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Oncology biotech built around Cabometyx (cabozantinib) for kidney and other cancers.
Oncology biotech built around Cabometyx (cabozantinib) for kidney and other cancers.
Sells Cabometyx itself in the US through specialty pharmacies, and earns royalties and milestone payments from partners Ipsen and Takeda, who sell it in Europe and Japan. Each new approved use extends the number of patients who can receive it.
Moat: narrow (IP / patents, installed base). Cabometyx's established efficacy and combination use with immunotherapy anchor a loyal oncology prescriber base.
Headquarters: Alameda, California, United States · Founded: 1994 · Employees: 1,077
Size Exelixis (EXEL) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $17.0B, the 550th largest of 3,117 United States companies the cockpit tracks. Shares closed at $69.57 on 6 Nov 2026.
Performance Over six months the shares gained 44.5%, against +3.8% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 9.1% over the last twelve months (peer median +23.5%); the operating margin is 40.2% (peer median 20.8%).
Valuation It trades at 18.2× forward earnings against a peer median of 25.5× (7th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -4% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is -22 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 64.7 points above its cost of capital (7.1% WACC).
Short interest Short interest is 11.0% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.50B | $2.32B | $2.17B | $1.83B | $1.61B |
| Revenue growth | — | +7% | +18% | +14% | — |
| Gross profit | $2.40B | $2.24B | $2.09B | $1.76B | $1.55B |
| EBITDA | $1.03B | $922M | $719M | $197M | $222M |
| Net income | $885M | $783M | $521M | $208M | $182M |
| Free cash flow | $1.16B | $876M | $672M | $293M | $335M |
| Capital expenditure | $12.0M | $8.43M | $28.4M | $40.5M | $27.7M |
| Total debt | $162M | $201M | $216M | $216M | $208M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Exelixis EXEL | $17.0B | +44% | +9% | 40% | 18.2× | -3.7% |
| Bristol Myers Squibb BMY | $127B | +12% | +4% | 33% | 9.7× | -12.9% |
| Merck & MRK | $362B | +33% | +5% | 18% | 17.4× | 4.1% |
| Eisai 4523.T | $8.68B | +4% | +7% | 5% | 24.2× | 11.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EXEL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +17.9% | +7.8% | 3rd highest of 21 |
| 6-month return | +44.5% | +3.8% | 4th highest of 21 |
| Distance from 52-week high | -5.6% | -10.7% | 8th highest of 21 |
| Revenue growth (TTM) | +9.1% | +23.5% | 5th lowest of 21 |
| Operating margin | 40.2% | 20.8% | highest of 21 |
| Forward P/E | 18.2× | 25.5× | 7th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -3.7% | 6.8% | 5th least demanding of 19 |
| Growth delivered (Del g) | +18.6% | +12.1% | 7th highest of 19 |
| Hurdle (Req g minus delivered) | -22.3 pp | -11.2 pp | 4th least demanding of 19 |
| ROIC minus cost of capital | +64.7 pp | +4.4 pp | highest of 21 |
| EV / EBITDA | 15.7× | 16.1× | 8th cheapest of 16 |
| Net debt / EBITDA | -0.7× | 1.1× | 5th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Exelixis EXEL | United States | $17.0B | +44% | +9% | 40% | 18.2× | -3.7% | +18.6% |
| Shionogi & 4507.T | Japan | $16.6B | -6% | +46% | 29% | 10.9× | -0.7% | +11.0% |
| Swedish Orphan Biovitrum SOBI.ST | Sweden | $17.6B | +13% | +15% | 30% | 25.5× | -1.1% | +13.1% |
| Sichuan Biokin Pharmaceutical 688506.SS | China | $16.4B | -3% | +14% | -43% | n/a | n/a | n/a |
| Orion ORNAV.HE | Finland | $16.1B | +51% | +34% | 38% | 23.5× | -6.3% | +11.7% |
| Ascendis Pharma A/S ASND | United States | $16.0B | +8% | +128% | 10% | 40.8× | 36.4% | +152.4% |
| PharmaEssentia 6446.TW | Taiwan | $15.8B | +118% | +64% | 38% | 39.2× | 29.3% | +94.8% |
| Torrent Pharmaceuticals TORNTPHARM.NS | India | $19.1B | +9% | +42% | 22% | 72.2× | 37.9% | +11.3% |
| Jazz Pharmaceuticals Public JAZZ | United States | $15.1B | +4% | +13% | 25% | 8.9× | -3.9% | +12.5% |
| Innovent Biologics 1801.HK | Hong Kong | $19.2B | -5% | +43% | 17% | 53.3× | 11.7% | +26.8% |
| Ipsen IPN.PA | France | $14.7B | -4% | +14% | 30% | 10.9× | -7.3% | +7.2% |
| Yunnan Baiyao 000538.SZ | China | $14.7B | +4% | +5% | 11% | 18.0× | -0.5% | +4.7% |
| Sichuan Kelun-Biotech Biopharmaceutical 6990.HK | Hong Kong | $13.9B | 0% | +44% | -38% | 1,255.9× | 56.2% | +33.7% |
| Alnylam Pharmaceuticals ALNY | United States | $20.9B | -47% | +56% | 20% | 22.2× | 0.9% | +49.8% |
| Laurus Labs LAURUSLABS.NS | India | $13.3B | +94% | +23% | 24% | 77.0× | 50.9% | +7.3% |
| Sigma Healthcare SIG.AX | Australia | $22.4B | -1% | +209% | 9% | 37.1× | 28.2% | +26.1% |
| Sbp 1177.HK | Hong Kong | $12.7B | +4% | +15% | 30% | 18.3× | -5.4% | +5.4% |
| Zydus Lifesciences ZYDUSLIFE.NS | India | $12.7B | +27% | +24% | 17% | 29.8× | n/a | n/a |
| Viatris VTRS | United States | $22.9B | +17% | +5% | 10% | 7.5× | 12.5% | +3.7% |
| Recordati REC.MI | Italy | $12.3B | +3% | +9% | 30% | 16.7× | 1.9% | +12.6% |
| Zhangzhou Pientzehuang Pharmaceutical 600436.SS | China | $12.3B | -5% | -19% | 19% | 42.1× | 25.8% | +6.8% |