Exelixis, Inc. · NASDAQ:EXEL
Exelixis — Q2 2025 Earnings Presentation
42 slides from Exelixis's earnings presentation, Jul 28, 2025
Slide 1: Second Quarter 2025 Financial Results
MONDAY, JULY 28, 2025 Second Quarter 2025 Financial Results Nasdaq: EXEL
Slide 2: Today’s Agenda
Today’s Agenda Introduction Susan Hubbard EVP, Public Affairs and Investor Relations Second Quarter 2025 Highlights Michael M. Morrissey, Ph.D. President and CEO Financial Results & Guidance Chris Senner EVP and CFO Commercial Update PJ Haley EVP, Commercial Development Update Amy Peterson, M.D. EVP
Slide 3: Forward-Looking Statements
Forward-Looking Statements This presentation, including any oral presentation accompanying it, contains forward-looking statements, including, without limitation, statements related to: Exelixis’ plans to build a multi-product, multi-franchise oncology business, including potential market opportunit
Slide 4: Second Quarter 2025 Highlights
Second Quarter 2025 Highlights Michael M. Morrissey, Ph.D. President and CEO 4
Slide 5: Strong Q2 2025 Accelerating Progress and Building Momentum
Strong Q2 2025 Accelerating Progress and Building Momentum Growth of U.S. cabozantinib franchise, catalyzed by early success of NET launch • Q2 2025 U.S. NPR grew 19% YoY to $520M vs $438M (Q2 2024) • Built leading share in oral 2L+ NET market segment, representing ~4% of Q2’25 NPR • Partner Ipsen’s
Slide 6: Financial Results & Guidance
Financial Results & Guidance Chris Senner EVP and CFO 6
Slide 7: Q2’25 Total Revenues
Q2’25 Total Revenues (See press release at www.exelixis.com for full details) $700 Cabozantinib Net Product Revenues Collaboration Revenues 637.2 $600 566.8 555.4 568.3 Q2’25 Notes 539.5 199.6 51.5 42.2 48.2 $500 61.5 • $520.0M in cabozantinib net product revenues (In Millions) $400 • Q2’25 collabor
Slide 8: Q2’25 R&D Expenses
Q2’25 R&D Expenses (See press release at www.exelixis.com for full details) All Other R&D Expenses License and Other Collaboration Costs* Stock-Based Compensation $300 Q2’25 Notes 249.0 $250 8.8 222.6 • GAAP R&D expenses of $200.4M 211.1 21.9 212.2 8.8 9.5 200.4 9.2 18.7 $200 5.8 5.3 14.1 • Decrease
Slide 9: Q2’25 SG&A Expenses
Q2’25 SG&A Expenses (See press release at www.exelixis.com for full details) $160 All Other SG&A Expenses Stock-Based Compensation $140 132.0 134.3 137.2 134.9 Q2’25 Notes 17.5 16.4 16.2 21.9 $120 111.8 • GAAP SG&A expenses of $134.9M 14.3 $100 • Decrease in GAAP SG&A expenses vs. (In Millions) Q1’2
Slide 10: Q2’25 Net Income
Q2’25 Net Income (See press release at www.exelixis.com for full details) GAAP Net Income Non-GAAP Net Income $300 Q2’25 Notes 245.6 $250 226.1 212.6 • GAAP net income of $184.8M $200 184.8 179.6 • Increase in GAAP net income vs. Q1’25 (In Millions) 160.3 159.6 primarily due to lower operating expen
Slide 11: Q2’25 Diluted Earnings Per Share
Q2’25 Diluted Earnings Per Share (See press release at www.exelixis.com for full details) $1.00 GAAP diluted EPS Non-GAAP diluted EPS $0.90 Q2’25 Notes 0.84 $0.80 0.77 0.75 • GAAP diluted earnings per share of $0.65 $0.70 0.65 0.62 • Increase in GAAP EPS vs. Q1’25 primarily $0.60 0.55 (In Dollars) 0
Slide 12: GAAP Financial Highlights: Q2’25
GAAP Financial Highlights: Q2’25 (in millions, except per share amounts) Q2’24 Q1’25 Q2’25 YoY Delta QoQ Delta Total revenues $637.2 M $555.4 M $568.3 M -11% +2% Cost of goods sold $17.7 M $19.2 M $19.5 M +10% +2% R&D expenses $211.1 M $212.2 M $200.4 M -5% -6% SG&A expenses $132.0 M $137.2 M $134.9
Slide 13: 2025 Stock Repurchase Program Activity
2025 Stock Repurchase Program Activity (in millions, except per share amounts) Amount Shares Average Purchase Repurchased Repurchased Price per Share Q1 2025 $288.8 8.061 $35.83 Q2 2025 $301.8 7.527 $40.10 Total $590.6 15.588 $37.89 $500M stock repurchase program authorized in August 2024 was comple
Slide 14: Full Year 2025 Financial Guidance
Full Year 2025 Financial Guidance* Current Guidance (Provided May 13, 2025) Total Revenues $2.25B - $2.35B Net Product Revenues $2.05B - $2.15B Cost of Goods Sold 4% - 5% of net product revenues $925M - $975M R&D Expenses Includes $50M of non-cash stock-based compensation $475M - $525M SG&A Expenses
Slide 15: Commercial Update
Commercial Update PJ Haley EVP, Commercial 15
Slide 16: CABOMETYX: Q2 2025 Performance
CABOMETYX: Q2 2025 Performance Strong execution and momentum in Q2’25 • $520M in cabozantinib franchise net product revenues • CABOMETYX RCC business remains strong and continues to grow • NET launch off to strong start and contributed to overall growth of CABOMETYX franchise NET adoption is rapid a
Slide 17: CABOMETYX Business Summary - #1 TKI in RCC
CABOMETYX Business Summary - #1 TKI in RCC CABOMETYX leads TRx market with ~45% share in Q2’25 TRx Market Share +18% YoY TRx • +18% YoY TRx volume growth (Q2’24 vs. Q2’25) vs. TKI Growth Market of 8% YoY growth • +5.3% QoQ TRx volume growth (Q1’25 vs. Q2’25) vs. TKI 45% $518M* Market of 3.6% QoQ gro
Slide 18: CABOMETYX RCC Business Remains Strong and Continues to Grow
CABOMETYX RCC Business Remains Strong and Continues to Grow • CABOMETYX in combination with nivolumab is the #1 prescribed TKI+IO regimen in 1L RCC for the 11th consecutive quarter • 5-year CheckMate -9ER follow-up data impactful and prescriber experience continues to be positive ~35% ~35% • Strong
Slide 19: Commercial Team Immediately Executed a Comprehensive NET Launch Plan
Commercial Team Immediately Executed a Comprehensive NET Launch Plan NOW APPROVED Sales Team Digital Engagement Patient Support Conference Engagement Peer to Peer Education Deployed hours after Websites, Media, and Patient access and Broad conference Immediate and ongoing approval with full suite of
Slide 20: Physicians are Excited About a New Treatment Option for NET Patients
Physicians are Excited About a New Treatment Option for NET Patients CABOMETYX Perceptions in NET Physicians respond favorably to the CABOMETYX 2L+ NET label and the contemporary trial design Early physician perceptions of efficacy and safety/tolerability are favorable to other small molecule compet
Slide 21: Early CABOMETYX Uptake in NET is Extensive and Growing
Early CABOMETYX Uptake in NET is Extensive and Growing CABOMETYX Adoption in NET Strong uptake in 2L and 3L • Strong new patient starts and demand for NET in Q2’25; NET contributed ~4% to overall Adoption across GI, pancreatic and CABOMETYX demand in Q2 lung NET, SSTR status and Grade • Most rapid g
Slide 22: CABOMETYX Is Already the Market Leader in NET Small Molecule Market
CABOMETYX Is Already the Market Leader in NET Small Molecule Market CABOMETYX First Quarter of Launch - Penetration in NET Oral Small Molecule Market NET Oral Small Molecule Market New Patient Share • Oral small molecule NET market valued ~$1B in 2025 100% • CABOMETYX captured ~35% of new patient sh
Slide 23: CABOMETYX: Q2 2025 Performance
CABOMETYX: Q2 2025 Performance Strong execution and momentum in Q2’25 • $520M in cabozantinib franchise net product revenues • CABOMETYX RCC business remains strong and continues to grow • NET launch off to strong start and contributed to overall growth of CABOMETYX franchise NET adoption is rapid a
Slide 24: Development Update
Development Update Amy Peterson, M.D. EVP, Product Development and Medical Affairs and CMO 24
Slide 25: STELLAR-303: Pivotal Study of Zanzalintinib + Atezolizumab in mCRC
STELLAR-303: Pivotal Study of Zanzalintinib + Atezolizumab in mCRC Exelixis-sponsored Trial with Atezolizumab Supplied by Genentech/Roche STELLAR-303 (Phase 3) • Patients with non-MSI-high/non-dMMR mCRC who are refractory to, or who are intolerant to fluoropyrimidine-, Experimental Arm oxaliplatin-
Slide 26: STELLAR-304: Pivotal Study of Zanzalintinib + Nivolumab in 1L nccRCC
STELLAR-304: Pivotal Study of Zanzalintinib + Nivolumab in 1L nccRCC Exelixis-sponsored Trial with Nivolumab Supplied by Bristol Myers Squibb STELLAR-304 (Phase 3) Experimental Arm • Patients who have not yet received systemic zanzalintinib + nivolumab therapy for their locally advanced or metastati
Slide 27: STELLAR-305: Pivotal Study of Zanzalintinib + Pembrolizumab in 1L PD-L1+ HNSCC
STELLAR-305: Pivotal Study of Zanzalintinib + Pembrolizumab in 1L PD-L1+ HNSCC Exelixis-sponsored Trial with Pembrolizumab Supplied by Merck STELLAR-305 (Phase 2/3) • Patients who have not received systemic Experimental Arm therapy for their PD-L1 expressing locally zanzalintinib + pembrolizumab ad
Slide 28: STELLAR-311: Pivotal Study of Zanzalintinib in Advanced NET
STELLAR-311: Pivotal Study of Zanzalintinib in Advanced NET Exelixis-sponsored Trial Pivotal study evaluating zanzalintinib vs. everolimus as a first STELLAR-311 (Phase 3) oral therapy in advanced NET patients Advanced NET • Study leverages comprehensive body of data generated by cabozantinib in • E
Slide 29: Additional Updates on Zanzalintinib Pivotal Development Program
Additional Updates on Zanzalintinib Pivotal Development Program Merck-led RCC Studies of zanzalintinib + belzutifan • Cohorts evaluating combination of zanzalintinib + belzutifan in patients with previously treated metastatic RCC were recently initiated in Merck’s phase 2 umbrella study (KEYMAKER-U0
Slide 30: Pipeline & Discovery Update
Pipeline & Discovery Update Dana T. Aftab, Ph.D. EVP, Discovery and Translational Research and CSO 30
Slide 31: Diversified Pipeline of Potentially Best-in-class and/or First-in-class Molecules
Diversified Pipeline of Potentially Best-in-class and/or First-in-class Molecules Could Expand Our Patient Impact and Drive Long-term Growth Select Exelixis Early-Stage Pipeline Programs • 4 internal clinical programs with best- and/or first-in-class potential are in Best-in- First-in- Phase 1 devel
Slide 32: Closing
Closing Michael M. Morrissey, Ph.D. President and CEO 32
Slide 33: Key 2025 Corporate Objectives
Key 2025 Corporate Objectives Execute on business goals and maintain strong financial performance • Guided to additional growth in 2025, with potential upside from NET launch • Continue prudent expense management • Complete ongoing 2024-2025 stock repurchase programs, totaling $1 billion Pursue labe
Slide 34: Q&A Session
Q&A Session 34
Slide 35: Second Quarter 2025 Financial Results
MONDAY, JULY 28, 2025 Second Quarter 2025 Financial Results Nasdaq: EXEL
Slide 36: Financial Appendix
Financial Appendix 36
Slide 37: Non-GAAP Financial Highlights: Q2’25
Non-GAAP Financial Highlights: Q2’25 (in millions, except per share amounts) Q2’24 Q1’25 Q2’25 YoY Delta QoQ Delta Total revenues $637.2 M $555.4 M $568.3 M -11% +2% Cost of goods sold $17.7 M $19.2 M $19.5 M +10% +2% R&D expenses (a)(b) $202.0 M $202.7 M $186.2 M -8% -8% SG&A expenses (a)(b) $115.8
Slide 38: Q2’25 Ipsen Royalties
Q2’25 Ipsen Royalties Ipsen ex-US and ex-Japan Cabozantinib Franchise Net Product Revenues* Ipsen Royalty to Exelixis 176.5 $180 166.2 160.0 Q2’25 Notes 159.5 $160 154.5 $140 • Q2’25 Ipsen ex-US and ex-Japan cabozantinib franchise net product (In Millions) $120 revenues of $176.5M $100 • Q2’25 Ipsen
Slide 39: Q2’25 Diluted Weighted Average Shares Outstanding
Q2’25 Diluted Weighted Average Shares Outstanding Weighted Avg Shares Outstanding - Diluted 300 294.0 291.5 293.5 Q2’25 Notes 290 288.2 284.4 • Net decrease in diluted weighted average (In Millions) 280 shares outstanding compared to Q2’25 due to our stock repurchase programs 270 260 250 Q2'24 Q3'24
Slide 40: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation (in millions, except per share amounts) Non-GAAP Financial Measures To supplement Exelixis’ financial results presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP), Exelixis uses certain non-GAAP financial measures in this presentation and
Slide 41: GAAP to Non-GAAP Reconciliation (continued)
GAAP to Non-GAAP Reconciliation (continued) (in millions, except per share amounts) Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Net Income reconciliation: GAAP Net Income $ 226.1 $ 118.0 $ 139.9 $ 159.6 $ 184.8 (1) 9.2 8.8 8.8 9.5 14.1 Stock-based compensation - Research and development Stock-based compensation -
Slide 42: Second Quarter 2025 Financial Results
MONDAY, JULY 28, 2025 Second Quarter 2025 Financial Results Nasdaq: EXEL