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Exclusive Story Exelixis Reports Solid Earnings—Are New Highs Back on the Table?Written 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, 27% above the consensus estimate and up 95% year-over-year. That profit also improved the company's operating margin, and management plans to reinvest those gains into research and development to support its franchise strategy. Exelixis also repurchased $264.5 million of its common stock. A former U.S. government advisor has released a new briefing examining potential policy developments heading into 2026 and how they could influence markets.
The presentation focuses on historical context, upcoming milestones, and why some analysts believe next year could mark a significant turning point for long-term investors. It's designed to provide perspective and help readers understand what may be unfolding before it becomes widely discussed. View the full briefing here Revenue was mixed. The company reported $598.66 million in revenue, below expectations of $609.17 million but 5% higher than the $566.76 million reported in the same quarter last year. Revenue 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, with an important caveat: that outlook does not include potential revenue from zanzalintinib, its pipeline candidate for colorectal cancer, should the drug receive regulatory approval. What Makes Exelixis Different? Like other biotech companies, Exelixis carries the sector's typical risk-reward profile, but its franchise strategy is worth closer attention. Exelixis is building comprehensive treatment ecosystems around specific drug molecules. The goal is to develop deep expertise in particular tumor types with multiple treatment lines and combination options physicians can deploy at different stages of care. In plain terms, Exelixis is working to have several therapeutic "arrows in its quiver" for specific cancers—first-line, second-line, and combination therapies—aiming to be a go-to choice for oncologists treating kidney cancer, colorectal cancer, and neuroendocrine cancers. Two key takeaways from the fourth-quarter report: - Cabozantinib has proven efficacy in kidney cancer, both as monotherapy and in combination with immunotherapy, and is the primary driver of revenue today.
- Zanzalintinib is positioned as "the foundation of future oncology franchises" and has been modeled with up to $5 billion in potential peak annual sales.
Consolidation Now, Growth Later EXEL stock trades at roughly 18x trailing twelve-month earnings and 21x forward earnings, a slight premium to the broader biotechnology sector. The company's franchise model and deep pipeline may justify that premium if the expected growth materializes. The EXEL chart looks constructive: the stock price sits just below the 50-day simple moving average (SMA), which has recently acted as support. Momentum indicators were neutral heading into earnings, and the stock was about 8.6% below its 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 price target to $44 from $41 on Feb. 4. For now, EXEL is in a consolidation pattern, but if the company's growth strategy plays out, all-time highs could be achievable within the next 12 months.   Exelixis Is at an Inflection Point
The story isn't just about beating earnings expectations or hitting quarterly revenue targets. Exelixis is transitioning from a single-product company to a multi-franchise oncology player, and 2026 is poised to be a meaningful year in that transformation. The FDA decision on zanzalintinib in colorectal cancer (Prescription Drug User Fee Act (PDUFA) date: Dec. 3, 2026) represents the company's first major advance beyond cabozantinib. If approved, zanzalintinib could open the door to a potential $5 billion peak sales opportunity and validate the franchise approach Exelixis has been building toward. A key signal is the company's R&D spending. Despite strong profitability, Exelixis is maintaining roughly $1 billion in annual R&D investment while also executing share buybacks. That balance indicates confidence in its pipeline assumptions and a willingness to fund multiple pivotal programs concurrently—seven pivotal trials for zanzalintinib alone, plus several early-stage programs advancing toward full development. For context, the expanded gastrointestinal (GI) sales team isn't just about driving near-term revenue; it's also pre-positioning the company for a potential zanzalintinib launch later this year. Taken together, the pieces are moving toward a different kind of biotech story: sustainable, multi-product growth anchored in deep tumor expertise rather than binary drug bets.
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