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Exelixis, Inc. (Exelixis, we, our or us) is an oncology company innovating next-generation medicines and regimens at the forefront of cancer care. We have produced four marketed pharmaceutical products, two of which are formulations of our flagship molecule, cabozantinib, and we are steadily advancing and evolving our product pipeline portfolio, including our lead clinical asset, zanzalintinib,…
$48.54
$1.74 (-3.46%)
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Margins and capital returns are both well above average: 37.59% operating margin, ROIC at 29.59%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 7.0%, steady but not accelerating.
Even for strong businesses, today's 16x P/E means the stock needs to keep delivering. There's no margin of safety if growth disappoints.
16.1x earnings, 14.1x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$2.38B
▲ +7.0% YoY
Net Income (TTM)
$833M
▲ +50.1% YoY
Op. Margin
39.43%
▲ +9.7pp YoY
ROIC
34.02%
▲ +11.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$918M
▲ +30.4% YoY
Op. Cash Flow (TTM)
$925M
▲ +26.3% YoY
Net Debt
-$608M
Net Cash Position
Cash & Equiv.
$777M
5Y CAGR: +18.6%
5Y CAGR: +37.4%
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