Exelixis Inc Wells Fargo 21st Annual Healthcare Conference

Yeah, thank you for the invite.

Yeah, I can start, and Andrew can kick in. We continue to, currently in 2026, we're in the process of. We launched the NET indication last year. We're continuing that process of penetrating the market from a NET indication perspective, and also from an RCC perspective. The development of zanzalintinib continues to be at the forefront of what we do. It's a big part of what the company is, as we look into 2027, it's a big part of what our expectations for the outlook for the company.

Yeah. Just to add on that, and just as a reminder, Chris J. Senner and I are going to be making forward-looking statements today, so please see relevant disclosures around risks to our business. I think Chris said it well in that 2026 is this interesting transition period for the company as we're continuing to execute, grow CABOMETYX, and really use that financial success that we have with our base CABOMETYX business to then invest in zanzalintinib, not only ahead of our potential launch in CRC later this year, but also expand the breadth of that development. So that as we exit the decade, in 2031, the LOE of CABOMETYX, that handoff to not only replace that CABOMETYX revenue, but growing it, is really the focus of the company.

Between our early-stage pipeline or being opportunistic around business development, enable that third, that fourth, that fifth program so that we can really scale as a company. That's really what we're focused on, is maximizing the value of CABOMETYX while really starting to invest at a really important time in the zanzalintinib franchise, and then being opportunistic in investing appropriately within our own internal program, looking externally, and then, again, making sure that we're doing the right thing for our shareholders and looking towards things like share buybacks as well. So, really exciting time at Exelixis.

Yeah, from an overall CABOMETYX franchise perspective, we set out a $3 billion what success could look like number, and we still feel like that's an achievable number based on everything we know today. The RCC indication is part of that growth, but also NET is a big part of that growth as we look into 2027, 2028, and 2029.

Yeah. We talked about it on the call to a large degree, but when we looked at the overall pace of the NET indication, we saw that as we drove into the community with our expanded field force, we saw that the kinetics around how some patients move from therapy to therapy, we saw that was a little bit slower than we originally had projected. In a more indolent disease like NET versus other solid tumor malignancies, they do not get scanned as often, right?

For some of the patients in other solid tumor malignancies, they get scanned every three months. From a NET perspective, a neuroendocrine tumor perspective, for some of these patients, it could be a longer period between scans and also sometimes a longer period between therapies. That is what we noticed in the market. We do not see a change in our overall outlook for the total potential, but it is just going to be a slower ramp than we originally projected.

Yeah, I think the best way I think about it is really more of a temporal dynamic than anything. It is that gap between new patient market share and total market share. P.J., our head of commercial, talked about this on the call, with 47% or so new patient market share. As patients, as Chris said, are coming in for scans, if they do need to come onto a new therapy, increasingly they are going onto CABO. But that time course on when that new treatment decision happens is just a little bit slower, especially in the community, because of either the scan interval or is there a treatment break between these. Because again, unlike a lung cancer or most other solid tumors, that slower-growing disease that is just inherent in neuroendocrine tumors makes that decision point or part where the new bottle is dispensed just temporally a little bit slower.

But again, the focus from our perspective, that leading indicator is new patient market share. We're confident that those patients are there. We're increasingly successful in converting those new patients. It's more a temporal dynamic than anything around when that switch occurs.