EXELEXELIXIS, INC.
Biological Products, (no Diagnostic Substances)
- Revenue
- $2.3B
- 7.0% YoY
- Operating margin
- 37.6%
- 35% YoY
- EBITDA
- $901M
- 42% YoY
- Market cap
- $17.0B
- Employees
- 192,000
- $12K revenue each
- Net debt / EBITDA
- -0.3×
- −$305M net debt
- AI in 10-K
- 0.6
- mentions per 10K words
Takeover score 6 of 13
Fixable underperformance 2 of 7
- TSR below peersNo2 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$16M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo113% of net incomeCash flow under 80% of net income
- Dilutive SBCNo5% of revenueOver 10% of revenue
- Payouts exceed cash flowYes107% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo3% of assetsOver 40% of assets
- Shareholder dissentYes79% lowest supportAny vote under 80% support
Buyer economics 3 of 4
- Low revenue per employeeYes$12K · 24th pctBottom quartile of its SIC industry
- Quiet on AIYes0.6 per 10K words · 24th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 0.3× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedNo$17.0B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$41M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|
| Revenue | $1.6B | $1.8B | $2.2B | $2.3B | 7.0% |
| Operating income | $201M | $171M | $605M | $872M | 44% |
| Net income | $182M | $208M | $521M | $783M | 50% |
| Operating cash flow | $363M | $333M | $700M | $884M | 26% |
| Capex | $28M | $40M | $28M | $8M | 70% |
| Stock-based comp | $108M | $106M | $94M | $113M | 20% |
| Buybacks | $0 | $550M | $652M | $948M | 45% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 14, 2026 | FARALLON CAPITAL MANAGEMENT, L.L.C. | SCHEDULE 13D/A | 5.6% | Passive |
| Jan 5, 2026 | Farallon Capital Partners, L.P. | SCHEDULE 13D/A | 0.4% | Passive |
| May 20, 2025 | Farallon Capital Partners, L.P. | SCHEDULE 13D/A | 0.6% | Passive |
| Mar 5, 2025 | Farallon Capital Partners, L.P. | SCHEDULE 13D/A | 0.6% | Passive |
| May 8, 2024 | Farallon Capital Partners, L.P. | SC 13D/A | — | Passive |
| Jun 2, 2023 | Caligan Partners LP | SC 13D/A | 0.3% | Passive |
| Apr 7, 2023 | Farallon Capital Partners, L.P. | SC 13D/A | — | Passive |
| Mar 27, 2023 | Caligan Partners LP | SC 13D/A | 0.3% | Active |
| Mar 27, 2023 | Farallon Capital Partners, L.P. | SC 13D/A | — | Passive |
| Mar 20, 2023 | Caligan Partners LP | SC 13D | 0.3% | Passive |
Insider trading
- Open-market buys, 12 mo
- $1M · 1
- Open-market sells, 12 mo
- $42M · 32
- Net
- −$41M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $33M | $55M | 217 | 125 |
| FY2025 | $13M | $39M | 200 | 122 |
| FY2023 | $16M | $32M | 141 | 121 |
| FY2022 | $17M | $16M | 94 | 116 |
| FY2021 | $8M | $15M | 107 | 129 |