Exelixis (EXEL)
Market Price (8/24/2026): $53.99 | Market Cap: $13.5 BilSector: Health Care | Industry: Biotechnology
Exelixis (EXEL)
Market Price (8/24/2026): $53.99Market Cap: $13.5 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%, FCF Yield is 8.5% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 41% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 48% Stock buyback supportStock Buyback 3Y Total is 2.8 Bil Low stock price volatilityVol 12M is 37% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Oncology Treatments, Targeted Therapies, Show more. | Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.42, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Key risksEXEL 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. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%, FCF Yield is 8.5% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 41% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 48% |
| Stock buyback supportStock Buyback 3Y Total is 2.8 Bil |
| Low stock price volatilityVol 12M is 37% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Oncology Treatments, Targeted Therapies, Show more. |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.42, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Key risksEXEL 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. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 8/6/2026
Exelixis (EXEL) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat and Robust Cabozantinib Franchise Performance.
Exelixis reported strong non-GAAP diluted earnings per share (EPS) of $0.91 for its fiscal Q2 2026, which ended June 30, 2026, surpassing analyst estimates of $0.84 to $0.86. This positive earnings surprise was significantly driven by the continued strength of its cabozantinib franchise, which generated U.S. net product revenues of $573 million, marking an approximately 10% year-over-year increase. Global cabozantinib franchise net product revenues also demonstrated robust growth, increasing approximately 13% year-over-year to $806 million.
2. Significant Advancement of Zanzalintinib Pipeline Towards FDA Decision.
The company's pipeline progress, particularly with zanzalintinib, served as a key catalyst. The New Drug Application (NDA) for zanzalintinib, in combination with atezolizumab for previously treated metastatic colorectal cancer, is currently under FDA review with a Prescription Drug User Fee Act (PDUFA) target action date of December 3, 2026. This upcoming regulatory decision represents a significant potential new revenue stream and expansion into new oncology markets.
Show more
Exelixis (EXEL) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat and Robust Cabozantinib Franchise Performance.
Exelixis reported strong non-GAAP diluted earnings per share (EPS) of $0.91 for its fiscal Q2 2026, which ended June 30, 2026, surpassing analyst estimates of $0.84 to $0.86. This positive earnings surprise was significantly driven by the continued strength of its cabozantinib franchise, which generated U.S. net product revenues of $573 million, marking an approximately 10% year-over-year increase. Global cabozantinib franchise net product revenues also demonstrated robust growth, increasing approximately 13% year-over-year to $806 million.
2. Significant Advancement of Zanzalintinib Pipeline Towards FDA Decision.
The company's pipeline progress, particularly with zanzalintinib, served as a key catalyst. The New Drug Application (NDA) for zanzalintinib, in combination with atezolizumab for previously treated metastatic colorectal cancer, is currently under FDA review with a Prescription Drug User Fee Act (PDUFA) target action date of December 3, 2026. This upcoming regulatory decision represents a significant potential new revenue stream and expansion into new oncology markets.
Show more
Updated on 8/6/2026
Exelixis (EXEL) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat and Robust Cabozantinib Franchise Performance.
Exelixis reported strong non-GAAP diluted earnings per share (EPS) of $0.91 for its fiscal Q2 2026, which ended June 30, 2026, surpassing analyst estimates of $0.84 to $0.86. This positive earnings surprise was significantly driven by the continued strength of its cabozantinib franchise, which generated U.S. net product revenues of $573 million, marking an approximately 10% year-over-year increase. Global cabozantinib franchise net product revenues also demonstrated robust growth, increasing approximately 13% year-over-year to $806 million.
2. Significant Advancement of Zanzalintinib Pipeline Towards FDA Decision.
The company's pipeline progress, particularly with zanzalintinib, served as a key catalyst. The New Drug Application (NDA) for zanzalintinib, in combination with atezolizumab for previously treated metastatic colorectal cancer, is currently under FDA review with a Prescription Drug User Fee Act (PDUFA) target action date of December 3, 2026. This upcoming regulatory decision represents a significant potential new revenue stream and expansion into new oncology markets.
3. Active Share Repurchase Program Enhancing Shareholder Value.
Exelixis demonstrated a strong commitment to returning capital to shareholders through its share repurchase program. In fiscal Q2 2026, the company repurchased $311.6 million of its common stock at an average price of $47.85 per share. This completed a prior $750 million share repurchase authorization and initiated a new authorization for up to an additional $750 million, slated to run through December 31, 2027. Such programs can boost EPS and signal confidence in the company's financial health.
4. Positive Analyst Sentiment and Price Target Increases.
Several financial analysts issued positive revisions and outlooks on Exelixis during the period. Wall Street Zen, for instance, upgraded Exelixis from a "buy" rating to a "strong-buy" rating in a research note published on May 9th. Additionally, Truist Financial raised its price target for Exelixis from $54.00 to $56.00 on July 7th, and Morgan Stanley increased its target price from $50.00 to $53.00. While the company did slightly miss Q2 revenue estimates by 0.99% and lowered its full-year 2026 revenue guidance by $50 million at the midpoint due to a slower ramp in the neuroendocrine tumor indication, the overall positive sentiment surrounding its core products and pipeline largely outweighed these concerns.
Show less
Exelixis (EXEL) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat and Robust Cabozantinib Franchise Performance.
Exelixis reported strong non-GAAP diluted earnings per share (EPS) of $0.91 for its fiscal Q2 2026, which ended June 30, 2026, surpassing analyst estimates of $0.84 to $0.86. This positive earnings surprise was significantly driven by the continued strength of its cabozantinib franchise, which generated U.S. net product revenues of $573 million, marking an approximately 10% year-over-year increase. Global cabozantinib franchise net product revenues also demonstrated robust growth, increasing approximately 13% year-over-year to $806 million.
2. Significant Advancement of Zanzalintinib Pipeline Towards FDA Decision.
The company's pipeline progress, particularly with zanzalintinib, served as a key catalyst. The New Drug Application (NDA) for zanzalintinib, in combination with atezolizumab for previously treated metastatic colorectal cancer, is currently under FDA review with a Prescription Drug User Fee Act (PDUFA) target action date of December 3, 2026. This upcoming regulatory decision represents a significant potential new revenue stream and expansion into new oncology markets.
3. Active Share Repurchase Program Enhancing Shareholder Value.
Exelixis demonstrated a strong commitment to returning capital to shareholders through its share repurchase program. In fiscal Q2 2026, the company repurchased $311.6 million of its common stock at an average price of $47.85 per share. This completed a prior $750 million share repurchase authorization and initiated a new authorization for up to an additional $750 million, slated to run through December 31, 2027. Such programs can boost EPS and signal confidence in the company's financial health.
4. Positive Analyst Sentiment and Price Target Increases.
Several financial analysts issued positive revisions and outlooks on Exelixis during the period. Wall Street Zen, for instance, upgraded Exelixis from a "buy" rating to a "strong-buy" rating in a research note published on May 9th. Additionally, Truist Financial raised its price target for Exelixis from $54.00 to $56.00 on July 7th, and Morgan Stanley increased its target price from $50.00 to $53.00. While the company did slightly miss Q2 revenue estimates by 0.99% and lowered its full-year 2026 revenue guidance by $50 million at the midpoint due to a slower ramp in the neuroendocrine tumor indication, the overall positive sentiment surrounding its core products and pipeline largely outweighed these concerns.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 21.6% change in EXEL stock from 4/30/2026 to 8/23/2026 was primarily driven by a 6.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.46 | 54.08 | 21.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,320 | 2,436 | 5.0% |
| Net Income Margin (%) | 33.7% | 35.3% | 4.7% |
| P/E Multiple | 15.1 | 15.8 | 4.1% |
| Shares Outstanding (Mil) | 266 | 251 | 6.2% |
| Cumulative Contribution | 21.6% |
Market Drivers
4/30/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| EXEL | 21.6% | |
| Market (SPY) | 6.5% | 20.2% |
| Sector (XLV) | 19.6% | 31.6% |
Fundamental Drivers
The 30.8% change in EXEL stock from 1/31/2026 to 8/23/2026 was primarily driven by a 19.3% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 41.36 | 54.08 | 30.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,288 | 2,436 | 6.5% |
| Net Income Margin (%) | 29.6% | 35.3% | 19.3% |
| P/E Multiple | 16.4 | 15.8 | -3.8% |
| Shares Outstanding (Mil) | 268 | 251 | 7.0% |
| Cumulative Contribution | 30.8% |
Market Drivers
1/31/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| EXEL | 30.8% | |
| Market (SPY) | 11.0% | 24.6% |
| Sector (XLV) | 13.3% | 36.7% |
Fundamental Drivers
The 49.3% change in EXEL stock from 7/31/2025 to 8/23/2026 was primarily driven by a 30.8% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 36.22 | 54.08 | 49.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,230 | 2,436 | 9.2% |
| Net Income Margin (%) | 27.0% | 35.3% | 30.8% |
| P/E Multiple | 16.4 | 15.8 | -3.9% |
| Shares Outstanding (Mil) | 273 | 251 | 8.7% |
| Cumulative Contribution | 49.3% |
Market Drivers
7/31/2025 to 8/23/2026| Return | Correlation | |
|---|---|---|
| EXEL | 49.3% | |
| Market (SPY) | 22.2% | 19.8% |
| Sector (XLV) | 35.6% | 33.4% |
Fundamental Drivers
The 174.4% change in EXEL stock from 7/31/2023 to 8/23/2026 was primarily driven by a 282.4% change in the company's Net Income Margin (%).| (LTM values as of) | 7312023 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.71 | 54.08 | 174.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,664 | 2,436 | 46.4% |
| Net Income Margin (%) | 9.2% | 35.3% | 282.4% |
| P/E Multiple | 41.6 | 15.8 | -62.1% |
| Shares Outstanding (Mil) | 324 | 251 | 29.3% |
| Cumulative Contribution | 174.4% |
Market Drivers
7/31/2023 to 8/23/2026| Return | Correlation | |
|---|---|---|
| EXEL | 174.4% | |
| Market (SPY) | 73.2% | 19.3% |
| Sector (XLV) | 36.3% | 25.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EXEL Return | -9% | -12% | 50% | 39% | 32% | 22% | 168% |
| Peers Return | 21% | 20% | -11% | 4% | 15% | 28% | 98% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| EXEL Win Rate | 58% | 50% | 58% | 58% | 58% | 62% | |
| Peers Win Rate | 50% | 55% | 37% | 50% | 53% | 68% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| EXEL Max Drawdown | -38% | -35% | -15% | -16% | -25% | -12% | |
| Peers Max Drawdown | -18% | -17% | -26% | -24% | -23% | -16% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | EXEL | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.0% | -24.5% |
| % Gain to Breakeven | 28.2% | 32.4% |
| Time to Breakeven | 170 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.7% | -33.7% |
| % Gain to Breakeven | 50.8% | 50.9% |
| Time to Breakeven | 35 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.9% | -19.2% |
| % Gain to Breakeven | 33.2% | 23.8% |
| Time to Breakeven | 28 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -23.6% | -3.7% |
| % Gain to Breakeven | 30.9% | 3.9% |
| Time to Breakeven | 6 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -39.8% | -12.2% |
| % Gain to Breakeven | 66.2% | 13.9% |
| Time to Breakeven | 85 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -68.8% | -6.8% |
| % Gain to Breakeven | 220.9% | 7.3% |
| Time to Breakeven | 208 days | 15 days |
In The Past
Exelixis's stock fell -2.7% during the 2025 US Tariff Shock. Such a loss loss requires a 2.8% gain to breakeven.
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Asset Allocation
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| Event | EXEL | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.0% | -24.5% |
| % Gain to Breakeven | 28.2% | 32.4% |
| Time to Breakeven | 170 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.7% | -33.7% |
| % Gain to Breakeven | 50.8% | 50.9% |
| Time to Breakeven | 35 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.9% | -19.2% |
| % Gain to Breakeven | 33.2% | 23.8% |
| Time to Breakeven | 28 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -23.6% | -3.7% |
| % Gain to Breakeven | 30.9% | 3.9% |
| Time to Breakeven | 6 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -39.8% | -12.2% |
| % Gain to Breakeven | 66.2% | 13.9% |
| Time to Breakeven | 85 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -68.8% | -6.8% |
| % Gain to Breakeven | 220.9% | 7.3% |
| Time to Breakeven | 208 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -32.1% | -0.2% |
| % Gain to Breakeven | 47.2% | 0.2% |
| Time to Breakeven | 461 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -43.7% | -17.9% |
| % Gain to Breakeven | 77.5% | 21.8% |
| Time to Breakeven | 1754 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -47.2% | -15.4% |
| % Gain to Breakeven | 89.3% | 18.2% |
| Time to Breakeven | 120 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -73.9% | -53.4% |
| % Gain to Breakeven | 282.5% | 114.4% |
| Time to Breakeven | 802 days | 1085 days |
In The Past
Exelixis's stock fell -2.7% during the 2025 US Tariff Shock. Such a loss loss requires a 2.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Exelixis (EXEL)
Exelixis, Inc. (EXEL) is an oncology-focused biotechnology company primarily engaged in the discovery, development, and commercialization of novel medicines to treat various cancers. Headquartered in California, the company focuses its efforts on bringing innovative therapies to patients, primarily serving the United States market.
The company's flagship commercial products include CABOMETYX and COMETRIQ, both derived from cabozantinib. CABOMETYX is approved for advanced renal cell carcinoma, while COMETRIQ is used for progressive and metastatic medullary thyroid cancer. These therapies work by inhibiting multiple tyrosine kinases, such as MET, AXL, RET, and VEGF receptors, which are critical for cancer growth and spread. Exelixis also offers COTELLIC, a MEK inhibitor used in combination to treat advanced melanoma, and MINNEBRO, an oral hypertension treatment available in Japan.
Exelixis maintains a robust pipeline of new drug candidates, including XL092, an oral tyrosine kinase inhibitor, and XB002, an antibody-drug conjugate, both targeting advanced solid tumors. The company also develops XL102, a CDK7 inhibitor for metastatic solid tumors. Through these commercial products and its development pipeline, Exelixis primarily serves cancer patients and their healthcare providers, supported by numerous research collaborations and licensing agreements with other pharmaceutical companies to expand its therapeutic reach and capabilities.
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Exelixis is like **Vertex Pharmaceuticals**, but exclusively focused on developing and commercializing medicines for various types of cancer.
Think of Exelixis as the **oncology division of a major pharmaceutical company like Bristol Myers Squibb or Genentech, but operating as its own dedicated public company.**
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- CABOMETYX: Treats advanced renal cell carcinoma.
- COMETRIQ: Treats progressive and metastatic medullary thyroid cancer.
- COTELLIC: Used in combination to treat advanced melanoma.
- MINNEBRO: Treats hypertension in Japan.
- XL092: An oral tyrosine kinase inhibitor in development for various cancers.
- XB002: An antibody-drug conjugate in development for advanced solid tumors and non-Hodgkin's lymphoma.
- XL102: A CDK7 inhibitor in development for advanced or metastatic solid tumors.
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Exelixis (EXEL) sells its products and intellectual property primarily to other companies through various licensing and collaboration agreements, as well as directly selling medicines within the U.S. healthcare supply chain. Based on the provided description, the major customers derived from its research collaborations and license agreements include:
- Ipsen Pharma SAS (Euronext Paris: IPN)
- Takeda Pharmaceutical Company Ltd. (NYSE: TAK)
- F. Hoffmann-La Roche Ltd. (SIX Swiss Exchange: ROG)
- Bristol-Myers Squibb Company (NYSE: BMY)
- Daiichi Sankyo Company, Limited (OTC: DSNKY)
- Genentech, Inc. (a subsidiary of F. Hoffmann-La Roche Ltd.)
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- Catalent Pharma Solutions, Inc. (CTLT)
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Michael M. Morrissey, Ph.D. President and Chief Executive Officer
Michael M. Morrissey has served as President and Chief Executive Officer of Exelixis since July 2010, and as a director since the same year. He joined the company in February 2000 and previously held positions of increasing responsibility, including President of Research and Development from January 2007 to July 2010. Before joining Exelixis, Dr. Morrissey was the Vice President, Discovery Research at Berlex Biosciences from 1991 to 2000. Earlier in his career, he served as a Senior Scientist and Project Team Leader in Medicinal Chemistry at CIBA-Geigy Corporation from 1986 to 1991. Dr. Morrissey is an inventor on 70 issued U.S. patents and 25 published applications. He earned his Ph.D. in Chemistry from Harvard University and a B.S. in Chemistry from the University of Wisconsin. Dr. Morrissey has served as Chair of the board of directors of Vera Therapeutics, Inc., a publicly held, clinical-stage biotechnology company, since April 2022. He also previously served on the boards of XWPharma Ltd. and CERo Therapeutics, Inc.
Christopher J. Senner Executive Vice President and Chief Financial Officer
Christopher J. Senner was appointed Executive Vice President and Chief Financial Officer of Exelixis in July 2015. Prior to Exelixis, Mr. Senner spent five years at Gilead Sciences (2010-2015) as Vice President, Corporate Finance, where he was responsible for controllership, operational financial planning and analysis, tax, and treasury. Before Gilead, he held various financial roles with increasing responsibility over eighteen years at Wyeth, including Chief Financial Officer of Wyeth's U.S. pharmaceuticals business and the BioPharma Business Unit. Wyeth was acquired by Pfizer in 2009. He holds a B.S. in Finance from Bentley College. Since March 2019, Mr. Senner has served as an independent director on the Board of Directors for Quince Therapeutics.
Brenda Hefti, J.D., Ph.D. General Counsel
Brenda Hefti, J.D., Ph.D., was promoted to General Counsel of Exelixis, effective November 7, 2025. She joined Exelixis in 2013 as corporate counsel, became Head of IP in 2014, and served as Senior Vice President, IP & Licensing since 2020.
Dana T. Aftab, Ph.D. Executive Vice President, Research and Development
Dana T. Aftab, Ph.D., was appointed Executive Vice President, Research and Development at Exelixis in August 2025. Prior to this role, Dr. Aftab served as Executive Vice President, Discovery and Translational Research and Chief Scientific Officer at the company.
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Exelixis (EXEL) faces several key business risks, primarily stemming from its concentration in a single product franchise and the inherent challenges of drug development and market competition.
- Reliance on Cabozantinib and Upcoming Patent Expiration: Exelixis’ commercial success heavily depends on its flagship molecule, cabozantinib, which is the basis for its key products CABOMETYX and COMETRIQ. The company faces a significant risk from the eventual expiration of patents covering cabozantinib. While legal victories have extended some patent exclusivity until at least January 2030, and a settlement with Cipla allows generic versions of CABOMETYX in the U.S. starting January 1, 2031, the entry of generics could substantially erode revenue and market position. The long-term outlook carries a high degree of uncertainty due to this impending patent loss.
- Clinical Trial Failures and Regulatory Hurdles for Pipeline Products: As an oncology-focused biotechnology company, Exelixis' future growth is contingent on the successful discovery, development, and commercialization of new medicines. Drug development is a lengthy, costly, and high-risk endeavor, with many promising programs failing to yield approved products. Recent clinical trial results demonstrate this risk, such as the failure of a Cabometyx combination therapy to improve overall survival in a kidney cancer trial, leading Exelixis to abandon its pursuit for that specific label expansion. Additionally, pipeline assets like zanzalintinib, while showing some positive data, have also raised safety concerns in late-stage trials, which could impact regulatory approval and market acceptance. The complexities and unpredictability of regulatory review processes in the U.S. and internationally also pose significant risks to its product development efforts.
- Intense Market Competition and Pricing Pressures: The oncology market is highly competitive, with numerous pharmaceutical companies vying for market share. Beyond generic competition for its established products, Exelixis faces continuous pressure from new and existing therapies developed by rivals. Furthermore, the company is exposed to the threat of healthcare reforms and increasing scrutiny of pharmaceutical pricing by governments and regulatory bodies, which could lead to initiatives that reduce revenue or negatively impact its business reputation and profitability.
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Exelixis (EXEL) products address the following markets:
-
CABOMETYX (cabozantinib)
-
Advanced Renal Cell Carcinoma (RCC): The global advanced renal cell carcinoma market is projected to grow from USD 9.6 billion in 2024 to USD 15.1 billion by 2030, at a compound annual growth rate (CAGR) of 7.8%. The U.S. market for advanced renal cell carcinoma is valued at approximately USD 3.17 billion in 2024 and is expected to reach nearly USD 4.44 billion by 2030, with a CAGR of 5.8%.
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Medullary Thyroid Cancer: The medullary thyroid cancer market across the top 7 markets (US, EU4, UK, and Japan) was valued at USD 155.3 million in 2024 and is expected to reach USD 433.8 million by 2035, exhibiting a CAGR of 9.76%. The global medullary thyroid cancer market size was USD 141.1 million in 2023 and is expected to reach USD 405.1 million by 2034, with a CAGR of 10.06%.
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COMETRIQ (cabozantinib)
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Progressive and Metastatic Medullary Thyroid Cancer: The medullary thyroid cancer market across the top 7 markets (US, EU4, UK, and Japan) was valued at USD 155.3 million in 2024 and is expected to reach USD 433.8 million by 2035, exhibiting a CAGR of 9.76%. The global medullary thyroid cancer market size was USD 141.1 million in 2023 and is expected to reach USD 405.1 million by 2034, with a CAGR of 10.06%.
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COTELLIC (cobimetinib)
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Advanced Melanoma: The global melanoma therapeutics market size is expected to be valued at USD 7.39 billion in 2025 and is anticipated to reach approximately USD 17.93 billion by 2034, expanding at a CAGR of 10.35%. The advanced melanoma market across the top 7 markets (US, EU4, UK, and Japan) reached a value of USD 4.3 billion in 2024 and is expected to reach USD 11.0 billion by 2035, with a CAGR of 9.01%.
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MINNEBRO (esaxerenone)
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Hypertension in Japan: The Japan anti-hypertensive drugs market generated revenue of USD 1,447.5 million in 2024 and is expected to reach USD 2,155.9 million by 2033, growing at a CAGR of 4.5% from 2025 to 2033.
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Exelixis, Inc. (EXEL) anticipates future revenue growth over the next two to three years will be driven by several key factors:
- Continued Growth of the CABOMETYX Franchise: The company's lead product, CABOMETYX (cabozantinib), is expected to remain a significant revenue driver, building on its strong performance in treating renal cell carcinoma (RCC) and its expanded label for neuroendocrine tumors (NETs). CABOMETYX is the market leader for neuroendocrine tumors in the oral second-line plus segment, with sales anticipated to accelerate in 2026 following its March 2025 FDA approval for pancreatic and extra-pancreatic NETs. The company also implemented a 3% price increase for cabozantinib products effective January 2026, building on a 2.2% increase in January 2024. Peak U.S. sales for cabozantinib are projected to approach $3 billion by 2030.
- Launch and Commercialization of Zanzalintinib: Exelixis' next-generation tyrosine kinase inhibitor, zanzalintinib, is positioned as a foundational element for future oncology franchises, with potential peak annual sales of $5 billion. The company has received positive pivotal data for zanzalintinib and is preparing for a potential FDA approval in metastatic colorectal cancer (CRC) with a PDUFA date in December. Exelixis is expanding its commercial organization and sales force to support the anticipated launches in CRC and NETs. The company's 2026 revenue guidance currently excludes any contribution from a potential zanzalintinib approval, suggesting a significant upside.
- Expansion into New Indications for CABOMETYX: Beyond its current approvals, Exelixis continues to pursue data-driven label expansions for CABOMETYX across various tumor types. The recent approval in NETs is significantly boosting sales, and the company is engaged in discussions with regulatory agencies for additional potential indications, which could further broaden its market reach.
- Advancement of Pipeline Assets: Exelixis is committed to advancing a diverse pipeline of small molecules and biotherapeutics, with the goal of bringing new treatment options to cancer patients. This includes moving promising preclinical programs into clinical development. The pipeline features antibody-drug conjugates (ADCs) like XB002 and XB371, as well as small molecules such as XL309 (a USP1 inhibitor) and XL495, which are being progressed into clinical trials. These earlier-stage assets represent longer-term growth opportunities that could contribute to revenue in the later part of the next 2-3 year timeframe and beyond.
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Share Repurchases
- Since March 2023, Exelixis has repurchased a total of $2.16 billion of its common stock, retiring 76.7 million shares at an average price of $28.14 per share, as of the end of fiscal year 2025.
- In October 2025, the Board of Directors authorized an additional $750 million share repurchase program, which is set to continue through December 31, 2026.
- Exelixis completed a $500 million stock repurchase program in the second quarter of 2025 (authorized in August 2024) and another $500 million program in the fourth quarter of 2025 (authorized in February 2025).
Outbound Investments
- In May 2021, Exelixis acquired all rights to GamaMabs Pharma's AMHR2 antibody technology, with an initial payment of $5 million upon signing and additional milestone payments contingent on various events.
Capital Expenditures
- Exelixis' trailing twelve months (TTM) capital expenditure averaged $36.2 million as of December 31, 2025, with a 5-year average ranging from a minimum of $17.82 million to a maximum of $37.29 million.
- For fiscal year 2026, the company expects R&D expenses to be between $875 million and $925 million.
- The primary focus of these expenditures and investments is on funding late-stage clinical trials, early-stage drug discovery, and advancing a diverse pipeline of small molecules and biotherapeutics to build next-generation oncology franchises, including the development of zanzalintinib.
Peer Outperformance in Biotechnology
EXEL has outperformed 91% of its 364 Biotechnology peers over 5Y. Biotechnology ranks 10th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that EXEL has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
63%
of 460 industry peers · 40.0% return
3Y
81%
of 406 industry peers · 148.6% return
5Y
91%
of 364 industry peers · 185.7% return
No Biotechnology peer with a comparable growth profile has beaten EXEL by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is EXEL's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 9.5% | 82.4% | 124.2% | CAH 394% · MCK 340% · COR 184% |
| Health Care Services | 20 | 20.6% | 46.6% | 7.5% | HIMS 337% · RDNT 157% · DGX 80% |
| Managed Health Care | 8 | 29.7% | -3.0% | 0.6% | OSCR 158% · HQY 63% · ELV 14% |
| Health Care Facilities | 24 | 7.9% | -0.8% | -16.4% | THC 286% · NHC 265% · ENSG 123% |
| Health Care Equipment | 51 | -4.5% | -4.5% | -17.6% | POCI 11300% · UFPT 373% · GKOS 260% |
| Health Care Supplies | 12 | 33.9% | -12.1% | -26.0% | LNTH 297% · HAE 78% · MMSI 29% |
| Pharmaceuticals | 63 | 4.5% | 4.1% | -38.2% | LQDA 2499% · INDV 1253% · ETON 1190% |
| Health Care Technology | 21 | -19.9% | -53.0% | -72.5% | SPOK 115% · HSTM -1% · VEEV -23% |
| Life Sciences Tools & Services | 108 | -2.5% | -28.0% | -72.6% | SNWV 1782% · MEDP 245% · ELMD 225% |
| Biotechnology ← | 365 | 7.8% | -24.2% | -78.3% | BRTX 107550% · CELZ 1771% · DNTH 1543% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 106.56 |
| Mkt Cap | 170.8 |
| Rev LTM | 43,641 |
| Op Inc LTM | 11,571 |
| FCF LTM | 11,212 |
| FCF 3Y Avg | 9,574 |
| CFO LTM | 13,092 |
| CFO 3Y Avg | 11,255 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.1% |
| Rev Chg 3Y Avg | 4.1% |
| Rev Chg Q | 7.6% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Inc Chg LTM | 19.8% |
| Op Inc Chg 3Y Avg | 29.5% |
| Op Mgn LTM | 29.1% |
| Op Mgn 3Y Avg | 23.5% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 31.4% |
| CFO/Rev 3Y Avg | 29.6% |
| FCF/Rev LTM | 25.4% |
| FCF/Rev 3Y Avg | 26.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 170.8 |
| P/S | 5.6 |
| P/Op Inc | 14.6 |
| P/EBIT | 16.0 |
| P/E | 21.4 |
| P/CFO | 12.7 |
| Total Yield | 6.1% |
| Dividend Yield | 2.2% |
| FCF Yield 3Y Avg | 6.2% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 13.7% |
| 3M Rtn | 12.1% |
| 6M Rtn | 15.8% |
| 12M Rtn | 43.3% |
| 3Y Rtn | 70.1% |
| 1M Excs Rtn | 9.3% |
| 3M Excs Rtn | 10.2% |
| 6M Excs Rtn | 4.8% |
| 12M Excs Rtn | 24.2% |
| 3Y Excs Rtn | -5.9% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $54.08 | |
| Market Cap ($ Bil) | 14.0 | |
| First Trading Date | 04/17/2000 | |
| Distance from 52W High | -5.3% | |
| 50 Days | 200 Days | |
| DMA Price | $53.99 | $46.82 |
| DMA Trend | up | up |
| Distance from DMA | 0.2% | 15.5% |
| 3M | 1YR | |
| Volatility | 35.7% | 36.6% |
| Downside Capture | -15.93 | 63.29 |
| Upside Capture | 20.93 | 89.15 |
| Correlation (SPY) | 5.6% | 21.7% |
EXEL Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.04 | -0.16 | 0.46 | 0.58 | 0.51 | 0.45 |
| Up Beta | 0.38 | 0.56 | 1.45 | 1.07 | 0.74 | 0.44 |
| Down Beta | 0.41 | 0.42 | 0.14 | 0.05 | -0.03 | 0.22 |
| Up Capture | -36% | -40% | 66% | 72% | 72% | 44% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 20 | 30 | 63 | 125 | 389 |
| Down Capture | 2% | -83% | -13% | 39% | 55% | 71% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 23 | 33 | 62 | 126 | 356 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EXEL | |
|---|---|---|---|---|
| EXEL | 43.0% | 36.5% | 1.04 | - |
| Sector ETF (XLV) | 28.8% | 16.0% | 1.39 | 34.3% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 21.3% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 3.5% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -21.5% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 16.8% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 9.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EXEL | |
|---|---|---|---|---|
| EXEL | 24.3% | 35.8% | 0.68 | - |
| Sector ETF (XLV) | 7.1% | 15.1% | 0.28 | 30.4% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 28.5% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 2.1% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | -1.6% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 26.5% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 13.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EXEL | |
|---|---|---|---|---|
| EXEL | 17.7% | 44.1% | 0.53 | - |
| Sector ETF (XLV) | 10.7% | 16.7% | 0.52 | 37.7% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 33.9% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 1.1% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 7.8% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 24.1% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 7.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -7.9% | -11.1% | |
| 5/5/2026 | 9.6% | 11.3% | 18.2% |
| 2/10/2026 | -0.1% | 3.5% | -4.2% |
| 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% |
| 2/11/2025 | -0.0% | 6.9% | 12.2% |
| 10/29/2024 | 12.9% | 21.0% | 25.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 14 |
| # Negative | 12 | 12 | 10 |
| Median Positive | 6.5% | 9.6% | 12.6% |
| Median Negative | -6.5% | -6.5% | -10.4% |
| Max Positive | 20.8% | 21.0% | 25.1% |
| Max Negative | -16.8% | -17.1% | -24.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -7.9% | -11.1% | |
| 5/5/2026 | 9.6% | 11.3% | 18.2% |
| 2/10/2026 | -0.1% | 3.5% | -4.2% |
| 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% |
| 2/11/2025 | -0.0% | 6.9% | 12.2% |
| 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% |
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 14 |
| # Negative | 12 | 12 | 10 |
| Median Positive | 6.5% | 9.6% | 12.6% |
| Median Negative | -6.5% | -6.5% | -10.4% |
| 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 |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/10/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 07/28/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/06/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/07/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/10/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 07/28/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/06/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/07/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/11/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 02/25/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Recent Forward Guidance
Updated 8/6/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total revenues | 2.50 Bil | 2.52 Bil | 2.55 Bil | -1.9% | Lowered | Guidance: 2.58 Bil for 2026 | |
| 2026 Net product revenues | 2.30 Bil | 2.33 Bil | 2.35 Bil | -2.1% | Lowered | Guidance: 2.38 Bil for 2026 | |
| 2026 Cost of goods sold, % of net product revenues | 0.04 | 0.04 | 0.04 | 0 | Affirmed | Guidance: 0.04 for 2026 | |
| 2026 Research and development expenses | 825.00 Mil | 850.00 Mil | 875.00 Mil | -5.6% | Lowered | Guidance: 900.00 Mil for 2026 | |
| 2026 Selling, general and administrative expenses | 575.00 Mil | 600.00 Mil | 625.00 Mil | 0 | Affirmed | Guidance: 600.00 Mil for 2026 | |
| 2026 Effective tax rate | 21.0% | 22.0% | 23.0% | 0 | Affirmed | Guidance: 22.0% for 2026 | |
Prior: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total revenues | 2.52 Bil | 2.58 Bil | 2.62 Bil | Affirmed | Guidance: 2.58 Bil for 2026 | ||
| 2026 Net product revenues | 2.33 Bil | 2.38 Bil | 2.42 Bil | Affirmed | Guidance: 2.38 Bil for 2026 | ||
| 2026 Cost of goods sold, % of net product revenues | 0.04 | 0.04 | 0.04 | 0.0% | Affirmed | Guidance: 0.04 for 2026 | |
| 2026 Research and development expenses | 875.00 Mil | 900.00 Mil | 925.00 Mil | Affirmed | Guidance: 900.00 Mil for 2026 | ||
| 2026 Selling, general and administrative expenses | 575.00 Mil | 600.00 Mil | 625.00 Mil | Affirmed | Guidance: 600.00 Mil for 2026 | ||
| 2026 Effective tax rate | 21.0% | 22.0% | 23.0% | 0.0% | Affirmed | Guidance: 22.0% for 2026 | |
Q4 2025 Earnings Reported 2/10/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total revenues | 2.52 Bil | 2.58 Bil | 2.62 Bil | 10.8% | Higher New | Actual: 2.33 Bil for 2025 | |
| 2026 Net product revenues | 2.33 Bil | 2.38 Bil | 2.42 Bil | 11.8% | Higher New | Actual: 2.12 Bil for 2025 | |
| 2026 Cost of goods sold, % of net product revenues | 0.04 | 0.04 | 0.04 | 0 | Same New | Actual: 0.04 for 2025 | |
| 2026 Research and development expenses | 875.00 Mil | 900.00 Mil | 925.00 Mil | 2.9% | Higher New | Actual: 875.00 Mil for 2025 | |
| 2026 Selling, general and administrative expenses | 575.00 Mil | 600.00 Mil | 625.00 Mil | 17.1% | Higher New | Actual: 512.50 Mil for 2025 | |
| 2026 Effective tax rate | 21.0% | 22.0% | 23.0% | 4.5% | Higher New | Actual: 17.5% for 2025 | |
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Total revenues | 2.30 Bil | 2.33 Bil | 2.35 Bil | 1.1% | Raised | Guidance: 2.30 Bil for 2025 | |
| 2025 Net product revenues | 2.10 Bil | 2.12 Bil | 2.15 Bil | 1.2% | Raised | Guidance: 2.10 Bil for 2025 | |
| 2025 Cost of goods sold | 0.04 | -0.5% | Lowered | Guidance: 0.04 for 2025 | |||
| 2025 Research and development expenses | 850.00 Mil | 875.00 Mil | 900.00 Mil | -7.9% | Lowered | Guidance: 950.00 Mil for 2025 | |
| 2025 Selling, general and administrative expenses | 500.00 Mil | 512.50 Mil | 525.00 Mil | 2.5% | Raised | Guidance: 500.00 Mil for 2025 | |
| 2025 Effective tax rate | 17.0% | 17.5% | 18.0% | -4.5% | Lowered | Guidance: 22.0% for 2025 | |
Insider Activity
Updated 8/12/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Beckerle, Mary C | Direct | Sell | 8122026 | 53.66 | 9,812 | 526,512 | 862,799 | Form | |
| 2 | Wyszomierski, Jack L | Direct | Sell | 6032026 | 50.55 | 3,925 | 198,409 | 14,375,611 | Form | |
| 3 | Eckhardt, Sue Gail | Direct | Sell | 6032026 | 50.14 | 9,812 | 491,974 | 806,201 | Form | |
| 4 | Aftab, Dana | EVP, Research and Development | Direct | Sell | 5282026 | 50.35 | 43,451 | 2,187,758 | 29,945,209 | Form |
| 5 | Haley, Patrick J | EVP, Commercial | Direct | Sell | 5222026 | 49.81 | 32,110 | 1,599,399 | 17,813,949 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Beckerle, Mary C | Direct | Sell | 8122026 | 53.66 | 9,812 | 526,512 | 862,799 | Form | |
| 2 | Wyszomierski, Jack L | Direct | Sell | 6032026 | 50.55 | 3,925 | 198,409 | 14,375,611 | Form | |
| 3 | Eckhardt, Sue Gail | Direct | Sell | 6032026 | 50.14 | 9,812 | 491,974 | 806,201 | Form | |
| 4 | Aftab, Dana | EVP, Research and Development | Direct | Sell | 5282026 | 50.35 | 43,451 | 2,187,758 | 29,945,209 | Form |
| 5 | Haley, Patrick J | EVP, Commercial | Direct | Sell | 5222026 | 49.81 | 32,110 | 1,599,399 | 17,813,949 | Form |
| 6 | Senner, Christopher J | EVP and CFO | Direct | Sell | 5192026 | 50.00 | 34,901 | 1,745,050 | 47,615,850 | Form |
| 7 | Hefti, Brenda | SVP and General Counsel | Direct | Sell | 5192026 | 50.21 | 6,625 | 332,641 | 5,360,520 | Form |
| 8 | Beckerle, Mary C | Direct | Sell | 5082026 | 48.45 | 7,712 | 373,646 | 849,038 | Form | |
| 9 | Freire, Maria C | Direct | Sell | 5082026 | 46.00 | 20,634 | 949,164 | 4,637,674 | Form | |
| 10 | Poste, George | Direct | Sell | 5082026 | 45.71 | 60,000 | 2,742,600 | 5,431,811 | Form | |
| 11 | Aftab, Dana | EVP, Research and Development | Direct | Sell | 2262026 | 44.50 | 47,918 | 2,132,351 | 27,416,717 | Form |
| 12 | Aftab, Dana | EVP, Research and Development | Direct | Sell | 2232026 | 44.35 | 29,873 | 1,324,868 | 29,449,464 | Form |
| 13 | Wyszomierski, Jack L | Direct | Sell | 2202026 | 44.01 | 99,574 | 4,382,252 | 12,320,247 | Form | |
| 14 | Hefti, Brenda | SVP and General Counsel | Direct | Sell | 2182026 | 44.01 | 18,669 | 821,623 | 4,247,493 | Form |
| 15 | Senner, Christopher J | EVP and CFO | Direct | Sell | 2182026 | 43.67 | 30,617 | 1,337,044 | 42,625,938 | Form |
| 16 | Haley, Patrick J | EVP, Commercial | Direct | Sell | 2182026 | 43.52 | 67,814 | 2,950,941 | 16,618,811 | Form |
| 17 | Senner, Christopher J | EVP and CFO | Direct | Sell | 2182026 | 43.00 | 34,278 | 1,473,954 | 44,830,897 | Form |
| 18 | Eckhardt, Sue Gail | Direct | Sell | 2182026 | 43.79 | 3,856 | 168,854 | 767,376 | Form | |
| 19 | Oliver, Bob | Direct | Sell | 2182026 | 43.81 | 30,250 | 1,325,339 | 925,328 | Form | |
| 20 | Johnson, David Edward | See footnote | Buy | 11262025 | 43.12 | 27,532 | 1,187,235 | 66,979,764 | Form | |
| 21 | Haley, Patrick J | EVP, Commercial | Direct | Sell | 11242025 | 42.58 | 28,043 | 1,194,071 | 15,926,155 | Form |
| 22 | Haley, Patrick J | EVP, Commercial | Direct | Sell | 11242025 | 42.11 | 10,000 | 421,100 | 16,931,252 | Form |
| 23 | Haley, Patrick J | EVP, Commercial | spouse | Sell | 11242025 | 41.93 | 23,539 | Form | ||
| 24 | Haley, Patrick J | EVP, Commercial | 401(k) | Sell | 11242025 | 41.77 | 10,648 | Form | ||
| 25 | Papadopoulos, Stelios | Direct | Sell | 11132025 | 43.55 | 100,000 | 4,355,000 | 51,790,879 | Form | |
| 26 | Aftab, Dana | EVP, Research and Development | Direct | Sell | 11132025 | 42.50 | 48,383 | 2,056,278 | 28,253,065 | Form |
| 27 | Beckerle, Mary C | Direct | Sell | 11132025 | 41.93 | 24,622 | 1,032,414 | 896,475 | Form |
Investor Activity (13F)
Updated Aug 24, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 8/23/2026