Exelixis Inc at William Blair Growth Stock Conference Transcript

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

Question: Andy Hsieh - William Blair & Company, L.L.C. - Analyst : Yeah. So maybe to get people started, brief history of the company, especially with [cabo] how we got here. And then in terms of the indications, right, so RCC, HCC, DTC, how should we think about the revenue breakdown of those contributors?

Question: Andy Hsieh - William Blair & Company, L.L.C. - Analyst : Great. So maybe you can dig a little bit deeper into the cabo expansion opportunities in the very near term, right? You have the NET trial that could potentially stand the growth and also the prostate cancer. So maybe talk about those two and where you are in terms of the regulatory queue.

Question: Andy Hsieh - William Blair & Company, L.L.C. - Analyst : Great. So I guess maybe let's talk about some of the bottlenecks as you well before submitting to the FDA. So for the NET, let's talk about the transfer of data because this is basically conducted by the external collaborator. So there are some things that need to be verified, [Q-seed] and things like that. Could maybe talk about that dynamic and how long that's going to take.

Question: Andy Hsieh - William Blair & Company, L.L.C. - Analyst : Okay. And then moving onto the prostate cancer space, right, Novartis basically had a hazard ratio greater than 1, now it's below 1. And then they said they're going to submit to the FDA. It's a little bit different dynamic because you do have a hazard ratio below 1 already. So maybe how do you think about that dynamic? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 04, 2024 / 8:20PM, EXEL.OQ - Exelixis Inc at William Blair Growth Stock Conference

Question: Andy Hsieh - William Blair & Company, L.L.C. - Analyst : And maybe this is hypothetical question. I think you've done a lot of work back in the cabo days looking at, hey, what are some proceeding treatments and what's the outcome if you get on cabo treatment. For the NET opportunity, did you break out some of the preceding treatments, either radioligand, either long-acting octreotide and see if there's any sort of response?

Question: Andy Hsieh - William Blair & Company, L.L.C. - Analyst : It's great, very encouraging signs. So moving on to zanza, the next-generation TKI. So three potentially pivotal studies, do you mind walking through all of them in where they are in terms of the enrollment status?

Question: Andy Hsieh - William Blair & Company, L.L.C. - Analyst : Yeah, I remember on the first quarter call, it was discussed, Dana talked about different compartmentalization. So maybe talk about some of the hypothesis driven [work] to really characterize why this compound --

Question: Andy Hsieh - William Blair & Company, L.L.C. - Analyst : Yeah. All right. So I think it's a good segue way to ask some non-science, non-clinical questions. So one thing about, you mentioned about the IP litigation, the verdict coming imminently? Hopefully that would really clarify removing overhang. But on the peripheral side of things, there's two settlements on cabo. I'm curious if there's anything that can be read through just because the proposed settlement date for generic entries actually identically, right, January 1, 2031.

Question: Andy Hsieh - William Blair & Company, L.L.C. - Analyst : Yeah. All right. And then maybe a little bit about stock buybacks. First time in the history of company, $550 million buyback followed by $450 million this year, how should we think about the buyback topic going forward?

Question: Andy Hsieh - William Blair & Company, L.L.C. - Analyst : Yeah, all right. And then the one macro topic as well. A lot large companies are talking about Medicare reimbursement redesign on the first quarter call. So can you maybe qualitatively describe the potential impact for Medicare design potentially in 2025?

Question: Andy Hsieh - William Blair & Company, L.L.C. - Analyst : I see. All right. And maybe one last question, which also related to some of the big macro things we've heard. A lot of the crackdown on [Ushing] and it's a big ADC player. You have a big ADC pipeline, any sort of impact here and progress these assets potentially to late-stage development? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 04, 2024 / 8:20PM, EXEL.OQ - Exelixis Inc at William Blair Growth Stock Conference

Question: Andy Hsieh - William Blair & Company, L.L.C. - Analyst : Great. Well, thank you so much for joining us. Thank you, Andrew, for sharing your perspective on Exelixis.