Exelixis Inc at Wells Fargo Healthcare Conference Transcript

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

Question: Derek Archila - Wells Fargo - Analyst : Yes. All right. Well, maybe just as an intro, maybe just give us kind of the state of the business, what's going on with Exelixis and then we can kind of dig into some of the questions.

Question: Derek Archila - Wells Fargo - Analyst : Great. Awesome. Well and maybe starting with cabo and some of the commentary that you just said, just -- how do you think about the growth trajectory of this product? And maybe we can go through some of the growth drivers just in RCC and kind of where you think you can maybe get more penetration.

Question: Derek Archila - Wells Fargo - Analyst : Got it. Yes. So maybe just a follow-up to that in terms of just in renal cell, what has made cabo so successful there and you're kind of keeping this toehold in that specific market, but also, how do you guys think about kind of the evolving competition there? Like will you be competitive in that market for years to come and even going maybe with the future zanza like TKIs, are they going to be -- continue to be a mainstay in renal cell?

Question: Derek Archila - Wells Fargo - Analyst : Got it. And maybe just shifting gears to neuroendocrine tumors. So again, you cited that as an interesting growth opportunity for cabo. I mean maybe you can just kind of frame up the opportunity and what type of profile are you starting to see from cabo in those types of patients?

Question: Derek Archila - Wells Fargo - Analyst : Got it. Interesting. Can you maybe just help us understand what the standard of care is in that right now? And I mean, presumably, most of these patients will progress. So I guess what's your kind of expectation in terms of utilization of cabo with response? 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 06, 2024 / 2:15PM, EXEL.OQ - Exelixis Inc at Wells Fargo Healthcare Conference

Question: Derek Archila - Wells Fargo - Analyst : What do you think the ramp looks like in terms of sales and utilization in this type of tumor? Is it different than, I guess, RCC, like what do you -- what's --

Question: Derek Archila - Wells Fargo - Analyst : I mean what are some of the variables in the label? Is it specifics about the data that you want to get included or you're pushing for like what's the bull case label in your opinion?

Question: Derek Archila - Wells Fargo - Analyst : Yes. Okay. Got you. Is there anything else that like for net that at least from a cabo perspective, from the way that physicians will use it, like, again, some of them already have experience, anything changed there? Like is there any like -- I'm trying to understand like is there anything that would be a hurdle for them to use it in NET patients? 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 06, 2024 / 2:15PM, EXEL.OQ - Exelixis Inc at Wells Fargo Healthcare Conference

Question: Derek Archila - Wells Fargo - Analyst : Got it. And then maybe shifting to one of the other growth areas for cabo in prostate cancer. Maybe just frame up that opportunity based on the data we've seen from contact to and kind of the confidence level of potential approval there?

Question: Derek Archila - Wells Fargo - Analyst : I mean is there -- are there analogs at least in prostate cancer, where you've seen approval on PFS and not OS or not segment you don't see OS benefit? I guess what are your arguments going to be to compel based on PFS? 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 06, 2024 / 2:15PM, EXEL.OQ - Exelixis Inc at Wells Fargo Healthcare Conference

Question: Derek Archila - Wells Fargo - Analyst : I guess if you look at both NET and prostate cancer, I mean do you -- how are you viewing just kind of like commercially those opportunities from a revenue perspective and which one do you think is the most attractive?

Question: Derek Archila - Wells Fargo - Analyst : I guess how does your commercial strategy change with cabo with the in-line business, but also these growth opportunities depending on the outcome of the MSN trial litigation. Obviously, you don't need to comment on the trial itself, but just trying to understand like what happens in either scenario.

Question: Derek Archila - Wells Fargo - Analyst : And then I wanted to just shot on STELLAR-303. Maybe just give us a quick review of that study. And I guess kind of the opportunity that you see for zanza and CRC?

Question: Derek Archila - Wells Fargo - Analyst : What do you think you need to show in that trial?

Question: Derek Archila - Wells Fargo - Analyst : I mean is there a bar again in terms of like where standard of care is in terms of survival?

Question: Derek Archila - Wells Fargo - Analyst : Understood. Okay. And then for STELLAR-304 for zanza in renal cell. I mean, obviously, the opportunity to, I guess, look at the market in a different way with zanza there and cabo. So I guess how do you think about that dynamic? And ultimately, what's -- if you're going to try to ship standard of care, is it -- or just -- is it -- well, again, going using your words of shifting standard of care, are you trying to do better than cabo? Or are you just trying to get cabo-like efficacy with maybe potentially a little bit better safety? Like what's kind of the profile that you want to get from that so far? 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 06, 2024 / 2:15PM, EXEL.OQ - Exelixis Inc at Wells Fargo Healthcare Conference

Question: Derek Archila - Wells Fargo - Analyst : So not necessarily like competing with cabo, but trying to be more niche, I guess? Or like is that the best way to look at it?

Question: Derek Archila - Wells Fargo - Analyst : Got it. And then just kind of on the broader earlier stage pipeline, I mean, obviously, you guys have held an R&D Day kind of let us under the hood to kind of show us what you're working on and different things. Maybe if you can just walk us through like some of the or highlight some of the key programs that you think that are coming from the emerging pipeline that we should be focusing on?

Question: Derek Archila - Wells Fargo - Analyst : So -- got it. Maybe last question, just in terms of the ADCs that you mentioned. Like when will we get kind of like a first look at some of the data and kind of start to validate your approach there?

Question: Derek Archila - Wells Fargo - Analyst : All right. We'll leave it there. Andrew, thanks so much.