Slide 1: First Quarter 2026 Financial Results
TUESDAY, MAY 5, 2026 First Quarter 2026 Financial Results Nasdaq: EXEL
Slide 2: Today's Agenda
Today’s Agenda Introduction Andrew Peters SVP, Strategy and Investor Relations Business Update & Highlights Michael M. Morrissey, Ph.D. President and CEO Financial Results & Guidance Chris Senner EVP and CFO Commercial Update PJ Haley, MBA EVP, Commercial Research & Development Update Dana T. Aftab,
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’ singular focus on building a multi-franchise oncology business and Exelixis’ belief that zanzalintinib i
Slide 4: Business Update & Highlights
Business Update & Highlights Michael M. Morrissey, Ph.D. President and CEO 4
Slide 5: Exelixis Singularly Focused on Building a Multi-Franchise Oncology Business
Exelixis Singularly Focused on Building a Multi-Franchise Oncology Business Continued strong performance of the cabozantinib business in Q1 2026 • Growth in revenue, demand, market share - leading TKI in RCC and oral 2L+ NET • Expedited buildout of GI Sales team to accelerate growth in NET • Q1’26 N
Slide 6: Goal to Establish Zanzalintinib as the TKI of Choice for RCC in 2030s
Goal to Establish Zanzalintinib as the TKI of Choice for RCC in 2030s 1L Renal Cell 2L+ Non-Clear Cell Carcinoma Post-adjuvant Previously Untreated Zanzalintinib LITESPARK-033 Limited next-gen LITESPARK-034 STELLAR-304 Pivotal Study Zanzalintinib + Belzutifan options to date Zanzalintinib + Belzutif
Slide 7: Exelixis Singularly Focused on Building a Multi-Franchise Oncology Business
Exelixis Singularly Focused on Building a Multi-Franchise Oncology Business Continued strong performance of the cabozantinib business in Q1 2026 • Growth in revenue, demand, market share - leading TKI in RCC and oral 2L+ NET • Expedited buildout of GI Sales team to accelerate growth in NET • Q1’26 N
Slide 8: Financial Results & Guidance
Financial Results & Guidance Chris Senner EVP and CFO 8
Slide 9: Q1'26 Total Revenues
Q1’26 Total Revenues (See press release at www.exelixis.com for full details) $700 Cabozantinib Net Product Revenues Collaboration Revenues $600 597.8 598.7 610.8 Q1’26 Notes 555.4 568.3 55.8 54.8 52.1 42.2 48.2 $500 • $555.0M in cabozantinib net product revenues $400 (In Millions) • Q1’26 collabora
Slide 10: Q1'26 R&D Expenses
Q1’26 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 $250 Q1’26 Notes 212.2 213.2 9.5 200.4 199.2 6.8 199.9 $200 5.3 6.4 • GAAP R&D expenses of $199.9M 14.1 10.4 12.3 5.7 8.4 7.9 • Decrease
Slide 11: Q1'26 SG&A Expenses
Q1’26 SG&A Expenses (See press release at www.exelixis.com for full details) All Other SG&A Expenses Stock-Based Compensation $150 137.2 134.9 139.6 Q1’26 Notes 16.4 123.7 123.0 16.7 $125 21.9 13.3 • GAAP SG&A expenses of $139.6M 20.5 $100 • Increase in GAAP SG&A expenses vs. (In Millions) Q4’25 pri
Slide 12: Q1'26 Net Income
Q1’26 Net Income (See press release at www.exelixis.com for full details) GAAP Net Income Non-GAAP Net Income $300 259.5 Q1’26 Notes 244.5 $250 232.8 212.6 217.9 210.5 • GAAP net income of $210.5M $200 184.8 193.6 179.6 • Decrease in GAAP net income vs. Q4’25 (In Millions) 159.6 primarily due to hig
Slide 13: Q1'26 Diluted Earnings Per Share
Q1’26 Diluted Earnings Per Share (See press release at www.exelixis.com for full details) GAAP diluted EPS Non-GAAP diluted EPS $1.00 0.94 Q1’26 Notes 0.88 0.87 0.78 0.79 • GAAP diluted earnings per share of $0.80 0.75 0.69 $0.79 0.65 0.62 (In Dollars) $0.60 0.55 • Decrease in GAAP EPS vs. Q4’25 pri
Slide 14: GAAP Financial Highlights: Q1'26
GAAP Financial Highlights: Q1’26 (in millions, except per share amounts) Q1’25 Q4’25 Q1’26 YoY Delta QoQ Delta Total revenues $555.4 M $598.7 M $610.8 M +10% +2% Cost of goods sold $19.2 M $26.5 M $20.0 M +4% -25% R&D expenses $212.2 M $213.2 M $199.9 M -6% -6% SG&A expenses $137.2 M $123.0 M $139.6
Slide 15: 2026 Stock Repurchase Program (SRP) Activity
2026 Stock Repurchase Program (SRP) Activity (in millions, except per share amounts) Amount Shares Average Purchase Price Notes Repurchased Repurchased per Share Q1 2026 $430.8 10.021 $42.99 • $750M SRP authorized in Oct 2025, with $159M remaining as of the end of Q1 2026 • Exelixis plans to complet
Slide 16: Fiscal Year 2026 Financial Guidance
Fiscal Year 2026 Financial Guidance* Current Guidance (Provided January 11, 2026) Total Revenues $2.525B - $2.625B Notes Net Product Revenues $2.325B - $2.425B • FY 2026 financial guidance does not include any revenues from a potential U.S. regulatory approval and Cost of Goods Sold 3.5% - 4.5% of n
Slide 17: Commercial Update
Commercial Update PJ Haley, MBA EVP, Commercial 17
Slide 18: Driving CABOMETYX Growth and Preparing for Zanzalintinib
Driving CABOMETYX Growth and Preparing for Zanzalintinib Strong execution and momentum in Q1 2026 • $555M in cabozantinib franchise net product revenues (8% YoY growth) • CABOMETYX business continues to grow – highest CABOMETYX new patient starts ever in Q1 2026 • Expansion of the GI team was expedi
Slide 19: CABOMETYX Business Is Strong and Continues to Grow
CABOMETYX Business Is Strong and Continues to Grow TRx Market Share CABOMETYX leads TRx market: ~47% share in Q1’26 • +14% YoY TRx volume growth (Q1’26 vs Q1’25) vs +7% YoY growth of TKI Market 44% $511M* 47% $553M* 39% CABOMETYX combination with nivolumab is the #1 prescribed TKI+IO regimen in 1L R
Slide 20: CABOMETYX NET Demand Continues to Grow
CABOMETYX NET Demand Continues to Grow CABOMETYX Growth in NET • Broad 2L+ NET adoption across patient types, practice settings • CABOMETYX captured nearly half the patients post-PRRT • Strong academic adoption; increasing focus in community and GPO settings • Completed GI field expansion to maximiz
Slide 21: 3L+ CRC Market ~$1.5B in 2026 - Significant Opportunity for Zanzalintinib
3L+ CRC Market ~$1.5B in 2026 - Significant Opportunity for Zanzalintinib 2026: 3L+ mCRC Market Breakdown (U.S.)1 • Large market opportunity, one of the “big 4” tumors ~23,000 Patients • Significant unmet need in 3L+ setting • $1.5B opportunity in 20262 using contemporary branded 33% drug pricing •
Slide 22: Driving CABOMETYX Growth and Preparing for Zanzalintinib
Driving CABOMETYX Growth and Preparing for Zanzalintinib Strong execution and momentum in Q1 2026 • Highest CABOMETYX new patient starts ever NET adoption is broad, focus on growth in community The #1 prescribed TKI for RCC and oral agent in 2L+ NET Expanded the Exelixis GI Sales team to support NET
Slide 23: Research & Development Update
Research & Development Update Dana T. Aftab, Ph.D. EVP, Research and Development 23
Slide 24: Zanzalintinib Development Program Demonstrates Strong Franchise Potential
Zanzalintinib Development Program Demonstrates Strong Franchise Potential Phase 1 Phase 2 Phase 3 001 Advanced Solid Tumors (+ atezolizumab) 3L+ mCRC (+ atezolizumab) 002 Advanced Solid Tumors (+ nivolumab 304 nccRCC (+ nivolumab) ± relatlimab; + docetaxel) 311 1L/2L NET KEYMAKER-U03: Substudy 03C*
Slide 25: Ongoing FDA Review of Zanzalintinib NDA in 3L+ Non-MSI-High mCRC
Ongoing FDA Review of Zanzalintinib NDA in 3L+ Non-MSI-High mCRC Based on positive results from STELLAR-303 phase 3 pivotal trial Clear clinical differentiation vs. other TKI+IO combinations, driven by zanza’s differentiated kinase inhibition profile Potential to become a new standard of care for pr
Slide 26: STELLAR-303 (NCT05425940) Study Design
STELLAR-303 (NCT05425940) Study Design Pivotal Study of Zanzalintinib + Atezolizumab in Non-MSI-High mCRC Patient Population Zanzalintinib 100 mg PO QD + • Aged ≥18 years Atezolizumab 1200 mg IV Q3W • Documented to not have MSI-H or dMMR status • mCRC that radiographically progressed on or was (n=45
Slide 27: STELLAR-303: OS Analysis (ITT Population) – Dual Primary Endpoint
STELLAR-303: OS Analysis (ITT Population) – Dual Primary Endpoint Pivotal Study of Zanzalintinib + Atezolizumab in Non-MSI-High mCRC 100 Zanzalintinib + Atezolizumab Regorafenib Outcome (n=451) (n=450) 90 Median OS, 10.9 9.4 80 months 70 HR, 0.80 (95% CI, 0.69–0.93); P=0.0045* Probability of OS (%)
Slide 28: STELLAR-303: OS Analysis (NLM Population) – Dual Primary Endpoint
STELLAR-303: OS Analysis (NLM Population) – Dual Primary Endpoint Pivotal Study of Zanzalintinib + Atezolizumab in Non-MSI-High mCRC • The interim analysis in the nlmITT population (dual primary endpoint) showed a trend in OS favoring the combination (stratified HR, 0.79 [95% CI, 0.61–1.03; P=0.087]
Slide 29: STELLAR-316: Expanding Zanzalintinib Opportunity into Early-Stage CRC
STELLAR-316: Expanding Zanzalintinib Opportunity into Early-Stage CRC Proposed Trial Design: 316 Resected, Stage II / III Primary Endpoint: Zanzalintinib + ICI MRD+ CRC • DFS per BICR • Resected Stage II/III colorectal adenocarcinoma 1:1:1 Zanzalintinib Secondary Endpoints: • MRD+ following completi
Slide 30: Significant Unmet Need Exists for Resected, Stage II/III CRC Patients Who Are MRD+
Significant Unmet Need Exists for Resected, Stage II/III CRC Patients Who Are MRD+ After Definitive Therapy and at Higher Risk of Recurrence* Stage II/III CRC Incident Cases1 Stage II/III CRC Patients Who Are MRD+ Have Worse Outcomes4 Stage II Stage III ~89k % receive adjuvant chemo2 ~67% % MRD+ pat
Slide 31: STELLAR-316: Partnership with Natera Underscores Commitment
STELLAR-316: Partnership with Natera Underscores Commitment to Advancing New Approaches to Treat Resected, Stage II/III MRD+ CRC Enables access to Signatera assay to identify MRD-positive patients for trial enrollment and to monitor response to therapy Potential to improve clinical outcomes by ident
Slide 32: Zanzalintinib: Positioned to Be Next Oncology Franchise Molecule
Zanzalintinib: Positioned to Be Next Oncology Franchise Molecule ▪ Potent inhibition of VEGFR, MET and TAM kinases (TYRO3, AXL, MER) Zanzalintinib TARGETS ▪ Leverages cabozantinib clinical experience to guide development, aiming to Next-generation deliver improved benefit/risk profile VEGFR-targetin
Slide 33: STELLAR-304: First & Only Randomized Phase 3 Study in nccRCC
STELLAR-304: First & Only Randomized Phase 3 Study in nccRCC 304 Primary Endpoint: 1L nccRCC • PFS • Papillary, unclassified and translocation-associated Zanzalintinib + Nivo • ORR histologies (sarcomatoid features allowed) 2:1 • Karnofsky score ≥70 • No prior systemic anticancer therapy for Sunitin
Slide 34: LITESPARK-033: Addressing the Evolving Landscape in RCC
LITESPARK-033: Addressing the Evolving Landscape in RCC Primary Endpoint: • PFS (BICR) • OS 1L, aRCC, Post-adjuvant IO Zanzalintinib + Belzutifan Secondary Endpoints: • ccRCC 1:1 • ORR (BICR) – Key • Disease recurrence post adjuvant IO Cabozantinib • DOR • No prior systemic therapy for metastatic RC
Slide 35: LITESPARK-034: Establishing Zanzalintinib Across Lines of Therapy
LITESPARK-034: Establishing Zanzalintinib Across Lines of Therapy Dual Primary Endpoints: • PFS (BICR) 2L+, aRCC, Post-IO and VEGFR-TKI • OS Zanzalintinib + • ccRCC Belzutifan Secondary Endpoints: • Measurable disease per RECIST v1.1 1:1 • ORR (BICR) – Key • Progressed following prior anti-PD-1/L1 a
Slide 36: Goal to Establish Zanzalintinib as the TKI of Choice for RCC in 2030s
Goal to Establish Zanzalintinib as the TKI of Choice for RCC in 2030s 1L Renal Cell 2L+ Non-Clear Cell Carcinoma Post-adjuvant Previously Untreated Zanzalintinib LITESPARK-033 Limited next-gen LITESPARK-034 STELLAR-304 Pivotal Study Zanzalintinib + Belzutifan options to date Zanzalintinib + Belzutif
Slide 37: STELLAR-311: Address Unmet Need and Advance Innovation in pNET and epNET
STELLAR-311: Address Unmet Need and Advance Innovation in pNET and epNET 311 Primary Endpoint: • PFS (BICR) 1L/2L Advanced NET • Advanced or metastatic pNET and epNET Zanzalintinib Secondary Endpoints: • Up to one prior line of systemic treatment • OS 1:1 (excluding SSA) • ORR, DOR, and DCR by BICR
Slide 38: Zanzalintinib in Recurrent Meningioma
Zanzalintinib in Recurrent Meningioma: Opportunity to be First and Only Systemic Therapy in Meningioma 4 RECURRENT MENINGIOMA • Meningioma is the most common primary intracranial neoplasm (~40k incidence, U.S.1) originating in the meningeal layers of the brain or spinal cord • While most meningiomas
Slide 39: STELLAR-201: Opportunity to be First and Only Systemic Therapy in Meningioma
STELLAR-201: Opportunity to be First and Only Systemic Therapy in Meningioma 201 Primary Endpoint: • ORR Recurrent Meningioma • Grade I/II/III meningioma with relapse/progression Secondary Endpoints: following radiation/surgery or not a candidate for Single Arm Zanzalintinib • DOR these therapies •
Slide 40: Exploring Zanzalintinib Combinations in Lung and Prostate Cancer
Exploring Zanzalintinib Combinations in Lung and Prostate Cancer Two additional zanzalintinib studies: ➢ STELLAR-202 rationale based on prior cabozantinib experience 202 Will explore combining from CONTACT-01 study zanzalintinib with pembrolizumab Planned phase 2 trial in maintenance setting, after
Slide 41: Advancing Early-stage Pipeline to Identify Next Potential Franchise Molecules
Advancing Early-stage Pipeline to Identify Next Potential Franchise Molecules Pre-IND Phase 1 Phase 2 Phase 3 001 Advanced Solid Tumors (+ atezolizumab) 3L+ mCRC (+ atezolizumab) 002 Advanced Solid Tumors (+ nivolumab 304 nccRCC (+ nivolumab) ± relatlimab; + docetaxel) 311 1L/2L NET Zanzalintinib KE
Slide 42: Closing
Closing Michael M. Morrissey, Ph.D. President and CEO 42
Slide 43: Key 2026 Corporate Objectives
Key 2026 Corporate Objectives Execute on commercial business and maintain strong financial performance • Guiding to additional growth with cabozantinib franchise • Continue prudent expense management, maintaining roughly $1 billion in R&D investment annually • Complete ongoing $750M October 2025 SRP
Slide 44: Q&A Session
Q&A Session 44
Slide 45: First Quarter 2026 Financial Results
TUESDAY, MAY 5, 2026 First Quarter 2026 Financial Results Nasdaq: EXEL
Slide 46: Financial Appendix
Financial Appendix 46
Slide 47: Non-GAAP Financial Highlights: Q1'26
Non-GAAP Financial Highlights: Q1’26 (in millions, except per share amounts) Q1’25 Q4’25 Q1’26 YoY Delta QoQ Delta Total revenues $555.4 M $598.7 M $610.8 M +10% +2% Cost of goods sold $19.2 M $26.5 M $20.0 M +4% -25% R&D expenses(a) (b) $202.7 M $206.5 M $187.6 M -7% -9% SG&A expenses(a) (b) $120.8
Slide 48: Q1'26 Diluted Weighted Average Shares Outstanding
Q1’26 Diluted Weighted Average Shares Outstanding Weighted Avg Shares Outstanding - Diluted 300 288.2 284.4 Q1’26 Notes 278.5 276.3 267.3 • Net decrease in diluted weighted average shares outstanding since Q1’25 due to our share repurchase (In Millions) programs 250 200 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26
Slide 49: Q1'26 Ipsen Royalties
Q1’26 Ipsen Royalties Ipsen ex-US and ex-Japan cabozantinib Franchise Net Product Revenues* Ipsen Royalty to Exelixis 198.5 Q1’26 Notes $200 193.3 176.5 182.2 • Q1’26 Ipsen ex-US and ex-Japan 154.5 $150 cabozantinib franchise net product revenues of $198.5M (In Millions) • Q1’26 Ipsen royalty to Exe
Slide 50: 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 51: GAAP to Non-GAAP Reconciliation (continued)
GAAP to Non-GAAP Reconciliation (continued) (in millions, except per share amounts) 51 Amounts may not sum due to rounding.
Slide 52: First Quarter 2026 Financial Results
TUESDAY, MAY 5, 2026 First Quarter 2026 Financial Results Nasdaq: EXEL