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Further Reading from MarketBeat Exelixis Reports Solid Earnings—Are New Highs Back on the Table?Author: Chris Markoch. Originally Published: 2/12/2026. 
Exelixis Inc. (NASDAQ: EXEL) stock is down about 2% in early trading the day after the company reported solid — but mixed — results. The company posted earnings per share (EPS) of $0.94, 27% above the consensus estimate and 95% higher year over year (YoY). The stronger profit widened the company's operating margin, and management said it will reinvest margin gains into research and development to support its franchise strategy. Exelixis also repurchased $264.5 million of its stock. I Called Black Monday. Now I'm Calling March 26!
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Today, I'll show you how to get in before the big announcement. Click Here to See How to Secure Your "SpaceX Access Code" Revenue was mixed. The $598.66 million in revenue missed expectations of $609.17 million but was up 5% from $566.76 million in the same quarter last year. Revenue was largely driven by Cabometyx, the company's branded cabozantinib used across multiple cancer types. Exelixis is forecasting 2026 revenue between $2.52 billion and $2.62 billion, with an important caveat: that range does not include potential sales from zanzalintinib, the company's pipeline candidate for colorectal cancer, if it receives regulatory approval. What Makes Exelixis Different? At a glance Exelixis carries the same biotech risks as its peers, but its franchise strategy is what sets it apart. Rather than relying on a single approved drug, Exelixis is building comprehensive treatment ecosystems around specific molecules. The goal is to develop deep expertise in particular tumor types, offering multiple treatment lines and combinations physicians can use at different stages of a patient's care. Put simply, Exelixis aims to have multiple "arrows in the quiver" for certain cancers — first-line, second-line, and combination therapies — positioning itself as a go-to partner for oncologists treating kidney, colorectal, and neuroendocrine cancers. Two key takeaways from the fourth-quarter report: - Cabozantinib is the current revenue driver, demonstrating efficacy in kidney cancer as both monotherapy and in combination with immunotherapy.
- Zanzalintinib is being positioned as "the foundation of future oncology franchises," with management estimating up to $5 billion in potential peak annual sales if approved.
Consolidation Now, Growth Later Trading at roughly 18x trailing twelve-month earnings and 21x forward earnings, EXEL stock carries a modest premium to the broader biotechnology sector. Management's franchise model and a deep pipeline help justify that premium if the expected growth materializes. The EXEL chart looks constructive: the stock sits just below the 50-day simple moving average (SMA), a technical level that has recently been important for the price. Momentum indicators were largely neutral heading into the reports, and the stock traded about 8.6% below the consensus price target of $46.12. After the earnings release, Wells Fargo reiterated an Equal Weight rating and raised its price target to $35 from $30. Barclays also raised its target, to $44 from $41 on Feb. 4. For now, EXEL appears to be in a consolidation phase. If the company's growth expectations are met, reaching all-time highs within the next 12 months would be a realistic outcome.   Exelixis Is at an Inflection Point
The story is bigger than a single earnings beat or a revenue miss. Exelixis is transitioning from a largely single-product company to a multi-franchise oncology player, and 2026 looks to be a pivotal year for that shift. The FDA decision on zanzalintinib in colorectal cancer (PDUFA date: Dec. 3, 2026) represents the company's first major expansion beyond cabozantinib. Approval would both validate the franchise approach and create a pathway to the potential $5 billion peak sales opportunity management cites. R&D investment is the clearest sign of conviction. Despite improved profitability, Exelixis is maintaining roughly $1 billion in annual R&D while continuing buybacks — a signal the company is balancing shareholder returns with aggressive pipeline development. That investment underpins seven pivotal trials for zanzalintinib alone, plus four earlier-stage programs advancing toward full development. Operational moves also reflect preparation for growth: the expanded GI sales team is not just chasing near-term sales but is being positioned for a potential zanzalintinib launch later this year. Taken together, the company is assembling the commercial and clinical pieces needed for sustainable, multi-product growth grounded in tumor-specific expertise rather than single-product, binary outcomes.
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