Exelixis Inc (EXEL)
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Exelixis earns almost all its revenue with a single cancer drug — cabozantinib, sold as CABOMETYX — and is thus the rare, genuinely profitable biopharma in our value scanner after Joel Greenblatt's Magic Formula. Net product revenue rose from $1,628.9 million (2023) to $2,122.8 million (2025), 2025 was the ninth consecutive profitable year, and $782.6 million remained at the bottom line. We read the annual report (10-K) for 2025 and the quarterly report (10-Q) as of April 3, 2026: the composition-of-matter patent expires in August 2026, several generic makers stand ready, two wholesalers account for 41 percent of revenue — and the actual price of the stock hangs on a successor that has yet to earn a dollar. Why the 2026 patent expiry is still no cliff, but a staircase down to 2030.
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
–Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available. How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.50 | 81.70 | 567 | 18.20 | 24.70 | 240 | 226 |
| 2025: Q1 | 0.55 | 353.50 | 555 | 30.60 | 28.70 | 211 | 189 |
| 2025: Q2 | 0.65 | -15.50 | 568 | -10.80 | 32.50 | 49 | 45 |
| 2025: Q3 | 0.69 | 71.70 | 598 | 10.80 | 32.40 | 290 | 289 |
| 2025: Q4 | 0.87 | 74.80 | 599 | 5.60 | 40.80 | 334 | 332 |
| 2026: Q1 | 0.79 | 42.10 | 611 | 10.00 | 34.50 | 252 | 250 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Cabozantinib grows robustly: net product revenue from $1,628.9 (2023) to $2,122.8 million (2025, plus 17 percent), Q1 2026 $555.0 million. Carried above all by CABOMETYX plus nivolumab as first-line treatment in kidney cancer and the new indication of neuroendocrine tumors. The catch: it is a single molecule.
Unlike many biotechs, Exelixis is sustainably profitable — 2025 the ninth consecutive profitable year, net income $782.6 million, EBIT margin and return on equity each about 41 percent. The profit is operationally earned, not dressed up by a one-off tax benefit. That is real substance.
About $1.66 billion in cash and investments (December 31, 2025), almost no debt, Altman Z 10.74, Piotroski 8 of 9 — no distress. Critical only: buyback programs totaling $1.75 billion draw down the war chest (cash fell from $1.75 to $1.66 billion) instead of hoarding it for the transition.
100 percent of product revenue hangs on cabozantinib; two wholesalers account for 41 percent of revenue. The composition-of-matter patent ends in August 2026, several generic makers stand ready. Honest nuance: secondary patents defend into the early 2030s, the MSN generic may start no earlier than January 15, 2030 — a cliff becomes a staircase, but the staircase leads downward.
The entire premium of the stock hangs on zanzalintinib: in STELLAR-303 (colorectal cancer) a significant survival advantage, FDA decision date December 3, 2026 — but still no revenue. At a price-to-earnings ratio of about 18 the stock is fairly, not cheaply, paid (data as of July 8, 2026); the price is a bet on a successful baton handover.
Exelixis is a genuinely profitable oncology biopharma in the value scanner: cabozantinib (CABOMETYX) has driven revenue to $2,122.8 million, 2025 was the ninth consecutive profitable year, and $782.6 million remained at the bottom line — operationally earned. But 100 percent of product revenue hangs on this one molecule, the composition-of-matter patent ends in August 2026 (secondary patents and a court ruling, however, stretch protection to at least January 2030), and the entire premium of the stock is a bet on the still revenue-less successor zanzalintinib. A full war chest and a record profit meet a one-molecule business in transition. Not investment advice.
- Membership in the value scanner "Joel Greenblatt: Magic Formula" (not a warning scanner) was confirmed live on July 14, 2026; EXEL shows up in 13 value, quality and trend scanners (among them Magic Formula, Buffett criteria, owner-earnings yield, QARP, EBIT-margin ranking, Weinstein Stage 2), in no warning scanner.
- All earnings and balance-sheet figures come from the audited annual report 10-K for fiscal year 2025 (filed February 10, 2026) as well as the quarterly report 10-Q as of April 3, 2026; the 2025 profit is operationally earned and contains no one-off tax effect.
- Price and valuation figures dated to July 8, 2026 (about $53, about $13.4 billion in market value); analyses are evergreen, daily prices are not a buy argument. The composition-of-matter patent on cabozantinib expires in August 2026, secondary patents reach into the early 2030s.
About the Company
Exelixis, Inc. ist ein Onkologieunternehmen, das sich auf die Entdeckung, Entwicklung und Kommerzialisierung neuer Medikamente für schwer behandelbare Krebserkrankungen in den USA konzentriert.
| IPO Year | 2000 |
|---|---|
| Next Earnings | 27. Jul 2026 |
Chart
Data as of: July 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.