Lowering Our FVE for No-Moat Exelixis to $24 Per Share After Fresh Look at Cabozantinib Franchise
After taking a fresh look at Exelixis, we are revising our fair value estimate downward to $24 per share after adjusting our patient share expectations, modeling in cabozantinib generic entry, and increasing near-term operating expenses. We're reiterating our no-moat rating for the biotech. Even though we expect robust returns from the cabozantinib franchise, we believe the company's heavy reliance on one molecule precludes an economic moat. Further, cabozantinib competes in crowded oncology ind...Exelixis is an oncology-focused biotechnology company that involved in the discovery, development and commercialization of new medicines for cancers. The company's marketd products are: CABOMETYX? (cabozantinib) tablets for renal cell carcinoma and previously treated hepatocellular carcinoma; and COMETRIQ? (cabozantinib) capsules for progressive, metastatic medullary thyroid cancer. The company's products resulting from its discovery efforts are: COTELLIC? (cobimetinib), an inhibitor of MEK approved as part of a combination regimen to treat melanoma; and MINNEBRO? (esaxerenone), an oral, non-steroidal, selective blocker of the mineralocorticoid receptor approved for the treatment of hypertension in Japan.
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