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Just For You Exelixis Reports Solid Earnings—Are New Highs Back on the Table?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 widened operating margins, which Exelixis plans to reinvest in research and development for its franchise strategy. The company also repurchased $264.5 million of its common 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 The revenue picture was mixed. Revenue of $598.66 million fell short of the expected $609.17 million but was up 5% from $566.76 million in the same quarter last year. That performance was largely driven by Cabometyx, the company's branded cabozantinib used across multiple cancer types. Exelixis now forecasts 2026 revenue between $2.52 billion and $2.62 billion. That guidance importantly excludes any potential revenue from zanzalintinib, the pipeline candidate for colorectal cancer, should it receive regulatory approval. What Makes Exelixis Different? Like many biotech companies, Exelixis carries the typical industry risk-reward profile. What sets it apart 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 lines and combinations physicians can use at different stages. Put simply, the company is working 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 cancer, colorectal cancer, and neuroendocrine tumors. There are 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 driver of revenue today.
- Zanzalintinib is positioned as "the foundation of future oncology franchises" and has the potential to reach about $5 billion in peak annual sales if approved and successfully launched.
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. Still, the franchise model and an expanding pipeline may justify that premium for investors seeking growth. The EXEL chart looks constructive, with the stock price sitting just below its 50-day simple moving average (SMA), which recently served as support. Momentum indicators were neutral heading into the report; the stock remained roughly 8.6% below the consensus price target of $46.12. After the results, Wells Fargo & Company reiterated an Equal Weight rating on EXEL and raised its price target to $35 from $30. Barclays also lifted its target to $44 from $41 on Feb. 4. While EXEL is in a consolidation phase now, if the company's growth thesis plays out, new all-time highs are a reasonable possibility within the next 12 months.   Exelixis Is at an Inflection Point
The narrative goes beyond an earnings beat or a single revenue milestone. Exelixis is evolving from a single-product biopharma into a multi-franchise oncology player, and 2026 could be the year that transition becomes tangible. The FDA decision on zanzalintinib in colorectal cancer (PDUFA date: Dec. 3, 2026) represents the company's first major expansion beyond cabozantinib. Approval would open the door to the ~$5 billion peak sales opportunity management has discussed and would validate the franchise approach. R&D spending is the clearest signal. Despite stronger profitability, Exelixis is maintaining roughly $1 billion in annual R&D investment while also executing share buybacks—an approach that signals confidence in the pipeline. That spending supports seven pivotal trials for zanzalintinib alone, plus several earlier-stage programs moving toward full development. For context, the expanded gastrointestinal (GI) sales team isn't just about growing neuroendocrine tumor (NET) sales; it's also pre-positioning for a potential zanzalintinib launch later this year. The pieces are being assembled 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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