Exelixis Inc at Guggenheim Healthcare Innovation Conference Transcript

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

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : Great. Maybe just a couple of follow-up questions. So the net launch for cabo is going well, as you mentioned, you talked about this $100 million incremental additional sales this year for the full year. Maybe talk a bit more about what you're seeing in terms of how cabo is used in neuroendocrine tumors in the first few months in the market? And then also from a prescriber perspective, are these mostly -- talk about sort of the footprint there. Are these mostly prescribers that have already used cabo in other indications? Or are there perhaps new prescribers that specifically focus on GI tumors?

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : Could you talk a bit more about this expansion into the GI space? Sort of how big is this additional build as you put it, in terms of your marketing infrastructure relative to your existing?

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : Yeah maybe on that, so in neuroendocrine tumors, you spoke about a $1 billion TAM in the U.S. How much of that do you think you'd be able to capture before LOE in 2030?

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : Makes sense. All right. Then maybe shifting over to zanza, which is a key pipeline product for you. I think we all recently saw the data at ESMO in colorectal cancer, which were obviously positive.

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : Yes, it was very positive. When we speak with docs, though, they really like using Lonsurf and bev, at least the ones that we speak with. And so as their go-to third-line CRC standard of care. And so maybe talk a bit more about how you and your team will detail zanza and atezo, specifically in the third-line setting.

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : Fair amount.

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : Right. So with the -- I think you talked about the NDA submission by the end of this year. What are your plans for ex U.S. or rest of world commercialization for zanza?

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : Okay. And then yes, maybe just trying to understand some of the other opportunities for zanza. You just mentioned the adjuvant colorectal study that you announced on the earnings call. Maybe just talk about the thought process behind going just into that specific setting, just contextualize the opportunity perhaps relative to other treatment settings in colorectal.

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : Okay. Then maybe just a question on non-clear cell RCC was really your next card flip on zanza in the first half of next year. What is the size of that opportunity perhaps relative to clear cell RCC?

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : So just clear, 15%.

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : And so please take a break now. Cabo actually has NCCN listing in non-clear cell as I understand it. In general, sort of yes, maybe talk a bit more about the STELLAR-304 study and how it would position zanza there relative to other treatment options.

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : Okay. And then with STELLA-311, you're sort of doubling down in neuroendocrine tumors with zanza as well. It's a Phase II/III study, as I understand it. Maybe just walk us through the design and the endpoints of the study and also how it would be positioned relative to cabo. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 10, 2025 / 3:30PM, EXEL.OQ - Exelixis Inc at Guggenheim Healthcare Innovation Conference

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : Right. Then just maybe one more on zanza. So clear cell RCC, as you all know, is obviously your stronghold, your core market for cabo, and there is an opportunity for zanza. You have announced this partnership with Merck to perhaps combine with belzutifan there, which is a new mechanism drug in RCC. And so yes, just talk about potential plans there. And I know you're sort of -- I think you said you're on track to launch -- or Merck is on track to launching the studies, as I understand it. Is that correct?

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : So how does a belzutifan combo fit into the evolving landscape in RCC? There's a lot of combinations that are being evaluated, especially by Merck.

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : Right. Well, great. Thanks, Mike. So I think we'll see you next at the R&D Day.

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : Yes. Thanks for the time today.