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

Exelixis (NASDAQ:EXEL) released its quarterly earnings data on Wednesday. The biotechnology company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.06, FiscalAI reports. Exelixis had a return on equity of 39.89% and a net margin of 35.08%.The business had revenue of $628.69 million during the quarter, compared to analyst estimates of $636.40 million. During the same quarter in the previous year, the firm posted $0.75 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year.

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 Trading Up 1.3%

EXEL traded up $0.70 on Wednesday, reaching $56.70. The company had a trading volume of 4,200,768 shares, compared to its average volume of 2,701,598. The company has a fifty day moving average of $53.95 and a 200-day moving average of $47.76. The company has a market capitalization of $14.25 billion, a P/E ratio of 18.84, a PEG ratio of 1.59 and a beta of 0.44. Exelixis has a one year low of $33.76 and a one year high of $57.57.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $56.00 price target on shares of Exelixis in a report on Thursday, July 2nd. Royal Bank Of Canada increased their price objective on shares of Exelixis from $43.00 to $46.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 7th. Zacks Research downgraded shares of Exelixis from a “hold” rating to a “strong sell” rating in a research report on Monday. Citizens Jmp boosted their target price on shares of Exelixis from $50.00 to $55.00 and gave the company a “market outperform” rating in a research note on Wednesday, June 24th. Finally, Morgan Stanley raised their price target on shares of Exelixis from $50.00 to $53.00 and gave the company an “equal weight” rating in a research note on Thursday, July 23rd. Eight equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Exelixis has a consensus rating of “Hold” and an average price target of $49.50.

Insider Activity at Exelixis

In other news, Director Sue Gail Eckhardt sold 9,812 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $50.14, for a total value of $491,973.68. Following the completion of the sale, the director directly owned 16,079 shares of the company’s stock, valued at approximately $806,201.06. This represents a 37.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Christopher J. Senner sold 34,901 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $50.00, for a total transaction of $1,745,050.00. Following the completion of the transaction, the chief financial officer owned 952,317 shares of the company’s stock, valued at $47,615,850. This trade represents a 3.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 219,170 shares of company stock worth $10,620,641 in the last three months. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Exelixis

Several hedge funds have recently modified their holdings of the company. AQR Capital Management LLC raised its stake in shares of Exelixis by 48.8% in the 4th quarter. AQR Capital Management LLC now owns 13,658,388 shares of the biotechnology company’s stock worth $598,647,000 after buying an additional 4,477,029 shares in the last quarter. Invesco Ltd. boosted its stake in Exelixis by 1.6% during the fourth quarter. Invesco Ltd. now owns 6,054,743 shares of the biotechnology company’s stock valued at $265,379,000 after buying an additional 94,218 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Exelixis by 1.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,259,677 shares of the biotechnology company’s stock worth $186,705,000 after acquiring an additional 78,765 shares during the period. Morgan Stanley grew its holdings in Exelixis by 31.0% during the fourth 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. Finally, Caisse de depot et placement du Quebec raised its position in Exelixis by 28.0% in the third quarter. Caisse de depot et placement du Quebec now owns 2,724,564 shares of the biotechnology company’s stock worth $112,524,000 after acquiring an additional 595,333 shares in the last quarter. 85.27% of the stock is currently owned by institutional investors and hedge funds.

Key Exelixis News

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

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.