Intrinsic value of Exelixis - EXEL

Previous Close

$21.29

  Intrinsic Value

$341.53

stock screener

  Rating & Target

str. buy

+999%

Previous close

$21.29

 
Intrinsic value

$341.53

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of EXEL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  416.22
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  191
  723
  1,117
  1,671
  2,425
  3,421
  4,703
  6,312
  8,288
  10,665
  13,471
  16,728
  20,451
  24,651
  29,330
  34,486
  40,116
  46,210
  52,759
  59,753
  67,180
  75,031
  83,298
  91,975
  101,057
  110,543
  120,435
  130,736
  141,454
  152,599
  164,182
Variable operating expenses, $m
 
  181
  277
  411
  593
  834
  1,144
  1,533
  2,011
  2,586
  3,264
  4,045
  4,946
  5,962
  7,093
  8,340
  9,702
  11,176
  12,759
  14,451
  16,247
  18,146
  20,145
  22,243
  24,440
  26,734
  29,126
  31,617
  34,209
  36,905
  39,706
Fixed operating expenses, $m
 
  179
  183
  187
  191
  195
  199
  204
  208
  213
  218
  222
  227
  232
  237
  243
  248
  253
  259
  265
  270
  276
  282
  289
  295
  302
  308
  315
  322
  329
  336
Total operating expenses, $m
  233
  360
  460
  598
  784
  1,029
  1,343
  1,737
  2,219
  2,799
  3,482
  4,267
  5,173
  6,194
  7,330
  8,583
  9,950
  11,429
  13,018
  14,716
  16,517
  18,422
  20,427
  22,532
  24,735
  27,036
  29,434
  31,932
  34,531
  37,234
  40,042
Operating income, $m
  -42
  363
  658
  1,074
  1,641
  2,392
  3,360
  4,576
  6,069
  7,867
  9,989
  12,460
  15,278
  18,457
  21,999
  25,904
  30,166
  34,781
  39,741
  45,038
  50,663
  56,609
  62,871
  69,443
  76,322
  83,508
  91,001
  98,804
  106,923
  115,365
  124,140
EBITDA, $m
  -41
  382
  683
  1,109
  1,689
  2,457
  3,446
  4,690
  6,217
  8,055
  10,226
  12,746
  15,628
  18,879
  22,501
  26,493
  30,852
  35,572
  40,643
  46,059
  51,811
  57,892
  64,295
  71,015
  78,050
  85,398
  93,060
  101,040
  109,342
  117,975
  126,947
Interest expense (income), $m
  21
  0
  17
  44
  83
  135
  205
  295
  407
  546
  712
  908
  1,136
  1,396
  1,690
  2,017
  2,378
  2,771
  3,198
  3,656
  4,145
  4,664
  5,213
  5,791
  6,398
  7,033
  7,696
  8,388
  9,109
  9,858
  10,638
Earnings before tax, $m
  -70
  363
  641
  1,030
  1,558
  2,256
  3,154
  4,281
  5,662
  7,321
  9,277
  11,552
  14,142
  17,061
  20,309
  23,887
  27,789
  32,010
  36,544
  41,382
  46,518
  51,945
  57,658
  63,651
  69,924
  76,475
  83,304
  90,416
  97,814
  105,507
  113,502
Tax expense, $m
  0
  98
  173
  278
  421
  609
  852
  1,156
  1,529
  1,977
  2,505
  3,119
  3,818
  4,606
  5,484
  6,449
  7,503
  8,643
  9,867
  11,173
  12,560
  14,025
  15,568
  17,186
  18,879
  20,648
  22,492
  24,412
  26,410
  28,487
  30,646
Net income, $m
  -70
  265
  468
  752
  1,137
  1,647
  2,303
  3,125
  4,133
  5,344
  6,773
  8,433
  10,324
  12,454
  14,826
  17,437
  20,286
  23,367
  26,677
  30,209
  33,958
  37,920
  42,090
  46,466
  51,045
  55,826
  60,812
  66,004
  71,405
  77,020
  82,857

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  420
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  596
  611
  944
  1,411
  2,048
  2,889
  3,972
  5,331
  7,000
  9,008
  11,378
  14,128
  17,273
  20,820
  24,772
  29,127
  33,882
  39,029
  44,560
  50,467
  56,740
  63,371
  70,353
  77,681
  85,352
  93,364
  101,719
  110,419
  119,472
  128,884
  138,667
Adjusted assets (=assets-cash), $m
  176
  611
  944
  1,411
  2,048
  2,889
  3,972
  5,331
  7,000
  9,008
  11,378
  14,128
  17,273
  20,820
  24,772
  29,127
  33,882
  39,029
  44,560
  50,467
  56,740
  63,371
  70,353
  77,681
  85,352
  93,364
  101,719
  110,419
  119,472
  128,884
  138,667
Revenue / Adjusted assets
  1.085
  1.183
  1.183
  1.184
  1.184
  1.184
  1.184
  1.184
  1.184
  1.184
  1.184
  1.184
  1.184
  1.184
  1.184
  1.184
  1.184
  1.184
  1.184
  1.184
  1.184
  1.184
  1.184
  1.184
  1.184
  1.184
  1.184
  1.184
  1.184
  1.184
  1.184
Average production assets, $m
  1
  124
  191
  286
  415
  585
  804
  1,079
  1,417
  1,824
  2,304
  2,860
  3,497
  4,215
  5,015
  5,897
  6,860
  7,902
  9,022
  10,218
  11,488
  12,830
  14,244
  15,728
  17,281
  18,903
  20,594
  22,356
  24,189
  26,094
  28,075
Working capital, $m
  200
  -4
  -7
  -10
  -15
  -21
  -28
  -38
  -50
  -64
  -81
  -100
  -123
  -148
  -176
  -207
  -241
  -277
  -317
  -359
  -403
  -450
  -500
  -552
  -606
  -663
  -723
  -784
  -849
  -916
  -985
Total debt, $m
  189
  179
  479
  900
  1,473
  2,230
  3,204
  4,428
  5,930
  7,737
  9,869
  12,345
  15,176
  18,368
  21,924
  25,844
  30,123
  34,756
  39,734
  45,050
  50,696
  56,663
  62,947
  69,543
  76,446
  83,657
  91,176
  99,007
  107,154
  115,625
  124,430
Total liabilities, $m
  506
  550
  849
  1,270
  1,843
  2,600
  3,575
  4,798
  6,300
  8,107
  10,240
  12,715
  15,546
  18,738
  22,295
  26,214
  30,494
  35,126
  40,104
  45,420
  51,066
  57,034
  63,318
  69,913
  76,817
  84,028
  91,547
  99,377
  107,524
  115,996
  124,800
Total equity, $m
  89
  61
  94
  141
  205
  289
  397
  533
  700
  901
  1,138
  1,413
  1,727
  2,082
  2,477
  2,913
  3,388
  3,903
  4,456
  5,047
  5,674
  6,337
  7,035
  7,768
  8,535
  9,336
  10,172
  11,042
  11,947
  12,888
  13,867
Total liabilities and equity, $m
  595
  611
  943
  1,411
  2,048
  2,889
  3,972
  5,331
  7,000
  9,008
  11,378
  14,128
  17,273
  20,820
  24,772
  29,127
  33,882
  39,029
  44,560
  50,467
  56,740
  63,371
  70,353
  77,681
  85,352
  93,364
  101,719
  110,419
  119,471
  128,884
  138,667
Debt-to-equity ratio
  2.124
  2.940
  5.080
  6.380
  7.190
  7.720
  8.070
  8.310
  8.470
  8.590
  8.670
  8.740
  8.790
  8.820
  8.850
  8.870
  8.890
  8.910
  8.920
  8.930
  8.930
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
Adjusted equity ratio
  -1.881
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -70
  265
  468
  752
  1,137
  1,647
  2,303
  3,125
  4,133
  5,344
  6,773
  8,433
  10,324
  12,454
  14,826
  17,437
  20,286
  23,367
  26,677
  30,209
  33,958
  37,920
  42,090
  46,466
  51,045
  55,826
  60,812
  66,004
  71,405
  77,020
  82,857
Depreciation, amort., depletion, $m
  1
  19
  26
  35
  48
  65
  87
  114
  148
  189
  237
  286
  350
  422
  502
  590
  686
  790
  902
  1,022
  1,149
  1,283
  1,424
  1,573
  1,728
  1,890
  2,059
  2,236
  2,419
  2,609
  2,808
Funds from operations, $m
  441
  284
  494
  787
  1,185
  1,712
  2,390
  3,239
  4,281
  5,533
  7,009
  8,719
  10,674
  12,876
  15,327
  18,027
  20,972
  24,158
  27,579
  31,231
  35,107
  39,203
  43,514
  48,038
  52,773
  57,717
  62,871
  68,239
  73,823
  79,630
  85,664
Change in working capital, $m
  235
  -2
  -2
  -3
  -5
  -6
  -8
  -10
  -12
  -14
  -17
  -20
  -22
  -25
  -28
  -31
  -34
  -37
  -39
  -42
  -45
  -47
  -50
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -69
Cash from operations, $m
  206
  285
  496
  790
  1,190
  1,718
  2,397
  3,249
  4,293
  5,547
  7,026
  8,739
  10,696
  12,901
  15,355
  18,058
  21,006
  24,194
  27,618
  31,273
  35,152
  39,250
  43,564
  48,090
  52,827
  57,774
  62,931
  68,301
  73,888
  79,696
  85,734
Maintenance CAPEX, $m
  0
  -8
  -12
  -19
  -29
  -41
  -58
  -80
  -108
  -142
  -182
  -230
  -286
  -350
  -422
  -502
  -590
  -686
  -790
  -902
  -1,022
  -1,149
  -1,283
  -1,424
  -1,573
  -1,728
  -1,890
  -2,059
  -2,236
  -2,419
  -2,609
New CAPEX, $m
  -2
  -46
  -67
  -95
  -129
  -170
  -219
  -275
  -338
  -406
  -480
  -557
  -637
  -718
  -800
  -882
  -963
  -1,042
  -1,120
  -1,196
  -1,270
  -1,343
  -1,414
  -1,484
  -1,553
  -1,622
  -1,692
  -1,762
  -1,833
  -1,906
  -1,981
Cash from investing activities, $m
  -216
  -54
  -79
  -114
  -158
  -211
  -277
  -355
  -446
  -548
  -662
  -787
  -923
  -1,068
  -1,222
  -1,384
  -1,553
  -1,728
  -1,910
  -2,098
  -2,292
  -2,492
  -2,697
  -2,908
  -3,126
  -3,350
  -3,582
  -3,821
  -4,069
  -4,325
  -4,590
Free cash flow, $m
  -10
  232
  416
  676
  1,032
  1,506
  2,119
  2,893
  3,847
  4,999
  6,364
  7,951
  9,773
  11,833
  14,134
  16,675
  19,453
  22,466
  25,708
  29,175
  32,860
  36,759
  40,867
  45,182
  49,701
  54,423
  59,349
  64,480
  69,819
  75,372
  81,144
Issuance/(repayment) of debt, $m
  -8
  179
  300
  421
  573
  757
  974
  1,224
  1,502
  1,807
  2,133
  2,476
  2,830
  3,192
  3,557
  3,920
  4,279
  4,632
  4,978
  5,316
  5,646
  5,968
  6,284
  6,595
  6,904
  7,211
  7,519
  7,831
  8,147
  8,471
  8,805
Issuance/(repurchase) of shares, $m
  28
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  20
  179
  300
  421
  573
  757
  974
  1,224
  1,502
  1,807
  2,133
  2,476
  2,830
  3,192
  3,557
  3,920
  4,279
  4,632
  4,978
  5,316
  5,646
  5,968
  6,284
  6,595
  6,904
  7,211
  7,519
  7,831
  8,147
  8,471
  8,805
Total cash flow (excl. dividends), $m
  10
  411
  716
  1,097
  1,605
  2,263
  3,094
  4,117
  5,349
  6,806
  8,497
  10,427
  12,604
  15,025
  17,690
  20,594
  23,732
  27,098
  30,686
  34,490
  38,505
  42,727
  47,151
  51,778
  56,605
  61,634
  66,868
  72,310
  77,967
  83,843
  89,948
Retained Cash Flow (-), $m
  -193
  -49
  -33
  -47
  -64
  -84
  -108
  -136
  -167
  -201
  -237
  -275
  -314
  -355
  -395
  -436
  -475
  -515
  -553
  -591
  -627
  -663
  -698
  -733
  -767
  -801
  -835
  -870
  -905
  -941
  -978
Prev. year cash balance distribution, $m
 
  273
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  24
  38
  59
  89
  128
  181
  249
  335
  439
  565
  714
  887
  1,084
  1,306
  1,554
  1,828
  2,126
  2,449
  2,796
  3,167
  3,561
  3,977
  4,415
  4,875
  5,356
  5,859
  6,383
  6,929
  7,497
  8,088
Cash available for distribution, $m
 
  635
  683
  1,050
  1,541
  2,179
  2,986
  3,981
  5,183
  6,605
  8,260
  10,152
  12,289
  14,671
  17,295
  20,159
  23,257
  26,584
  30,133
  33,900
  37,878
  42,064
  46,453
  51,045
  55,838
  60,833
  66,033
  71,440
  77,061
  82,902
  88,970
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  609
  625
  914
  1,269
  1,689
  2,167
  2,689
  3,239
  3,794
  4,330
  4,821
  5,244
  5,578
  5,806
  5,918
  5,910
  5,784
  5,549
  5,220
  4,813
  4,351
  3,854
  3,346
  2,844
  2,366
  1,927
  1,533
  1,192
  905
  670
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Exelixis, Inc. is a biopharmaceutical company. The Company is focused on discovery, development and commercialization of new medicines to manage care and outcomes for people with cancer. The Company's cabozantinib product is an inhibitor of multiple tyrosine kinases, including MET, AXL, and VEGF receptors. The Company's CABOMETYX tablets are approved for previously treated advanced kidney cancer and COMETRIQ capsules are approved for progressive, metastatic medullary thyroid cancer. The third product, Cotellic, is a formulation of cobimetinib, a selective inhibitor of MEK is approved as part of a combination regimen to treat advanced melanoma. Both cabozantinib and cobimetinib have shown potential in a range of forms of cancer and are the subjects of broad clinical development programs. The Company's XL888 is a small molecule oral inhibitor of Heat Shock Protein 90 (HSP90), a molecular chaperone protein.

FINANCIAL RATIOS  of  Exelixis (EXEL)

Valuation Ratios
P/E Ratio -88.2
Price to Sales 32.3
Price to Book 69.4
Price to Tangible Book
Price to Cash Flow 30
Price to Free Cash Flow 30.3
Growth Rates
Sales Growth Rate 416.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 212.4%
Interest Coverage -2
Management Effectiveness
Return On Assets -10.6%
Ret/ On Assets - 3 Yr. Avg. -37.5%
Return On Total Capital -25.2%
Ret/ On T. Cap. - 3 Yr. Avg. -55.8%
Return On Equity 933.3%
Return On Equity - 3 Yr. Avg. 715.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 96.9%
Gross Margin - 3 Yr. Avg. 92.7%
EBITDA Margin -25.1%
EBITDA Margin - 3 Yr. Avg. -455.4%
Operating Margin -22%
Oper. Margin - 3 Yr. Avg. -417.2%
Pre-Tax Margin -36.6%
Pre-Tax Margin - 3 Yr. Avg. -506.2%
Net Profit Margin -36.6%
Net Profit Margin - 3 Yr. Avg. -506.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

EXEL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EXEL stock intrinsic value calculation we used $452 million for the last fiscal year's total revenue generated by Exelixis. The default revenue input number comes from 2016 income statement of Exelixis. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our EXEL stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for EXEL is calculated based on our internal credit rating of Exelixis, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Exelixis.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of EXEL stock the variable cost ratio is equal to 25.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $175 million in the base year in the intrinsic value calculation for EXEL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 9.2% for Exelixis.

Corporate tax rate of 27% is the nominal tax rate for Exelixis. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the EXEL stock is equal to 5.3%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for EXEL are equal to 17.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Exelixis operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for EXEL is equal to -0.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $285 million for Exelixis - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 294 million for Exelixis is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Exelixis at the current share price and the inputted number of shares is $6.3 billion.

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COMPANY NEWS

▶ Top 5 Biotech Stocks for 2018   [Jul-11-18 07:05PM  Investopedia]
▶ 3 Top Healthcare Stocks to Buy Right Now   [Jun-28-18 08:51AM  Motley Fool]
▶ Exelixis (EXEL) Jumps: Stock Rises 8%   [Jun-27-18 08:42AM  Zacks]
▶ Why I Like Exelixis Inc (NASDAQ:EXEL)   [01:41PM  Simply Wall St.]
▶ 3 Top Biotech Stocks to Buy Right Now   [May-19-18 09:12AM  Motley Fool]
▶ 3 Healthcare Stocks Growing Over 100%   [08:16AM  Motley Fool]
▶ Bull of the Day: Exelixis (EXEL)   [06:00AM  Zacks]
▶ This Biotech Stock Crashed On Colon Cancer Flop With Roche   [May-10-18 05:00PM  Investor's Business Daily]
▶ Why Exelixis Dropped Today   [03:03PM  Motley Fool]
▶ Exelixis Reaccelerates Growth   [May-04-18 04:06PM  Motley Fool]
▶ Exelixis: 1Q Earnings Snapshot   [May-02-18 07:46PM  Associated Press]
▶ Why Big Biotech Stocks May Get An Earnings Boost   [Apr-18-18 02:00PM  Investopedia]
▶ Why Exelixis' Stock Broke Down in March   [Apr-12-18 06:00AM  Motley Fool]
▶ Exelixis Rebounds As Analyst Urges Investors To Buy Monday's Dip   [Apr-10-18 04:13PM  Investor's Business Daily]
▶ Exelixis Elects Dr. Maria Freire to Its Board of Directors   [Apr-09-18 04:05PM  Business Wire]
▶ 3 Top Biotech Stocks to Buy in April   [Apr-04-18 09:15PM  Motley Fool]
▶ Why Exelixis Fell 14.9% in February   [Mar-13-18 11:29AM  Motley Fool]
▶ 5 Biotech Stocks to Sell Amid the Latest Slaughter   [Feb-28-18 02:26PM  InvestorPlace]
▶ These Biotechs Diverge After Biggest Moneymakers Lag Expectations   [Feb-27-18 04:27PM  Investor's Business Daily]
▶ Exelixis in Transition   [04:09PM  Motley Fool]
▶ Exelixis meets 4Q profit forecasts   [05:12PM  Associated Press]
▶ Exelixis, Inc. to Host Earnings Call   [01:15PM  ACCESSWIRE]
▶ Exelixis Q4 Earnings Outlook   [11:14AM  Benzinga]
Financial statements of EXEL
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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