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Special Report Exelixis Reports Solid Earnings—Are New Highs Back on the Table?Reported by Chris Markoch. Date 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. This profitability showed up in the company's operating margin, which Exelixis plans to reinvest into future research and development for its franchise strategy. The company also repurchased $264.5 million of its stock. Wall Street Journal best-selling author James Altucher has uncovered a way to get a pre-IPO stake BEFORE Starlink goes public.
All it takes is just a few minutes of time and as little as $100 to get started. Plus, you can take action right inside your regular brokerage account. Click here now to see how to take action. Revenue was mixed. Exelixis reported $598.66 million in revenue, missing expectations of $609.17 million but rising 5% from $566.76 million a year earlier. That revenue 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. That outlook, however, excludes any potential sales from zanzalintinib, its pipeline candidate for colorectal cancer, should it receive regulatory approval. What Makes Exelixis Different? Exelixis carries the same inherent risk-reward profile as many other biotech companies, but its franchise strategy is worth a closer look. The company is building comprehensive treatment ecosystems around specific drug molecules. The goal is to develop deep expertise in particular tumor types and offer multiple treatment lines and combinations that physicians can deploy at different stages of care. In plain terms, Exelixis is assembling multiple "arrows in its quiver" for certain cancers — first-line, second-line, and combination therapies — with the aim of becoming a go-to choice for oncologists treating kidney cancer, colorectal cancer, and neuroendocrine tumors. Two key takeaways from the fourth-quarter report: - Cabozantinib is effective in kidney cancer both as monotherapy and in combination with immunotherapy. It is the primary driver of current revenue.
- Zanzalintinib is viewed as "the foundation of future oncology franchises," with management estimating a potential $5 billion peak annual sales opportunity.
Consolidation Now, Growth Later At roughly 18x trailing twelve-month earnings and 21x forward earnings, EXEL stock trades at a slight premium to the broader biotechnology sector. The company's franchise model and deep pipeline make that premium easier to justify given expected growth. The EXEL chart looks constructive, with the price hovering near the 50-day simple moving average (SMA), which has recently acted as support. Momentum indicators were neutral heading into the report, and the stock remained about 8.6% below its consensus price target of $46.12. After earnings, Wells Fargo reiterated an Equal Weight rating on EXEL and raised its price target to $35 from $30. Barclays had earlier raised its target to $44 from $41 on Feb. 4. While EXEL is in a consolidation pattern for now, if the company's growth thesis materializes, all-time highs could be attainable within the next 12 months.   Exelixis Is at an Inflection Point
The story 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 looks like the year that shift becomes tangible. The FDA decision on zanzalintinib in colorectal cancer (Prescription Drug User Fee Act date: Dec. 3, 2026) represents the company's first major expansion beyond cabozantinib. Approval would open the door to a potential $5 billion peak-sales opportunity and validate the franchise strategy management has been building toward. R&D spending is the real indicator to watch. Despite improving profitability, Exelixis is maintaining roughly $1 billion in annual R&D investment while also executing share buybacks. That balance suggests confidence in the pipeline: funding seven pivotal trials for zanzalintinib alone, plus four early-stage programs progressing toward full development. For context, the expanded GI sales team isn't just chasing NET growth; it's pre-positioning for a potential zanzalintinib launch later this year. The pieces are being put in place for a different type of biotech story — sustainable, multi-product growth anchored in deep tumor expertise rather than binary, single-drug bets.
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