Exelixis (EXEL) Citigroup’s Biopharma Back to School Summit 2026 summary

Strategic priorities and franchise evolution

• Focus on expanding product franchises, particularly CABOMETYX and zanzalintinib, across multiple indications and modalities.

• Growth strategy includes internal pipeline development and potential external asset acquisitions.

• Transitioning from a single to multiple franchises, aiming for up to five distinct product lines.

• Emphasis on leveraging franchise strength and commercial relationships in RCC and NETs.

CABOMETYX performance and market dynamics

• CABOMETYX market share in RCC increased from 45% to 47% year-over-year, with durable growth expected through 2030.

• Significant penetration in the NETs market, with a 45% new patient share in Q2.

• Revenue growth driven by both RCC and NETs, with NETs expected to be a major contributor as patient stacking increases.

• NETs market characterized by slower patient transitions due to indolent tumor nature, but CABOMETYX is increasingly chosen at therapy switch.

Zanzalintinib development and market outlook

• Anticipates approval decision for zanzalintinib in third-line metastatic colorectal cancer, a $1.5 billion U.S. opportunity.

• Ongoing pivotal studies in CRC (STELLAR-303, STELLAR-316) are generating clinician enthusiasm and awareness.

• Third-line CRC market is fragmented, with zanzalintinib/atezolizumab aiming to capture share across all treatment categories.

• Zanzalintinib positioned as a best-in-class TKI, engineered for improved tolerability and user-friendliness over CABOMETYX.