Exelixis (EXEL) Stock Forecast & Price Target

Exelixis is viewed favorably because its cash-generating Cabometyx franchise gives the company a strong base while management reinvests into zanzalintinib, which is positioned as the key offset to the roughly $2.6B revenue gap expected when cabo goes generic in 2030. The analyst case is strengthened by a broad, relatively de-risked pipeline with seven registrational programs and multiple high-probability indications, including CRC, kidney cancer, NETs, and meningioma, with CRC seen as the biggest value driver and mCRC approval in 1Q27. Financially, the company is well capitalized with about $1.4B in cash and investments as of Aug 6, 2026, while zanza is projected to reach $2.5B by 2035, helping support stability into the next decade.

Exelixis is vulnerable because its core Cabometyx franchise faces an approaching patent cliff in the 2030s, while future topline growth is increasingly dependent on zanza and other pipeline assets that still carry meaningful developmental and regulatory risk. Despite strong recent stock performance and a 15x-16.5x forward EPS multiple, the market may already be discounting much of the earnings growth, share buybacks, and the company’s $1.2B in achievable revenue by 2035. Near-term catalysts also look asymmetrically risky, as competitive pressure in RCC, a slowing NET ramp, and the possibility that generic cabo and rival combinations cap zanza’s commercial upside could leave the shares merely fairly valued rather than undervalued.