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Just For You Exelixis Reports Solid Earnings—Are New Highs Back on the Table?Reported by Chris Markoch. First 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 profitability also lifted operating margins, which Exelixis says it will reinvest into research and development to support its franchise strategy. The company also repurchased $264.5 million of its stock. 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. The $598.66 million in revenue missed expectations of $609.17 million but was 5% above the $566.76 million reported in the same quarter last year. Cabometyx, Exelixis's branded cabozantinib, remains the primary revenue driver across multiple cancer indications. Exelixis forecasts 2026 revenue of $2.52 billion to $2.62 billion. That outlook excludes any potential sales from zanzalintinib — its colorectal cancer candidate — should it receive regulatory approval. What Makes Exelixis Different? On one level, Exelixis carries the same risk-reward profile as other biotech companies, but its franchise strategy deserves closer attention. At a high level, Exelixis is building comprehensive treatment ecosystems around specific drug molecules. The goal is to develop deep expertise in particular tumor types, offering multiple treatment lines and combinations that physicians can deploy at different stages of disease. Put simply, Exelixis is working to have multiple arrows in its quiver for specific cancers — first-line, second-line, and combination therapies — with the aim of becoming a go-to choice for oncologists treating kidney, colorectal, and neuroendocrine cancers. There are two key takeaways for investors from its fourth-quarter earnings report: - Cabozantinib is effective in kidney cancer both as monotherapy and combined with immunotherapy, and it is the primary revenue driver today.
- Zanzalintinib is being positioned as "the foundation of future oncology franchises," with the potential to reach $5 billion in peak annual sales.
Consolidation Now, Growth Later Trading at 18x trailing twelve-month earnings and 21x forward earnings, EXEL shares carry a slight premium to the broader biotechnology sector. Management's franchise model and deep pipeline may justify that premium given the expected growth. The EXEL chart looks constructive, with the stock trading just below its 50-day simple moving average (SMA), which recently acted as support. Momentum indicators were neutral heading into earnings; the stock traded about 8.6% below the consensus price target of $46.12. The day after earnings, Wells Fargo & Company reiterated an Equal Weight rating for EXEL and raised its price target to $35 from $30. That follows Barclays, which raised its target to $44 from $41 on Feb. 4. While EXEL is in a consolidation pattern for now, if Exelixis's growth story materializes, the stock could reach new highs within the next 12 months.   Exelixis Is at an Inflection Point
The story isn't just about beating earnings expectations or hitting revenue milestones. Exelixis is transitioning from a single-product company to a multi-franchise oncology player, and 2026 is when that shift begins to take shape. The FDA decision on zanzalintinib in colorectal cancer (PDUFA date: Dec. 3, 2026) represents the company's first major expansion beyond cabozantinib. If approved, it would open the door to a potential $5 billion peak sales opportunity and validate the franchise strategy the company has been building toward. R&D spending is the real tell. Despite stronger profitability, Exelixis is maintaining roughly $1 billion in annual R&D while also executing share buybacks. That combination signals confidence in the pipeline — funding seven pivotal trials for zanzalintinib alone, plus four early-stage programs advancing toward full development. For context, the expanded GI sales team isn't just about NET growth; it's 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 a series of binary drug bets.
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