Exelixis Inc

EXEL: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$24.40	Kptc	Jvygjfjr

Exelixis Faces Upcoming Patent Losses and First-Line Trial Setback; FVE of $18.90, Shares Overvalued

Rachel Elfman

Apr 12, 2022

Despite Exelixis’ strong performance from its cabozantinib franchise, we view shares as overvalued, currently trading in 2-star territory. We maintain our fair value estimate of $18.90 per share, no-moat rating, and stable moat trend. Exelixis’ lead molecule, cabozantinib, is the active ingredient in two of the company’s three approved drugs: Cabometyx and Cometriq. The cabozantinib franchise generated over $1 billion in net product revenue in 2021.

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