Exelixis Earnings: Pipeline Makes Progress Amid 2026 Patent Losses; Shares Fairly Valued

Exelixis reported first-quarter results in line with our expectations, highlighted by quarterly net revenue of nearly $363 million, representing a 17% increase from the prior year. Exelixis remains in a healthy financial position, as it ended the quarter with over $1.3 billion in cash and short-term investments. We think this will help fund its research and development expenses as it develops its pipeline candidates. Exelixis is tracking our expectations, and we maintain our fair value estimate of $18.90 per share, no-moat rating, stable moat trend, and High Morningstar Uncertainty Rating. We view shares as fairly valued, currently trading in 3-star territory.