Here are 1-2 brief analogies for Exelixis:

• Like a specialized Amgen or Gilead Sciences that solely develops and sells cancer drugs.
• Imagine a smaller Bristol Myers Squibb or Merck, but with its entire focus on oncology drug development.

• Cabometyx (cabozantinib): A kinase inhibitor indicated for the treatment of advanced renal cell carcinoma, hepatocellular carcinoma, and differentiated thyroid cancer.
• Cometriq (cabozantinib): A kinase inhibitor indicated for the treatment of progressive, metastatic medullary thyroid cancer.

Exelixis (EXEL) sells primarily to other companies. Its major customers and partners include:

• Ipsen Biopharmaceuticals, Inc. (OTC: IPSEY) - Ipsen holds exclusive commercialization rights for cabozantinib (Exelixis's primary drug, CABOMETYX) outside the United States and Japan. This partnership generates significant royalty and milestone revenue for Exelixis.
• Takeda Pharmaceutical Company Limited (NYSE: TAK) - Takeda holds exclusive commercialization rights for cabozantinib in Japan, also contributing revenue to Exelixis through royalties and milestones.
• In the United States, Exelixis commercializes its products directly but distributes them primarily through major pharmaceutical wholesalers. These wholesalers serve as Exelixis's direct customers for product sales. The largest distributors in the U.S. market, through whom Exelixis's products reach pharmacies and hospitals, include:
  • McKesson Corporation (NYSE: MCK)
  • AmerisourceBergen Corporation (NYSE: ABC)
  • Cardinal Health, Inc. (NYSE: CAH)

• Ajinomoto Co., Inc. (TYO: 2802)
• Thermo Fisher Scientific Inc. (TMO)

Michael M. Morrissey, Ph.D. President and Chief Executive Officer

Dr. Morrissey has served as President and Chief Executive Officer of Exelixis since July 2010, having joined the company in February 2000. Prior to his CEO role, he held various positions of increasing responsibility at Exelixis, including President of Research and Development. Before joining Exelixis, he served as Vice President, Discovery Research at Berlex Biosciences from 1991 to 2000 and was a Senior Scientist at CIBA-Geigy Corporation. He also serves on the board of XWPharma Ltd. and was appointed Chairman of the Board of Vera Therapeutics in April 2022.

Christopher J. Senner Executive Vice President and Chief Financial Officer

Mr. Senner has been the Executive Vice President and Chief Financial Officer of Exelixis since July 2015. Before joining Exelixis, he served as Vice President, Corporate Finance at Gilead Sciences, Inc. for five years. Earlier in his career, he spent 18 years at Wyeth, a pharmaceutical company acquired by Pfizer Inc. in 2009, where he held various financial roles, including Chief Financial Officer of Wyeth's U.S. pharmaceuticals business and the BioPharma business unit. He also serves on the Board of Directors for Quince Therapeutics.

Jeffrey J. Hessekiel Executive Vice President and General Counsel

Mr. Hessekiel has served as Executive Vice President and General Counsel of Exelixis since February 2014. Prior to Exelixis, he was Senior Counsel at Arnold & Porter Kaye Scholer LLP, advising life sciences companies. From 2002 to 2012, he held key legal and compliance roles at Gilead Sciences, Inc., ultimately becoming Chief Compliance & Quality Officer. He also practiced corporate law at Wilson Sonsini Goodrich & Rosati and Heller Ehrman LLP.

Dana T. Aftab, Ph.D. Executive Vice President, Discovery & Translational Research & Chief Scientific Officer

Dr. Aftab holds the title of Executive Vice President, Discovery & Translational Research & Chief Scientific Officer at Exelixis.

P.J. Haley Executive Vice President, Commercial

Mr. Haley serves as the Executive Vice President, Commercial for Exelixis.

Key Risks to Exelixis' Business:

1. Dependence on Key Products and Clinical Trial Success: Exelixis' financial stability and future growth are heavily reliant on the continued success of its flagship product, CABOMETYX (cabozantinib), and the successful development and commercialization of its pipeline assets, particularly zanzalintinib. Challenges to the efficacy, safety, or marketability of cabozantinib, or failures in clinical trials for new product candidates, could significantly impact the company's financial performance. The company has recently restructured to focus resources on its clinical and near-clinical pipeline, emphasizing the importance of these assets.
2. Intense Competition and Market Pressures: The oncology market, where Exelixis primarily operates, is highly competitive. Exelixis faces significant competition in the treatment areas for its key products, such as renal cell carcinoma (RCC) and hepatocellular carcinoma (HCC). This competition includes larger pharmaceutical companies with broader portfolios and the potential for generic versions of Exelixis' marketed products, which could lead to market share loss and pricing pressures.
3. Regulatory Challenges and Approval Uncertainty: As a pharmaceutical company, Exelixis operates within a heavily regulated industry. The regulatory approval processes by authorities such as the FDA are lengthy, complex, and uncertain. Changes in healthcare laws, policies, or unforeseen delays in obtaining regulatory approvals for new indications or product candidates, including zanzalintinib, could materially affect the company's ability to commercialize its products and impact its financial condition.

Exelixis's main products and their addressable markets are as follows:

• Cabometyx (cabozantinib): This product is indicated for advanced renal cell carcinoma (RCC), hepatocellular carcinoma (HCC), and previously treated advanced neuroendocrine tumors (NET). Exelixis projects that U.S. net product revenues for the cabozantinib franchise, which primarily includes Cabometyx, could reach $3 billion by 2030. In 2024, the global cabozantinib franchise net product revenues generated by Exelixis and its partners exceeded $2.5 billion.
• Cometriq (cabozantinib): Cometriq is indicated for the treatment of patients with progressive, metastatic medullary thyroid cancer (MTC). The global cabozantinib (Cometriq) market is projected to reach $8,432.8 million by 2035, growing from $2,996.8 million in 2025. The United States thyroid cancer drugs market, which includes Cometriq, was estimated at $129.51 million in 2022 and is projected to reach $207.72 million by 2027.
• Zanzalintinib (investigational): This is an investigational oral tyrosine kinase inhibitor in Exelixis's pipeline. Exelixis estimates that upon approval, zanzalintinib could generate approximately $5 billion in U.S. revenues by 2033 across its various indications, primarily in genitourinary (GU) and gastrointestinal (GI) cancers, with an important contribution from head and neck cancer treatment.

Exelixis (NASDAQ: EXEL) is expected to drive future revenue growth over the next 2-3 years through several key initiatives, focusing on its established product, CABOMETYX, and the anticipated launch of new therapies, alongside strategic market expansion.

1. Continued Growth and Label Expansion of CABOMETYX (cabozantinib): CABOMETYX remains a strong revenue generator for Exelixis. The company anticipates continued robust demand and market leadership for cabozantinib in renal cell carcinoma (RCC). Furthermore, the recent U.S. regulatory approval and launch of CABOMETYX in advanced neuroendocrine tumors (NET) in late March 2025 is expected to contribute to revenue growth, with early reception being positive. Exelixis also implemented a wholesale acquisition cost increase for CABOMETYX effective January 1, 2025, which will positively impact net product revenues. Management is focused on further label expansion for the drug.
2. Successful Launch and Commercialization of Zanzalintinib: Zanzalintinib is a promising oncology asset in Exelixis's pipeline, with several pivotal trials underway. The company plans to submit a New Drug Application (NDA) for zanzalintinib by year-end 2025. Positive results from trials, such as STELLAR-303 in colorectal cancer (CRC) and STELLAR-304 in non-clear cell renal cell carcinoma, are anticipated and could lead to significant new product launches and market expansion in high unmet need areas.
3. Expansion of Sales Capacity and Market Penetration: Exelixis is strategically investing in expanding its commercial capabilities to maximize the reach of its products. This includes the build-out of a gastrointestinal (GI) sales team in Q4 2025 to accelerate growth, particularly in anticipation of zanzalintinib's potential expansion in GI-related indications. This increased sales capacity aims to grow the customer base and market share for both existing and new products.
4. Advancement of Early-Stage Pipeline Assets: Beyond CABOMETYX and zanzalintinib, Exelixis has a pipeline of other oncology candidates moving through development. The company is advancing several programs, with plans to initiate clinical development for three biotherapeutics programs in 2025 (XB628 PD-L1-NKG2A bispecific antibody, XB064 ILT-2 monoclonal antibody, and XB371 TF-topoisomerase I inhibitor ADC), along with profiling other candidates like XB010 and XL495. Successful progression of these assets into later-stage development and eventual commercialization could provide additional revenue streams in the longer term.

Share Repurchases

• Exelixis completed a $550 million share repurchase program in 2023, acquiring 26.2 million shares, representing 8% of outstanding shares.
• The company authorized a new $450 million share repurchase program for 2024 and two additional $500 million programs for 2025 (one in August 2024, one in February 2025).
• As of September 30, 2025, Exelixis had repurchased $895.3 million of common stock under the August 2024 and February 2025 programs, and overall, has returned $1.9 billion to shareholders through repurchases since March 2023.
• A new $750 million stock repurchase program was authorized in October 2025, to be completed by the end of 2026.

Share Issuance

• No significant share issuances were identified during the last 3-5 years.

Inbound Investments

• No large inbound investments by strategic partners or private equity firms were identified within the specified timeframe, beyond general institutional investor holdings.

Outbound Investments

• In May 2021, Exelixis acquired GamaMabs Pharma's AMHR2 antibody technology for an upfront payment of $5 million, with potential for additional milestone payments.
• In November 2022, Exelixis invested $100 million in two collaboration deals to expand its cancer pipeline, including an upfront payment of $60 million for an exclusive option to Cybrexa's CBX-12 and $40 million for an option for global rights to Sairopa's ADU-1805.
• In September 2020, Exelixis made an upfront payment of $25 million to NBE-Therapeutics for an exclusive option to nominate target programs on NBE's antibody-drug conjugate (ADC) platform.

Capital Expenditures

• Exelixis's capital expenditures were $138.5 million in 2022, $40.47 million in 2023, and are estimated at $28.44 million for 2024 and $26.07 million for 2025.
• R&D spending is capped at approximately $1 billion annually, focusing on profitability and free cash flow generation, with resources concentrated on clinical-stage and IND-enabling activities following a corporate restructuring in Q1 2024.
• An impairment of long-lived assets totaling $51.7 million was recorded in the quarter ended September 30, 2024, related to certain leased facilities as part of a corporate reorganization plan.