Exelixis (EXEL) RBC Capital Markets Global Healthcare Conference 2026 summary

Commercial performance and market strategy

• CABO franchise continues to show growth, with a focus on both base business and the NET launch, supported by market share gains in RCC and expansion into NETs.

• Highest NPS recorded for CABO, reflecting strong prescriber enthusiasm and successful commercial execution.

• Salesforce expansion aims to drive further adoption in both academic and community settings, especially for NETs.

• CABO remains the leading IO/TKI in RCC, with ongoing efforts to maintain its position amid evolving competition.

• Guidance reflects anticipated growth in both RCC and NET segments, considering refill dynamics and new patient additions.

Competitive landscape and product differentiation

• Oncology market remains highly competitive, particularly in RCC with new HIF-2 data and evolving treatment paradigms.

• CABO's position as the top IO/TKI is supported by robust data and market share, with attention to shifts from competitor regimens.

• Zanza is positioned as a next-generation TKI, aiming to lead RCC treatment in the 2030s, with a focus on both clear cell and non-clear cell segments.

• Collaboration with Merck on HIF inhibitor combinations reflects a strategy to define new standards of care.

• Emphasis on smart trial design and orthogonal mechanisms to sustain leadership in RCC.

Pipeline updates and clinical development

• Zanza's 3-11 study in NETs targets earlier-line patients, aiming to demonstrate superiority over everolimus and differentiate from CABINET data.

• STELLAR-303 in CRC is a near-term opportunity, with a PDUFA date in December and focus on demonstrating benefit in both liver and non-liver metastasis populations.

• STELLAR-304 in non-clear cell RCC addresses an underserved segment, aiming to provide robust data where current evidence is sparse.

• The 316 adjuvant study in MRD-positive CRC patients leverages ctDNA testing and collaborations with Natera and Merck, aiming for rapid execution and operational advantage.

• Ongoing investment in pipeline and next-generation studies to ensure future growth and leadership.