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    How Investors May Respond To Exelixis (EXEL) Pipeline Updates Amid Cabometyx Exclusivity and Competition Concerns

    Simply Wall St·01/07/2026 11:26:10
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    • Exelixis recently announced that President and CEO Michael M. Morrissey, Ph.D., had provided a corporate overview at the J.P. Morgan 2026 Healthcare Conference, outlining the company’s evolving pipeline of small molecules and biotherapeutics across multiple tumor types.
    • A separate Bank of America downgrade, focused on Cabometyx’s approaching loss of market exclusivity and intensifying renal cell carcinoma competition, raised fresh questions about Exelixis’ future revenue mix and competitive positioning.
    • We’ll now consider how concerns over Cabometyx’s looming exclusivity expiry and competitive pressures may reshape Exelixis’ broader investment narrative.

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    Exelixis Investment Narrative Recap

    To own Exelixis today, you need to be comfortable with a story that is still heavily tied to Cabometyx while trusting the company’s ability to convert its pipeline into a more balanced revenue base over time. The Bank of America downgrade around Cabometyx’s approaching loss of exclusivity directly heightens what already looks like the central risk: concentrated cash flows facing future generic pressure. In the near term, this news does not appear to change Exelixis’ key catalyst, which remains meaningful clinical or commercial progress from its non‑Cabometyx portfolio.

    The upcoming corporate overview at the J.P. Morgan 2026 Healthcare Conference is especially relevant here, because management is expected to showcase how its evolving mix of small molecules and biotherapeutics could eventually reduce reliance on Cabometyx and support long term earnings power. For investors watching both the downgrade and exclusivity overhang, this presentation may help clarify whether current pipeline assets look sufficient to offset potential future erosion in the core renal cell carcinoma franchise.

    However, before you get comfortable with that story, you should also be aware that...

    Read the full narrative on Exelixis (it's free!)

    Exelixis' narrative projects $3.1 billion revenue and $1.1 billion earnings by 2028. This requires 11.7% yearly revenue growth and an earnings increase of roughly $500 million from $602.3 million today.

    Uncover how Exelixis' forecasts yield a $45.00 fair value, a 3% upside to its current price.

    Exploring Other Perspectives

    EXEL 1-Year Stock Price Chart
    EXEL 1-Year Stock Price Chart

    Thirteen members of the Simply Wall St Community currently place Exelixis’ fair value anywhere between US$32.08 and US$213.12, with estimates spread widely across that range. When you set those opinions against Exelixis’ heavy dependence on Cabometyx and the concerns around its looming loss of exclusivity, it becomes clear why you may want to compare several different viewpoints before deciding how this concentration risk could affect the company’s long term performance.

    Explore 13 other fair value estimates on Exelixis - why the stock might be worth 27% less than the current price!

    Build Your Own Exelixis Narrative

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.