Stock

Exelixis

EXEL

Biotechnology · Healthcare

Also trades as: 0IJO.L GBP 0.65 (-1.10%)

Price

$64.86

-0.45 (-0.69%)

Market Cap

$16.30B

Exchange

NASDAQ

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Oct 23, 2026 · filings through Jul 3, 2026

§How the score breaks down

Quality

Exceptional

30/30

Growth

Exceptional

17/20

Cash Flow

Exceptional

10/10

Stability

Good

5/10

Valuation

Strong

8/10

Ownership

Good

10/15

Dividends

Not counted

n/a

80 of 95 counted points = Winston Score 84. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count falling — buybacks

−12.6% over 5y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 322.4M (2021) → 281.9M (2026)

§Winston Score History

The full picture

Exelixis is a biotechnology company that discovers and develops cancer-fighting drugs. Its main product is cabozantinib, sold under the brand names Cabometyx and Cometriq, which is used to treat kidney cancer, liver cancer, and thyroid cancer. Doctors and hospitals across the U.S. and internationally prescribe these medicines to patients with hard-to-treat tumors.

Exelixis makes money primarily by selling cabozantinib directly and by collecting royalties from its partner Roche, which sells the drug in markets outside the U.S. The company operates mainly in the United States and generates roughly $2 billion in annual revenue, with an unusually high gross margin above 96% because drug sales carry very low production costs once approved. Its biggest risk is heavy dependence on a single drug family — if a competitor develops a better treatment or cabozantinib loses market share, revenue could fall sharply, making pipeline diversification the key factor to watch.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.6% YoY

YoY Growth Rate

Steady revenue growth

Reported EPS Growth

+25.0% YoY

Quarterly reporting periods ended:

4 Jul 2025: $0.68

3 Jul 2026: $0.85

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$825M/ year

↓ Declining (-9% vs prior year)

35.6% of revenue

2.0x the sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

18.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.4B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Exelixis is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

96.7%

Premium pricing power — 96.7% gross margin

Profit after running costs

Operating Margin

39.5%

Excellent — 39.5% operating margin

Return on the money invested

ROCE

52.7%

Exceptional — 52.7% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+9.2%

Steady sales growth (+9.2% YoY)

Profit growth

EPS YoY

+53.7%

Earnings growing fast (+53.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

167%

Turns 167% of profit into real cash

Spare cash per sale

FCF Margin

58.7%

Converts sales into free cash efficiently (58.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

19.7x

Fair value — P/E 19.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+7.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.7 → 12.2)

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Dividends

Not applicable for this business.

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