Slide 1: Investor Update
MAY 2023 Investor Update EXELIXIS’
Slide 2: 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’ commitment to creating long-term, sustainable value for shareholders with a disciplined R&D and capital
Slide 3: Right Plan to Drive Shareholder Value
Right Plan to Drive Shareholder Value Exelixis has a Strong Track Record of Delivering Results for Shareholders Disciplined R&D and Capital Allocation Strategy, Leveraging our Strengths to Build Long-Term Value Refreshed and Qualified Board 3
Slide 4: Long-Term Strategy and Execution to Create Shareholder Value
Long-Term Strategy and Execution to Create Shareholder Value
Slide 5: Exelixis: Helping Patients Recover Stronger and Live Longer
Exelixis: Helping Patients Recover Stronger and Live Longer Exelixis Has a History of Success, Driven by Exelixis Internal R&D Efforts Have Yielded Cabozantinib Has Been People, Values and Investments Multiple Approved Products that Improve Approved in 68 Countries Standard of Care for Patients On
Slide 6: Our Strategy: Improving the Standard of Care for Cancer Patients
Our Strategy: Improving the Standard of Care for Cancer Patients Drives Sustainable Value Creation for Shareholders 3 Disciplined Investment in Early- 2 Stage Pipeline for Long-Term Growth Rapidly Advance Wholly Owned 1 Zanzalintinib and XB002 Next-Generation Biotherapeutics Expand and Defend Succes
Slide 7: Leveraging Our Success from Cabozantinib with Intentional and Targeted Pipeline Investments
Leveraging Our Success from Cabozantinib with Intentional and Targeted Pipeline Investments Our Differentiated Lead Candidates Build Building an Optimized Biotherapeutic Our Clinical-Stage Option Deals Grant on Extensive Target and Asset Validation and Small Molecule Pipeline Opportunities to “Pay f
Slide 8: Executing on a Diverse Pipeline to Lead Our Next Wave of Wholly Owned Cancer Drugs
Executing on a Diverse Pipeline to Lead Our Next Wave of Wholly Owned Cancer Drugs and Generate Long-Term Growth Program / Asset Name (Mechanism) Development Status Phase 1a Phase 1b Phase 2 / 3 Rights CONTACT-02 (mCRPC) – Complete enrollment and report pivotal top-line data in 2H’23 US: Cabozantini
Slide 9: Anticipated Milestones for 2023
Anticipated Milestones for 2023 Program Milestone Report top-line results from pivotal trial of cabozantinib + atezolizumab in RCC (CONTACT-03) in 1H 2023 Cabozantinib Complete enrollment and report top-line results in pivotal trial of cabozantinib + atezolizumab in mCRPC (CONTACT-02) in 2H 2023
Slide 10: We Have Grown Cabozantinib into a $1.9B+ Global Annual Sales Franchise
We Have Grown Cabozantinib into a $1.9B+ Global Annual Sales Franchise Since 2L RCC Approval in 2016 -9ER 1L RCC Approval and Launch CheckMate -9ER $1,941 Data in 1L RCC 55% 2016A–2022A CAGR 1L RCC $58 Monotherapy 2L HCC CheckMate -9ER Approval Approval $1,556 $482 investment in 2017 led $51 to
Slide 11: CABOMETYX Success Relative to Biotech Oncology Launches Since 2016
CABOMETYX Success Relative to Biotech Oncology Launches Since 2016 2022 Global Net Product Revenue of Biotech Oncology Products 2,000 Launched Since 2016 2022 Global Net Revenue ($M) 1,800 1,600 1,400 1,200 1,000 800 Mean = $178M 600 Median = $131M 400 200 0 Lumakras Zejula Pluvicto Nerlynx (a) Qinl
Slide 12: Despite ANDA Challenge, Exelixis Shareholders Have Seen Outsized Returns
Despite ANDA Challenge, Exelixis Shareholders Have Seen Outsized Returns Since CABOMETYX’s Approval in 2L RCC Exelixis Share Price Performance In Perspective – Since CABOMETYX Approval in 2L RCC (4/25/16) $40 NBI is weighted by Sep. 26, 2019: Announced Oncology Comps(1) modified market cap; MSN Phar
Slide 13: Exelixis Has Consistently Outperformed Its Peers and the Broader Biotech Market
Exelixis Has Consistently Outperformed Its Peers and the Broader Biotech Market Across Multiple Time Periods Total Shareholder Return All 2023 Oncology From To Proxy Peers(1)(3) Peers(2)(3) XBI NBI Various Time Periods YTD 12/31/22 5/11/23 21% (3%) 6% 4% 0% From 6-Months Ago 11/11/22 5/11/23 15% 16%
Slide 14: Our Disciplined Approach to R&D & Capital Planning
Our Disciplined Approach to R&D & Capital Planning
Slide 15: Rigorous Discipline Across All Stages of Drug Development is Fundamental to Our R&D Strategy
Rigorous Discipline Across All Stages of Drug Development is Fundamental to Our R&D Strategy Exelixis Assesses Assets Through All Stages of Development to Advance Only the Programs That Meet Our High Bar Discovery Early-Stage Clinical Late-Stage Clinical Disciplined investment with <25% Capital-
Slide 16: Cabozantinib's Development Demonstrates Our Approach to R&D
Cabozantinib’s Development Demonstrates Our Approach to R&D, Leveraging Small, Early-Stage Trials to Enable Approval and Rapid Label Expansion History of Success in Multiple Cabozantinib Pivotal Trials Based on Small, Early-Stage Trials Exelixis-Sponsored Cabozantinib Trials Early-Stage Signal Prima
Slide 17: Leveraging Collaborators and Partners to Efficiently Advance a Broad Development Effort
Leveraging Collaborators and Partners to Efficiently and Cost- Effectively Advance a Broad Development Effort Ongoing Clinical Trials Investigating Exelixis Assets 4 10 trials (15%) 4 sponsored by Exelixis Legend 14 11 Other(1) 3 NOT Exelixis Investigators Sponsored Pharma Partners XL102 XB002 58 tr
Slide 18: Differentiated Lead Clinical Candidates Build on Extensive Target and Asset Validation
Differentiated Lead Clinical Candidates Build on Extensive Target and Asset Validation Zanzalintinib (Ph. 3) XB002 (Ph. 1) (MET/VEGFR/AXL/MER) (Next-gen TF-targeting ADC) Next-generation, multi-targeted TKI Validated target with FDA approved TIVDAK® Discovered internally; worldwide rights with
Slide 19: Zanzalintinib: Update on STELLAR-001 ccRCC Expansion Cohort
Zanzalintinib: Update on STELLAR-001 ccRCC Expansion Cohort ccRCC 2L+ expansion cohort enrollment completed: 32 patients at 100 mg starting dose Preliminary efficacy data on-hand for full cohort of prior-ICI treated, including prior-cabo treated and cabo-naïve patients With a median follow-up
Slide 20: Majority of R&D Spend is Dedicated to Advancing Zanzalintinib and Clinical-Stage Programs
Majority of R&D Spend is Dedicated to Advancing Zanzalintinib and Clinical-Stage Programs EXEL R&D Breakdown (2023E) 8% 13% <25% of expected 2023 R&D spend Majority of R&D spend is focused on discovery efforts is dedicated to next-gen clinical-stage programs Highly disciplined early-stage (zan
Slide 21: Optimized Approach to Building a Sustainable Long-Term Pipeline
Optimized Approach to Building a Sustainable Long-Term Pipeline Our R&D Strategy Enables Us to Focus on the Most Compelling Science Across Modalities and Platforms Small Molecule Discovery Clinical Stage Option Deals Builds upon historical strength in small molecule chemistry Option structure mi
Slide 22: Exelixis Spends Less Than Comparable Revenue-Generating Oncology Biotechs
Exelixis Spends Less Than Comparable Revenue-Generating Oncology Biotechs 2022 R&D Expense (% of Total Revenue) 116% 69% 55% 47% 2018 – 2022 Cumulative R&D Spend ($B) $7.6 $6.0 $4.7 $2.7 22 Source: Public filings and FactSet. Note: Includes commercial-stage oncology-focused companies with >$1B in an
Slide 23: Refreshed and Qualified Board Committed to Value Creation and Governance Best Practices
Refreshed and Qualified Board Committed to Value Creation and Governance Best Practices
Slide 24: Committed to Ongoing Board Refreshment
Committed to Ongoing Board Refreshment Declassified Board; provision for directors Added right to call to be removed with or special meeting without cause Ongoing Commitment to Board Refreshment 2018 2019 2020 2021 2022 2023 2024 2025 Exelixis’ Board is exceptionally qualified, with some 1 Director
Slide 25: Ongoing Collaboration with Key Stakeholders to Advance Our Shared Goals
Ongoing Collaboration with Key Stakeholders to Advance Our Shared Goals Robust shareholder outreach program • Exelixis engages with shareholders on a consistent basis to seek feedback on all areas in the business, particularly on issues of corporate governance • Bi-annually we request engagement m
Slide 26: Executive Compensation Program Aligned with Shareholder Interests
Executive Compensation Program Aligned with Shareholder Interests Key Compensation Practices CEO PAY MIX NEO PAY MIX What We Do Salary Salary 7% Bonus Emphasis on pay-for-performance 7% 12% Bonus 93% 9% 88% RSU Align compensation with stock price returns 43% At Risk RSU 39.5% At Risk PSU 43% 43%
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