Exelixis Inc Citigroup’s Biopharma Back to School Summit 2026

Yeah. Thanks for the intro and the invite. Just as a reminder before I get started, we are going to be making some forward-looking statements today, so please see relevant disclosures around risks to our business in regulatory filings. So yeah, I am glad you highlighted CABO as a pipeline, a product, or however you framed it. It is really the way that we see our business. It is through this lens of franchises. And we think about franchises as the core operating through line of the company, and it is really across three dimensions. The first is exactly what you said. For a product like CABO and then hopefully zanza, expanding into multiple indications, that breadth, that stacking of revenue opportunities to really help patients. And then similarly, that second dynamic is around indications. So we are market leaders in RCC, we are market leaders in NETs.

We want to build CABO there, build zanza there, add pipeline products, potentially add external assets that we can bring in through business development, and so build product-wise and then build indication verticals. And then the last one is just around modalities. So obviously zanza and CABO on the small molecule side, if you look at our pipeline, either XB371, our tissue factor ADC or XB628, our novel next gen IO bispecific, it is that sort of can we build out the breadth of modality as well? And so over the last several years, we have really transformed the company, with the success of CABO, to really invest in all of those areas. And I think now is an important time and an interesting and exciting time at Exelixis, where we are starting to branch out into that second franchise, potentially the third franchise, the fourth franchise, the fifth franchise.

That is how we see the growth and the evolution of the company over time.

All right. Yeah. Like you mentioned, CABO's market share has been increasing. If you look at it year-over-year, Q2 2026 versus Q2 2025, we grew two market share points from 45% to 47%. So we've been growing steadily over the last several years. We feel that's a very durable franchise, particularly from an RCC perspective. We've continued to see growth in RCC, which we call the base business, and then we're seeing growth from the NET business also that is driving revenue. So both of those together are really propelling the revenue forward as we look at the guidance for this year and as we look at beyond this year into 2030.

Okay. Yeah. I think it's a truism in biopharma that really two things drive adoption: data and the team.

I think those are things that we're continuing to emphasize and hammer home. On the data side, we're always generating new data to underscore that best-in-class TKI of choice, so to speak, profile for CABO. On the NET side, we continue to do things like earlier this year, we increased the size of the NET sales force, in part to add to the breadth and depth of penetration into that segment, but then also to be launch ready for zanza, given the overlap between NET and CRC. So it's those sorts of things that I think it's really the core part of what we do is that execution.

Yeah. As we talked about on the last call, we are seeing about a 45% new patient share, as we looked at during the second quarter, so significant inroads into the NETs market.

Yeah from a new patient perspective.

What we haven't seen yet is the stacking of those patients and we expect that to happen as you continue out through 2026 and 2027 and 2028, and because this is a very indolent tumor type.

Therefore, the expectation is many of those patients will be on drug for a long time. Therefore, that stacking will drive the revenue. Now, we haven't said exactly what a number would be, but I think the TAM is about $1 billion at contemporary pricing today. We're trying to capture every market share point possible in the NET indication, and then drive the revenue from there. But it will be a contributor, a significant contributor in our growth going between now and 2030.