Exelixis, Inc. · NASDAQ:EXEL
Exelixis — FY2024 Earnings Presentation
32 slides from Exelixis's earnings presentation, Feb 11, 2025
Slide 1: Fourth Quarter & Fiscal Year 2024 Financial Results
TUESDAY, FEBRUARY 11, 2025 Fourth Quarter & Fiscal Year 2024 Financial Results Nasdaq: EXEL
Slide 2: Today's Agenda
Today’s Agenda Introduction Susan Hubbard EVP, Public Affairs and Investor Relations Business Update and Highlights Michael M. Morrissey, Ph.D. President and CEO Financial Results & Guidance Chris Senner EVP and CFO Q&A All, joined by: PJ Haley EVP, Commercial Amy Peterson, M.D. EVP, Product Develop
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 expectations for zanzalint
Slide 4: Business Update and Highlights
Business Update and Highlights Michael M. Morrissey, Ph.D. President and CEO 4
Slide 5: EXEL 2025: Building a Multi-product, Multi-franchise Oncology Business
EXEL 2025: Building a Multi-product, Multi-franchise Oncology Business Continued strong cabozantinib performance across all key commercial metrics, with recent milestones driving optimism for the franchise’s revenue outlook into 2030 Zanzalintinib opportunity expected to surpass cabozantinib in scop
Slide 6: CABOMETYX: Continued Growth and Momentum in the U.S. and Globally
CABOMETYX: Continued Growth and Momentum in the U.S. and Globally Strong performance of cabozantinib business in Q4 and FY2024 • Approx. 11% growth in demand, new starts and revenue in FY24 (YoY) • Q4’24 U.S. NPR = $515M (20% YoY); FY24 U.S. NPR = $1.81B (11% YoY) • Global NPR = $690M (Q4’24) and $2
Slide 7: Cabozantinib sNDA for NET is a Top Priority; PDUFA Target Date of April 3, 2025
Cabozantinib sNDA for NET is a Top Priority; PDUFA Target Date of April 3, 2025 Phase 3 CABINET BICR Analysis at ESMO’24 • KOLs find the tripled median PFS in pNET and doubled median PFS in epNET compelling • Subgroup analyses suggest benefits across all clinical subgroups, including primary tumor s
Slide 8: Zanzalintinib Expected to Take Center Stage in 2025
Zanzalintinib Expected to Take Center Stage in 2025 Six Ongoing or Planned Zanzalintinib Pivotal Studies in 2025 Gastrointestinal Cancers Genitourinary Cancers Head & Neck 303 311 304 Merck RCC Studies 305 Setting 3L+, non-MSI high, Advanced NET 1L, nccRCC: papillary, PD-L1+ Zanzalintinib Zanzalinti
Slide 9: Zanzalintinib Has Potential to Establish Exelixis Leadership in GU and GI Oncology
Zanzalintinib Has Potential to Establish Exelixis Leadership in GU and GI Oncology across Multiple Tumors and Indications Zanzalintinib Projected U.S. Unadjusted Net Product Revenues* CABOMETYX U.S. Net Product Revenues ~45% Continued commitment to leadership in ~90% GU tumors, with multiple zanzali
Slide 10: 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 • 3 additional internal clinical programs with best- and/or first-in-class potential Best-in- First-in- Drug MOA
Slide 11: Financial Results & Guidance
Financial Results & Guidance Chris Senner EVP and CFO 11
Slide 12: Q4'24 Total Revenues
Q4'24 Total Revenues (See press release at www.exelixis.com for full details) $700 Cometriq Cabometyx License Revenues Collaboration Services Revenues 637.2 4.6 $600 566.8 539.5 2.2 Q4'24 Notes 195.0 1.2 49.3 $500 479.7 60.2 5.1 425.2 • $515.2M in net product revenues 45.2 2.0 (In Millions) $400 44.
Slide 13: Q4'24 R&D Expenses
Q4'24 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 $300 244.7 249.0 Q4'24 Notes $250 8.8 9.0 227.7 222.6 8.0 211.1 21.9 3.9 8.8 • GAAP R&D expenses of $249.0M $200 22.8 9.2 18.7 5.8 • Incr
Slide 14: Q4'24 SG&A Expenses
Q4'24 SG&A Expenses (See press release at www.exelixis.com for full details) $160 All Other SG&A Expenses Stock-Based Compensation $140 131.4 132.0 134.3 Q4'24 Notes 15.3 16.2 17.5 $120 114.0 111.8 • GAAP SG&A expenses of $134.3M 15.2 14.3 $100 • Increase in GAAP SG&A expenses vs. Q3’24 (In Millions
Slide 15: Q4'24 Net Income
Q4'24 Net Income (See press release at www.exelixis.com for full details) GAAP Net Income Non-GAAP Net Income $300 $250 245.6 Q4'24 Notes 226.1 • GAAP net income of $139.9M $200 • Increase in GAAP net income vs. Q3’24 (In Millions) 160.3 primarily due to higher net product revenues, $150 135.7 139.9
Slide 16: Q4'24 Diluted Earnings Per Share
Q4'24 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 0.84 $0.80 0.77 Q4'24 Notes $0.70 • GAAP diluted earnings per share of $0.48 $0.60 (In Dollars) 0.55 • Increase in GAAP EPS vs. Q3’24 primarily due $0.50 0.47 0
Slide 17: GAAP Financial Highlights: Q4'24
GAAP Financial Highlights: Q4'24 (in millions, except per share amounts) Q4’23 Q3'24 Q4'24 YoY Delta QoQ Delta Total revenues $479.7 M $539.5 M $566.8 M +18% +5% Cost of goods sold $21.8 M $17.3 M $20.0 M -8% +15% R&D expenses $244.7 M $222.6 M $249.0 M +2% +12% SG&A expenses $131.4 M $111.8 M $134.
Slide 18: 2024 Stock Repurchase Program Activity
2024 Stock Repurchase Program Activity (in millions, except per share amounts) Amount Shares Average Purchase Repurchased Repurchased Price per Share Q1 2024 $190.7 8.638 $22.08 Q2 2024 $259.3 11.662 $22.23 Q3 2024 $12.4 0.483 $25.61 Q4 2024 $193.3 5.634 $34.30 Total $655.6 26.417 $24.82 Notes: $450
Slide 19: Full Year 2025 Financial Guidance
Full Year 2025 Financial Guidance* Current Guidance (Provided January 12, 2025) Total Revenues $2.15B - $2.25B Net Product Revenues $1.95B - $2.05B Cost of Goods Sold 4% - 5% of net product revenues $925M - $975M R&D Expenses Includes $40M of non-cash stock-based compensation expense $475M - $525M S
Slide 20: Closing
Closing Michael M. Morrissey, Ph.D. President and CEO 20
Slide 21: Key 2025 Corporate Objectives
Key 2025 Corporate Objectives Execute on business goals and maintain strong financial performance • Exceeded revenue goals in 2024; guiding to additional growth in 2025, potential upside with NET • Continue prudent expense management • Complete ongoing $500M stock repurchase program Pursue label exp
Slide 22: Q&A Session
Q&A Session 22
Slide 23: Fourth Quarter & Fiscal Year 2024 Financial Results
TUESDAY, FEBRUARY 11, 2025 Fourth Quarter & Fiscal Year 2024 Financial Results Nasdaq: EXEL
Slide 24: Financial Appendix
Financial Appendix 24
Slide 25: Non-GAAP Financial Highlights: Q4'24
Non-GAAP Financial Highlights: Q4'24 (in millions, except per share amounts) Q4’23 Q3'24 Q4'24 YoY Delta QoQ Delta Total revenues $479.7 M $539.5 M $566.8 M +18% +5% Cost of goods sold $21.8 M $17.3 M $20.0 M -8% +15% R&D expenses (a)(b) $235.6 M $213.8 M $240.2 M +2% +12% SG&A expenses (a)(b) $116.
Slide 26: Collaboration Revenues Detail
Collaboration Revenues Detail (See press release at www.exelixis.com for full details) 199.6 $100 Q4’23 – Q4'24 Notes 150.0 • Q4'24 cabozantinib royalties to Exelixis of $44.4M $75 • Genentech collaboration: 61.5 • Q4'24 ex-US COTELLIC® royalties $0.7M 13.0 • Q4'24 US COTELLIC® profit share $3.2M 50
Slide 27: Ipsen Royalties
Ipsen Royalties (See press release at www.exelixis.com for full details) Ipsen ex-US and ex-Japan Cabozantinib Franchise Net Product Revenues* Ipsen Royalty to Exelixis $180 168.1 166.2 $160 159.5 160.0 Q4'24 Notes 149.6 $140 • Q4'24 Ipsen ex-US and ex-Japan cabozantinib franchise net product revenu
Slide 28: Q4'24 Diluted Weighted Average Shares Outstanding
Q4’24 Diluted Weighted Average Shares Outstanding (See press release at www.exelixis.com for full details) 350 Weighted Avg Shares Outstanding - Diluted 325 313.0 305.5 300 294.0 291.5 293.5 275 Notes 250 225 • Net decrease in diluted weighted average (In Millions) 200 shares outstanding since Q4’23
Slide 29: 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 30: GAAP to Non-GAAP Reconciliation (continued)
GAAP to Non-GAAP Reconciliation (continued) (in millions, except per share amounts) 30 Amounts may not sum due to rounding.
Slide 31: Collaboration Revenues
Collaboration Revenues (in millions) 31 Amounts may not sum due to rounding.
Slide 32: Fourth Quarter & Fiscal Year 2024 Financial Results
TUESDAY, FEBRUARY 11, 2025 Fourth Quarter & Fiscal Year 2024 Financial Results Nasdaq: EXEL