# Exelixis Inc (EXEL) — Stock CV

Exelixis Inc is a $15.0B healthcare company. Revenue grew 9.2% over the last year, and it keeps 35¢ of every dollar of sales as profit. It trades at 17.2× earnings — in the cheapest third of its own history.

> Exelixis Inc is a biopharmaceutical firm that discovers, develops, and commercializes treatments for cancer. Its molecule, cabozantinib, is indicated for the treatment of patients with metastatic medullary thyroid cancer under the name Cometriq and for the treatment of kidney and liver cancer under the name Cabometyx.

## Identity

- **Ticker**: EXEL
- **Sector**: Healthcare
- **Industry**: Biological Products, (No Diagnostic Substances)
- **Headquarters**: ALAMEDA, CA
- **Employees**: 1 077
- **Website**: https://www.exelixis.com
- **Market cap**: $15.0B
- **Last price**: $60.62
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $2.44B
- **Net income**: $861M
- **Free cash flow**: $1.17B
- **P/E**: 17.2
- **Revenue growth (YoY)**: 9.2%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 77 |
| Growth | 82 |
| Profitability | 100 |
| Health | 50 |
| Quality | 65 |
| Moat | 70 |

## Qualifications (beginner checklist) — 9 of 10 passed

- [x] Revenue growing — +9.2% YoY
- [x] Profitable — $861M TTM
- [x] Profit growing — +70.3% YoY
- [x] Generates cash — $1.17B TTM
- [x] Debt under control — current ratio 3.46
- [x] Established company — $15.0B market cap
- [x] Not printing shares — -11.4% shares over ~5y
- [x] Proven track record — 9/10 profitable years
- [ ] Financially stable — health score 50/100
- [x] Valuation not extreme — P/E 17.2

## Experience (career milestones)

- **FY2025** — Best year on record: $783M net income
- **FY2021** — Revenue crossed $1B: $1.43B for the year
- **FY2017** — Turned profitable: $154M net income after a loss year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2012** — Exelixis' first drug approval came in 2012, when cabozantinib was approved for medullary thyroid cancer, an orphan…
- **2000** — Exelixis had left the radical exploratory phase behind and became focused on drug discovery and had a…
- **1994** — Exelixis was founded in 1994; the scientific founders were Spyridon Artavanis–Tsakonas, at Yale at that time

## Strengths

- High gross margin (96.5%)
- Strongly profitable — 35.3% net margin
- Strong cash conversion — FCF is 48.1% of revenue
- Interest covered 42.7× by operating earnings
- High returns on invested capital (ROIC 71.0%)

## Watch-outs

- Loss-making in 1 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.43B | $231M | $337M |
| FY2022 | $1.61B | $182M | $335M |
| FY2023 | $1.83B | $208M | $293M |
| FY2024 | $2.17B | $521M | $672M |
| FY2025 | $2.32B | $783M | $876M |

---

Source: https://stockcv.com/EXEL — derived from company filings; may be delayed or incomplete. Information, not investment advice.