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Today's Bonus News Exelixis Reports Solid Earnings—Are New Highs Back on the Table?Reported by Chris Markoch. Published: 2/12/2026. 
Exelixis Inc. (NASDAQ: EXEL) stock is down about 2% in early trading the day after the company delivered a solid, but mixed earnings report. The company reported earnings per share (EPS) of $0.94, which was 27% above the consensus estimate and 95% higher year-over-year (YoY). That gain also improved the company's operating margin, and Exelixis said it plans to reinvest that improvement into research and development for its franchise strategy. The company also repurchased $264.5 million of common stock. Watch Now! Porter Stansberry & Luke Lango join forces to unveil:
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"We have never seen wealth created at this size and speed" MIT Researcher Click here for the stocks to buy and sell now The revenue picture was mixed. Revenue of $598.66 million missed expectations of $609.17 million, though it was 5% above the $566.76 million reported in the same quarter last year. That revenue was largely driven by Cabometyx, the company's branded formulation of cabozantinib used across multiple cancer types. Exelixis forecasts revenue between $2.52 billion and $2.62 billion for fiscal 2026. An important caveat: that outlook does not include potential revenue if the company receives regulatory approval for zanzalintinib, its pipeline candidate for colorectal cancer. What Makes Exelixis Different? On one level, Exelixis offers investors a similar risk-reward profile to other biotech companies. But investors should pay attention to the company's franchise strategy. Exelixis is building comprehensive treatment ecosystems around specific drug molecules, aiming to develop deep expertise in particular tumor types with multiple lines of therapy and combination options physicians can deploy at different stages of disease. In simple terms, Exelixis is working to have multiple arrows in its quiver for specific cancers—first-line, second-line, and combination therapies—so it can become a go-to choice for oncologists treating kidney cancer, colorectal cancer, and neuroendocrine cancers. Two key takeaways from the fourth-quarter report: - Cabozantinib works in kidney cancer, both as monotherapy and in combination with immunotherapy. This remains the primary revenue driver today.
- Zanzalintinib is being positioned as "the foundation of future oncology franchises" and has the potential to reach $5 billion in peak annual sales.
Consolidation Now, Growth Later At about 18x trailing twelve-month (TTM) earnings and 21x forward earnings, EXEL stock trades at a modest premium to the broader biotechnology sector. The company's franchise model and deep pipeline help justify that premium for investors expecting future growth. The EXEL chart looks constructive: the stock price is sitting just below the 50-day simple moving average (SMA), which recently acted as support. Momentum indicators were neutral heading into earnings, and the stock was 8.6% below its consensus price target of $46.12. After earnings, Wells Fargo & Company reiterated an Equal Weight rating on EXEL and raised its price target to $35 from $30. Barclays also increased its target to $44 from $41 on Feb. 4. While EXEL is in a consolidation phase for now, if the company's growth thesis plays out, all-time highs could be within reach in the next 12 months.   Exelixis Is at an Inflection Point
The story here isn't just about beating earnings expectations or hitting revenue milestones. Exelixis is transitioning from a single-product company to a multi-franchise oncology player, and 2026 is shaping up as the year that transition becomes real. The FDA decision on zanzalintinib in colorectal cancer (Prescription Drug User Fee Act (PDUFA) date: Dec. 3, 2026) represents the company's first major expansion beyond cabozantinib. If approved, it would open the door to a potential $5 billion peak sales opportunity and validate the franchise strategy Exelixis has been building toward. One key indicator is R&D spending. Despite improved profitability, Exelixis is maintaining roughly $1 billion in annual R&D investment while also executing share buybacks—a sign of confidence in its pipeline. The company is balancing returns to shareholders with aggressive development across seven pivotal trials for zanzalintinib alone, plus four earlier-stage programs advancing toward full development. For context, the expanded gastrointestinal sales team isn't just about near-term growth; it is positioning the company for a potential zanzalintinib launch later this year. The pieces are aligning for a different kind of biotech story: sustainable, multi-product growth anchored in deep tumor expertise rather than binary, single-drug bets.
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