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Further Reading from MarketBeat Media Exelixis Reports Solid Earnings—Are New Highs Back on the Table?Authored by Chris Markoch. Originally Published: 2/12/2026. 
Exelixis Inc. (NASDAQ: EXEL) stock fell about 2% in early trading the day after the company reported a solid but mixed earnings report. Exelixis reported earnings per share (EPS) of $0.94, 27% above the consensus estimate and 95% higher year-over-year (YoY). Higher profitability improved the company's operating margin, and Exelixis plans to reinvest those gains into research and development to support its franchise strategy. The company also repurchased $264.5 million of its stock. While President Trump's official salary is $400,000 per year... his tax returns reveal he's been collecting up to $250,000 PER MONTH from one hidden source. Until recently, most Americans couldn't touch the type of investment that makes up this investment. But thanks to Executive Order 14330, that just changed. If you love investing in disruptive new companies... Discover how to invest in the fund Trump uses to collect this income >> The revenue picture was mixed. Revenue of $598.66 million missed expectations of $609.17 million but was 5% above the $566.76 million reported in the same quarter last year. Much of that revenue continues to be driven by Cabometyx, the company's branded formulation of cabozantinib used across multiple cancer indications. Exelixis forecasts 2026 revenue between $2.52 billion and $2.62 billion, with an important caveat: that outlook does not include potential sales from zanzalintinib, the pipeline candidate for colorectal cancer that would only be added if regulatory approval is received. What Makes Exelixis Different? At a high level, Exelixis presents a similar risk-reward profile to other biotech companies, but its franchise strategy is worth examining closely. Exelixis is focused on building comprehensive treatment ecosystems around specific molecules, developing deep expertise in particular tumor types and offering multiple lines of therapy and combination options that physicians can deploy at different stages of care. Put simply, the company is aiming to have multiple "arrows in its quiver" for specific cancers — first-line, second-line, and combination therapies — to become a preferred partner for oncologists treating kidney, colorectal, and neuroendocrine cancers. Two key takeaways from the fourth-quarter report: - Cabozantinib is proven in kidney cancer, both as monotherapy and combined with immunotherapy — the primary revenue driver today.
- Zanzalintinib is billed 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 trades at a modest premium to the broader biotechnology sector. The company's franchise model and deep pipeline, however, help justify that premium for investors expecting growth. The EXEL chart looks constructive: the stock is sitting just below the 50-day simple moving average (SMA), which has recently acted as support. Momentum indicators were neutral heading into earnings; at the time of the report, the stock was roughly 8.6% below the consensus price target of $46.12. After the results, Wells Fargo reiterated an Equal Weight rating for EXEL and raised its price target to $35 from $30. Barclays also recently lifted its target to $44 from $41 on Feb. 4. While EXEL is in a consolidation pattern for now, if the company's growth materializes, reaching all-time highs within the next 12 months appears plausible.   Exelixis Is at an Inflection Point
The narrative here is broader than beating earnings or hitting revenue milestones. Exelixis appears to be shifting from a single-product company to a multi-franchise oncology player, and 2026 is shaping up as the year that transition becomes 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, it would unlock a potential $5 billion peak sales opportunity and validate the franchise strategy Exelixis has been building. Importantly, Exelixis is maintaining roughly $1 billion in annual R&D spending despite improved profitability and ongoing share repurchases. That balance signals confidence in the pipeline. The company is funding aggressive development — seven pivotal trials for zanzalintinib alone, plus four early-stage programs progressing toward later-stage development — while also returning capital to shareholders. The expanded GI sales team is not just about near-term growth; it's positioning the company for a potential zanzalintinib launch later in 2026. The pieces are being put in 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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