# Exelixis, Inc. (EXEL)

> Source: Nexqual · https://nexqual.com/EXEL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Exelixis, Inc. (EXEL), nexqual.com/EXEL" · informational, not investment advice.

**Price:** USD 65.31 (+1.13% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 64.58 · day 64.33–65.5 · 52w 36–65.5 · market cap $16.2B · NMS

## Key facts
- Last four reported quarters (through Jul 3, 2026): revenue $2.44B, net income $861M (35.3% margin), free cash flow $1.17B (SEC filings).
- Valuation: P/E 18.8x (avg 23.6x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold EXEL (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 10 Form 4 filings, $11.1M; 6 not under a Rule 10b5-1 plan ($9.6M); 3 by opportunistic insiders (2 outside 10b5-1 plans), 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.67 on a 1–5 scale) (18 analysts), mean target USD 55.53 (range 41–70).
- Total return with dividends: 1Y +71.6% vs S&P 500 +14.9%; 5Y +205.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.9, revenue estimate $650M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.43B | $1.61B | $1.83B | $2.17B | $2.32B | $2.44B |
| Gross profit | $1.38B | $1.55B | $1.76B | $2.09B | $2.24B | — |
| Operating income | $287M | $201M | $171M | $605M | $872M | $972M |
| Net income | $231M | $182M | $208M | $521M | $783M | $861M |
| EPS (diluted) | $0.72 | $0.56 | $0.65 | $1.76 | $2.78 | — |
| Free cash flow | $347M | $335M | $293M | $672M | $876M | $1.17B |
| Gross margin | 96.3% | 96.4% | 96.0% | 96.5% | 96.4% | — |
| Operating margin | 20.0% | 12.5% | 9.3% | 27.9% | 37.6% | 39.9% |
| Net margin | 16.1% | 11.3% | 11.4% | 24.0% | 33.7% | 35.3% |
| Revenue growth | +45.3% | +12.3% | +13.6% | +18.5% | +7.0% | — |
| Cash + short-term investments | $1.47B | $1.31B | $995M | $1.11B | $1.06B | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 3, 2026)
P/E 18.8x · P/S 6.6x · P/FCF 13.8x · P/B 8.8x · FCF yield 7.25% · Earnings yield 5.32% · Buyback yield (TTM) 6.89%
P/E at fiscal year-ends: Jan 2026 14.9x, Jan 2025 18.8x, Dec 2023 37.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold EXEL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | <0.01% | $544K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 10 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-10 | Beckerle Mary C | Director | 9,812 | $527K | 37.9% | Yes (adopted May 8, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-01 | Wyszomierski Jack L | Director | 3,925 | $198K | 1.4% | Yes (adopted November 19, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-01 | Eckhardt Sue Gail | Director | 9,812 | $492K | 37.9% | Yes (adopted November 11, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-26 | Aftab Dana | EVP, Research and Development | 43,451 | $2.2M | 6.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-20 | Haley Patrick J. | EVP, Commercial | 32,110 | $1.6M | 8.2% | No | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-05-18 | Senner Christopher J. | EVP and CFO | 34,901 | $1.7M | 3.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-18 | Hefti Brenda | SVP and General Counsel | 6,625 | $333K | 5.6% | Yes (adopted November 19, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-07 | Beckerle Mary C | Director | 7,712 | $374K | 30.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-07 | Freire Maria C | Director | 20,634 | $949K | 17% | No | Too little history (no open-market trades in 2023) |
| 2026-05-07 | Poste George | Director | 60,000 | $2.7M | 33.6% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.67 on a 1–5 scale), 18 analysts; mean target USD 55.53 (low 41, high 70).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Citizens | Target raised | Market Outperform | $55 → $65 |
| 2026-10-09 | RBC Capital | Target raised | Sector Perform | $45 → $51 |
| 2026-10-08 | RBC Capital | Target lowered | Sector Perform | $46 → $45 |
| 2026-10-07 | Truist Securities | Target raised | Hold | $52 → $54 |
| 2026-08-19 | BMO Capital | Initiated | Market Perform | $54 |
| 2026-08-06 | Truist Securities | Target lowered | Hold | $56 → $52 |
| 2026-08-06 | Stifel | Target raised | Hold | $47 → $51 |
| 2026-07-23 | Morgan Stanley | Target raised | Equal-Weight | $50 → $53 |
| 2026-07-14 | Barclays | Target raised | Equal-Weight | $45 → $49 |
| 2026-07-13 | Wells Fargo | Target raised | Equal-Weight | $40 → $49 |
| 2026-07-07 | RBC Capital | Target raised | Sector Perform | $43 → $46 |
| 2026-07-07 | Truist Securities | Target raised | Hold | $54 → $56 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +71.6% | +205.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +72.0% | +24.9% |
| Volatility (annualized) | 33.9% | 33.3% |
| Max drawdown | -12.6% (Dec 2025→Mar 2026) | -33.3% (Apr 2022→Oct 2022) |

## Peers (Biotechnology)
ASND (Ascendis Pharma A/S) USD 242.99 +1.71% · HALO (Halozyme Therapeutics, Inc.) USD 124.54 -0.23% · JAZZ (Jazz Pharmaceuticals plc) USD 214.65 +1.26% · BBIO (BridgeBio Pharma, Inc.) USD 68.12 +0.56% · SMMT (Summit Therapeutics Inc.) USD 15.55 -1.77% · CORT (Corcept Therapeutics Incorporat) USD 107.5 -7.55%

## More
Full page: https://nexqual.com/EXEL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name EXEL in their own reports (relationship from EXEL's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Adagene Inc. (ADAG) | 20-F 2026-04-01 | "Exelixis Collaboration and Technology License Agreement" |
| supplier | Structure Therapeutics Inc. (GPCR) | 10-K 2026-02-26 | "The Company concluded that the sale of such assets should be accounted for under the guidance at ASC 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets, as this type o…" |

## Revenue by product line (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Gross product revenues | $812.8M | 129.3% | +9.1% |
| Net product revenues | $573.0M | 91.1% | +10.2% |
| CABOMETYX | $570.6M | 90.8% | +10.2% |
| License revenues | $59.8M | 9.5% | +21.3% |
| Collaboration | $55.7M | 8.9% | +15.4% |
| COMETRIQ | $2.4M | 0.4% | +11.9% |
| Total revenue | $628.7M | 100% | — |
The lines above cover 329.9% of total revenue.

## Revenue by region (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $578.4M | 92.0% | +10.2% |
| Europe | $46.0M | 7.3% | +24.2% |
| Japan | $4.3M | 0.7% | -33.1% |
| Total revenue | $628.7M | 100% | — |

## Customer concentration

Period ended 2026-07-03: 21%, 20%, 15%, 10%, 10% of revenue from unnamed direct customers (10-Q, filed 2026-08-05).

## Company outlook (8-K filed 2026-08-05)

- "Exelixis is providing the following updated financial guidance for fiscal year 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.90 | $0.88 | +1.4% | $649.7M | 9 |
| Next quarter (ends 2026-12-31) | $0.89 | $0.93 | -3.8% | $663.8M | 9 |
| Current fiscal year (ends 2026-12-31) | $3.58 | $3.53 | +1.6% | $2.55B | 10 |
| Next fiscal year (ends 2027-12-31) | $4.27 | $3.96 | +7.9% | $2.90B | 10 |