Exelixis (NASDAQ:EXEL) Issues Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Exelixis (NASDAQ:EXEL) issued its quarterly earnings results on Wednesday. The biotechnology company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.85 by $0.06, FiscalAI reports. The company had revenue of $628.69 million for the quarter, compared to the consensus estimate of $636.40 million. Exelixis had a net margin of 35.08% and a return on equity of 39.89%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.75 EPS.

Here are the key takeaways from Exelixis’ conference call:

• Positive Sentiment: Second-quarter cabozantinib franchise revenue rose 10% year over year in the U.S. to $573 million, while global franchise revenue increased 13% to $806 million. CABOMETYX reached more than 45% new-patient share in second-line-plus NET and maintained leading positions in RCC.
• Negative Sentiment: Exelixis lowered and narrowed its 2026 revenue and net product revenue guidance, reducing the midpoint by $50 million, as NET adoption is ramping more gradually than expected. Management attributed the slower trajectory to the indolent nature and treatment patterns of NET patients, while maintaining confidence in the long-term opportunity.
• Positive Sentiment: Zanzalintinib remains the company’s top R&D and commercial priority, with an FDA decision expected in early December for third-line-plus colorectal cancer. Exelixis is preparing for a potential launch and advancing pivotal programs in NET, non-clear cell RCC, early-stage CRC, and other tumor types that could support a multi-franchise oncology business.
• Positive Sentiment: The company repurchased approximately $312 million of stock during the quarter and ended June with $598 million remaining under its current $750 million authorization. Cash and marketable securities totaled approximately $1.4 billion, supporting continued investment in the pipeline and shareholder returns.

Exelixis Stock Performance

Exelixis stock opened at $56.70 on Thursday. The company has a market capitalization of $14.25 billion, a PE ratio of 18.84, a P/E/G ratio of 1.62 and a beta of 0.44. The company has a 50 day moving average price of $54.08 and a 200-day moving average price of $47.84. Exelixis has a fifty-two week low of $33.76 and a fifty-two week high of $57.57.

Exelixis News Roundup

Here are the key news stories impacting Exelixis this week:

• Positive Sentiment: Exelixis reported second-quarter adjusted earnings of $0.91 per share, above the approximately $0.85–$0.86 analyst consensus and up from $0.75 a year earlier. Revenue increased 10.6% year over year to $628.7 million, while net margin and return on equity remained strong. Exelixis Announces Second Quarter 2026 Financial Results and Provides Corporate Update
• Positive Sentiment: TD Cowen reaffirmed a Buy rating, citing resilience in Cabozantinib sales, disciplined cost management and potential upside from zanzalintinib. The analyst’s $55 price target, however, is below the stock’s referenced $56.70 level. Exelixis Buy Rating Reaffirmed
• Neutral Sentiment: Management outlined launch plans for zanzalintinib in colorectal cancer, potentially providing a future growth catalyst. Investors are likely to weigh that opportunity against the time and costs required for commercialization. Exelixis Outlines Zanza CRC Launch Plans
• Negative Sentiment: Exelixis lowered the midpoint of its 2026 revenue outlook by $50 million, to a $2.5 billion–$2.6 billion range versus consensus near $2.6 billion. The guidance reduction overshadowed the EPS beat and raised concerns about near-term demand and revenue timing.
• Negative Sentiment: Analysts at Zacks Research cut several future EPS estimates and downgraded Exelixis from Hold to Strong Sell. Although these changes concern later periods, they add pressure to sentiment following the company’s guidance reduction. Exelixis Q2 Earnings Metrics

Insider Buying and Selling

In other Exelixis news, Director Sue Gail Eckhardt sold 9,812 shares of Exelixis stock in a transaction on Monday, June 1st. The stock was sold at an average price of $50.14, for a total transaction of $491,973.68. Following the completion of the sale, the director directly owned 16,079 shares of the company’s stock, valued at $806,201.06. The trade was a 37.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Dana Aftab sold 43,451 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $50.35, for a total value of $2,187,757.85. Following the completion of the sale, the executive vice president owned 594,741 shares of the company’s stock, valued at $29,945,209.35. This represents a 6.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 130,824 shares of company stock valued at $6,555,231 over the last 90 days. 2.60% of the stock is owned by insiders.

Institutional Trading of Exelixis

Several institutional investors and hedge funds have recently made changes to their positions in the company. Meeder Advisory Services Inc. raised its stake in shares of Exelixis by 5.8% in the fourth quarter. Meeder Advisory Services Inc. now owns 5,406 shares of the biotechnology company’s stock valued at $237,000 after acquiring an additional 298 shares in the last quarter. Cim LLC grew its stake in Exelixis by 0.9% during the 3rd quarter. Cim LLC now owns 35,397 shares of the biotechnology company’s stock worth $1,462,000 after purchasing an additional 305 shares in the last quarter. J.W. Cole Advisors Inc. increased its holdings in Exelixis by 6.5% during the 4th quarter. J.W. Cole Advisors Inc. now owns 5,354 shares of the biotechnology company’s stock worth $235,000 after purchasing an additional 329 shares during the period. Quadrant Capital Group LLC increased its holdings in Exelixis by 1.6% during the 4th quarter. Quadrant Capital Group LLC now owns 28,053 shares of the biotechnology company’s stock worth $1,230,000 after purchasing an additional 433 shares during the period. Finally, CIBC Private Wealth Group LLC raised its position in Exelixis by 9.1% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 6,065 shares of the biotechnology company’s stock valued at $250,000 after purchasing an additional 508 shares in the last quarter. 85.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Weiss Ratings lowered Exelixis from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday, July 24th. TD Cowen increased their price target on Exelixis from $51.00 to $55.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Citigroup reissued a “market outperform” rating on shares of Exelixis in a research note on Wednesday, July 22nd. UBS Group set a $55.00 target price on Exelixis in a research note on Monday. Finally, Barclays lifted their target price on Exelixis from $45.00 to $49.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 14th. Eight research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $49.50.

About Exelixis

Exelixis, Inc is a biotechnology company specializing in the discovery, development and commercialization of small molecule therapies primarily for the treatment of cancer. Building on a platform that leverages model organism genetics and high-throughput screening, the company focuses its research on kinase inhibitors that modulate critical signaling pathways involved in tumor growth and metastasis. Exelixis’s translational research approach aims to advance novel compounds from early-stage discovery through clinical development and regulatory approval.

The company’s most recognized products include CABOMETYX® (cabozantinib), approved for the treatment of advanced renal cell carcinoma and hepatocellular carcinoma, and COMETRIQ® (cabozantinib) for metastatic medullary thyroid cancer.