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Today's Exclusive Story Exelixis Reports Solid Earnings—Are New Highs Back on the Table?Submitted by Chris Markoch. Article Posted: 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, 27% above the consensus estimate and 95% higher year over year. The profit also improved operating margins, which Exelixis plans to reinvest in research and development to advance its franchise strategy. The company also repurchased $264.5 million of its common stock. After signing more than 220 Executive Orders… more than any president in American history… Donald Trump is preparing for one final move.
On February 24th — I have every reason to believe he will sign his Final Executive Order.
When I say that it's his FINAL executive order… Click here or below for this unbelievable story… Revenue was mixed. Revenue of $598.66 million missed expectations of $609.17 million but rose 5% from $566.76 million a year earlier. That performance was largely driven by Cabometyx, the company's branded formulation of cabozantinib used across multiple cancer types. Exelixis forecasts 2026 revenue between $2.52 billion and $2.62 billion. However, that range excludes potential revenue from zanzalintinib, a pipeline candidate for the treatment of colorectal cancer, should it receive regulatory approval. What Makes Exelixis Different? On one level, Exelixis offers investors the same risk-reward profile as other biotech companies. But investors should take a closer look at the company's franchise strategy. Exelixis is building comprehensive treatment ecosystems around specific drug molecules. The goal is to develop deep expertise in particular tumor types with multiple treatment lines and combinations that physicians can deploy at different stages. Put simply, Exelixis is working to have multiple arrows in its quiver for specific cancers — whether first-line, second-line, or combination therapies — with the aim of becoming the go-to choice for oncologists treating kidney cancer, colorectal cancer, or neuroendocrine tumors. Two key takeaways from the fourth-quarter report: - Cabozantinib (marketed as Cabometyx) is effective in kidney cancer as both 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 if approved and successfully commercialized.
Consolidation Now, Growth Later EXEL stock trades at roughly 18x trailing twelve-month earnings and 21x forward earnings, a slight premium to the broader biotechnology sector. The company's franchise model and deep pipeline help justify that premium for investors expecting growth. The EXEL chart looks constructive: the share price sits just below the 50-day simple moving average (SMA), which has 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. The day after earnings, Wells Fargo & Company reiterated an Equal Weight rating for EXEL and raised its price target to $35 from $30. That follows Barclays, which raised its price target to $44 from $41 on Feb. 4. While EXEL is in a consolidation pattern for now, if the company's growth story plays out, new all-time highs could be achievable within the next 12 months.   Exelixis Is at an Inflection Point
The story isn't just about beating earnings or hitting revenue milestones. Exelixis is shifting from a single-product company to a multi-franchise oncology player, and 2026 is when that transition could become tangible. 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, zanzalintinib could open the door to a potential $5 billion peak sales opportunity and validate the franchise strategy Exelixis has been building toward. R&D spending is the clearest signal. Despite solid profitability, Exelixis is maintaining roughly $1 billion in annual R&D investment while continuing share buybacks — a sign of confidence in its pipeline. The company is balancing investor returns with aggressive development across seven pivotal trials for zanzalintinib alone, plus four early-stage programs advancing toward full development. For context, the expanded gastrointestinal sales team isn't just about neuroendocrine tumor (NET) growth; it's also pre-positioning for a potential zanzalintinib launch later this year. The pieces are moving into place for a different kind of biotech story: sustainable, multi-product growth anchored in deep tumor expertise rather than single, binary drug bets.
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