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This Month's Bonus News Exelixis Reports Solid Earnings—Are New Highs Back on the Table?Written by Chris Markoch. Originally 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, 27% above the consensus estimate and 95% higher year over year. The stronger profit improved operating margins, and Exelixis said it 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 headlines focus on Tesla's car sales, tech analyst Jeff Brown says the real story is Tesla's role in a $25 trillion AI revolution — one that Nvidia's CEO himself has called a "multi-trillion-dollar future industry" — and he's uncovered a little-known stock 168 times smaller than Nvidia that could be positioned to ride this breakthrough. Click here now to see the full report Revenue was mixed. Quarterly revenue of $598.66 million fell short of expectations of $609.17 million but was 5% above the $566.76 million reported in the same quarter a year earlier. Sales were 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 excludes any potential revenue from zanzalintinib, the company's pipeline candidate for colorectal cancer, if it receives regulatory approval. What Makes Exelixis Different? At a glance, Exelixis carries the same risk-reward profile as many 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 particular tumor types with multiple treatment lines and combinations physicians can use at different stages of care. Put simply, the company is trying 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, colorectal, and neuroendocrine cancers. Two key takeaways from the fourth-quarter report: - Cabozantinib (Cabometyx) is effective in kidney cancer both as monotherapy and when combined with immunotherapy, and it is the current primary revenue driver.
- Zanzalintinib is being positioned as "the foundation of future oncology franchises," with management estimating a potential $5 billion peak annual sales opportunity if approved.
Consolidation Now, Growth Later Trading at roughly 18x trailing twelve-month earnings and 21x forward earnings, EXEL stock carries a modest premium to the broader biotechnology sector. Management argues the franchise model and a deep pipeline justify that premium for the growth they expect. The EXEL chart looks constructive: the stock sits just below the 50-day simple moving average (SMA), which recently acted as technical support. Momentum indicators were neutral heading into the report; the stock was about 8.6% below the consensus price target of $46.12. After earnings, Wells Fargo reiterated an Equal Weight rating and raised its price target to $35 from $30. Barclays also lifted its target to $44 from $41 on Feb. 4. For now, EXEL is in a consolidation pattern, but if the company's growth thesis plays out, all-time highs could be within reach over the next 12 months.   Exelixis Is at an Inflection Point
The story goes beyond beating earnings 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 transition becomes tangible. The FDA decision on zanzalintinib for colorectal cancer (PDUFA date: Dec. 3, 2026) represents the company's first major expansion beyond cabozantinib. If approved, zanzalintinib would validate the franchise strategy and open the door to a potential $5 billion peak-sales opportunity. A key signal is R&D spending. Despite strong profitability, Exelixis is maintaining roughly $1 billion in annual R&D while also buying back shares — a balance that suggests confidence in its pipeline and long-term plan. That investment is funding seven pivotal trials for zanzalintinib plus four early-stage programs advancing toward full development. For context, the expanded gastrointestinal (GI) sales team is not just about growth in neuroendocrine tumors (NETs); it is pre-positioning for a possible zanzalintinib launch later this year. The company appears to be assembling the pieces 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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