EXEL vs PFE: Which Is the Better Buy in 2026?
Last updated August 2026
Short answer
EXEL and PFE are similarly sized, but PFE trades noticeably cheaper on forward earnings (8.85x vs 13.10x): the market is paying up for EXEL's profile and pricing PFE more conservatively, or for faster growth. Which you prefer comes down to the drivers you believe, and whether adding either over-concentrates what you already own.
EXEL vs PFE: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | EXEL | PFE | What it tells you |
|---|---|---|---|
| Forward P/E | 13.10 | 8.85 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 17.56 | 19.09 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 0.42 | 0.31 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 81% of range | 30% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 6.95 | 1.58 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: PFE is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how EXEL and PFE affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. EXEL and PFE share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined EXEL and PFE exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Exelixis (EXEL) do?
Exelixis, Inc. is a commercial-stage oncology company whose business is dominated by cabozantinib, sold in the United States as CABOMETYX. Cabozantinib is a tyrosine kinase inhibitor (TKI) approved across several cancers, most importantly advanced renal cell carcinoma (kidney cancer) and certain neuroendocrine tumors, and it is the market-leading TKI in second-line-plus kidney cancer. In the first quarter of 2026, cabozantinib captured roughly 47% of total TKI prescriptions in its core setting, up from about 44% a year earlier, and the franchise generated the large majority of company revenue. Unlike clinical-stage biotechs that burn cash, Exelixis is solidly profitable and returns capital through share buybacks.
What does Pfizer (PFE) do?
Pfizer is one of the world's largest pharmaceutical companies, developing, manufacturing, and selling prescription medicines and vaccines across many therapeutic areas. Its portfolio spans oncology (a strategic priority, expanded sharply by the acquisition of cancer drugmaker Seagen), vaccines (including pneumococcal franchise Prevnar and its COVID-19 vaccine Comirnaty, partnered with BioNTech), internal medicine and cardiology (such as the Vyndaqel/Vyndamax family and Eliquis, co-marketed with Bristol Myers Squibb), immunology and inflammation, and antivirals (including the COVID treatment Paxlovid). Pfizer makes money selling these drugs to wholesalers, pharmacies, hospitals, and governments worldwide. The company saw an enormous revenue surge from COVID-19 products during the pandemic, then a steep decline as that demand normalized, leaving it to refill growth through its pipeline, oncology expansion, and acquisitions while a wave of patent expirations looms later this decade. Founded in 1849 and headquartered in New York City, Pfizer is a mature, dividend-paying large-cap navigating a post-COVID reset.
EXEL vs PFE: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- EXEL drivers: Cabozantinib franchise growth; Zanzalintinib pipeline transition.
- PFE drivers: Oncology expansion via Seagen; Broad, diversified portfolio.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The dominant risk is single-franchise concentration: the large majority of revenue comes from cabozantinib, so any competitive, safety, or reimbursement setback in kidney cancer would hit the whole company. For PFE, pfizer faces a significant patent cliff later this decade, with several major products losing exclusivity, pressuring revenue unless the pipeline and acquisitions fill the gap.
EXEL or PFE: which should you pick?
EXEL vs PFE: the full fundamentals
EXEL. Figures are approximate and tied to the asOf date, so verify live numbers before acting. Exelixis trades at a moderate biotech multiple that partly reflects its rare profitability, but that multiple embeds two big assumptions: that cabozantinib keeps growing into the patent cliff and that zanzalintinib successfully replaces it. Because so much value hinges on clinical and regulatory outcomes, the valuation is more sensitive to STELLAR trial data and the colorectal decision than to any single earnings print.
PFE. Pfizer trades at a below-market multiple and a high dividend yield, reflecting investor concern about the post-COVID revenue reset and a looming patent cliff. Its valuation balances substantial cash generation and diversification against questions over whether the pipeline and Seagen-led oncology push can restore durable growth.
Headline figures (approximate, July 2026): EXEL shows revenue (ttm) ~$2.2 billion (Q1 2026 total revenue was ~$611 million, up ~10% year over year), 2026 revenue guidance ~$2.525 to $2.625 billion total (net product ~$2.325 to $2.425 billion), non-gaap net income (q1 2026) ~$233 million (~$0.87 diluted per share, beating estimates), cash and marketable securities ~$1.65 billion, with a new ~$750 million buyback authorized; PFE shows revenue (ttm) ~$60 billion, operating margin ~25%, recovering post-COVID normalization, net income (ttm) multi-billion, variable with COVID product swings, dividend yield ~6%, high for large-cap pharma.
The bottom line: EXEL vs PFE
EXEL and PFE are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined EXEL and PFE exposure against your real portfolio. It is not an investment adviser.
Wondering how EXEL or PFE fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Exelixis with AI
Connect the broker you already use and ask Walnut's AI how EXEL fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between EXEL and PFE?
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Exelixis, Inc. Pfizer is one of the world's largest pharmaceutical companies, developing, manufacturing, and selling prescription medicines and vaccines across many therapeutic areas. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is EXEL or PFE the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, EXEL or PFE?
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On forward P/E (as of August 2026), EXEL trades at 13.10x and PFE at 8.85x, so PFE is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both EXEL and PFE?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of EXEL vs PFE?
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EXEL: The dominant risk is single-franchise concentration: the large majority of revenue comes from cabozantinib, so any competitive, safety, or reimbursement setback in kidney cancer would hit the whole company. Cabozantinib faces a patent cliff and generic competition risk later this decade (litigation has delayed but not removed it), which makes the zanzalintinib transition critical and time-sensitive. Pipeline risk is real, as trials can miss endpoints or draw a narrow label, and Exelixis has already discontinued some zanzalintinib programs such as head and neck cancer. Regulatory timing, including the roughly December 2026 colorectal decision, can slip. Competition in kidney and colorectal cancer from large pharma and other TKIs and immunotherapies is intense, and the stock can move sharply on binary clinical and regulatory news. PFE: Pfizer faces a significant patent cliff later this decade, with several major products losing exclusivity, pressuring revenue unless the pipeline and acquisitions fill the gap. COVID-19 product revenue (Comirnaty, Paxlovid) has fallen sharply and remains volatile and hard to forecast. The Seagen deal added substantial debt, and large acquisitions carry integration and return risk. Drug pricing pressure, including US policy such as Medicare negotiation, threatens margins on key products. Pipeline setbacks, clinical-trial failures, and regulatory decisions can swing the stock, and the company must continually prove it can generate new blockbusters to sustain growth as legacy drugs mature.
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Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell EXEL or PFE; figures are approximate and dated (as of August 2026). Verify current data before investing.