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    How Investors May Respond To Exelixis (EXEL) Earnings Beat And FDA Review Of New Cancer Combo

    Simply Wall St·02/16/2026 22:14:40
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    • Exelixis recently reported past fourth-quarter 2025 revenue of US$598.66 million and net income of US$244.53 million, with full-year 2025 revenue of US$2.32 billion and net income of US$782.57 million, alongside higher basic and diluted earnings per share from continuing operations versus the prior year.
    • At the same time, the FDA accepted Exelixis’s New Drug Application for zanzalintinib plus atezolizumab in previously treated metastatic colorectal cancer, signaling regulatory progress that could broaden its oncology portfolio if the phase 3 STELLAR-303 data ultimately support approval.
    • Next, we’ll examine how Exelixis’ stronger profitability and the FDA’s review of zanzalintinib may reshape the company’s investment narrative.

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    Exelixis Investment Narrative Recap

    To own Exelixis, you need to believe it can gradually evolve from a cabozantinib‑centric company into a broader oncology franchise, while managing pricing and competitive pressures. The latest earnings beat underscores improved profitability, but it does not fundamentally change the near term focus on cabozantinib exposure as the key risk, or the zanzalintinib program as the most important pipeline catalyst under FDA review.

    The FDA’s acceptance of the New Drug Application for zanzalintinib plus atezolizumab in previously treated metastatic colorectal cancer is the clearest link to that catalyst. It moves Exelixis one step further along the regulatory path, with STELLAR‑303 outcome details now more central to whether the company can eventually reduce single‑drug dependence and partially offset future pricing and margin pressure tied to cabozantinib and 340B mix.

    Yet beneath the stronger earnings, investors should be aware that Exelixis still leans heavily on one product and that any future loss of exclusivity...

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

    Exelixis' narrative projects $3.1 billion revenue and $1.1 billion earnings by 2028.

    Uncover how Exelixis' forecasts yield a $45.83 fair value, a 4% upside to its current price.

    Exploring Other Perspectives

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

    While consensus focuses on cabozantinib risk, the most bullish analysts were modeling Exelixis to reach about US$3.8 billion revenue and US$1.8 billion earnings, so this new zanzalintinib data could push those already optimistic assumptions even further or force a reset, depending on how you interpret the evolving pipeline story.

    Explore 12 other fair value estimates on Exelixis - why the stock might be worth 19% less than the current price!

    Build Your Own Exelixis Narrative

    Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

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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.