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Friday 6 November 2026
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Exelixis, Inc.
EXEL Healthcare Biotechnology
Exelixis, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, up 6.98% from fiscal 2024.
- Revenue
- +10.2%
- EPS
- +22.2%
- Free cash flow
- −4.83%
Quarter to September 2026, against a year earlier
69.68
0.97
+1.41%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 191 | 452 | 854 | 968 | 988 | 1,435 | 1,611 | 1,830 | 2,169 | 2,320 | 2,497 | +31.9% | 2,553 | 2,901 | 3,338 | +12.9% | |
| Gross margin, % | 96.58 | 96.67 | 96.91 | 96.58 | 96.33 | 96.32 | 96.41 | 96.04 | 96.49 | 96.39 | 96.26 | (0.2) pt | ||||||
| EBT | (70) | 159 | 452 | 398 | 131 | 294 | 234 | 258 | 682 | 941 | 1,066 | n/m | ||||||
| EBT margin, % | (36.68) | 35.05 | 52.95 | 41.14 | 13.25 | 20.50 | 14.55 | 14.07 | 31.43 | 40.57 | 42.69 | +77.3 pt | ||||||
| Net income | (70) | 154 | 690 | 321 | 112 | 231 | 182 | 208 | 521 | 783 | 885 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 0.76 | 1.54 | 2.87 | 3.20 | 3.20 | 4.56 | 5.01 | 5.75 | 7.48 | 8.54 | 10.12 | +30.8% | |||||
| Earnings | (0.28) | 0.52 | 2.32 | 1.06 | 0.36 | 0.73 | 0.57 | 0.65 | 1.80 | 2.88 | 3.46 | n/m | ||||||
| Cash flow | 0.84 | 0.56 | 1.40 | 1.74 | 0.68 | 1.27 | 1.13 | 1.05 | 2.41 | 3.26 | 4.75 | +16.2% | ||||||
| Capex | (0.01) | (0.07) | (0.11) | (0.04) | (0.10) | (0.20) | (0.43) | (0.51) | (0.23) | (0.15) | (0.12) | +41.7% | ||||||
| Free cash flow | 0.83 | 0.49 | 1.28 | 1.70 | 0.58 | 1.07 | 0.70 | 0.54 | 2.19 | 3.11 | 4.64 | +15.8% | ||||||
| Book value | 0.36 | 0.97 | 4.32 | 5.57 | 6.10 | 7.02 | 7.74 | 7.12 | 7.74 | 7.96 | 7.43 | +41.2% | ||||||
| Shares, m | 251 | 294 | 298 | 303 | 308 | 315 | 322 | 318 | 290 | 272 | 257 | +0.9% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 59.25 | 8.55 | 16.62 | 54.24 | 24.87 | 28.60 | 36.63 | 18.50 | 15.17 | 19.89 | 26.2 | |||||
| P/S | 19.28 | 20.37 | 6.86 | 5.51 | 6.27 | 4.01 | 3.25 | 4.16 | 4.45 | 5.13 | 6.80 | 7.9 | ||||||
| P/B | 41.32 | 32.35 | 4.55 | 3.16 | 3.29 | 2.60 | 2.11 | 3.36 | 4.30 | 5.51 | 9.26 | 10.3 | ||||||
| EV/Sales | 17.51 | 19.55 | 6.06 | 4.65 | 5.07 | 3.01 | 2.46 | 3.63 | 3.95 | 4.68 | 6.45 | 7.1 | ||||||
| EV/FCF | 16.05 | 61.16 | 13.53 | 8.76 | 28.01 | 12.81 | 17.65 | 38.99 | 13.52 | 12.87 | 14.08 | 22.3 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 210 | 166 | 416 | 527 | 209 | 401 | 363 | 333 | 700 | 884 | 1,173 | +17.3% | |||||
| Capex | (2) | (21) | (33) | (13) | (30) | (64) | (138) | (163) | (66) | (40) | (29) | +42.9% | ||||||
| Free cash flow | 209 | 145 | 383 | 514 | 179 | 337 | 224 | 170 | 634 | 844 | 1,144 | +16.8% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 200 | 370 | 792 | 868 | 1,241 | 1,497 | 1,294 | 924 | 1,064 | 1,038 | 910 | +20.1% | |||||
| Net debt | (420) | (373) | (693) | (852) | (1,207) | (1,467) | (1,308) | (995) | (1,111) | (1,059) | (892) | +10.8% | ||||||
| Shareholders’ equity | 89 | 285 | 1,287 | 1,686 | 1,879 | 2,211 | 2,488 | 2,264 | 2,244 | 2,161 | 1,834 | +42.5% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (15.13) | 24.66 | 66.43 | 19.41 | 5.56 | 9.72 | 6.41 | 6.91 | 17.70 | 27.02 | 33.17 | +42.2 pt | |||||
| ROIC | 0.00 | 0.00 | 46.17 | 27.70 | 10.23 | 24.10 | 10.67 | 8.42 | 33.35 | 49.46 | 66.59 | +49.5 pt | ||||||
| ROE | 272.77 | 82.41 | 87.77 | 21.59 | 6.27 | 11.30 | 7.76 | 8.74 | 23.13 | 35.53 | 44.32 | (237.2) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 287 | 372 | 484 | 617 | 773 | 954 | 1,223 | 1,310 | 1,147 | 1,077 | — | +15.8% | |||||
| Revenue/emp, $m | 0.67 | 1.22 | 1.76 | 1.57 | 1.28 | 1.50 | 1.32 | 1.40 | 1.89 | 2.15 | — | +13.9% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Reportable Segment | 2,320 | 100.00% |
|---|---|---|
| Gross margin | 96.39% | |
| Operating margin | 37.59% | |
| Pre-tax margin | 40.57% |
Exelixis, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| INSM Insmed, Inc. | $23.9B | — (loss-making) | — (loss-making) | +268.43% (above 0%: growing) | n/m | +81.06% (above 0%: growing) | 85.09% | (17.04%) | Compare |
| BNTX BioNTech SE Sponsored ADR | $21.6B | — (loss-making) | — (loss-making) | −16.42% (below 0%: shrinking) | n/m | −123.82% (below 0%: shrinking) | 91.99% | 9.70% | Compare |
| ALNY Alnylam Pharmaceuticals, Inc. | $21.0B | 7.9× | 13.5× | +16.74% (above 0%: growing) | +747.64% (above 0%: growing) | −4.76% (below 0%: shrinking) | 75.19% | 23.72% | Compare |
| EXEL Exelixis, Inc. | $16.8B | 19.9× | 20.2× | +10.19% (above 0%: growing) | +22.22% (above 0%: growing) | −4.83% (below 0%: shrinking) | 96.02% | 40.75% | |
| ASND Ascendis Pharma A/S | $16.6B | 18.3× | 15.4× | +119.88% (above 0%: growing) | n/m | +2,335.93% (above 0%: growing) | 91.85% | 64.98% | Compare |
| JAZZ Jazz Pharmaceuticals PLC | $14.6B | 62.6× | 35.9× | +10.38% (above 0%: growing) | n/m | −60.40% (below 0%: shrinking) | 91.10% | (33.26%) | Compare |
| BBIO BridgeBio Pharma, Inc. | $14.5B | — (loss-making) | — (loss-making) | +192.60% (above 0%: growing) | n/m | +60.46% (above 0%: growing) | 94.21% | (3.30%) | Compare |
| HALO Halozyme Therapeutics, Inc. | $14.0B | 29.5× | 17.9× | +39.15% (above 0%: growing) | +45.64% (above 0%: growing) | −58.64% (below 0%: shrinking) | 83.27% | 59.83% | Compare |
| SMMT Summit Therapeutics PLC | $11.3B | — (loss-making) | — (loss-making) | −100.00% (below 0%: shrinking) | n/m | −112.80% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| Median of peers | $15.6B | 23.9× | 16.7× | +27.95% | — | −31.70% | 88.10% | 4.85% |
From the latest earnings call
- P.J. Houghton said a recruiting clinical study could have a small effect on the commercial patient pool, while patient timing remained the larger factor.
- Dana Landry said Exelixis expects to achieve the planned number of trial events in the second half of 2026 but would not specify data timing.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
104.12%
Held by the ten largest
53.12%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 29.08m | 11.68% | −1.74m |
| Vanguard | 25.02m | 10.05% | −405.10k |
| FARALLON CAPITAL MANAGEMENT, L.L.C. | 13.47m | 5.41% | +357.00k |
| RENAISSANCE TECHNOLOGIES LLC | 13.43m | 5.40% | −299.00k |
| AQR Capital Management | 10.96m | 4.40% | −2.09m |
| State Street | 9.97m | 4.01% | −328.37k |
| FULLER & THALER ASSET MANAGEMENT, INC. | 8.93m | 3.59% | +387.15k |
| LSV ASSET MANAGEMENT | 8.15m | 3.27% | +400.76k |
| Geode Capital Management | 7.65m | 3.07% | −145.29k |
| D. E. Shaw | 5.55m | 2.23% | +1.95m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 15 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2026 | 33.24m | 55.13m | 217.00 |
| 2025 | 12.73m | 39.39m | 200.00 |
| 2023 | 16.42m | 31.70m | 141.00 |
| 2022 | 16.88m | 16.02m | 94.00 |
| 2021 | 7.53m | 15.30m | 107.00 |
Ownership
Directors and executive officers, together
2.60%
The Vanguard Group100 Vanguard Blvd.Malvern, Pennsylvania
12.30%
BlackRock, Inc.50 Hudson YardsNew York, New York
11.10%
Farallon Capital Partners, L.P.One Maritime Plaza, Suite
6.10%
Renaissance Technologies LLC800 Third AvenueNew York, New York
6.10%
AQR Capital Management Holdings, LLCOne Greenwich Plaza Suite
5.30%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Exelixis, Inc. (EXEL) Latest News
30 Oct
29 Oct
23 Oct
7 Oct
21 Sep
17 Sep
EXEL metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Exelixis is an oncology company that discovers, develops and sells medicines for cancer. Founded in 1994, it is headquartered in South San Francisco. Its principal medicine is cabozantinib, a drug that blocks proteins involved in cancer growth. It is sold as CABOMETYX tablets and COMETRIQ capsules for different types of cancer.
In the United States, CABOMETYX is approved for advanced kidney cancer, including use alongside Bristol-Myers Squibb’s OPDIVO, and for certain previously treated liver, thyroid and neuroendocrine tumors. COMETRIQ is approved for progressive, metastatic medullary thyroid cancer. Physicians select these medicines for eligible patients, while Exelixis markets its cabozantinib products in the United States and works with partners overseas.