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 major asset.

• R&D efforts aim to improve cancer care standards and expand into multiple tumor types, including colon and meningioma.

• Emphasis on evolving from a single-product focus to a diversified pipeline, with pivotal trials for zanzalintinib ongoing or planned.

• Strategy includes pairing zanzalintinib with orthogonal mechanisms of action and exploring combinations with bispecifics for broader efficacy.

• Long-term planning targets relevance in the 2030s, anticipating shifts in standard of care.

Competitive landscape and clinical data

• Cabozantinib remains the leading TKI in RCC, with strong performance in both first and second-line settings.

• Recent LITESPARK-011 data met expectations, with PFS results aligning with prior modeling and no significant survival benefit yet.

• Market research suggests any second-line share loss could be offset by gains in first-line due to cabozantinib's efficacy.

• Zanzalintinib is expected to become the dominant TKI in the next decade, with regulatory review progressing and a potential launch by year-end.

• Upcoming studies with Merck, including combinations with belzutifan, are planned to address evolving treatment paradigms.

Commercial performance and financial outlook

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

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

• GI sales team expansion completed to support growth, with attention shifting to CRC opportunities as zanzalintinib nears approval.

• NET franchise achieved over $100 million in its first year, with significant potential for further market penetration.

• Community uptake is a key focus to match academic adoption, leveraging high-quality data and targeted promotion.