Exelixis is like **Vertex Pharmaceuticals**, but exclusively focused on developing and commercializing medicines for various types of cancer.

Think of Exelixis as the **oncology division of a major pharmaceutical company like Bristol Myers Squibb or Genentech, but operating as its own dedicated public company.**

• CABOMETYX: Treats advanced renal cell carcinoma.
• COMETRIQ: Treats progressive and metastatic medullary thyroid cancer.
• COTELLIC: Used in combination to treat advanced melanoma.
• MINNEBRO: Treats hypertension in Japan.
• XL092: An oral tyrosine kinase inhibitor in development for various cancers.
• XB002: An antibody-drug conjugate in development for advanced solid tumors and non-Hodgkin's lymphoma.
• XL102: A CDK7 inhibitor in development for advanced or metastatic solid tumors.

Exelixis (EXEL) sells its products and intellectual property primarily to other companies through various licensing and collaboration agreements, as well as directly selling medicines within the U.S. healthcare supply chain. Based on the provided description, the major customers derived from its research collaborations and license agreements include:

• Ipsen Pharma SAS (Euronext Paris: IPN)
• Takeda Pharmaceutical Company Ltd. (NYSE: TAK)
• F. Hoffmann-La Roche Ltd. (SIX Swiss Exchange: ROG)
• Bristol-Myers Squibb Company (NYSE: BMY)
• Daiichi Sankyo Company, Limited (OTC: DSNKY)
• Genentech, Inc. (a subsidiary of F. Hoffmann-La Roche Ltd.)

• Catalent Pharma Solutions, Inc. (CTLT)

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

Michael M. Morrissey has served as President and Chief Executive Officer of Exelixis since July 2010, and as a director since the same year. He joined the company in February 2000 and previously held positions of increasing responsibility, including President of Research and Development from January 2007 to July 2010. Before joining Exelixis, Dr. Morrissey was the Vice President, Discovery Research at Berlex Biosciences from 1991 to 2000. Earlier in his career, he served as a Senior Scientist and Project Team Leader in Medicinal Chemistry at CIBA-Geigy Corporation from 1986 to 1991. Dr. Morrissey is an inventor on 70 issued U.S. patents and 25 published applications. He earned his Ph.D. in Chemistry from Harvard University and a B.S. in Chemistry from the University of Wisconsin. Dr. Morrissey has served as Chair of the board of directors of Vera Therapeutics, Inc., a publicly held, clinical-stage biotechnology company, since April 2022. He also previously served on the boards of XWPharma Ltd. and CERo Therapeutics, Inc.

Christopher J. Senner Executive Vice President and Chief Financial Officer

Christopher J. Senner was appointed Executive Vice President and Chief Financial Officer of Exelixis in July 2015. Prior to Exelixis, Mr. Senner spent five years at Gilead Sciences (2010-2015) as Vice President, Corporate Finance, where he was responsible for controllership, operational financial planning and analysis, tax, and treasury. Before Gilead, he held various financial roles with increasing responsibility over eighteen years at Wyeth, including Chief Financial Officer of Wyeth's U.S. pharmaceuticals business and the BioPharma Business Unit. Wyeth was acquired by Pfizer in 2009. He holds a B.S. in Finance from Bentley College. Since March 2019, Mr. Senner has served as an independent director on the Board of Directors for Quince Therapeutics.

Brenda Hefti, J.D., Ph.D. General Counsel

Brenda Hefti, J.D., Ph.D., was promoted to General Counsel of Exelixis, effective November 7, 2025. She joined Exelixis in 2013 as corporate counsel, became Head of IP in 2014, and served as Senior Vice President, IP & Licensing since 2020.

Dana T. Aftab, Ph.D. Executive Vice President, Research and Development

Dana T. Aftab, Ph.D., was appointed Executive Vice President, Research and Development at Exelixis in August 2025. Prior to this role, Dr. Aftab served as Executive Vice President, Discovery and Translational Research and Chief Scientific Officer at the company.

Exelixis (EXEL) faces several key business risks, primarily stemming from its concentration in a single product franchise and the inherent challenges of drug development and market competition.

1. Reliance on Cabozantinib and Upcoming Patent Expiration: Exelixis’ commercial success heavily depends on its flagship molecule, cabozantinib, which is the basis for its key products CABOMETYX and COMETRIQ. The company faces a significant risk from the eventual expiration of patents covering cabozantinib. While legal victories have extended some patent exclusivity until at least January 2030, and a settlement with Cipla allows generic versions of CABOMETYX in the U.S. starting January 1, 2031, the entry of generics could substantially erode revenue and market position. The long-term outlook carries a high degree of uncertainty due to this impending patent loss.
2. Clinical Trial Failures and Regulatory Hurdles for Pipeline Products: As an oncology-focused biotechnology company, Exelixis' future growth is contingent on the successful discovery, development, and commercialization of new medicines. Drug development is a lengthy, costly, and high-risk endeavor, with many promising programs failing to yield approved products. Recent clinical trial results demonstrate this risk, such as the failure of a Cabometyx combination therapy to improve overall survival in a kidney cancer trial, leading Exelixis to abandon its pursuit for that specific label expansion. Additionally, pipeline assets like zanzalintinib, while showing some positive data, have also raised safety concerns in late-stage trials, which could impact regulatory approval and market acceptance. The complexities and unpredictability of regulatory review processes in the U.S. and internationally also pose significant risks to its product development efforts.
3. Intense Market Competition and Pricing Pressures: The oncology market is highly competitive, with numerous pharmaceutical companies vying for market share. Beyond generic competition for its established products, Exelixis faces continuous pressure from new and existing therapies developed by rivals. Furthermore, the company is exposed to the threat of healthcare reforms and increasing scrutiny of pharmaceutical pricing by governments and regulatory bodies, which could lead to initiatives that reduce revenue or negatively impact its business reputation and profitability.

Exelixis, Inc. (EXEL) anticipates future revenue growth over the next two to three years will be driven by several key factors:

1. Continued Growth of the CABOMETYX Franchise: The company's lead product, CABOMETYX (cabozantinib), is expected to remain a significant revenue driver, building on its strong performance in treating renal cell carcinoma (RCC) and its expanded label for neuroendocrine tumors (NETs). CABOMETYX is the market leader for neuroendocrine tumors in the oral second-line plus segment, with sales anticipated to accelerate in 2026 following its March 2025 FDA approval for pancreatic and extra-pancreatic NETs. The company also implemented a 3% price increase for cabozantinib products effective January 2026, building on a 2.2% increase in January 2024. Peak U.S. sales for cabozantinib are projected to approach $3 billion by 2030.
2. Launch and Commercialization of Zanzalintinib: Exelixis' next-generation tyrosine kinase inhibitor, zanzalintinib, is positioned as a foundational element for future oncology franchises, with potential peak annual sales of $5 billion. The company has received positive pivotal data for zanzalintinib and is preparing for a potential FDA approval in metastatic colorectal cancer (CRC) with a PDUFA date in December. Exelixis is expanding its commercial organization and sales force to support the anticipated launches in CRC and NETs. The company's 2026 revenue guidance currently excludes any contribution from a potential zanzalintinib approval, suggesting a significant upside.
3. Expansion into New Indications for CABOMETYX: Beyond its current approvals, Exelixis continues to pursue data-driven label expansions for CABOMETYX across various tumor types. The recent approval in NETs is significantly boosting sales, and the company is engaged in discussions with regulatory agencies for additional potential indications, which could further broaden its market reach.
4. Advancement of Pipeline Assets: Exelixis is committed to advancing a diverse pipeline of small molecules and biotherapeutics, with the goal of bringing new treatment options to cancer patients. This includes moving promising preclinical programs into clinical development. The pipeline features antibody-drug conjugates (ADCs) like XB002 and XB371, as well as small molecules such as XL309 (a USP1 inhibitor) and XL495, which are being progressed into clinical trials. These earlier-stage assets represent longer-term growth opportunities that could contribute to revenue in the later part of the next 2-3 year timeframe and beyond.

Share Repurchases

• Since March 2023, Exelixis has repurchased a total of $2.16 billion of its common stock, retiring 76.7 million shares at an average price of $28.14 per share, as of the end of fiscal year 2025.
• In October 2025, the Board of Directors authorized an additional $750 million share repurchase program, which is set to continue through December 31, 2026.
• Exelixis completed a $500 million stock repurchase program in the second quarter of 2025 (authorized in August 2024) and another $500 million program in the fourth quarter of 2025 (authorized in February 2025).

Outbound Investments

• In May 2021, Exelixis acquired all rights to GamaMabs Pharma's AMHR2 antibody technology, with an initial payment of $5 million upon signing and additional milestone payments contingent on various events.

Capital Expenditures

• Exelixis' trailing twelve months (TTM) capital expenditure averaged $36.2 million as of December 31, 2025, with a 5-year average ranging from a minimum of $17.82 million to a maximum of $37.29 million.
• For fiscal year 2026, the company expects R&D expenses to be between $875 million and $925 million.
• The primary focus of these expenditures and investments is on funding late-stage clinical trials, early-stage drug discovery, and advancing a diverse pipeline of small molecules and biotherapeutics to build next-generation oncology franchises, including the development of zanzalintinib.