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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 year over year. The higher 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 shares. 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 missed expectations of $609.17 million but was 5% above the $566.76 million reported in the same quarter last year. That performance 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: this outlook does not include potential revenue from zanzalintinib, the pipeline candidate for colorectal cancer, should it receive regulatory approval. What Makes Exelixis Different? On one level, Exelixis offers investors the same risk-reward profile as other biotech companies. The differentiator is the company's franchise strategy. Exelixis is building comprehensive treatment ecosystems around specific drug molecules. The aim is to develop deep expertise in targeted tumor types and to offer multiple treatment lines and combinations that physicians can use at different stages of care. Put simply, the company is working to have multiple tools for specific cancers — first-line, second-line, and combination therapies — positioning itself as 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, and it remains the primary revenue driver today.
- Zanzalintinib is viewed as "the foundation of future oncology franchises" and could potentially reach $5 billion in peak annual sales.
Consolidation Now, Growth Later At about 18x trailing twelve-month (TTM) earnings and 21x forward earnings, EXEL shares trade at a modest premium to the broader biotechnology sector. Given the franchise model and a deep pipeline, many investors view that premium as justified for expected growth. The EXEL chart looks constructive: the stock is sitting just below its 50-day simple moving average (SMA), which recently acted as support. Momentum indicators were neutral heading into earnings, and the stock was roughly 8.6% below the consensus price target of $46.12. After the results, Wells Fargo reiterated an Equal Weight rating on EXEL and raised its price target to $35 from $30. Barclays also increased its target to $44 from $41 on Feb. 4. While the stock is in a consolidation pattern now, if the company's growth plan comes to fruition, all-time highs could be within reach over the next 12 months.   Exelixis Is at an Inflection Point
The story here is not just about beating earnings estimates or hitting revenue milestones. Exelixis is transitioning from a single-product company to a multi-franchise oncology player, and 2026 is shaping up to be a pivotal year for that shift. 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 a possible $5 billion peak-sales opportunity and would validate the franchise strategy Exelixis has been building toward. R&D spending is the real signal. Despite improved profitability, Exelixis is maintaining roughly $1 billion in annual R&D while simultaneously executing share buybacks. That combination suggests management has conviction in the pipeline's economics. The company is balancing shareholder returns with aggressive development across seven pivotal trials for zanzalintinib alone, plus multiple earlier-stage programs advancing toward full development. For context, the expanded gastroenterology (GI) and neuroendocrine sales efforts are not just about incremental growth; they are pre-positioning for a potential zanzalintinib launch later this year. The pieces are being put in place 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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