Exelixis (NASDAQ:EXEL) Releases Quarterly Earnings Results, Beats Expectations By $0.12 EPS

Exelixis (NASDAQ:EXEL) posted its quarterly earnings data on Tuesday. The biotechnology company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.75 by $0.12, FiscalAI reports. Exelixis had a return on equity of 36.29% and a net margin of 33.73%.The firm had revenue of $610.81 million for the quarter, compared to the consensus estimate of $607.51 million. During the same quarter last year, the company earned $0.55 earnings per share. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year.

Here are the key takeaways from Exelixis’ conference call:

• CABOMETYX commercial momentum: U.S. CABO franchise net product revenues rose 8% year?over?year to $555M (global CABO revenues grew 12.5% to $764M), with the highest quarterly new patient starts ever and TRX share rising from 44% to 47% versus Q1 2025.
• ZANZA regulatory and pivotal progress: The NDA for zanzalitinib (ZANZA) + atezolizumab in 3L+ CRC (STELLAR?303) is under FDA review with a PDUFA in early December and the program includes seven ongoing/soon?to?start pivotal trials, positioning ZANZA as the company’s next potential franchise.
• Solid Q1 financials and capital returns: Total revenues were ~$611M with GAAP net income of ~$210.5M ($0.79 diluted) and non?GAAP net income of ~$232.8M ($0.87 diluted); cash and marketable securities were ~$1.4B, the company repurchased ~$430.8M (~10M shares) in Q1 and the board authorized a new $750M buyback.
• Higher gross?to?net deductions (30.2% in Q1) increased due to elevated 340B volume, Medicare Part D discounts/rebates and co?pay assistance, which could pressure realized net product revenue despite underlying demand.
• Broad R&D pipeline and enrollment momentum: four early clinical assets (XL309, XB010, XB628, XB371) are in development, STELLAR?311 (NET) is enrolling ahead of plan, STELLAR?316 (MRD adjuvant CRC) and STELLAR?201 (meningioma) are advancing, and the company is prioritizing disciplined R&D investment and targeted BD to expand future franchises.

Exelixis Price Performance

Shares of NASDAQ EXEL traded up $0.25 during midday trading on Tuesday, reaching $44.42. 3,561,628 shares of the stock traded hands, compared to its average volume of 2,516,225. The company’s 50 day moving average is $43.32 and its 200 day moving average is $42.86. Exelixis has a one year low of $33.76 and a one year high of $49.62. The stock has a market capitalization of $11.28 billion, a PE ratio of 16.04, a P/E/G ratio of 0.99 and a beta of 0.38.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on EXEL. Morgan Stanley upped their price target on shares of Exelixis from $48.00 to $49.00 and gave the stock an “equal weight” rating in a research report on Monday, February 2nd. Wall Street Zen cut shares of Exelixis from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 18th. Citigroup lowered Exelixis from a “market outperform” rating to an “underperform” rating in a research note on Monday, January 5th. UBS Group set a $41.00 price target on Exelixis in a report on Monday, January 5th. Finally, Wells Fargo & Company boosted their price objective on Exelixis from $30.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $47.00.

Trending Headlines about Exelixis

Here are the key news stories impacting Exelixis this week:

• Positive Sentiment: Q1 earnings beat — Exelixis reported $0.87 EPS vs. the $0.75 consensus and revenue of $610.8M vs. ~$607.5M expected; strong net margin (33.7%) and ROE (~36%). This explains much of the intraday strength. Exelixis (EXEL) Tops Q1 Earnings Estimates
• Positive Sentiment: Company release and corporate update highlighted commercial, clinical and pipeline progress — management framed Q1 as advancement toward building next?generation oncology franchises, supporting investor confidence in the growth story. Exelixis Announces First Quarter 2026 Financial Results and Provides Corporate Update
• Positive Sentiment: Analyst/feature coverage reinforces growth thesis — recent commentary highlights Exelixis as a strong growth stock on fundamentals and style scores, which can support multiple expansion if execution continues. Here’s Why Exelixis (EXEL) is a Strong Growth Stock
• Neutral Sentiment: FY?2026 revenue guidance set at $2.5B–$2.6B — roughly in line with consensus but at the lower end of the range, leaving limited upside in near?term top?line expectations; investors will watch guidance detail and cadence. (See company release for guidance context.) Exelixis Announces First Quarter 2026 Financial Results and Provides Corporate Update
• Negative Sentiment: Competitive risk in RCC franchise — coverage ahead of/around earnings questions whether the RCC franchise can sustain share amid intensifying competition; that risk could pressure future growth and is a key watch item for investors. Exelixis earnings on deck: Can RCC franchise weather competition?
• Neutral Sentiment: Earnings roundups and snapshots summarize results and metrics — useful for quick reference but largely reiterate the beats and guidance above. Exelixis: Q1 Earnings Snapshot

Insider Activity at Exelixis

In other news, SVP Brenda Hefti sold 18,669 shares of the business’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $44.01, for a total value of $821,622.69. Following the sale, the senior vice president directly owned 96,512 shares in the company, valued at $4,247,493.12. The trade was a 16.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jack L. Wyszomierski sold 99,574 shares of Exelixis stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $44.01, for a total value of $4,382,251.74. Following the completion of the transaction, the director owned 279,942 shares of the company’s stock, valued at approximately $12,320,247.42. This represents a 26.24% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 362,849 shares of company stock valued at $15,917,463 over the last quarter. 2.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Exelixis

Several hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. grew its stake in shares of Exelixis by 1.6% during the fourth quarter. Invesco Ltd. now owns 6,054,743 shares of the biotechnology company’s stock valued at $265,379,000 after buying an additional 94,218 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its stake in Exelixis by 107.1% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 143,780 shares of the biotechnology company’s stock worth $6,302,000 after purchasing an additional 74,360 shares during the period. Vident Advisory LLC lifted its position in shares of Exelixis by 2.0% during the fourth quarter. Vident Advisory LLC now owns 153,901 shares of the biotechnology company’s stock worth $6,745,000 after purchasing an additional 3,085 shares during the last quarter. EP Wealth Advisors LLC bought a new stake in shares of Exelixis during the fourth quarter worth $1,003,000. Finally, Mackenzie Financial Corp grew its holdings in shares of Exelixis by 13.8% in the fourth quarter. Mackenzie Financial Corp now owns 43,685 shares of the biotechnology company’s stock worth $1,920,000 after purchasing an additional 5,290 shares during the last quarter. 85.27% of the stock is currently owned by institutional investors.

Exelixis Company Profile

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.