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

Exelixis (NASDAQ:EXEL) issued its earnings results on Wednesday. The biotechnology company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.06, FiscalAI reports. The business had revenue of $628.69 million during the quarter, compared to analysts’ expectations of $636.40 million. Exelixis had a return on equity of 39.89% and a net margin of 35.08%.The company’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $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 Up 1.3%

Shares of EXEL traded up $0.70 during trading on Wednesday, reaching $56.70. The company’s stock had a trading volume of 4,200,768 shares, compared to its average volume of 2,701,598. The company has a market cap of $14.25 billion, a price-to-earnings ratio of 18.84, a P/E/G ratio of 1.59 and a beta of 0.44. The company has a fifty day moving average of $53.95 and a two-hundred day moving average of $47.76. Exelixis has a twelve month low of $33.76 and a twelve month high of $57.57.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on EXEL. Royal Bank Of Canada boosted their price objective on shares of Exelixis from $43.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 7th. Morgan Stanley lifted their target price on shares of Exelixis from $50.00 to $53.00 and gave the company an “equal weight” rating in a report on Thursday, July 23rd. TD Cowen upped their price target on shares of Exelixis from $51.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Barclays increased their price target on Exelixis from $45.00 to $49.00 and gave the company an “equal weight” rating in a report on Tuesday, July 14th. Finally, Stifel Nicolaus raised their target price on Exelixis from $44.00 to $47.00 and gave the company a “hold” rating in a report on Wednesday, May 6th. Eight investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Exelixis currently has a consensus rating of “Hold” and an average target price of $49.50.

Key Headlines Impacting Exelixis

Here are the key news stories impacting Exelixis this week:

• Positive Sentiment: Exelixis reported second-quarter 2026 earnings of $0.91 per share, exceeding the $0.85–$0.86 analyst consensus and rising from $0.75 in the year-ago quarter. Exelixis Tops Q2 Earnings Estimates
• Positive Sentiment: Quarterly revenue rose 10.6% year over year to $628.7 million, while strong profitability continued, with a 35.08% net margin and 39.89% return on equity. Exelixis Announces Second-Quarter 2026 Results
• Positive Sentiment: The company said it continues to execute on its commercial, clinical and pipeline objectives, supporting the investment case around future product and development milestones. Exelixis Corporate Update
• Neutral Sentiment: Exelixis updated its fiscal 2026 outlook, forecasting revenue of $2.5 billion to $2.6 billion. The upper end matches the consensus estimate, but the midpoint is below expectations; no specific EPS guidance was provided in the update.
• Negative Sentiment: Second-quarter revenue of $628.7 million fell short of the $636.4 million analyst estimate, partially offsetting the earnings beat.
• Negative Sentiment: Zacks Research downgraded EXEL from “Hold” to “Strong Sell” and trimmed several estimates for late 2027 and 2028 earnings, citing expectations for slightly lower future EPS. Zacks Research Rating Update

Insiders Place Their Bets

In other news, EVP Dana Aftab sold 43,451 shares of the business’s stock in a transaction dated Tuesday, May 26th. The shares were 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 approximately $29,945,209.35. The trade was a 6.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jack L. Wyszomierski sold 3,925 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $50.55, for a total transaction of $198,408.75. Following the completion of the sale, the director owned 284,384 shares in the company, valued at approximately $14,375,611.20. This trade represents a 1.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 219,170 shares of company stock valued at $10,620,641. 2.60% of the stock is owned by insiders.

Institutional Trading of Exelixis

Several hedge funds and other institutional investors have recently bought and sold shares of EXEL. Sivia Capital Partners LLC lifted its stake in Exelixis by 23.8% during the second quarter. Sivia Capital Partners LLC now owns 14,362 shares of the biotechnology company’s stock worth $633,000 after purchasing an additional 2,764 shares during the last quarter. Meeder Advisory Services Inc. increased its stake in Exelixis by 5.8% during the fourth quarter. Meeder Advisory Services Inc. now owns 5,406 shares of the biotechnology company’s stock valued at $237,000 after purchasing an additional 298 shares during the last quarter. J.W. Cole Advisors Inc. raised its holdings in shares of Exelixis by 6.5% during the fourth 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. American Trust lifted its position in shares of Exelixis by 14.7% in the 3rd quarter. American Trust now owns 5,588 shares of the biotechnology company’s stock worth $231,000 after buying an additional 718 shares during the last quarter. Finally, Evergreen Capital Management LLC acquired a new position in shares of Exelixis in the 2nd quarter valued at about $226,000. 85.27% of the stock is owned by institutional investors.

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.