Exelixis (NASDAQ:EXEL) Posts Quarterly Earnings Results

Posted by Brenda Bartman on Aug 7th, 2026

Exelixis (NASDAQ:EXEL – Get Free Report) posted its quarterly earnings data on Wednesday. The biotechnology company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.06, FiscalAI reports. The firm had revenue of $628.69 million for the quarter, compared to analysts’ expectations of $636.40 million. Exelixis had a net margin of 35.33% and a return on equity of 40.94%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.75 EPS.

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 Price Performance

Shares of NASDAQ EXEL traded up $1.68 during midday trading on Friday, hitting $53.88. The stock had a trading volume of 1,263,100 shares, compared to its average volume of 2,709,113. The company’s 50-day simple moving average is $54.10 and its 200 day simple moving average is $47.90. The firm has a market cap of $13.54 billion, a P/E ratio of 16.89, a price-to-earnings-growth ratio of 1.64 and a beta of 0.44. Exelixis has a fifty-two week low of $33.76 and a fifty-two week high of $57.57.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Leerink Partners cut Exelixis from an “outperform” rating to a “market perform” rating and set a $52.00 target price on the stock. in a research note on Thursday. Wells Fargo & Company boosted their target price on Exelixis from $40.00 to $49.00 and gave the company an “equal weight” rating in a research note on Monday, July 13th. TD Cowen lifted their price target on Exelixis from $51.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Stifel Nicolaus raised their price target on shares of Exelixis from $47.00 to $51.00 and gave the company a “hold” rating in a report on Thursday. Finally, Barclays boosted their target price on Exelixis from $45.00 to $49.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 14th. Seven analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $49.79.

Get Our Latest Stock Analysis on Exelixis

Exelixis News Roundup

Here are the key news stories impacting Exelixis this week:

Positive Sentiment: Q2 earnings exceeded expectations: Exelixis reported adjusted earnings of $0.91 per share, ahead of the roughly $0.85–$0.86 consensus and up from $0.75 a year earlier. Revenue rose 10.6% year over year to $628.7 million, while net margin reached 35.3%. Exelixis Q2 2026 Results
Positive Sentiment: Pipeline catalyst in colorectal cancer: Exelixis launched a Phase 3 study evaluating zanzalintinib in patients with residual colorectal cancer, potentially expanding the drug’s long-term commercial opportunity. The company also outlined plans for its colorectal cancer launch. Exelixis Colorectal Cancer Trial
Positive Sentiment: Some analysts remain constructive: TD Cowen reaffirmed a Buy rating and $55 price target, citing resilient cabozantinib performance, cost discipline and potential upside from zanzalintinib. TD Cowen Exelixis Rating
Neutral Sentiment: Stifel raised its price target from $47 to $51 but maintained a Hold rating, leaving its target below the recent trading level. Stifel Raises Exelixis Price Target
Negative Sentiment: Revenue and outlook disappointed: Q2 sales fell short of estimates, and Exelixis lowered its 2026 revenue guidance midpoint by $50 million to approximately $2.5 billion–$2.6 billion. The slower-than-expected launch of its NET treatment was cited as a key factor. Exelixis Q2 Outlook
Negative Sentiment: Leerink Partners downgraded EXEL from Outperform to Market Perform and set a $52 price target, implying modest downside. Zacks Research also maintains a Strong Sell rating and trimmed several longer-term EPS estimates. Leerink Downgrades Exelixis

Insider Activity at Exelixis

In other news, SVP Brenda Hefti sold 6,625 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $50.21, for a total transaction of $332,641.25. Following the completion of the transaction, the senior vice president directly owned 106,762 shares of the company’s stock, valued at $5,360,520.02. This trade represents a 5.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick J. Haley sold 32,110 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $49.81, for a total value of $1,599,399.10. Following the completion of the transaction, the executive vice president owned 357,638 shares of the company’s stock, valued at approximately $17,813,948.78. This represents a 8.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 130,824 shares of company stock valued at $6,555,231. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in EXEL. AQR Capital Management LLC raised its position in Exelixis by 48.8% in 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 last quarter. UBS Group AG increased its position in 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 purchasing an additional 1,328,087 shares during the period. Morgan Stanley lifted its position in shares of Exelixis by 31.0% in the 4th quarter. Morgan Stanley now owns 4,206,656 shares of the biotechnology company’s stock worth $184,378,000 after purchasing an additional 995,949 shares during the period. Bank of America Corp DE lifted its position in shares of Exelixis by 38.2% in 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 purchasing an additional 728,956 shares during the period. Finally, Voloridge Investment Management LLC boosted its stake in shares of Exelixis by 203.8% in the 4th quarter. Voloridge Investment Management LLC now owns 960,768 shares of the biotechnology company’s stock valued at $42,110,000 after purchasing an additional 644,495 shares during the last quarter. 85.27% of the stock is owned by institutional investors.

Exelixis Company Profile

(Get Free Report)

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.