Exelixis, Inc. (EXEL)
UnterbewertetFundamental
82
Kurs
$58.73
Marktkapitalisierung
$14.36B
Teil 1 · Was das Unternehmen wert ist
Übersicht
Exelixis is a biotechnology company whose commercial business rests almost entirely on one molecule, cabozantinib, sold in the US under the brand Cabometyx for kidney and other cancers. Outside the US, partners Ipsen and Takeda sell the same molecule under their own arrangements and pay Exelixis a royalty. The cash generated funds a pipeline of experimental cancer therapies the company hopes will eventually reduce its dependence on this single drug.
Wie das Geld verdient wird
Net product revenue is booked when US specialty distributors and pharmacies purchase Cabometyx and the smaller legacy drug Cometriq from Exelixis. Collaboration revenue is the royalty Exelixis earns as a percentage of Cabometyx sales made outside the US by Ipsen and Takeda, plus occasional milestone and license payments under those partnership agreements. Because one molecule drives both lines, group revenue effectively tracks the worldwide commercial performance of cabozantinib rather than a diversified drug portfolio.
Umsatz nach Segment
US sales of Cabometyx and Cometriq, both built on the cabozantinib molecule, sold through specialty distributors and pharmacies.
Royalties on ex-US cabozantinib sales by partners Ipsen and Takeda, plus milestone and license payments under those agreements.
Wettbewerbsvorteil
Patente und Lizenzen · SchmalCabometyx is protected by composition-of-matter and formulation patents that block direct generic copies today, and that protection is real. But it is time-limited and narrow rather than broad: Exelixis has already settled patent litigation setting a start date for generic entry in 2031, and the company depends on this one molecule rather than a wide portfolio of protected products.
Was die Nachfrage antreibt
DefensivCabometyx treats cancer, a need that does not go away when the economy weakens, so prescription demand is largely insulated from the broader business cycle. The bigger swing factors are clinical and regulatory instead: approval in new cancer types, competition from rival oncology drugs, and treatment guideline changes move volumes far more than consumer spending patterns do.
Wichtigste Risiken
- Reliance on a single molecule — The great majority of revenue comes from cabozantinib, sold as Cabometyx; the company's growth is dependent on the continued commercial success of this one franchise across its approved and future indications.
- Patent expiration and generic entry — Settlement agreements set generic versions of Cabometyx to enter the US market starting in 2031; once that happens, pricing pressure from generics and competing branded drugs is expected to pressure sales.
- Concentration among specialty distributors — Nearly all product reaches patients through a small number of specialty distributors and pharmacies; a disruption to, or renegotiation with, any one of them could affect a meaningful share of sales.
- Dependence on collaboration partners outside the US — Essentially all revenue generated outside the United States depends on Ipsen and Takeda commercializing cabozantinib effectively in their territories; a change in either partner's commercial effort directly reduces Exelixis's royalty income.
Die Argumente dafür
Buyers argue that Cabometyx still has years of patent-protected growth ahead as it expands into new cancer indications, that the cash it generates is funding a broad pipeline that could reduce single-drug dependence over time, and that ninth consecutive year of profitability shows the franchise can fund its own future rather than needing dilutive financing.
Die Argumente dagegen
Sellers fear that a company this dependent on one molecule has little room for error if a competing drug, a safety signal or slower-than-expected pipeline progress emerges, that the 2031 generic entry date sets a visible expiration on the current growth story, and that royalty income outside the US leaves Exelixis reliant on partners it does not control.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18. September 2026 with claude-haiku-4-5 — shared with all users
Merck's Keytruda-plus-Lenvima regimen and its oral HIF-2α inhibitor Welireg compete directly with Cabometyx for the same advanced kidney-cancer patients in the United States and Europe.
Bristol-Myers Squibb's Opdivo plus Yervoy is a first-line alternative for the same advanced kidney-cancer and liver-cancer patients, even though Opdivo is also partnered with Cabometyx in another regimen.
Pfizer sells Inlyta and Sutent, the kinase inhibitors that Cabometyx has to displace prescription by prescription in advanced renal cell carcinoma.
AstraZeneca's Imfinzi plus Imjudo competes for the first-line advanced liver-cancer patients that Cabometyx targets in its second-largest indication.
Eisai's Lenvima is the other oral kinase inhibitor prescribed in advanced kidney cancer, liver cancer and differentiated thyroid cancer — the same three indications that carry Cabometyx.
Bilanz & Liquidität
Umsatz
$2.44B
Letzte 12 Monate (bis 3.7.2026)
Nettogewinn
$861M
Letzte 12 Monate (bis 3.7.2026)
Freier Cashflow
$876M
Gesamtes Eigenkapital
$2.16B
Gesamtverbindlichkeiten
$683M
Current Ratio
3.46
Zinsdeckungsgrad
-
Schulden/EBITDA
0.18
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$104.73
Aktueller Kurs
$58.73
Sicherheitsmarge
+43.9%
Innerer-Wert-Spanne
$68.07 - $141.38
Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
18.31
ROE
36.2%
P/B-Verhältnis
7.85
P/FCF
12.34
Bruttomarge
96.5%
ROIC
36.0%
Rentabilitäts-Radar
Wertschöpfung (Wettbewerbsvorteil)
ROIC
36.0%
WACC
7.9%
ROIC − WACC
+28.1 pp
Der ROIC übersteigt die Kapitalkosten: Das Unternehmen schafft Wert für die Aktionäre.
Fundamentalanalyse-Kriterien
Bestanden (21)
- EPS shows upward trend
- Price CAGR 14.30%
- ROIC 36.0%
- Gross Margin 96.5%
- P/FCF 12.34
- Debt/Equity ratio
- Operating Margin 39.9%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 42.5%
- Revenue Growth 5Y 10.1%
- Earnings Surprise avg 7.2%
- PEG Ratio 0.53
- Earnings Quality (OCF/NI) 1.38
- Share Dilution -5.0%
- Net Margin Trend 35.3% vs 27.0%
- Piotroski F-Score 6/9
Nicht bestanden (4)
- P/B Ratio 7.85
- Price below Graham Number
- DCF valuation (Overvalued)
- Analyst Consensus 44% Buy
Nicht verfügbar (2)
- Dividend Payout NaN%
- Interest Coverage
Piotroski F-Score
Gemischte Signale: Einige Bereiche bedürfen Aufmerksamkeit
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Institutionelle Beteiligungen
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Dr. Stelios Papadopoulos Ph.D. | Co-Founder & Independent Chair of the Board | 77 |
| Dr. Michael M. Morrissey Ph.D. | CEO, President & Director | 64 |
| Mr. Christopher J. Senner | Executive VP & CFO | 57 |
| Dr. Brenda J. Hefti J.D., Ph.D. | Senior VP & General Counsel | 51 |
| Dr. Dana T. Aftab Ph.D. | Executive Vice President of Research & Development | 61 |
| Mr. Patrick Joseph Haley M.B.A. | Executive Vice President of Commercial | 49 |
| Dr. William Berg M.D. | Senior Vice President of Medical Affairs | - |
| Dr. Stefan Krauss Ph.D. | VP & Head of Business Development | - |
| Mr. Andrew Ross Peters | Senior Vice President of Strategy | - |
| Ms. Deborah Burke CPA | Senior VP of Finance & Controller | 69 |
Prüfungsrisiko
5
Vorstandsrisiko
1
Vergütungsrisiko
4
Aktionärsrechterisiko
4
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Dokumente
- Dokument ansehen
Jahresbericht (10-K)
Ein jährlicher Überblick über das Geschäft, die Finanzergebnisse und die Risiken des Unternehmens.
Eingereicht am 2026-02-10
- Dokument ansehen
Quartalsbericht (10-Q)
Ein Update zur finanziellen Entwicklung der letzten drei Monate.
Eingereicht am 2026-08-05
- Dokument ansehen
Ad-hoc-Meldung (8-K)
Eine Mitteilung über ein wichtiges Ereignis, etwa einen Führungswechsel oder eine bedeutende Ankündigung.
Eingereicht am 2026-09-11
via SEC EDGAR
Ertragshistorie
via SEC EDGAR
Latest News
Recent headlines for EXEL, sourced from Markets Gazette.
- 2/28/2026POSITIVE3 Reasons Exelixis Stock Could Deliver Market‑Beating Returns Over the Next Decade
U.S.-based biotech firm Exelixis Inc. is poised to deliver market-beating returns over the next decade, positioning itself as a key player in the oncology pharmaceutical sector. The company specializes in developing innovative cancer therapies through a diversified approach, encompassing small molecules, antibody-drug conjugates, and other biotherapeutics. This strategic focus on advanced technological platforms and a robust pipeline indicates a strong foundation for future growth. Investors should closely monitor Exelixis, as its capacity for innovation in cancer treatment could translate into substantial stock value appreciation, making it an attractive opportunity for those seeking long-term exposure to the biotech sector.
- 2/20/2026POSITIVEExelixis: The Cash‑Generating Biotech That I Think Deserves a Closer Look in 2026
Exelixis Inc. is a cash-generating biotech company worth a closer look for 2026. The stock is coming off a strong year, indicating a positive trajectory and future growth potential that could appeal to investors.
via Markets Gazette