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

Exelixis (NASDAQ:EXEL) posted its earnings results on Tuesday. The biotechnology company reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.12, FiscalAI reports. The company had revenue of $610.81 million during the quarter, compared to analysts’ expectations of $607.51 million. Exelixis had a net margin of 35.08% and a return on equity of 39.03%. Exelixis’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.55 EPS.

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 Stock Performance

NASDAQ:EXEL traded down $2.49 on Thursday, hitting $46.21. The stock had a trading volume of 3,518,896 shares, compared to its average volume of 2,762,935. The firm’s fifty day simple moving average is $43.41 and its two-hundred day simple moving average is $42.92. The stock has a market cap of $11.74 billion, a P/E ratio of 15.35, a price-to-earnings-growth ratio of 1.00 and a beta of 0.38. Exelixis has a 1 year low of $33.76 and a 1 year high of $49.62.

Analysts Set New Price Targets

Several research firms recently weighed in on EXEL. Stifel Nicolaus lifted their price target on Exelixis from $44.00 to $47.00 and gave the stock a “hold” rating in a report on Wednesday. Wall Street Zen lowered shares of Exelixis from a “strong-buy” rating to a “buy” rating in a research report on Saturday, April 18th. Truist Financial upgraded shares of Exelixis to a “strong-buy” rating in a research note on Monday, April 27th. Barclays lifted their price target on shares of Exelixis from $44.00 to $45.00 and gave the company an “equal weight” rating in a research report on Monday, April 20th. Finally, Royal Bank Of Canada dropped their price objective on Exelixis from $46.00 to $43.00 and set a “sector perform” rating for the company in a report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $47.83.

Insider Transactions at Exelixis

In other news, EVP Patrick J. Haley sold 67,814 shares of the firm’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $43.52, for a total transaction of $2,951,265.28. Following the completion of the sale, the executive vice president directly owned 381,908 shares of the company’s stock, valued at $16,620,636.16. This trade represents a 15.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Bob Oliver sold 30,250 shares of the business’s stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $43.81, for a total transaction of $1,325,252.50. Following the completion of the transaction, the director directly owned 21,120 shares in the company, valued at $925,267.20. This trade represents a 58.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 362,849 shares of company stock worth $15,917,463. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Exelixis

Hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC grew its holdings in Exelixis by 48.8% during the fourth quarter. AQR Capital Management LLC now owns 13,658,388 shares of the biotechnology company’s stock valued at $598,647,000 after purchasing an additional 4,477,029 shares during the period. UBS Group AG lifted its position in shares of Exelixis by 100.1% during the 3rd quarter. UBS Group AG now owns 2,655,069 shares of the biotechnology company’s stock valued at $109,654,000 after buying an additional 1,328,087 shares during the last quarter. Morgan Stanley grew its stake in shares of Exelixis by 31.0% during the 4th quarter. Morgan Stanley now owns 4,206,656 shares of the biotechnology company’s stock worth $184,378,000 after acquiring an additional 995,949 shares during the period. Bank of America Corp DE grew its stake in shares of Exelixis by 38.2% during the 2nd quarter. Bank of America Corp DE now owns 2,638,666 shares of the biotechnology company’s stock worth $116,299,000 after acquiring an additional 728,956 shares during the period. Finally, Voloridge Investment Management LLC grew its stake in shares of Exelixis by 203.8% during the 4th quarter. Voloridge Investment Management LLC now owns 960,768 shares of the biotechnology company’s stock worth $42,110,000 after acquiring an additional 644,495 shares during the period. Institutional investors own 85.27% of the company’s stock.

Key Stories Impacting Exelixis

Here are the key news stories impacting Exelixis this week:

• Positive Sentiment: Q1 results beat on EPS and showed solid profitability and year-over-year revenue growth; management reiterated commercial momentum for cabozantinib. Read More.
• Positive Sentiment: Board authorized a new $750 million share buyback (and completed a prior repurchase authorization), which boosts near-term EPS through share reduction and was cited as a catalyst for the earlier rally. Read More.
• Positive Sentiment: Several analysts raised price targets and reiterated bullish views after the quarter (examples: HC Wainwright, TD Cowen), providing analyst-driven upside case for the stock. Read More.
• Neutral Sentiment: Full‑year revenue guidance was set in a $2.5B–$2.6B range (vs. consensus ~ $2.6B), which is generally in line but leaves limited upside visibility if growth slows; investors are parsing the midpoint vs. expectations. Read More.
• Negative Sentiment: Sales of Cabometyx (cabozantinib) slightly lagged some expectations, which tempers the “cabo” growth story that underpins much of the bullish thesis. Read More.
• Negative Sentiment: Management highlighted regulatory and clinical risk around zanzalintinib (ZANZA) on the earnings call and outlined a December PDUFA timeline for a CRC filing — successful outcomes are material but uncertain, adding pipeline volatility. Read More.
• Negative Sentiment: Some major firms maintained neutral/hold stances despite higher targets (e.g., Morgan Stanley kept an equal‑weight/hold), suggesting cautious positioning that can amplify sell‑pressure after a run-up. Read More.

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.