Approval Fwd Returns
FDA App #	Brand Name	Generic Name	Dosage Form	FDA Approval	3M Rtn	6M Rtn	1Y Rtn	2Y Rtn	Total Rtn
NDA208692	CABOMETYX	cabozantinib s-malate	tablet	4252016	86.9%	142.3%	373.8%	347.0%	891.2%
NDA203756	COMETRIQ	cabozantinib s-malate	capsule	11292012	-13.0%	-8.0%	11.3%	-68.3%	781.5%

	Post-Approval Fwd Returns
NDA208692	CABOMETYX	cabozantinib s-malate	tablet	4252016	86.9%	142.3%	373.8%	347.0%	891.2%
NDA203756	COMETRIQ	cabozantinib s-malate	capsule	11292012	-13.0%	-8.0%	11.3%	-68.3%	781.5%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/4/2025	2/11/2025	2/6/2024	2/7/2023	2/18/2022	2/11/2021	2/25/2020
Key Financials
Total Revenue	2,288	2,169	1,830	1,611	1,435	988	968
EBITDA	850	719	197	222	300	119	378
Operating Income	820	690	171	201	287	110	369
Net Income	678	521	208	182	231	112	321
EPS	2.46	1.80	0.65	0.57	0.73	0.36	1.06
Growth Rates
Total Revenue Growth	9.9%	18.5%	13.6%	12.3%	45.3%	2.0%	13.3%
EBITDA Growth	33.7%	265.6%	-11.6%	-26.0%	151.9%	-68.5%	-14.9%
Operating Income Growth	34.8%	303.8%	-15.2%	-29.7%	160.5%	-70.2%	-15.8%
Net Income Growth	45.2%	150.9%	14.0%	-21.1%	106.7%	-65.2%	-53.5%
Margins
EBITDA Margin	37.1%	33.1%	10.7%	13.8%	20.9%	12.1%	39.0%
Operating Income Margin	35.8%	31.8%	9.3%	12.5%	20.0%	11.1%	38.2%
Net Income Margin	29.6%	24.0%	11.4%	11.3%	16.1%	11.3%	33.2%
Cash & Debt
Total Cash	989	1,111	995	1,308	1,467	1,207	852
Total Debt	176	191	190	190	51	49	48
Net Debt / (Cash)	-812	-920	-805	-1,118	-1,416	-1,157	-804
Cash Flows
Net Cash from Operations	791	700	333	363	401	209	527
Free Cash from Operations	744	634	170	224	337	179	514
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	880	652	550	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/4/2025	7/28/2025	5/13/2025	2/11/2025	10/29/2024	8/6/2024	4/30/2024	2/6/2024	11/1/2023	8/1/2023	5/9/2023	2/7/2023
Key Financials Quarterly
Total Revenue	598	568	555	567	540	637	425	480	472	470	409	424
Ebitda	264	221	194	171	195	284	69	88	-11	84	36	-42
Operating Income	256	214	187	163	188	276	62	82	-18	78	29	-48
Net Income	194	185	160	140	118	226	37	86	1	81	40	-30
EPS	0.72	0.68	0.57	0.49	0.41	0.78	0.12	0.28	0.00	0.25	0.12	-0.09
Key Financials TTM
Total Revenue TTM	2,288	2,230	2,299	2,169	2,082	2,014	1,847	1,830	1,774	1,714	1,664	1,611
Ebitda TTM	850	782	844	719	636	429	230	197	66	166	170	222
Operating Income TTM	820	752	815	690	608	403	204	171	41	141	147	201
Net Income TTM	678	602	644	521	467	350	205	208	92	164	154	182
Growth Rates Quarterly
Total Revenue Growth	10.8%	-10.8%	30.6%	18.2%	14.3%	35.6%	4.0%	13.1%	14.6%	12.0%	14.8%	-6.0%
EBITDA Growth	35.1%	-22.1%	182.8%	93.7%	1830.3%	238.2%	92.4%	309.6%	-112.8%	-5.2%	-59.3%	-135.5%
Operating Income Growth	36.5%	-22.7%	199.9%	99.9%	1168.3%	255.0%	116.1%	270.1%	-121.3%	-7.0%	-65.4%	-141.2%
Net Income Growth	64.1%	-18.3%	327.7%	63.5%	11232.7%	178.5%	-6.8%	383.4%	-98.6%	14.9%	-41.6%	-131.7%
Margins Quarterly
EBITDA Margin	44.1%	38.9%	35.0%	30.2%	36.2%	44.5%	16.2%	18.4%	-2.4%	17.9%	8.7%	-9.9%
Operating Income Margin	42.9%	37.6%	33.6%	28.8%	34.8%	43.4%	14.7%	17.1%	-3.7%	16.6%	7.1%	-11.3%
Net Income Margin	32.4%	32.5%	28.7%	24.7%	21.9%	35.5%	8.8%	17.8%	0.2%	17.3%	9.8%	-7.1%
Cash & Debt
Total Cash	989	791	1,031	1,111	1,189	1,002	963	995	1,103	1,267	1,313	1,308
Total Debt	176	180	187	191	194	198	201	190	191	195	187	190
Net Debt / (Cash)	-812	-611	-844	-920	-995	-804	-762	-805	-913	-1,072	-1,126	-1,118
Cash Flows Quarterly
FCF from Operations	290	49	211	240	271	120	69	11	117	121	84	74
Cash Flows TTM
FCF from Operations TTM	791	772	843	700	470	316	318	333	396	389	299	363
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	104	302	284	190	12	264	185	209	217	124	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	54.1%	41.7%	40.0%	34.8%	41.8%	56.3%	11.6%	16.6%	-0.8%	17.4%	6.7%	-13.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	43.8%	35.6%	43.1%	37.1%	34.5%	20.6%	10.0%	8.4%	2.0%	7.7%	8.0%	11.2%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
CABOMETYX	1,615	1,376	1,054	719	733
License revenues	179
Collaboration services revenues	23	210	358	246	208
COMETRIQ	14	25	23	23	27
Total	1,830	1,611	1,435	988	968

Price Behavior

Price Behavior

Market Price	$46.19
Market Cap ($ Bil)	12.4
First Trading Date	04/17/2000
Distance from 52W High	-0.2%
	50 Days	200 Days
DMA Price	$41.15	$40.06
DMA Trend	up	up
Distance from DMA	12.3%	15.3%
	3M	1YR
Volatility	41.8%	44.6%
Downside Capture	68.33	83.92
Upside Capture	134.66	103.31
Correlation (SPY)	16.7%	23.5%

EXEL Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.74	0.42	0.48	0.75	0.55	0.44
Up Beta	-0.12	-0.40	-0.18	0.57	0.38	0.44
Down Beta	0.48	0.76	0.87	-0.30	0.28	0.33
Up Capture	217%	70%	86%	104%	90%	33%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	11	21	33	60	125	390
Down Capture	34%	31%	12%	141%	90%	64%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	8	20	29	64	122	351

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of EXEL With Other Asset Classes (Last 1Y)
	EXEL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	33.2%	13.6%	14.7%	67.3%	6.8%	-0.5%	-16.6%
Annualized Volatility	44.4%	17.3%	19.7%	19.3%	15.2%	17.6%	35.4%
Sharpe Ratio	0.77	0.57	0.57	2.54	0.23	-0.18	-0.25
Correlation With Other Assets		23.8%	24.4%	-15.5%	-11.3%	20.4%	8.8%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of EXEL With Other Asset Classes (Last 5Y)
	EXEL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	17.6%	8.7%	15.0%	18.9%	11.8%	5.1%	35.8%
Annualized Volatility	37.1%	14.5%	17.1%	15.5%	18.7%	18.9%	48.9%
Sharpe Ratio	0.54	0.42	0.71	0.98	0.51	0.18	0.63
Correlation With Other Assets		27.4%	27.7%	-0.2%	4.5%	25.7%	12.6%

Based On 10-Year Data

		Comparison of EXEL With Other Asset Classes (Last 10Y)
	EXEL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	25.2%	10.0%	14.9%	14.9%	6.7%	5.5%	69.9%
Annualized Volatility	46.1%	16.7%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.66	0.50	0.71	0.84	0.30	0.23	0.90
Correlation With Other Assets		38.5%	34.6%	-2.2%	11.2%	24.0%	9.5%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	21,360,218
Short Interest: % Change Since 11152025	6.0%
Average Daily Volume	2,477,165
Days-to-Cover Short Interest	8.62
Basic Shares Quantity	268,421,000
Short % of Basic Shares	8.0%

Returns Analyses

	Title
0	Can Exelixis Stock Hold Up When Markets Turn?
1	Exelixis Stock Return Comparison
2	[10/16/2021] Exelixis (EXEL) Stock Price Forecast: AI Forecasts EXEL Stock Price To Be Around $22.40 In A Month (Up 2.5%)
3	Exelixis Total Shareholder Return (TSR): -12.3% in 2022 and -3.1% 3-yr returns (above peer average)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/4/2025	6.5%	13.4%	17.0%
7/28/2025	-16.8%	-17.1%	-13.6%
5/13/2025	20.8%	20.1%	13.1%
1/13/2025	1.0%	3.2%	-7.1%
10/29/2024	12.9%	21.0%	25.1%
8/6/2024	13.1%	13.9%	9.0%
4/30/2024	-6.5%	-5.6%	-11.4%
2/6/2024	-7.6%	-7.3%	1.2%
...
SUMMARY STATS
# Positive	15	13	13
# Negative	9	11	11
Median Positive	3.6%	7.0%	9.0%
Median Negative	-6.5%	-5.6%	-10.7%
Max Positive	20.8%	21.0%	25.1%
Max Negative	-16.8%	-17.1%	-24.7%

	Forward Returns
11/4/2025	6.5%	13.4%	17.0%
7/28/2025	-16.8%	-17.1%	-13.6%
5/13/2025	20.8%	20.1%	13.1%
1/13/2025	1.0%	3.2%	-7.1%
10/29/2024	12.9%	21.0%	25.1%
8/6/2024	13.1%	13.9%	9.0%
4/30/2024	-6.5%	-5.6%	-11.4%
2/6/2024	-7.6%	-7.3%	1.2%
11/1/2023	-4.2%	-1.3%	4.4%
8/1/2023	3.6%	4.4%	14.6%
5/9/2023	0.8%	-0.5%	0.6%
2/7/2023	2.7%	4.6%	-3.6%
11/1/2022	1.2%	-1.4%	1.4%
8/9/2022	-7.4%	-7.4%	-15.4%
5/10/2022	0.4%	4.7%	-4.5%
2/17/2022	6.7%	10.0%	15.9%
11/2/2021	-12.1%	-15.7%	-24.7%
8/5/2021	1.5%	5.7%	16.3%
5/6/2021	8.1%	9.6%	-5.0%
2/10/2021	-4.2%	-3.3%	1.1%
11/5/2020	-6.5%	-8.7%	-14.9%
8/6/2020	-2.0%	-3.4%	-9.4%
5/5/2020	3.6%	6.2%	-10.7%
1/13/2020	6.4%	7.0%	8.8%
SUMMARY STATS
# Positive	15	13	13
# Negative	9	11	11
Median Positive	3.6%	7.0%	9.0%
Median Negative	-6.5%	-5.6%	-10.7%
Max Positive	20.8%	21.0%	25.1%
Max Negative	-16.8%	-17.1%	-24.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11042025	10-Q 9/30/2025
6302025	7282025	10-Q 6/30/2025
3312025	5132025	10-Q 3/31/2025
12312024	2112025	10-K 12/31/2024
9302024	10292024	10-Q 9/30/2024
6302024	8062024	10-Q 6/30/2024
3312024	4302024	10-Q 3/31/2024
12312023	2062024	10-K 12/31/2023
9302023	11012023	10-Q 9/30/2023
6302023	8012023	10-Q 6/30/2023
3312023	5092023	10-Q 3/31/2023
12312022	2072023	10-K 12/31/2022
9302022	11012022	10-Q 9/30/2022
6302022	8092022	10-Q 6/30/2022
3312022	5102022	10-Q 3/31/2022
12312021	2182022	10-K 12/31/2021

Insider Activity

Expand for Morenull

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Biotechnology Resources

Fierce Biotech

Nature Biotechnology

Genetic Engineering & Biotechnology News

Biotechnology Innovation Organization

BioWorld

BioTechniques

HBS Biotechnology Publications

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Exelixis (EXEL)

Market Price (12/23/2025): $46.22 | Market Cap: $12.4 BilSector: Health Care | Industry: Biotechnology

Exelixis (EXEL)

Market Price (12/23/2025): $46.22Market Cap: $12.4 BilSector: Health CareIndustry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

EXEL Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Exelixis (EXEL)

Key Risks to Exelixis' Business:

Share Repurchases

Share Issuance

Inbound Investments

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than Exelixis (EXEL)

INDUSTRY: Biotechnology

Higher Rev Chg 3Y Avg | Lower P/S (Values for EXEL: 11.8% | 5.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for EXEL: 11.8% | 15.1x)

Higher Rev Chg LTM (Value for EXEL: 9.9%)

Higher Rev Chg 3Y Avg (Value for EXEL: 11.8%)

Higher Op Mgn LTM (Value for EXEL: 35.8%)

Higher CFO/Rev LTM (Value for EXEL: 34.6%)

Higher FCF/Rev LTM (Value for EXEL: 32.5%)

Higher Total Yield (Value for EXEL: 5.5%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for EXEL: 11.8% | 5.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for EXEL: 11.8% | 15.1x)

Higher Rev Chg LTM (Value for EXEL: 9.9%)

Higher Rev Chg 3Y Avg (Value for EXEL: 11.8%)

Higher Op Mgn LTM (Value for EXEL: 35.8%)

Higher CFO/Rev LTM (Value for EXEL: 34.6%)

Higher FCF/Rev LTM (Value for EXEL: 32.5%)

Higher Total Yield (Value for EXEL: 5.5%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for EXEL: 11.8% | 5.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for EXEL: 11.8% | 15.1x)

Higher Rev Chg LTM (Value for EXEL: 9.9%)

Higher Rev Chg 3Y Avg (Value for EXEL: 11.8%)

Higher Op Mgn LTM (Value for EXEL: 35.8%)

Higher CFO/Rev LTM (Value for EXEL: 34.6%)

Higher FCF/Rev LTM (Value for EXEL: 32.5%)

Higher Total Yield (Value for EXEL: 5.5%)

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Market Price (12/23/2025): $46.22 | Market Cap: $12.4 Bil
Sector: Health Care | Industry: Biotechnology

Market Price (12/23/2025): $46.22
Market Cap: $12.4 Bil
Sector: Health Care
Industry: Biotechnology