Analyst Consensus ?
ConsensusHold33 ratings
Bullish1648.5%
Neutral1751.5%
Bearish00.0%
Exelixis, Inc. · EXEL · FY2025 Q4 · Calendar Q1 2026
Exelixis pairs CABOMETYX growth with a broader ZANZA trial program
The supplied call analysis supports a growth case built on CABOMETYX's established commercial position and ZANZA's expanding clinical program. That case remains conditional on regulatory outcomes, trial execution and the effect of pricing and discount dynamics.
Reported After market closeNASDAQHealthcare
$17.44B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.94
Consensus $0.77
EPS surprise
+22.1%
Reported versus consensus
Reported revenue
$598.7M
Consensus $596.5M
Revenue surprise
+0.4%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-0.1%
Event window
SPY move
-0.0%
Same window
Abnormal move
-0.1%
Stock minus SPY
Volume
1.6×
Versus trailing sessions
Subsequent drift
-4.1%
Up to 20 sessions
EXELSPY benchmark
Ask FN2 about EXEL FY2025 Q4
Transcript, numbers and history already loaded
Why did EXEL fall 0.1% after beating EPS estimates in FY2025 Q4?What changed in EXEL's guidance and outlook in FY2025 Q4?Give me the bull and bear case for EXEL after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Since the prior-quarter analysis, the ZANZA plus atezolizumab NDA has been accepted, with a December PDUFA target noted in the call analysis. The current analysis also describes seven active or planned pivotal ZANZA trials, including a new MRD-guided study, while maintaining guidance sentiment rather than the prior quarter's raised sentiment.
Guidance delta
Guidance sentiment was maintained in the FY2025 Q4 call analysis, compared with raised sentiment in the prior-quarter analysis; no specific guidance figures or range changes are supplied here.
Key takeaways
- The supplied analysis reports CABOMETYX U.S. revenue growth of 17% for FY2025 and continued leadership in renal cell carcinoma and neuroendocrine tumors.
- The ZANZA plus atezolizumab NDA was accepted, and the call analysis notes a December PDUFA target.
- Seven pivotal ZANZA trials are active or planned, with the program spanning colorectal cancer, renal cell carcinoma and neuroendocrine tumors.
- The company's growth outlook is balanced by regulatory, competitive, trial-execution and gross-to-net pricing uncertainties.
Management priorities
- Advance the ZANZA clinical program, including the MRD-guided STELLAR-316 trial and planned pivotal readouts.
- Expand the GI sales organization to support neuroendocrine-tumor growth and prepare for a potential ZANZA launch.
- Continue developing early-stage small-molecule and antibody-drug-conjugate candidates.
- Continue share repurchases within the remaining authorization, as described in the call analysis.
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Analyst 52W Price Targets
$70.13Current
$18Low
$41.99Average
$60High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 3, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Truist Securities | Hold | Hold | Maintain | Oct 30, 2026 |
| TD Cowen | Buy | Buy | Maintain | Oct 30, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Oct 30, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Oct 30, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 30, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Oct 19, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Aug 19, 2026 |
| Stifel | Hold | Hold | Maintain | Aug 6, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 13, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 2, 2026 |
| HC Wainwright & Co. | Buy | Buy | Maintain | Jul 2, 2026 |
| Guggenheim | Neutral | Buy | Downgrade | Nov 3, 2025 |
| Leerink Partners | Outperform | Market Perform | Upgrade | Oct 21, 2025 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Jul 29, 2025 |
| Stephens & Co. | Overweight | Equal Weight | Upgrade | Jun 24, 2025 |
| B of A Securities | Neutral | Neutral | Maintain | Jun 5, 2025 |
| Citigroup | Buy | Buy | Maintain | May 15, 2025 |
| Piper Sandler | Overweight | Overweight | Maintain | Feb 12, 2025 |
| Oppenheimer | Perform | Outperform | Downgrade | Jan 24, 2025 |
| EF Hutton | Buy | Buy | Maintain | Apr 28, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Jan 26, 2023 |
| Jefferies | Buy | Buy | Maintain | Oct 7, 2021 |
| Needham | Buy | Buy | Maintain | Jun 28, 2021 |
| Wolfe Research | Outperform | Outperform | Maintain | Mar 12, 2021 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | May 14, 2020 |
| Bank of America | Buy | Buy | Maintain | Jan 13, 2020 |
| Stifel Nicolaus | Hold | Hold | Maintain | Aug 1, 2019 |
| Goldman Sachs | Neutral | Neutral | Maintain | Sep 17, 2018 |
| Leerink Swann | Market Perform | Outperform | Downgrade | Sep 22, 2017 |
| Deutsche Bank | Hold | Buy | Downgrade | Aug 3, 2017 |
| PiperJaffray | Neutral | Overweight | Downgrade | Sep 2, 2014 |
| Cowen & Co. | Market Perform | Outperform | Downgrade | Sep 2, 2014 |
| Maxim Group | Buy | Hold | Upgrade | Nov 12, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $70.13. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| BMO Capital | David Lebowitz | $60 | $66.2 | -14.4% | Oct 30, 2026 |
| RBC Capital | Analyst unavailable | $51 | $59.77 | -27.3% | Oct 9, 2026 |
| RBC Capital | Analyst unavailable | $45 | $58.1 | -35.8% | Oct 8, 2026 |
| BMO Capital | Analyst unavailable | $54 | $53.12 | -23.0% | Aug 18, 2026 |
| Leerink Partners | Andrew Berens | $52 | $52.59 | -25.9% | Aug 6, 2026 |
| Truist Financial | Gregory Renza | $52 | $54.54 | -25.9% | Aug 6, 2026 |
| UBS | Analyst unavailable | $55 | $53.03 | -21.6% | Aug 3, 2026 |
| Morgan Stanley | Sean Laaman | $53 | $54.99 | -24.4% | Jul 23, 2026 |
| Barclays | Etzer Darout | $49 | $56.04 | -30.1% | Jul 14, 2026 |
| Wells Fargo | Analyst unavailable | $49 | $56.5 | -30.1% | Jul 13, 2026 |
| RBC Capital | Analyst unavailable | $46 | $55.53 | -34.4% | Jul 7, 2026 |
| UBS | Ashwani Verma | $52 | $55.46 | -25.9% | Jul 2, 2026 |
| H.C. Wainwright | Robert Burns | $56 | $53.96 | -20.1% | Jul 2, 2026 |
| Truist Financial | Gregory Renza | $54 | $52.87 | -23.0% | Jun 25, 2026 |
| Barclays | Analyst unavailable | $45 | $44.89 | -35.8% | Apr 20, 2026 |
| H.C. Wainwright | Analyst unavailable | $54 | $42.94 | -23.0% | Feb 12, 2026 |
| Stifel Nicolaus | Analyst unavailable | $44 | $42.98 | -37.3% | Feb 11, 2026 |
| Barclays | Etzer Darout | $44 | $42.59 | -37.3% | Feb 4, 2026 |
| Morgan Stanley | Sean Laaman | $49 | $41.29 | -30.1% | Feb 2, 2026 |
| Truist Financial | Analyst unavailable | $51 | $44.65 | -27.3% | Jan 14, 2026 |
| H.C. Wainwright | Robert Burns | $52 | $44.79 | -25.9% | Jan 8, 2026 |
| Morgan Stanley | Analyst unavailable | $48 | $46.19 | -31.6% | Jan 8, 2026 |
| UBS | Analyst unavailable | $41 | $43.58 | -41.5% | Jan 5, 2026 |
| H.C. Wainwright | Robert Burns | $49 | $40.52 | -30.1% | Nov 5, 2025 |
| Stifel Nicolaus | Stephen Willey | $43 | $38.74 | -38.7% | Nov 5, 2025 |
| Barclays | Etzer Darout | $41 | $37.9 | -41.5% | Nov 5, 2025 |
| Oppenheimer | Silvan Tuerkcan | $36 | $37.9 | -48.7% | Nov 5, 2025 |
| Morgan Stanley | Analyst unavailable | $44 | $35.03 | -37.3% | Oct 21, 2025 |
| Leerink Partners | Analyst unavailable | $48 | $34.54 | -31.6% | Oct 21, 2025 |
| Wells Fargo | Derek Archila | $30 | $34.54 | -57.2% | Oct 21, 2025 |
| Morgan Stanley | Analyst unavailable | $50 | $40.44 | -28.7% | Sep 17, 2025 |
| Goldman Sachs | Analyst unavailable | $47 | $40.44 | -33.0% | Sep 17, 2025 |
| Barclays | Analyst unavailable | $40 | $39.14 | -43.0% | Sep 16, 2025 |
| H.C. Wainwright | Robert Burns | $46 | $37.41 | -34.4% | Aug 12, 2025 |
| UBS | Analyst unavailable | $38 | $36.85 | -45.8% | Jul 30, 2025 |
| Truist Financial | Asthika Goonewardene | $56 | $44.06 | -20.1% | Jul 15, 2025 |
| UBS | Ashwani Verma | $43 | $44.86 | -38.7% | Jul 11, 2025 |
| Jefferies | Analyst unavailable | $50 | $45.72 | -28.7% | Jun 24, 2025 |
| Guggenheim | Michael Schmidt | $45 | $46.26 | -35.8% | May 15, 2025 |
| Morgan Stanley | Sean Laaman | $47 | $36.98 | -33.0% | May 14, 2025 |
| RBC Capital | Analyst unavailable | $40 | $36.8 | -43.0% | Mar 13, 2025 |
| JMP Securities | Silvan Tuerkcan | $41 | $32.38 | -41.5% | Jan 27, 2025 |
| H.C. Wainwright | Robert Burns | $40 | $36.02 | -43.0% | Jan 10, 2025 |
| Guggenheim | Michael Schmidt | $42 | $34.21 | -40.1% | Jan 7, 2025 |
| BMO Capital | Etzer Darout | $36 | $32.56 | -48.7% | Oct 30, 2024 |
| Truist Financial | Asthika Goonewardene | $38 | $28.73 | -45.8% | Oct 30, 2024 |
| Piper Sandler | Joseph Catanzaro | $36 | $28.73 | -48.7% | Oct 30, 2024 |
| Citigroup | David Lebowitz | $38 | $28.73 | -45.8% | Oct 30, 2024 |
| Leerink Partners | Christopher Liu | $28.5 | $28.5 | -59.4% | Oct 16, 2024 |
| RBC Capital | Kennen MacKay | $34 | $28.5 | -51.5% | Oct 16, 2024 |
| Goldman Sachs | Chris Shibutani | $18 | $28.5 | -74.3% | Oct 16, 2024 |
| Jefferies | Akash Tewari | $33 | $28.8 | -52.9% | Oct 15, 2024 |
| Morgan Stanley | Jeffrey Hung | $30 | $28.5 | -57.2% | Oct 15, 2024 |
| Truist Financial | Asthika Goonewardene | $33 | $26.24 | -52.9% | Oct 14, 2024 |
| Stephens | Sudan Loganathan | $23 | $26.24 | -67.2% | Oct 14, 2024 |
| Morgan Stanley | Jeffrey Hung | $28 | $25.97 | -60.1% | Oct 11, 2024 |
| UBS | Ashwani Verma | $30 | $26.82 | -57.2% | Sep 19, 2024 |
| Citigroup | David Lebowitz | $31 | $26.46 | -55.8% | Sep 16, 2024 |
| Bank of America Securities | Jason Gerberry | $30 | $25.44 | -57.2% | Sep 4, 2024 |
| H.C. Wainwright | Robert Burns | $29 | $26.52 | -58.6% | Aug 8, 2024 |
| JMP Securities | Silvan Tuerkcan | $29 | $23.45 | -58.6% | Aug 7, 2024 |
| New Street | David Lebowitz | $31 | $21.06 | -55.8% | May 20, 2024 |
| BMO Capital | George Farmertzer Darout | $29 | $21.06 | -58.6% | May 20, 2024 |
| Barclays | Peter Lawson | $25 | $23.68 | -64.4% | Apr 11, 2024 |
| JMP Securities | Analyst unavailable | $25 | $16.52 | -64.4% | Dec 9, 2022 |
| Guggenheim | Michael Schmidt | $30 | $18.02 | -57.2% | Jun 28, 2021 |
| Goldman Sachs | Chris Shibutani | $23 | $24.34 | -67.2% | May 18, 2021 |
| Morgan Stanley | Jeffrey Hung | $26 | $23.74 | -62.9% | Apr 19, 2021 |
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Start freeCompany context
Snapshot as of publicationExelixis, Inc. operates as a biotechnology firm dedicated to combating cancer, primarily focusing on the identification, advancement, and marketing of novel oncological treatments within the United States. Its portfolio of commercially available therapeutics includes CABOMETYX tablets, prescribed for individuals with advanced renal cell carcinoma who have previously undergone anti-angiogenic treatment, and COMETRIQ capsules, utilized for managing progressive and metastatic medullary thyroid cancer. Both CABOMETYX and COMETRIQ originate from cabozantinib, a compound that inhibits several tyrosine kinases such as MET, AXL, RET, and VEGF receptors. Additionally, Exelixis offers COTELLIC, an MEK inhibitor employed in combination therapies for advanced melanoma, and MINNEBRO, an orally administered, non-steroidal selective mineralocorticoid receptor blocker, approved for hypertension treatment in Japan.…
Historical context
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Latest beats and misses
Who reports nextBeat on EPS
- SNYFY2026 Q3 · October 30, 2026+30.8% EPS+2.8% move
- CHDFY2026 Q3 · October 30, 2026+2.2% EPS+1.2% move
- AZNFY2026 Q3 · October 30, 2026+7.3% EPS+7.0% move
- FRTFY2026 Q3 · October 30, 2026+3.9% EPS-1.1% move
- CVXFY2026 Q3 · October 30, 2026+8.4% EPS+1.8% move
- BTSGFY2026 Q3 · October 30, 2026+14.2% EPS+11.1% move
Missed on EPS
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- PINSFY2026 Q3 · October 29, 2026-5.4% EPS-2.8% move
- DLR-PLFY2026 Q3 · October 29, 2026-8.4% EPS— move
Get the EXEL recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-11-02T23:30:45.619233+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-02T23:30:45.616352+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-02. For educational purposes only; not investment advice.