Exelixis Inc

EXEL: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$84.90	Xdjc	Msmpysktm

Maintaining $23.50 FVE for No-Moat Exelixis After Minimal Impact From COVID in Q2

Anna Baran

Aug 7, 2020

Exelixis’s second-quarter sales surpassed our expectations, primarily due to $40 million in milestones from partners Takeda and Ipsen. The milestone payments helped offset dampened product sales of Cabometyx (for kidney and liver cancers), which were impacted by lower demand due to COVID-19 as well as a reversal of inventory buildup seen in the first quarter. Following these results, we’re maintaining our fair value estimate of $23.50 per share and no-moat rating.

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