Exelixis Inc at Citi Biopharma Back to School Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: David Lebowitz - Citi Investment Research - Analyst : And in a lot of ways, for years, Exelixis the constant has been cabo, and it's been growing and growing and growing incrementally, adding new indications over time. And it's shown a lot of endurance, so to speak. Could you tell us about how it started from COMETRIQ, cabozantinib, and ultimately, how you incrementally grew the franchise and where things stand today? You're still growing the franchise, but also there is the intellectual property exploration. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 7:15PM, EXEL.OQ - Exelixis Inc at Citi Biopharma Back to School Conference

Question: David Lebowitz - Citi Investment Research - Analyst : So at this point, clearly, you issued guidance this year, $2.25 billion to $2.35 billion. Obviously, the driver of that is RCC. How much room is there left in RCC first, in the renal cell carcinoma? And then towards that end, one of the things I think investors have been trying to get their hands around is what is the net opportunity? How significant is it?

Question: David Lebowitz - Citi Investment Research - Analyst : When you talk about the basket of these different oral therapies out there, are there pockets where of preference where each one gets used and towards that end, which do you see one as being a a low-hanging fruit to go after those particular populations versus the other? Or is it much more complicated? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 7:15PM, EXEL.OQ - Exelixis Inc at Citi Biopharma Back to School Conference

Question: David Lebowitz - Citi Investment Research - Analyst : Got it. With that, we'll jump over to zanza. I'll tell you, I always call sansa, and I'm taking Sansa Stark, GOT fans out there, terrible joke, I apologize, but I had to say it.

Question: David Lebowitz - Citi Investment Research - Analyst : You're going to hear me refer to as zanza. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 7:15PM, EXEL.OQ - Exelixis Inc at Citi Biopharma Back to School Conference

Question: David Lebowitz - Citi Investment Research - Analyst : When we talk zanza, we've had some data recently. Could you update us as to -- this is clearly, a major product. It's the next generation of cabo. There's differences actually before we even get to the data, how is it different than cabo?

Question: David Lebowitz - Citi Investment Research - Analyst : For those particular conference, what are the deadlines of the --

Question: David Lebowitz - Citi Investment Research - Analyst : And we can back into time. There's also the head and neck. Can you tell us about that experience?

Question: David Lebowitz - Citi Investment Research - Analyst : No. Of course, renal cell has been such a big part of cabo. That's more -- that's been clear cell and you have non-clear cell going on as well. Can you tell us more about the differences? I think there's a tendency by investors to confound renal cell, the clear cell, and the non-clear cell. How are these similar, how are these different? What's the challenge of setting in one population versus the other?

Question: David Lebowitz - Citi Investment Research - Analyst : To this point, given the way the labels are actually set up, what proportion -- so all of these patients are essentially being treated by drugs that were tested more in clear cell. so when you look at the non-clear cell opportunity, if 304 ultimately were successful, is the first thing we would do is basically pluck these patients that are being treated with one set of drugs out from prior label to this right out non-specific. So it'd have to be treated under something that's more specific. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 7:15PM, EXEL.OQ - Exelixis Inc at Citi Biopharma Back to School Conference

Question: David Lebowitz - Citi Investment Research - Analyst : Would that allow for premium pricing over the current?

Question: David Lebowitz - Citi Investment Research - Analyst : And of course, people always speculate when it comes to zanza versus cabo -- let's do it again. They always speculate that one that's essentially trying to take over for the other, but of course initially not really studying overlapping indications, you're saying different.

Question: David Lebowitz - Citi Investment Research - Analyst : And so where do you see this ultimately going? I mean obviously, at the beginning, it will be an incremental growth for the whole franchise. But eventually, you want to kind of --

Question: David Lebowitz - Citi Investment Research - Analyst : Got it. Okay. So we got a couple of minutes here, freestyle you're good at freestyle. So what do you want to talk about that -- the Street is missing?

Question: David Lebowitz - Citi Investment Research - Analyst : Excellent. Thank you very much for your time.

Question: David Lebowitz - Citi Investment Research - Analyst : It's always great to have you and chat again soon.