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Exelixis, Inc.
NASDAQ: EXEL Healthcare Pharma 🔎 Screen
$14.5B
Market Cap
15.8
P/E
0.53
PEG
46.8%
ROCE
35.5%
ROE
0.08
D/E
37.6%
OPM
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Currency-adjusted total returns for EXEL including FX impact
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About

Exelixis, Inc., an oncology company, focuses on the discovery, development, and commercialization of new medicines for difficult-to-treat cancers in the United States.

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⭐ Superinvestors Holding EXEL
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 13.73M $588.8M 0.92% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Exelixis posts Q1 2026 revenue of $611M, CABOMETYX grows 8% YoY; ZANZA NDA under review for CRC.
Revenue & Profitability
Total revenues for Q1 2026 were approximately $611 million, including cabozantinib franchise net product revenues of $555 million and royalties of $45.9 million from partners Ipsen and Takeda. GAAP net income was $210.5 million ($0.81 per share basic, $0.79 diluted), while non-GAAP net income was $232.8 million ($0.90 per share basic, $0.87 diluted). Operating expenses were roughly $359 million, down slightly from $363 million in Q4 2025. The company had cash and marketable securities of about $1.4 billion at quarter end.
Outlook
Management views 2026 as a potentially transformational year, driven by the anticipated ZANZA approval and launch in CRC, which addresses a $1.5 billion market opportunity in third-line plus. The company sees continued demand for CABOMETYX in RCC and NET, with opportunities to grow market share, particularly in the community setting. Macro headwinds mentioned include government drug pricing policies and the complexity of improving first-line RCC regimens, as highlighted by recent competitive trial data.
Growth Drivers
CABOMETYX growth is driven by market share gains in RCC (highest quarterly first-line market share to date) and NET leadership, with Q1 2026 recording the highest new patient starts ever. The ZANZA franchise could expand into a large CRC opportunity (23,000 patients) and other indications such as non-clear cell RCC (STELLAR-304, top-line H2 2026), NET (STELLAR-311, enrollment ahead of projections), and new phase II trials in meningioma, squamous NSCLC, and prostate cancer. The expedited build-out of the GI sales team aims to accelerate CABOMETYX growth and prepare for ZANZA launch.
Balance Sheet & CapEx
Not discussed in this earnings call.
Margins
Gross to net for the cabozantinib franchise was 30.2% in Q1 2026, higher than Q4 2025 due to increased 340B volume, Medicare Part D discounts, and co-pay assistance. Total operating expenses were $359 million, down sequentially from $363 million, driven by lower clinical trial costs offset by higher FT-related and stock-based compensation. The company reiterated its full-year 2026 financial guidance.
Key Risks
Risks include regulatory and approval uncertainties for the ZANZA NDA, clinical trial enrollment and event rate timing (e.g., STELLAR-304 delayed to H2 2026), and the complexity of first-line RCC combinations as seen with COSMIC-313 and competitive trials. Dependence on collaboration partners (Merck, Ipsen, Takeda), government drug pricing policies, and the ability to execute a broad R&D program across multiple indications were also flagged. The company faces competition in RCC, CRC, and NET, and must manage capital allocation across R&D, BD, and share repurchases.
Generated by AI · Q1 2026 results · Not investment advice
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
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