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More 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 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 year over year. The stronger profit boosted operating margin, and Exelixis says it will reinvest those gains into research and development to support its franchise strategy. The company also repurchased $264.5 million of its stock. Watch Now! Porter Stansberry & Luke Lango join forces to unveil:
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"We have never seen wealth created at this size and speed" MIT Researcher Click here for the stocks to buy and sell now The revenue picture was mixed. Revenue of $598.66 million missed expectations of $609.17 million, but it was 5% higher than the $566.76 million reported in the same quarter a year earlier. That top-line performance was largely driven by Cabometyx, the company's branded formulation of cabozantinib used across multiple cancer types. Exelixis forecasts 2026 revenue of $2.52 billion to $2.62 billion. That outlook does not include potential sales from zanzalintinib, its pipeline candidate for colorectal cancer, should it receive regulatory approval. What Makes Exelixis Different? On the surface, Exelixis presents the same risk-reward profile as many other biotech companies. The distinction lies in its franchise strategy. Exelixis is building comprehensive treatment ecosystems around specific molecules, aiming to develop multiple lines and combinations that physicians can use at different stages of care. In plain terms, the company is working to have several "arrows in its quiver" for particular cancers—first-line, second-line, and combination therapies—so it can become a go-to choice for oncologists treating kidney, colorectal, or neuroendocrine cancers. Two key takeaways from the fourth-quarter report: - Cabozantinib is effective in kidney cancer both as monotherapy and in combination with immunotherapy, and it remains the primary revenue driver today.
- Zanzalintinib is described by management as "the foundation of future oncology franchises," with potential peak annual sales of up to $5 billion.
Consolidation Now, Growth Later Trading at roughly 18x trailing twelve-month EPS and about 21x forward EPS, EXEL carries a modest premium to the broader biotechnology sector. The company's franchise model and deep pipeline help justify that premium given expected growth. The EXEL chart looks constructive: the stock is trading around the 50-day simple moving average (SMA), which has recently acted as support. Momentum indicators were neutral heading into earnings; the stock was about 8.6% below the consensus price target of $46.12. The day after earnings, Wells Fargo & Company reiterated an Equal Weight rating on EXEL and raised its price target to $35 from $30. Barclays also raised its target, to $44 from $41 on Feb. 4. While EXEL is in a consolidation pattern for now, if the company's projected growth materializes, new all-time highs could be within reach over the next 12 months.   Exelixis Is at an Inflection Point
The story isn't only about beating quarterly expectations. Exelixis is shifting from a largely single-product company to a multi-franchise oncology player, and 2026 looks like the year that transition accelerates. The FDA decision on zanzalintinib in colorectal cancer (PDUFA date: Dec. 3, 2026) represents the company's first major expansion beyond cabozantinib. If approved, zanzalintinib could unlock a potential $5 billion peak-sales opportunity and validate the franchise approach Exelixis has been building toward. Importantly, Exelixis is maintaining roughly $1 billion in annual R&D investment even as it buys back shares—a sign of confidence in its pipeline. The company is balancing investor returns with aggressive development: seven pivotal trials for zanzalintinib alone, plus four early-stage programs advancing toward later-stage development. For context, the expanded GI sales team is not just about near-term growth; it's positioning the company for a potential zanzalintinib launch later this year. The pieces are aligning for a different kind of biotech story—sustained, multi-product growth anchored in tumor expertise rather than single, binary drug bets.
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