Exelixis Inc

EXEL: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$32.90	Bcp	Bwvqchmc

Exelixis Earnings: Cabozantinib Drives Sales, but Patent Expirations Present Challenges

Rachel Elfman

May 3, 2024

Exelixis started 2024 in a solid position with total revenue of $425 million in the first quarter, a 4% increase from the prior-year period. We forecast 2024 total revenue of roughly $1.89 billion, driven by strong performance from cabozantinib. The results are in line with our expectations, and we maintain our $18.90 fair value estimate. We view the shares as currently overvalued, trading at a 17% premium to our fair value estimate.

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