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 Securities LLC - Analyst : Well, good to hear that. And maybe just to kind of level set us, kind of just give us the state of the business here in terms of what's going on at Exelixis, and we have obviously plenty of questions to dig into, but, yeah maybe just set us up and then we'll move on from there.

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Awesome. Well, maybe let's start with the base business first in terms of like what you're seeing right now with cabo and some of the growth opportunities, particularly within obviously, your in-line indications, but also the recently launched pNET.

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Got you. I guess in terms of like the underlying growth for kind of the non-NET indications? Like how sustainable growth or how sustainable do you think that growth is that you just mentioned in terms of what you're seeing in share gains and all that kind of demand-driven growth? 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 / 4:45PM, EXEL.OQ - Exelixis Inc at Wells Fargo Healthcare Conference

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Got you. And then just on net, specifically, like how you frame that opportunity? And like in terms of the adoption, I know some people are like, is there going to be a bolus or this? So I guess like how do you feel like that trajectory for that launch will kind of also underpin some growth here in the --

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Got you. I mean are you still -- I think you guys have said in the past that you think cabo peaks out at like $3 billion, I think. So I guess, do you still -- I guess, do you reiterate that? And also, like is it more of a slowing growth for kind of like, let's say, mostly renal with a pickup in kind of driving the net. I guess like we already know we're kind of at like $2.1 billion, like how do we converge to $3 billion.

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Got you. Okay. Well, maybe shifting gears to zanza and then we'll go through the broader pipeline. But I mean, obviously, you had the data for third-line colorectal cancer, ITT. I guess what are the next steps here? Obviously, we haven't seen much of the data on our side. So we're waiting you've seen any of the data yet a press release. Obviously, like kind of what are the next steps in terms of sharing that data? And also like what's kind of been going on in the background around kind of like regulatory discussions being able to file on ITT before non-liver mets, all that sort of stuff.

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : I mean is your intent to file just with ITT before the non-liver mets? Or would you have to wait.

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Right. Sure. Can you give us or provide some context around like what we should think is like clinically meaningful in that population, very late line. So like what do physicians want to see and ultimately, do you feel that the data will be clear?

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Got you. And I guess as you think about CRC in terms of the stack of indications for zanza, I think you guys have said zanza maybe $5 billion. So is CRC the majority of the chunk of that because now -- or is it even expanded? Like where do you think that? 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 / 4:45PM, EXEL.OQ - Exelixis Inc at Wells Fargo Healthcare Conference

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : So was that only assuming non-liver mets? Like does that change with the IT?

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Got you. So maybe -- yeah, that's a good pivot to kidney for zanza. I guess can you just kind of elaborate more on your strategy relative to what you've done with cabo there? And I guess there's always folks kind of asking like is it really differentiated versus cabo in renal? So maybe you can walk us through and why you think so? And I guess how you think that will commercially play out?

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Got you. So I guess, do you think that like going forward, would you have to like -- would people step through the cabo like generic to go to like zanza?

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Maybe you can just talk about your non-zanza pipeline and kind of get people a little bit more situated on that. I know for a couple of years, there was not a lot of visibility. You guys have given a lot more visibility in terms of like what you're working on ultimately against some of these potential combos. So maybe just walk us through what you're most excited about.

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Yeah. I was going to say like one of the flexibilities, I think, of your platform is your ability to do a variety of different modalities. I mean, can you maybe just speak to that in terms of like where you think you want to be, whether it be small molecule ADC, other types of modalities, degraders, like where do you think the platform is headed in the next five years?

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : I mean do you feel like it's mostly just internal looking in terms of the R&D and pipeline development versus external? Or do you like -- do you want to do both just to --

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Got you. Maybe not so interesting for a drug discovery guy, but like I wanted to ask about like the balance between share repurchases and doing more share repo versus as you kind of think about more and broadening out the pipeline, more zanza, more early stage, like I think one of the things that was interesting was, yeah, a couple of years ago, you started doing share repurchase, got all this cash flow. But is there any time where you pivot to a more focus on R&D and really to accelerate kind of the next stage post cabo?

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : I think just -- at the point where cabo kind of comes off and zanza is ramping, I guess, is there a period of like, I don't know, squirliness of revenue growth? Or do you think you can grow through that? And I guess, like what would be the main driver to kind of grow through that? 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 / 4:45PM, EXEL.OQ - Exelixis Inc at Wells Fargo Healthcare Conference

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Got you. Well, we'll leave it there. Michael, thank you very much.