TacticScaleWhat Exelixis Does & How It Makes Money (EXEL)
Updated October 2026 · reflects Exelixis's latest reported financials
Oncology biotech selling cabozantinib-based cancer drugs and developing new therapies. Exelixis earns revenue mainly from selling its cabozantinib products, CABOMETYX and COMETRIQ, in the United States.
How Exelixis makes money
Exelixis earns revenue mainly from selling its cabozantinib products, CABOMETYX and COMETRIQ, in the United States. It also has collaboration and license agreements with partners such as Ipsen, Takeda, Roche/Genentech, Bristol-Myers Squibb and Daiichi Sankyo, and offers COTELLIC and MINNEBRO through partnerships.
What Exelixis does
Exelixis is a California-based oncology company, founded in 1994, focused on medicines for difficult-to-treat cancers. Its business centers on cabozantinib, a drug that blocks several cancer-related kinases, including MET, AXL, RET and VEGF receptors. It is sold as CABOMETYX tablets for advanced renal cell carcinoma and as COMETRIQ capsules for metastatic medullary thyroid cancer. The company also offers COTELLIC, a MEK inhibitor used in combination regimens for certain advanced melanomas, and MINNEBRO, a hypertension drug in Japan. The pipeline includes zanzalintinib, a next-generation oral kinase inhibitor; XL309, a USP1 inhibitor aimed at BRCA-mutated tumors; and biologics XB010 (a 5T4-targeting ADC), XB628 (a PD-L1/NKG2A bispecific antibody) and XB371 (a tissue factor-targeting ADC). Exelixis works with a broad set of partners, including Ipsen, Takeda, Roche/Genentech, Bristol-Myers Squibb and Daiichi Sankyo, to develop and sell its drugs.
Products & services
- CABOMETYX (cabozantinib)
- COMETRIQ (cabozantinib)
- COTELLIC (cobimetinib)
- MINNEBRO
- zanzalintinib
- XB010
What is Exelixis worth?
On an owner-earnings DCF, Exelixis's most-likely value is about $116 versus a recent price near $60 (94% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$54) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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