Exelixis (EXEL) 2024 Wells Fargo Healthcare Conference summary

Business overview and strategic direction

• Positioned as a commercial oncology company focused on advancing standards of care in cancer treatment.

• Lead product CABOMETYX (cabozantinib) is a standard of care in multiple solid tumors, with 2024 revenue guidance of $1.6–$1.75 billion.

• Investing in next-generation IO-TKI franchise, notably zanzarlitinib, with four pivotal studies ongoing or announced.

• Transitioning toward a multi-product oncology company, with a growing early-stage pipeline including XL309 and ADCs.

CABOMETYX (cabozantinib) performance and growth drivers

• RCC market is maturing, but CABO continues to gain market share, with another point gained in Q2.

• CABO remains the leading IO-TKI and TKI monotherapy in RCC, supported by robust and differentiating data.

• Growth in RCC expected to continue, with new launches in NETs and CRPC anticipated after positive phase III results.

• Emphasis on shifting standards of care through data-driven differentiation, not just FDA approval.

Neuroendocrine tumors (NET) opportunity

• Final phase III CABINET study data to be presented at ESMO, showing robust PFS HR (0.2–0.4) in a heterogeneous patient group.

• High physician familiarity with CABO in NETs, with 75–80% overlap among prescribers.

• U.S. target launch market includes ~9,000 second-line-plus patients, with a larger prevalent pool due to indolent disease.

• Standard of care currently includes Sutent and everolimus; market seen as ripe for new oral agents.

• Pre-launch investments underway to optimize uptake, leveraging physician familiarity and compelling data.