Exelixis Inc

EXEL: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$85.30	Zks	Qdhltsjwc

Exelixis Earnings: Cabometyx Posts Strong Sales; Early-Stage Pipeline Makes Progress

Rachel Elfman

Feb 8, 2024

Exelixis’ 2023 results were highlighted by revenue of $1.8 billion, representing a nearly 14% increase from the prior year. Strong sales volume and a higher average net selling price continued to drive Exelixis’ growth, leading to the cabozantinib molecule achieving $1.6 billion in U.S. net product revenue for the year. We forecast 2024 total revenue of roughly $1.89 billion, primarily driven by strong performance from cabozantinib. We maintain our fair value estimate of $18.90 per share, High Uncertainty Rating, and no economic moat rating. Furthermore, we view shares as fairly valued, currently trading in 3-star territory.

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