EXEL - Exelixis has mixed ruling in Cabometyx patent trial wins on 2026 loses on 2030

Exelixis ( NASDAQ: EXEL ) had a mixed ruling in its Cabometyx patent trial versus MSN Laboratories. Exelixis rose 1% in after hours trading.

The judge in the patent case ruled that the 776 patent, which goes to October 2030, wasn't infringed, a defeat for Exelixis. On the 473 patent, the judge ruled that the patent was valid, according to the court opinion by Judge Richard Andrews. The 473 patent is valid until August 2026.

The judge's opinion seems to be mainly expected after the trial was held in May. The judge at the time appeared to telegraph the ruling he would make, traders said at the time, citing comments at the court hearing. Exelixis ( EXEL ) shares fell 11% on May 19 on the last day of the trial.

Truist analyst Asthika Goonewardene wrote at the time that EXEL investors should "buy in this dip" and that the firm's expert call anticipated that the EXEL would lose the '776 patent, though will likely win in their second wave of IP defense on the '439 and '440 patents.

Last Monday Exelixis ( EXEL ) reported that it sees Q4 revenue revenue of $415M and issues FY23 guidance.

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