Exelixis (NASDAQ:EXEL) Posts Earnings Results, Beats Estimates By $0.05 EPS

Exelixis (NASDAQ:EXEL) issued its quarterly earnings data on Thursday. The biotechnology company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.05, FiscalAI reports. The firm had revenue of $658.70 million during the quarter, compared to analyst estimates of $646.51 million. Exelixis had a return on equity of 42.17% and a net margin of 35.33%. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.78 earnings per share.

Here are the key takeaways from Exelixis’ conference call:

• CABOMETYX continued to grow, with U.S. franchise net product revenue rising 11% year over year to $605 million and global franchise revenue increasing 11% to $818 million. RCC and NET both contributed, while CABOMETYX’s share of the oral second-line-plus NET market exceeded 50%.
• Exelixis is advancing zanzalintinib as its next potential oncology franchise. The company reported continued enrollment across Wave 1 studies, initiated the STELLAR-316 colorectal cancer trial and STELLAR-202 lung cancer trial, and expects STELLAR-304 non-clear cell RCC results in the first quarter of 2027.
• The FDA’s action date for the zanzalintinib NDA based on STELLAR-303 was updated to March 3, 2027. Management did not provide additional detail on ongoing FDA discussions or potential labeling.
• The company reported third-quarter revenue of approximately $659 million, GAAP net income of $218 million, and non-GAAP net income of $240 million. Exelixis also repurchased $250 million of stock during the quarter, with $348 million remaining under its current $750 million authorization.
• Operating expenses increased to approximately $390 million from $380 million in the prior quarter, driven by higher legal and advisory fees, marketing expenses, and cost of goods sold. The company also cited the timing-related effects of the NET business when discussing its maintained 2026 revenue outlook and updated its full-year gross-to-net deduction estimate to approximately 30%.

Exelixis Trading Down 0.1%

Shares of EXEL opened at $66.20 on Friday. Exelixis has a twelve month low of $36.00 and a twelve month high of $67.52. The company has a market cap of $16.40 billion, a P/E ratio of 20.82, a P/E/G ratio of 1.86 and a beta of 0.47. The company’s fifty day simple moving average is $59.07 and its 200-day simple moving average is $50.79.

Wall Street Analyst Weigh In

EXEL has been the subject of a number of research reports. BMO Capital Markets reissued a “market perform” rating and set a $60.00 price target on shares of Exelixis in a research note on Friday. Barclays lifted their price objective on Exelixis from $45.00 to $49.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 14th. Citigroup reaffirmed a “market outperform” rating on shares of Exelixis in a report on Monday, October 19th. Wall Street Zen upgraded Exelixis from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 24th. Finally, Weiss Ratings raised shares of Exelixis from a “buy (a-)” rating to a “buy (a)” rating in a report on Thursday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $51.93.

Key Exelixis News

Here are the key news stories impacting Exelixis this week:

• Positive Sentiment: Exelixis reported third-quarter revenue of $658.7 million, up 10.2% year over year and above the approximately $646.5 million analyst estimate. Non-GAAP EPS of $0.94 also exceeded the $0.89 consensus, while operating cash flow reached $280 million. Exelixis Surpasses Q3 Earnings and Revenue Estimates
• Positive Sentiment: CABOMETYX remained the primary growth and earnings driver, helping lift net income and profitability. Management also highlighted continued progress across its oncology pipeline, which could diversify revenue beyond the current franchise. Exelixis Q3 2026 Earnings
• Positive Sentiment: The FDA has assigned a March 3, 2027 PDUFA date for zanzalintinib, referred to as “zanza” in the report. Exelixis is also advancing Wave 2 pivotal-study plans, providing investors with a defined regulatory catalyst and longer-term growth potential. Exelixis Outlines PDUFA for Zanza
• Neutral Sentiment: Exelixis and Bristol-Myers Squibb announced a long-term extension study related to key cancer drugs. The update supports ongoing clinical development but does not represent an immediate revenue event. Exelixis and BMY Extend Access to Cancer Drugs
• Negative Sentiment: Reported insider activity showed six sales and no purchases over the past six months. In addition, several previously published analyst price targets remain below the current trading range, potentially limiting near-term upside expectations.

Insider Activity

In related news, Director Mary Beckerle sold 9,812 shares of Exelixis stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $53.66, for a total transaction of $526,511.92. Following the completion of the transaction, the director directly owned 16,079 shares of the company’s stock, valued at approximately $862,799.14. The trade was a 37.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 2.60% of the company’s stock.

About Exelixis

Exelixis, Inc is a biopharmaceutical company focused on discovering, developing, and commercializing medicines for cancer and other serious diseases. The company’s research programs center primarily on targeted therapies, including treatments designed to inhibit signaling pathways involved in tumor growth and progression.

Exelixis’ lead product is CABOMETYX (cabozantinib), an oral medicine approved in the United States for certain patients with renal cell carcinoma, hepatocellular carcinoma, and differentiated thyroid cancer.