Slide 1: Second Quarter 2026 Financial Results
WEDNESDAY, AUGUST 5, 2026 Second 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’ plans to execute on its strategy to become a multi-franchise oncology business and belief in zanzalintin
Slide 4: Business Update & Highlights
Business Update & Highlights Michael M. Morrissey, Ph.D. President and CEO 4
Slide 5: Executing on Our Strategy to Evolve into a Multi-franchise Oncology Business
Executing on Our Strategy to Evolve into a Multi-franchise Oncology Business Zanzalintinib poised to transform Exelixis as our next franchise molecule • 3L+ CRC NDA filing under review, with a PDUFA date of December 3, 2026 • Accelerating progress on next six pivotal studies across multiple tumor ty
Slide 6: Financial Results & Guidance
Financial Results & Guidance Chris Senner EVP and CFO 6
Slide 7: Q2’26 Total Revenues
Q2’26 Total Revenues (See press release at www.exelixis.com for full details) $700 Cabozantinib Net Product Revenues Collaboration Revenues 628.7 610.8 $600 568.3 597.8 598.7 55.7 Q2’26 Notes 54.8 52.1 55.8 48.2 $500 • $573.0M in cabozantinib net product revenues $400 (In Millions) • Q2’26 collabora
Slide 8: Q2’26 R&D Expenses
Q2’26 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 $250 213.2 Q2’26 Notes 212.0 200.4 199.2 6.8 199.9 12.3 $200 10.4 6.4 14.1 12.3 9.3 • GAAP R&D expenses of $212.0M 5.7 8.4 7.9 • Increase
Slide 9: Q2’26 SG&A Expenses
Q2’26 SG&A Expenses (See press release at www.exelixis.com for full details) All Other SG&A Expenses Stock-Based Compensation 147.6 $150 134.9 139.6 20.2 Q2’26 Notes 123.7 123.0 16.7 $125 21.9 20.5 13.3 • GAAP SG&A expenses of $147.6M $100 • Increase in GAAP SG&A expenses vs. (In Millions) Q1’26 pri
Slide 10: Q2’26 Net Income
Q2’26 Net Income (See press release at www.exelixis.com for full details) $300 GAAP Net Income Non-GAAP Net Income 259.5 Q2’26 Notes $250 244.5 237.1 232.8 212.6 217.9 210.5 212.1 • GAAP net income of $212.1M $200 193.6 184.8 • Increase in GAAP net income vs. Q1’26 (In Millions) primarily due to hig
Slide 11: Q2’26 Diluted Earnings Per Share
Q2’26 Diluted Earnings Per Share (See press release at www.exelixis.com for full details) GAAP diluted EPS Non-GAAP diluted EPS $1.00 0.88 0.94 0.91 Q2’26 Notes 0.87 0.82 0.78 0.79 $0.80 0.75 • GAAP diluted earnings per share of 0.69 $0.82 0.65 (In Dollars) $0.60 • Increase in GAAP diluted EPS vs. Q
Slide 12: GAAP Financial Highlights: Q2’26
GAAP Financial Highlights: Q2’26 (in millions, except per share amounts) Q2’25 Q1’26 Q2’26 YoY Delta QoQ Delta Total revenues $568.3 M $610.8 M $628.7 M +11% +3% Cost of goods sold $19.5 M $20.0 M $20.7 M +6% +4% R&D expenses $200.4 M $199.9 M $212.0 M +6% +6% SG&A expenses $134.9 M $139.6 M $147.6
Slide 13: 2026 Stock Repurchase Program (SRP) Activity
2026 Stock Repurchase Program (SRP) Activity (in millions, except per share amounts) Amount Stock Average Purchase Price Notes Repurchased Repurchased per Share Q1 2026 $430.8 10.021 $42.99 • $750M SRP authorized in Oct 2025 was completed in May 2026 Q2 2026 $311.6 6.513 $47.85 • $750M SRP authorize
Slide 14: Full Year 2026 Financial Guidance
Full Year 2026 Financial Guidance* Current Guidance Previous Guidance (Provided August 5, 2026) (Provided January 11, 2026) Total Revenues $2.500B - $2.550B $2.525B - $2.625B Net Product Revenues $2.300B - $2.350B $2.325B - $2.425B Cost of Goods Sold 3.5% - 4.5% of net product revenues 3.5% - 4.5% o
Slide 15: Commercial Update
Commercial Update PJ Haley, MBA EVP, Commercial 15
Slide 16: CABOMETYX Q2 2026 Performance
CABOMETYX Q2 2026 Performance Strong execution and growth in Q2 2026 • CABOMETYX net product revenues grew 10% YoY (Q2’26 vs Q2’25) NET business poised for long-term growth • More gradual growth ramp than anticipated due to 2L+ patient kinetics • CABOMETYX 2L+ oral therapy new patient market share >
Slide 17: CABOMETYX Business Is Strong and Continues to Grow
CABOMETYX Business Is Strong and Continues to Grow CABOMETYX leads TRx market: ~47% share in Q2’26 TRx Market Share • +12% YoY TRx volume growth (Q2’25 vs. Q2’26) vs. TKI Market of +6% YoY growth 47% $ 571M* CABOMETYX combination with nivolumab is the 45% $ 518M* #1 prescribed TKI+IO regimen in 1L R
Slide 18: CABOMETYX NET Business Poised for Long-term Growth
CABOMETYX NET Business Poised for Long-term Growth CABOMETYX Growth in NET • 2L+ oral new patient share grew to >45% in Q2’26, extending leadership • Indolent disease - patient kinetics are more gradual relative to more aggressive solid tumors • Refills and increased new patient share to drive growi
Slide 19: Potential Zanzalintinib Launch in 3L+ CRC: Significant Unmet Need and Commercial Opportunity
Potential Zanzalintinib Launch in 3L+ CRC: Significant Unmet Need and Commercial Opportunity 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
Slide 20: Driving CABOMETYX Growth and Preparing for Zanzalintinib
Driving CABOMETYX Growth and Preparing for Zanzalintinib CABOMETYX business remains strong • Growth driven by both RCC and NET • CABOMETYX remains the #1 TKI and TKI+IO combination in RCC as well as the #1 oral therapy in 2L+ NET NET business poised for long-term growth • More gradual growth ramp th
Slide 21: Research & Development Update
Research & Development Update Dana T. Aftab, Ph.D. EVP, Research and Development 21
Slide 22: 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 23: 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 24: STELLAR-316: Expanding Zanzalintinib Opportunity into Early-Stage CRC
STELLAR-316: Expanding Zanzalintinib Opportunity into Early-Stage CRC Exelixis-sponsored Study in Collaboration with Merck and Natera Proposed Trial Design: 316 Zanzalintinib + pembrolizumab and Resected, Stage II / III Primary Endpoint: berahyaluronidase alfa-pmph MRD+ CRC • DFS per BICR • Resected
Slide 25: STELLAR-311: Address Unmet Need and Advance Innovation in pNET and epNET
STELLAR-311: Address Unmet Need and Advance Innovation in pNET and epNET Exelixis-sponsored Study 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) • O
Slide 26: STELLAR-304: First & Only Randomized Phase 3 Study in nccRCC
STELLAR-304: First & Only Randomized Phase 3 Study in nccRCC Exelixis-sponsored Study 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 antic
Slide 27: 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 28: 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 29: Exploring Novel Combination Opportunities in RCC to Establish Zanzalintinib as the TKI Partner of Choice
Exploring Novel Combination Opportunities in RCC to Establish Zanzalintinib as the TKI Partner of Choice in the 2030s 1L Renal Cell 2L+ Non-Clear Cell Carcinoma Post-adjuvant IO Previously Untreated Zanzalintinib LITESPARK-033 Limited next-gen LITESPARK-034 STELLAR-304 Pivotal Study Zanzalintinib +
Slide 30: Expanding Zanzalintinib GU Development, Informed by Cabozantinib Activity
Expanding Zanzalintinib GU Development, Informed by Cabozantinib Activity Two additional STELLAR-002 GU expansion cohorts: ➢ Bladder cancer cohort rationale based on prior cabozantinib data 002 Evaluating single-agent zanzalintinib in metastatic bladder cancer patients • Area of high unmet need with
Slide 31: STELLAR-201: Opportunity to be First and Only Systemic Therapy in Meningioma
STELLAR-201: Opportunity to be First and Only Systemic Therapy in Meningioma Exelixis-sponsored Study 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
Slide 32: STELLAR-202: Planned Phase 2 Trial in Squamous NSCLC
STELLAR-202: Planned Phase 2 Trial in Squamous NSCLC Exelixis-sponsored Study 202 • STELLAR-202 rationale based on prior cabozantinib Squamous NSCLC experience from CONTACT-01 study • Explore combining zanzalintinib with pembrolizumab in maintenance setting, • Area of high unmet need given short PFS
Slide 33: 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 34: Closing
Closing Michael M. Morrissey, Ph.D. President and CEO 34
Slide 35: 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 • Completed $750M October 2025 SRP in May
Slide 36: Q&A Session
Q&A Session 36
Slide 37: Second Quarter 2026 Financial Results
WEDNESDAY, AUGUST 5, 2026 Second Quarter 2026 Financial Results Nasdaq: EXEL
Slide 38: Financial Appendix
Financial Appendix 38
Slide 39: Non-GAAP Financial Highlights: Q2’26
Non-GAAP Financial Highlights: Q2’26 (in millions, except per share amounts) Q2’25 Q1’26 Q2’26 YoY Delta QoQ Delta Total revenues $568.3 M $610.8 M $628.7 M +11% +3% Cost of goods sold $19.5 M $20.0 M $20.7 M +6% +4% R&D expenses(a) (b) $186.2 M $187.6 M $199.6 M +7% +6% SG&A expenses(a) (b) $112.9
Slide 40: Q2’26 Diluted Weighted Average Shares Outstanding
Q2’26 Diluted Weighted Average Shares Outstanding Weighted Avg Shares Outstanding - Diluted 300 284.4 Q2’26 Notes 278.5 276.3 267.3 • Net decrease in diluted weighted 259.7 average shares outstanding since Q2’25 due to our stock repurchase (In Millions) 250 programs 200 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
Slide 41: Q2’26 Ipsen Royalties
Q2’26 Ipsen Royalties Ipsen ex-US and ex-Japan cabozantinib Franchise Net Product Revenues* Ipsen Royalty to Exelixis Q2’26 Notes $250 218.8 193.3 198.5 • Q2’26 Ipsen ex-US and ex-Japan $200 182.2 176.5 cabozantinib franchise net product (In Millions) revenues of $218.8M $150 • Q2’26 Ipsen royalty t
Slide 42: 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 43: GAAP to Non-GAAP Reconciliation (continued)
GAAP to Non-GAAP Reconciliation (continued) (in millions, except per share amounts) 43 Amounts may not sum due to rounding.
Slide 44: Second Quarter 2026 Financial Results
WEDNESDAY, AUGUST 5, 2026 Second Quarter 2026 Financial Results Nasdaq: EXEL