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Exclusive News Exelixis Reports Solid Earnings—Are New Highs Back on the Table?Authored by Chris Markoch. 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, which was 27% above the consensus estimate and 95% higher on a year-over-year (YoY) basis. That profit also improved the company's operating margin, and management says it will reinvest the gains into research and development to support its franchise strategy. Exelixis 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. The revenue picture was mixed. Revenue of $598.66 million fell short of expectations for $609.17 million but was 5% higher than the $566.76 million reported in the same quarter a year earlier. 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. An important caveat: that outlook does not include potential revenue from zanzalintinib, the pipeline candidate for colorectal cancer, should it receive regulatory approval. What Makes Exelixis Different? On the surface, Exelixis carries a similar risk-reward profile to other biotech companies. Where it stands out is its franchise strategy. Exelixis is building comprehensive treatment ecosystems around specific drug molecules, aiming to develop deep expertise in targeted tumor types with multiple lines of therapy and combination options physicians can deploy at different stages. In plain terms, the company is trying to have multiple arrows in its quiver for each cancer—first-line, second-line, and combo therapies—so it can become a go-to partner for oncologists treating kidney, colorectal, and neuroendocrine cancers. Two key takeaways from the fourth-quarter report: - Cabozantinib (Cabometyx) is effective in kidney cancer as both monotherapy and combined with immunotherapy and remains the primary revenue driver today.
- Zanzalintinib is being positioned as "the foundation of future oncology franchises" and could represent a potential $5 billion peak annual sales opportunity if approved and successfully commercialized.
Consolidation Now, Growth Later Trading at about 18x trailing twelve-month (TTM) earnings and 21x forward earnings, EXEL shares carry a modest premium to the broader biotechnology sector. Management's franchise approach and a deep pipeline help justify that premium for investors focused on growth. The EXEL chart looks constructive: the stock is sitting just below the 50-day simple moving average (SMA), which has recently acted as a reference point for near-term price action. Momentum indicators were neutral heading into the report, and the shares were roughly 8.6% below the consensus price target of $46.12. Analysts remain mixed but constructive. Wells Fargo & Company reiterated an Equal Weight rating and raised its price target to $35 from $30 the day after earnings. Barclays raised its target to $44 from $41 on Feb. 4. While EXEL is in a consolidation pattern for now, if the company's growth and pipeline milestones materialize, the shares could revisit—and potentially exceed—their prior highs within the next 12 months.   Exelixis Is at an Inflection Point
The story is bigger than an earnings beat or a revenue miss. Exelixis is transitioning from a single-product company to a multi-franchise oncology player, and 2026 is shaping up as the year that shift becomes tangible. The FDA decision on zanzalintinib in colorectal cancer (PDUFA date: Dec. 3, 2026) is the company's first major move beyond cabozantinib. If approved, zanzalintinib could unlock a multibillion-dollar opportunity and validate the franchise strategy management has been building toward. Importantly, Exelixis is sustaining roughly $1 billion in annual R&D spending while executing share buybacks—a sign that management is confident in the pipeline. The company is balancing investor returns with aggressive development: seven pivotal trials for zanzalintinib plus four early-stage programs advancing toward later-stage development. For context, the expanded gastrointestinal sales team isn't just about neuroendocrine tumor (NET) growth; it's pre-positioning for a potential zanzalintinib launch later this year. The company is assembling the commercial and clinical pieces for a different kind of biotech story—sustained, multi-product growth anchored in deep tumor expertise rather than single binary bets.
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