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Wednesday's Bonus Story Exelixis Reports Solid Earnings—Are New Highs Back on the Table?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 somewhat 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. That profit boosted the company's operating margin, 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. 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 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 branded formulation of cabozantinib used across multiple cancer types. Exelixis forecasts 2026 revenue between $2.52 billion and $2.62 billion, but that guidance excludes any potential revenue from regulatory approval of zanzalintinib, the company's pipeline candidate for colorectal cancer. What Makes Exelixis Different? On the surface, Exelixis shows a similar risk‑reward profile to many other biotech companies. The distinguishing factor 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 of therapy and combination options physicians can deploy at different stages of treatment. Put simply, the company is working to have multiple arrows in its quiver for targeted cancers — first-line, second-line, and combination therapies — with the goal of becoming the go‑to choice for oncologists treating kidney, colorectal, and neuroendocrine cancers. Two key takeaways from the fourth-quarter report: - Cabozantinib (Cabometyx) is the primary revenue driver today and is effective in kidney cancer both as monotherapy and in combination with immunotherapy.
- Zanzalintinib is viewed as "the foundation of future oncology franchises" and has the potential to reach $5 billion in peak annual sales if approved and successfully launched.
Consolidation Now, Growth Later Trading at about 18x trailing twelve-month earnings and 21x forward earnings, EXEL carries a modest premium to the broader biotechnology sector. The company's franchise model and deep pipeline may justify that premium if projected growth materializes. The EXEL chart looks constructive, with the stock sitting just below the 50-day simple moving average (SMA) that has 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. The day after earnings, Wells Fargo & Company reiterated an Equal Weight rating on EXEL and raised its price target to $35 from $30. Barclays similarly raised its target to $44 from $41 on Feb. 4. While EXEL is in a consolidation pattern now, successful execution of its pipeline and franchise strategy could push the stock to new highs within the next 12 months.   Exelixis Is at an Inflection Point
The story goes beyond a single earnings beat or a revenue miss. Exelixis is transitioning from a single‑product company into a multi‑franchise oncology player, and 2026 is shaping up to be a pivotal year. 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 potential $5 billion peak sales opportunity and validate the franchise approach Exelixis has been pursuing. The real signal is in R&D spending. Despite improved profitability, Exelixis plans to maintain roughly $1 billion in annual R&D while continuing share buybacks — a sign of confidence in its pipeline. That investment supports seven pivotal trials for zanzalintinib alone, plus four early‑stage programs progressing toward later development. Operational moves — including an expanded GI sales team — are not just about near‑term growth; they're pre‑positioning for a potential zanzalintinib launch later this year. The pieces are coming together 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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