Exelixis, Inc. · NASDAQ:EXEL
Exelixis — Q4 2025 Earnings Presentation
48 slides from Exelixis's earnings presentation, Feb 10, 2026
Slide 1: Fourth Quarter & Fiscal Year 2025 Financial Results
TUESDAY, FEBRUARY 10, 2026 Fourth Quarter & Fiscal Year 2025 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 EVP, Commercial Research & Development Update Dana T. Aftab, Ph.D
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’ goal to become a leader in oncology R&D, with multiple blockbuster products across multiple franchises a
Slide 4: Business Update & Highlights
Business Update & Highlights Michael M. Morrissey, Ph.D. President and CEO 4
Slide 5: EXEL 2026: Focused on Building Long-Term Value for Patients and Shareholders
EXEL 2026: Focused on Building Long-Term Value for Patients and Shareholders Strategy: Build Franchises in Key Solid Tumors Building Next-Generation Focus: Leverage Tumor Expertise to Pick the Winners and Oncology Franchises: Maximize Impact to Patients • Products Guiding Principle: Maximize R&D Pro
Slide 6: Multi-Franchise Approach Drives Productivity, Manages Risk, Maximizes Value
Multi-Franchise Approach Drives Productivity, Manages Risk, Maximizes Value PRODUCT FRANCHISE Deliver a differentiated value proposition and maximize patient impact of each program MODALITY FRANCHISE TUMOR FRANCHISE Establish efficiencies and Leverage expertise and experience leverage learnings acro
Slide 7: Franchise Strategy Aims to Generate Market Growth and Value Capture
Franchise Strategy Aims to Generate Market Growth and Value Capture Aspirational Outlook Tumor Initial Launch Exelixis Market Commercial Opportunity Modality Market Solid Tumor Oncology Market Adding new compounds, combinations, indications and lines of therapy drives access to more patients and rev
Slide 8: Franchise Focus to Establish, Expand and Entrench Leadership in Key Tumors
Franchise Focus to Establish, Expand and Entrench Leadership in Key Tumors Select examples, not exhaustive Now Near-term Mid-term ESTABLISH EXPAND ENTRENCH Solid Tumor Leadership with GU, TKI Dominance in GI and GU Leadership in GI and GU GI, Lung/H&N and GYN Franchises LITESPARK-033: zanza + belzut
Slide 9: Singularly Focused on Building a Multi-Franchise Oncology Business
Exelixis Singularly Focused on Building a Multi-Franchise Oncology Business Fueled by a Transformational 2025 and Early Momentum in 2026 Continued strong performance of the cabozantinib franchise • Maintained position as leading TKI in RCC and in oral 2L+ NET market segment • FY 2025 U.S. NPR grew 1
Slide 10: Singularly Focused on Building a Multi-Franchise Oncology Business (continued)
Exelixis Singularly Focused on Building a Multi-Franchise Oncology Business Fueled by a Transformational 2025 and Early Momentum in 2026 2025 R&D Day highlighted multi-franchise pipeline strategy • Early-stage pipeline efforts focused on identifying next clinical asset for full development with the
Slide 11: Financial Results & Guidance
Financial Results & Guidance Chris Senner EVP and CFO 11
Slide 12: Q4'25 Total Revenues
Q4’25 Total Revenues (See press release at www.exelixis.com for full details) $700 Cabozantinib Net Product Revenues Collaboration Revenues $600 597.8 598.7 Q4’25 Notes 566.8 555.4 568.3 54.8 52.1 51.5 42.2 48.2 $500 • $546.6M in cabozantinib net product revenues $400 (In Millions) • Q4’25 collabora
Slide 13: Q4'25 R&D Expenses
Q4’25 R&D Expenses (See press release at www.exelixis.com for full details) $300 All Other R&D Expenses License and Other Collaboration Costs* Stock-Based Compensation 249.0 Q4’25 Notes $250 8.8 21.9 212.2 213.2 • GAAP R&D expenses of $213.2M 9.5 200.4 199.2 6.8 $200 5.3 6.4 14.1 10.4 • Increase in
Slide 14: Q4'25 SG&A Expenses
Q4’25 SG&A Expenses (See press release at www.exelixis.com for full details) $160 All Other SG&A Expenses Stock-Based Compensation $140 134.3 137.2 134.9 Q4’25 Notes 16.4 123.7 123.0 17.5 21.9 $120 • GAAP SG&A expenses of $123.0M 20.5 13.3 $100 • Flat GAAP SG&A expenses vs. Q3’25 (In Millions) prima
Slide 15: Q4'25 Net Income
Q4’25 Net Income (See press release at www.exelixis.com for full details) GAAP Net Income Non-GAAP Net Income $300 259.5 Q4’25 Notes $250 244.5 217.9 212.6 • GAAP net income of $244.5M $200 193.6 179.6 184.8 • Increase in GAAP net income vs. Q3’25 (In Millions) 160.3 159.6 primarily due to lower tax
Slide 16: Q4'25 Diluted Earnings Per Share
Q4’25 Diluted Earnings Per Share (See press release at www.exelixis.com for full details) $1.00 GAAP diluted EPS Non-GAAP diluted EPS 0.94 $0.90 0.88 Q4’25 Notes $0.80 0.78 0.75 0.69 • GAAP diluted earnings per share of $0.88 $0.70 0.65 0.62 $0.60 0.55 0.55 • Increase in GAAP EPS vs. Q3’25 primarily
Slide 17: GAAP Financial Highlights: Q4'25
GAAP Financial Highlights: Q4’25 (in millions, except per share amounts) Q4’24 Q3’25 Q4’25 YoY Delta QoQ Delta Total revenues $566.8 M $597.8 M $598.7 M +6% +0% Cost of goods sold $20.0 M $18.6 M $26.5 M +33% +43% R&D expenses $249.0 M $199.2 M $213.2 M -14% +7% SG&A expenses $134.3 M $123.7 M $123.
Slide 18: 2025 Stock Repurchase Program (SRP) Activity
2025 Stock Repurchase Program (SRP) Activity (in millions, except per share amounts) Amount Shares Average Purchase Price Notes Repurchased Repurchased per Share Q1 2025 $288.8 8.061 $35.83 • $500M SRP authorized in Aug 2024 was completed in Q2 2025 Q2 2025 $301.8 7.527 $40.10 • $500M SRP authorized
Slide 19: Full Year 2026 Financial Guidance
Full 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 net
Slide 20: Commercial Update
Commercial Update PJ Haley EVP, Commercial 20
Slide 21: Driving CABOMETYX Growth and Preparing for Zanzalintinib
Driving CABOMETYX Growth and Preparing for Zanzalintinib Strong execution and momentum for cabozantinib in 2025 • $2.123B in FY25 NPR (17% YoY growth); Q4’25 $547M in franchise NPR • CABOMETYX business remains strong and continues to grow – average of 20% annual TRx growth per year since 2021 • NET
Slide 22: CABOMETYX Business Is Strong and Continues to Grow
CABOMETYX Business Is Strong and Continues to Grow CABOMETYX leads TRx market with ~46% share in TRx Market Share Q4’25 • +15% YoY TRx volume growth (Q4’24 vs. Q4’25) vs. TKI Market of 7% YoY growth 43% 46% $ 545M* $ 513M* CABOMETYX in combination with nivolumab is the +15% #1 prescribed TKI+IO regi
Slide 23: CABOMETYX NET Demand Continues to Grow
CABOMETYX NET Demand Continues to Grow CABOMETYX Growth in NET • NET contributed >$100M to CABOMETYX net revenue in 2025 • CABOMETYX captured nearly half the patients post-PRRT • Strong academic adoption → focus on community setting • Completion of GI field expansion will help maximize this opportun
Slide 24: Driving CABOMETYX Growth and Preparing for Zanzalintinib
Driving CABOMETYX Growth and Preparing for Zanzalintinib Strong execution and momentum for cabozantinib in 2025 NET adoption is rapid and broad The #1 prescribed TKI for RCC and oral agent in 2L+ NET Expanded the Exelixis GI sales team to support NET and the potential launch of zanzalintinib in CRC*
Slide 25: Research & Development Update
Research & Development Update Dana T. Aftab, Ph.D. EVP, Research and Development 25
Slide 26: Clinical Pipeline Is Well-Positioned to Build Leadership in Key Tumors
Exelixis’ Clinical Pipeline Is Well-Positioned to Build Leadership in Key Tumors Illustrative only, not exhaustive RCC Prostate HCC NET CRC H&N NSCLC Breast GYN Product Franchises CABO CABO CABO 1L, 2L+ 2L+ 2L+ ZANZA TKI 3L, ZANZA ZANZA Resected ncc, 2L+, stage II/III 1L/2L Tumor Franchises 1L post-
Slide 27: Robust Pipeline Has Potential to Drive Sustained Near to Mid-term Growth
Robust Pipeline Has Potential to Drive Sustained Near to Mid-term Growth 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) 311 1L/2L NET Zanzalintinib KEYMAKER-U03 RCC (+
Slide 28: FDA Accepted Zanzalintinib NDA in 3L+ Non-MSI-High mCRC
FDA Accepted Zanzalintinib NDA in 3L+ Non-MSI-High mCRC Based on positive results from STELLAR-303 phase 3 pivotal trial PDUFA target action date: December 3, 2026 3L = third-line FDA = U.S. Food and Drug Administration 28 MSI = microsatellite instability NDA = New Drug Application mCRC = metastatic
Slide 29: STELLAR-303 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 30: STELLAR-303: OS Analysis (ITT Population)
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 31: STELLAR-303: OS Analysis (NLM Population)
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 32: FDA Accepted Zanzalintinib NDA in 3L+ Non-MSI-High mCRC
FDA Accepted 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 previously
Slide 33: 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 34: Significant Unmet Need Exists for Resected, Stage II/III CRC Patients
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+ pati
Slide 35: STELLAR-316: Partnership with Natera
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 36: 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) 311 1L/2L NET KEYMAKER-U03 RCC (+ belzutifan) LITESPARK
Slide 37: 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-targeti
Slide 38: Robust Pipeline Has Potential to Drive Sustained Near to Mid-term Growth
Robust Pipeline Has Potential to Drive Sustained Near to Mid-term Growth 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) 311 1L/2L NET Zanzalintinib KEYMAKER-U03 RCC (+
Slide 39: Closing
Closing Michael M. Morrissey, Ph.D. President and CEO 39
Slide 40: 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 stock repurchase
Slide 41: Q&A Session
Q&A Session 41
Slide 42: Fourth Quarter & Fiscal Year 2025 Financial Results
TUESDAY, FEBRUARY 10, 2026 Fourth Quarter & Fiscal Year 2025 Financial Results Nasdaq: EXEL
Slide 43: Financial Appendix
Financial Appendix 43
Slide 44: Non-GAAP Financial Highlights: Q4'25
Non-GAAP Financial Highlights: Q4’25 (in millions, except per share amounts) Q4’24 Q3’25 Q4’25 YoY Delta QoQ Delta Total revenues $566.8 M $597.8 M $598.7 M +6% +0% Cost of goods sold $20.0 M $18.6 M $26.5 M +33% +43% R&D expenses(a) (b) $240.2 M $188.8 M $206.5 M -14% +9% SG&A expenses(a) (b) $116.
Slide 45: Q4'25 Diluted Weighted Average Shares Outstanding
Q4’25 Diluted Weighted Average Shares Outstanding Weighted Avg Shares Outstanding - Diluted Q4’25 Notes 300 293.5 288.2 • Net decrease in diluted weighted 284.4 278.5 276.3 average shares outstanding compared to Q4’24 due to our stock repurchase (In Millions) programs 250 200 Q4'24 Q1'25 Q2'25 Q3'25
Slide 46: 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 47: GAAP to Non-GAAP Reconciliation (continued)
GAAP to Non-GAAP Reconciliation (continued) (in millions, except per share amounts) 47 Amounts may not sum due to rounding.
Slide 48: Fourth Quarter & Fiscal Year 2025 Financial Results
TUESDAY, FEBRUARY 10, 2026 Fourth Quarter & Fiscal Year 2025 Financial Results Nasdaq: EXEL