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Building Next-Generation Oncology Franchises J.P . MORGAN 2026 HEALTHCARE CONFERENCE JANUARY 12, 2026 Michael M. Morrissey, Ph.D. President and CEO
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Safe Harbor Statement This presentation, including any oral presentation accompanying it, contains forward-looking statements, including, without limitation, statements related to: Exelixis’ strategy to build franchises in key solid tumors; Exelixis’ goal to become a leader in oncology R&D and a top 5 solid tumor oncology company, with multiple blockbuster products across multiple franchises, sustained revenue growth and focus on building long-term value for patients and shareholders; Exelixis’ belief that its pipeline is well-positioned to build leadership in key tumors and drive sustained near to mid-term growth across multiple franchises, including in RCC, NET and CRC; Exelixis’ commercial strategy to establish leadership across the GU, GI, Lung/H&N and GYN core disease areas; Exelixis’ expected growth and acceleration in RCC and NET in 2026; Exelixis’ belief that zanzalintinib is positioned to be its next oncology franchise opportunity and its goal to establish zanzalintinib as the backbone for future oncology franchises; Exelixis’ clinical development plans for, and belief in the commercial and therapeutic potential of, zanzalintinib, XB628, XB371, XB010 and XL309 and the rest of the Exelixis pipeline; Exelixis’ preclinical development plans for, and beliefs regarding the therapeutic potential of, its development candidates, including XB773, XL557 and XB404; Exelixis’ plans to initiate additional zanzalintinib pivotal trials; Exelixis’ 2026 financial guidance; Exelixis’ plans for its early-stage pipeline and overall vision for development execution; Exelixis’ anticipated long-term milestones to drive value creation and to sustain revenue growth through 2031 and beyond; and Exelixis’ summary of key 2026 corporate objectives. Any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements and are based upon Exelixis’ current plans, assumptions, beliefs, expectations, estimates and projections. Forward-looking statements involve risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of these risks and uncertainties, which include, without limitation: the degree of market acceptance of CABOMETYX and other Exelixis products in the indications for which they are approved and in the territories where they are approved, and Exelixis’ and its partners’ ability to obtain or maintain coverage and reimbursement for these products; the effectiveness of CABOMETYX and other Exelixis products in comparison to competing products; the level of costs associated with Exelixis’ commercialization, research and development, in-licensing or acquisition of product candidates, and other activities; Exelixis’ ability to maintain and scale adequate sales, marketing, market access and product distribution capabilities for its products or to enter into and maintain agreements with third parties to do so; the availability of data at the referenced times; the potential failure of cabozantinib, zanzalintinib and other Exelixis product candidates, both alone and in combination with other therapies, to demonstrate safety and/or efficacy in clinical testing; uncertainties inherent in the drug discovery and product development process; Exelixis' ability to identify strategic opportunities to enhance its pipeline and to consummate the necessary transactions; Exelixis’ dependence on its relationships with its collaboration partners, including their pursuit of regulatory approvals for partnered compounds in new indications, their adherence to their obligations under relevant collaboration agreements and the level of their investment in the resources necessary to complete clinical trials or successfully commercialize partnered compounds in the territories where they are approved; complexities and the unpredictability of the regulatory review and approval processes in the U.S. and elsewhere; Exelixis’ continuing compliance with applicable legal and regulatory requirements; unexpected concerns that may arise as a result of the occurrence of adverse safety events or additional data analyses of clinical trials evaluating cabozantinib, zanzalintinib and other Exelixis product candidates; Exelixis’ dependence on third-party vendors for the development, manufacture and supply of its products and product candidates; Exelixis’ ability to protect its intellectual property rights; market competition, including the potential for competitors to obtain approval for generic versions of Exelixis’ marketed products; changes in economic and business conditions; and other factors detailed from time to time under the caption “Risk Factors” in Exelixis’ most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, and in Exelixis’ other future filings with the Securities and Exchange Commission (SEC). All forward-looking statements in this presentation are based on information available to Exelixis as of the date of this presentation, and Exelixis undertakes no obligation to update or revise any forward-looking statements contained herein, except as required by law. This presentation includes estimates and projections of Exelixis’ potential market and growth opportunities that relate to or are based on data obtained from third-party sources and Exelixis’ internal research. These data involve a number of assumptions and limitations, and investors are cautioned not to place undue reliance on this information. These and other factors could cause actual results to differ materially from those expressed in these estimates and projections. 2