Exelixis, Inc. · NASDAQ:EXEL
Exelixis — Q3 2026 Earnings Presentation
45 slides from Exelixis's earnings presentation, Oct 29, 2026
Slide 1: Third Quarter 2026 Financial Results
THURSDAY, OCTOBER 29, 2026 Third 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 Research & Development Update Dana T. Aftab, Ph.D. EVP, Research and Development Commercial
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 for its unified R&D strategy focused on developing multiple oncology franchises, including its bel
Slide 4: Business Update & Highlights
Business Update & Highlights Michael M. Morrissey, Ph.D. President and CEO 4
Slide 5: Strong Q3 2026 Underscores Strength of Oncology Franchise Strategy
Strong Q3 2026 Underscores Strength of Oncology Franchise Strategy Zanzalintinib positioned as our next potential franchise opportunity • Potential first opportunity in 3L+ CRC, followed by additional waves of pivotal trials • Zanzalintinib remains our highest R&D priority as we advance key program
Slide 6: Financial Results & Guidance
Financial Results & Guidance Chris Senner EVP and CFO 6
Slide 7: Q3'26 Total Revenues
Q3’26 Total Revenues (See press release at www.exelixis.com for full details) Cabozantinib Net Product Revenues Collaboration Revenues $700 658.7 Q3’26 Notes 610.8 628.7 597.8 598.7 53.8 $600 55.7 54.8 52.1 55.8 • $604.9M in cabozantinib net product $500 revenues (In Millions) $400 • Q3’26 collabora
Slide 8: Q3'26 R&D Expenses
Q3’26 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 Q3’26 Notes $250 213.2 212.0 209.5 199.2 6.8 199.9 • GAAP R&D expenses of $209.5M $200 12.3 11.1 10.4 6.4 12.3 9.3 3.2 8.4 7.9 • Decrease
Slide 9: Q3'26 SG&A Expenses
Q3’26 SG&A Expenses (See press release at www.exelixis.com for full details) All Other SG&A Expenses Stock-Based Compensation $175 Q3’26 Notes 154.6 147.6 $150 139.6 17.6 • GAAP SG&A expenses of $154.6M 20.2 123.7 123.0 16.7 $125 13.3 • Increase in GAAP SG&A expenses vs. 20.5 (In Millions) Q2’26 pri
Slide 10: Q3'26 Net Income
Q3’26 Net Income (See press release at www.exelixis.com for full details) GAAP Net Income Non-GAAP Net Income $300 Q3’26 Notes 259.5 $250 244.5 237.1 240.2 232.8 217.9 212.1 218.1 • GAAP net income of $218.1M 210.5 $200 193.6 • Increase in GAAP net income vs. Q2’26 (In Millions) primarily due to hig
Slide 11: Q3'26 Diluted Earnings Per Share
Q3’26 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 0.94 Q3’26 Notes 0.88 0.91 0.87 0.85 0.82 0.78 0.79 • GAAP diluted earnings per share of $0.80 0.69 $0.85 (In Dollars) $0.60 • Increase in GAAP diluted EPS vs. Q
Slide 12: GAAP Financial Highlights: Q3'26
GAAP Financial Highlights: Q3’26 (in millions, except per share amounts) Q3’25 Q2’26 Q3’26 YoY Delta QoQ Delta Total revenues $597.8 M $628.7 M $658.7 M +10% +5% Cost of goods sold $18.6 M $20.7 M $26.2 M +41% +27% R&D expenses $199.2 M $212.0 M $209.5 M +5% -1% SG&A expenses $123.7 M $147.6 M $154.
Slide 13: Full Year 2026 Financial Guidance
Full Year 2026 Financial Guidance* Current Guidance Previous Guidance (Provided October 29, 2026) (Provided August 5, 2026) Total Revenues $2.500B - $2.550B $2.500B - $2.550B Net Product Revenues $2.300B - $2.350B $2.300B - $2.350B Cost of Goods Sold ~4% of net product revenues 3.5% - 4.5% of net pr
Slide 14: Research & Development Update
Research & Development Update Dana T. Aftab, Ph.D. EVP, Research and Development 14
Slide 15: Unified R&D Strategy Focused on Developing Multiple Oncology Franchises
Unified R&D Strategy Focused on Developing Multiple Oncology Franchises 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 across i
Slide 16: Building on the Cabozantinib Experience to Maximize Franchise Potential
Building on the Cabozantinib Experience to Maximize the Franchise Potential of Zanzalintinib and the Early-stage Pipeline 14 Cabozantinib pivotal trials completed U.S. approvals across multiple tumor types, including 8 RCC (3), NET (2), HCC, DTC and MTC Broad zanzalintinib/pipeline development acros
Slide 17: Prioritizing Zanzalintinib as a Multi-Dimensional Solid Tumor Oncology Franchise Molecule
Prioritizing Zanzalintinib as a Multi-Dimensional Solid Tumor Oncology Franchise Molecule Wave-1 of Zanzalintinib Development Wave-2 of Zanzalintinib Development Seven ongoing potentially label-enabling studies Planning and execution underway for GU, GI and Other Indications CRC Bladder RCC Cancer E
Slide 18: 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 316 Zanzalintinib + Pembrolizumab and Resected, Stage II / III Primary Endpoint: Berahyaluronidase alfa-pmph MRD+ CRC • DFS per BICR • Resected Stage II/III colorect
Slide 19: 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 20: 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 Endpoints: 1L nccRCC • PFS • Papillary, unclassified and translocation-associated Zanzalintinib + Nivo • ORR histologies (sarcomatoid features allowed) 2:1 • Karnofsky score ≥70 • No prior systemic anti
Slide 21: LITESPARK-033 and -034: Addressing the Evolving Landscape in RCC
LITESPARK-033 and -034: Addressing the Evolving Landscape in RCC and Establishing Zanzalintinib Across Lines of Therapy LITESPARK-033* LITESPARK-034** 1L aRCC, post-adjuvant IO 2L+ aRCC, post-IO and VEGFR-TKI Zanzalintinib + • ccRCC, measurable disease Zanzalintinib + • ccRCC Belzutifan (RECIST v1.1
Slide 22: 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 23: 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 24: STELLAR-202: Phase 2 Trial in Squamous NSCLC
STELLAR-202: Phase 2 Trial in Squamous NSCLC Exelixis-sponsored Study 202 Primary Endpoint: INDUCTION • PFS at 6 months Squamous NSCLC Pembrolizumab + Chemotherapy • 1L Maintenance setting Secondary Endpoints: • No prior systemic therapy N=60 • ORR • Histologically or cytologically confirmed • DOR M
Slide 25: Planning Wave-2 of Zanzalintinib Trials in Combination with Orthogonal MOAs
Planning Wave-2 of Zanzalintinib Trials in Combination with Orthogonal MOAs Expanding Zanzalintinib Combinations with Immunotherapy Zanzalintinib + ICIs Zanzalintinib + XB628 Potential Collaborations Potential combinations with Zanzalintinib’s target kinase Zanzalintinib combinations established che
Slide 26: Planning Wave-2 of Zanzalintinib Trials: Cytotoxic Modalities
Planning Wave-2 of Zanzalintinib Trials in Combination with Orthogonal MOAs Evaluating Zanzalintinib with Cytotoxic Modalities ➢ Bladder cancer rationale based on prior cabozantinib data 002 Evaluating single-agent zanzalintinib in metastatic bladder cancer patients • Area of high unmet need with no
Slide 27: 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 28: Commercial Update
Commercial Update PJ Haley, MBA EVP, Commercial 28
Slide 29: Establishing the Zanzalintinib Franchise on the Foundation of CABOMETYX
Establishing the Zanzalintinib Franchise on the Foundation of CABOMETYX CABOMETYX continues to grow after more than a decade • Established as a best-in-class TKI across GU and GI solid tumor space • Exelixis built significant commercial capabilities throughout this time • Foundation of success – esp
Slide 30: mCRC Remains a Compelling Market Opportunity and Team is Launch-Ready
mCRC Remains a Compelling Market Opportunity and Team is Launch- Ready Ahead of the PDUFA Date Significant Opportunity For Zanza + Atezo in 3L+ mCRC ~$1.5B* High unmet need Limited chemo- Lack of available IO 3L+ mCRC total addressable market for novel free options in this options for MSS opportunit
Slide 31: CABOMETYX Prescriber Overlap and Market Enthusiasm for Zanzalintinib + Atezolizumab
CABOMETYX Prescriber Overlap and Market Enthusiasm Potentially Positions Zanzalintinib + Atezolizumab for Success in mCRC High Prescriber Overlap • Initial analysis of the CRC market indicates that there will be significant prescriber overlap with our current CABOMETYX universe • CRC largely treated
Slide 32: CABOMETYX Business is Strong and Continues to Grow
CABOMETYX Business is Strong and Continues to Grow TRx Market Share CABOMETYX continues to show strength in its 11th +13% year since initial launch YoY TRx Growth • $603M in net product revenues (12% YoY growth) • Leads TRx market with ~49% share in Q3’26 49% $603M* • +13% YoY TRx volume growth (Q3’
Slide 33: Commercial Execution Driving Leadership in RCC and 2L+ NET
Commercial Execution Driving Leadership in RCC and 2L+ NET CABOMETYX Leadership in RCC and NET • CABOMETYX + nivolumab remains the #1 TKI-IO combination used in 1L RCC • Continued growth among community practices by driving use in 1L setting • Continued broad utilization across community, academic a
Slide 34: Driving CABOMETYX Growth and Preparing for Zanzalintinib
Driving CABOMETYX Growth and Preparing for Zanzalintinib Strong execution and momentum in Q3 2026 NET adoption is broad, focus on growth in community The #1 prescribed TKI for RCC and oral agent in 2L+ NET Expanded our GI Sales team to support NET and the potential launch of zanzalintinib in CRC* •
Slide 35: Closing
Closing Michael M. Morrissey, Ph.D. President and CEO 35
Slide 36: 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 37: Q&A Session
Q&A Session 37
Slide 38: Third Quarter 2026 Financial Results
THURSDAY, OCTOBER 29, 2026 Third Quarter 2026 Financial Results Nasdaq: EXEL
Slide 39: Financial Appendix
Financial Appendix 39
Slide 40: Non-GAAP Financial Highlights: Q3'26
Non-GAAP Financial Highlights: Q3’26 (in millions, except per share amounts) Q3’25 Q2’26 Q3’26 YoY Delta QoQ Delta Total revenues $597.8 M $628.7 M $658.7 M +10% +5% Cost of goods sold $18.6 M $20.7 M $26.2 M +41% +27% R&D expenses(a) (b) $188.8 M $199.6 M $198.4 M +5% -1% SG&A expenses(a) (b) $103.
Slide 41: Q3'26 Diluted Weighted-Average Common Shares Outstanding
Q3’26 Diluted Weighted-Average Common Shares Outstanding Weighted-Average Common Shares Outstanding - Diluted 300 Q3’26 Notes 278.5 276.3 • Decrease in diluted weighted-average 267.3 common shares outstanding since 259.7 (In Millions) 255.8 Q3’25 due to our stock repurchase programs 250 • In Q3’26,
Slide 42: Q3'26 Ipsen Royalties
Q3’26 Ipsen Royalties Ipsen ex-US and ex-Japan cabozantinib Franchise Net Product Revenues* Ipsen Royalty to Exelixis $250 Q3’26 Notes 218.8 193.3 198.5 199.6 $200 182.2 • Q3’26 Ipsen ex-US and ex-Japan cabozantinib franchise net product (In Millions) revenues of $199.6M $150 • Q3’26 Ipsen royalty t
Slide 43: 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 44: GAAP to Non-GAAP Reconciliation (continued)
GAAP to Non-GAAP Reconciliation (continued) (in millions, except per share amounts) 44 Amounts may not sum due to rounding.
Slide 45: Third Quarter 2026 Financial Results
THURSDAY, OCTOBER 29, 2026 Third Quarter 2026 Financial Results Nasdaq: EXEL