Exelixis (EXEL) The 44th Annual William Blair Growth Stock Conference summary

Business and product overview

• Core product CABOMETYX drives most revenue, primarily from RCC, with guidance for $1.65–$1.75 billion in U.S. revenue for the year.

• CABOMETYX has expanded from second-line to frontline RCC and is also approved for HCC and DTC.

• Partnerships with Ipsen and Takeda support global commercialization, while new pipeline assets like zanzalitinib and ADCs are advancing.

• Awaiting resolution of ANDA litigation with MSN, which has been a stock overhang.

Near-term growth and regulatory plans

• Two positive Phase 3 readouts in prostate cancer (CONTACT-02) and neuroendocrine tumors (CABINET) set up new filings and potential launches.

• Prostate cancer study targets high-risk, high unmet need patients, with filing planned after final survival data matures.

• NET opportunity could be the first new small molecule approval since 2016, with operational priority on timely filings.

• Data transfer and QC for NET filing benefit from prior experience with cooperative group studies.

Zanzalitinib (Zanza) development

• Zanza, a third-gen VEGFR TKI, is in three pivotal Phase 3 studies: STELLAR-303 (colorectal cancer), 304 (non-clear cell RCC), and 305 (head and neck cancer).

• STELLAR-303 is the most advanced, with enrollment near completion; protocol amended based on external data to increase success probability.

• 304 aims to define standard of care in non-clear cell RCC, while 305 explores IO-TKI combinations in head and neck cancer.

• Zanza shows promising efficacy and tolerability, with differentiated PK profile and potential for broader clinical collaborations.