Exelixis (EXEL) TD Cowen 46th Annual Health Care Conference summary

Strategic vision and pipeline development

• Focus on building oncology franchises, with cabozantinib as the current leader and zanzalintinib positioned as the next-generation TKI for the 2030s.

• Emphasis on improving standard of care for cancer patients and expanding into new tumor types such as colon and meningioma.

• Pipeline includes early-stage assets and ongoing pivotal trials, with a transition from a single-product focus to a broader portfolio.

• Collaboration with Merck on pivotal studies, including combinations with belzutifan, and plans for additional studies in RCC and other indications.

• Strategic approach considers long-term evolution of standard of care, aiming for relevance in the 2030s.

Competitive landscape and clinical data

• RCC remains a highly competitive market, with cabozantinib maintaining dominance in both first and second-line settings.

• Recent LITESPARK-011 data met expectations, with no significant survival benefit observed; focus remains on leveraging cabozantinib's strengths.

• Zanzalintinib is expected to launch by year-end, with regulatory review progressing well.

• Upcoming data from STELLAR-304 (nccRCC) and STELLAR-303 (CRC) are anticipated midyear, with hopes for significant improvements in PFS and OS.

• Combination strategies with orthogonal mechanisms of action are being explored to enhance efficacy and safety.

Commercial performance and financial outlook

• Strong revenue growth in 2025, with a 17% year-over-year increase and demand up 15%.

• Guidance for 2026 projects 9%-13% revenue growth for cabozantinib, driven by both base business and NET expansion.

• NET franchise achieved over $100 million in its first year, with significant market opportunity remaining.

• Efforts are underway to increase community uptake to match academic traction.

• GI sales team expansion completed to support growth and prepare for zanzalintinib and CRC launches.