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WEDNESDAY , AUGUST 5 , 2026 Second Quarter 2026 Financial Results Nasdaq : EXEL EXELIXIS Ⓡ 1951951
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Today’s Agenda 2 Andrew Peters SVP , Strategy and Investor Relations Michael M. Morrissey, Ph.D. President and CEO Chris Senner EVP and CFO PJ Haley, MBA EVP , Commercial Dana T. Aftab, Ph.D. EVP , Research and Development All Participants Introduction Business Update & Highlights Financial Results & Guidance Commercial Update Research & Development Update Q&A
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Forward-Looking Statements This presentation, including any oral presentation accompanying it, contains forward-looking statements, including, without limitation, statements related to: Exelixis’ plans to execute on its strategy to become a multi-franchise oncology business and belief in zanzalintinib as its next franchise molecule; Exelixis’ goal to advance its next six pivotal studies and initiate an additional wave of trials across GU and GI indications as early as 2027; Exelixis’ belief in CABOMETYX’s long-term growth potential in RCC and NET, including the expected contribution of NET to revenue growth this decade; Exelixis’ plans to continue to drive cabozantinib’s growth and leverage deep commercial experience with CABOMETYX for the potential first launch of zanzalintinib in metastatic CRC; Exelixis’ belief that, beyond CRC, zanzalintinib’s robust development plan positions it to potentially exceed cabozantinib in scope and scale; Exelixis’ clinical development plans for, and beliefs regarding the therapeutic potential of, zanzalintinib; Exelixis’ goal to establish zanzalintinib as the backbone for future oncology franchises; Exelixis’ anticipated timing for pivotal data milestones for STELLAR-304; Exelixis’ plans to initiate additional zanzalintinib trials in 2026, including STELLAR-316 and STELLAR- 202; Exelixis’ expectations with respect to its clinical development collaboration with Merck, including the LITESPARK-033 and LITESPARK-034 pivotal trials; Exelixis’ plans to explore novel combinations in RCC to establish zanzalintinib as the TKI partner of choice in the 2030s; Exelixis’ clinical development plans for, and belief in the commercial and therapeutic potential of XL309, XB010, XB628 and XB371 and the rest of the Exelixis pipeline; Exelixis’ preclinical development plans for and beliefs regarding the therapeutic potential of its development candidates, including XB773, XB404 and a development candidate from Exelixis’ somatostatin receptor subtype 2 agonist program; Exelixis’ updated FY 2026 financial guidance; the timing, amount, and completion of any stock repurchase programs; 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: complexities and the unpredictability of the regulatory review and approval process, including with respect to Exelixis’ NDA for zanzalintinib, in combination with atezolizumab, as a treatment of patients with previously treated mCRC, including the risk that the FDA may not approve the NDA in a timely fashion, if at all; 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. This presentation includes certain non-GAAP financial measures as defined by the SEC rules. As required by Regulation G, we have provided a reconciliation of those measures to the most directly comparable GAAP measures, which is available in the appendix. 3
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Business Update & Highlights 4 Michael M. Morrissey, Ph.D. President and CEO
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Executing on Our Strategy to Evolve into a Multi-franchise Oncology Business Zanzalintinib poised to transform Exelixis as our next franchise molecule • 3L+ CRC NDA filing under review, with a PDUFA date of December 3, 2026 • Accelerating progress on next six pivotal studies across multiple tumor types • Additional wave of GU and GI indications lining up to initiate as early as 2027 Confidence in cabozantinib’s long-term growth trajectory in RCC and NET • Updated financial guidance reflects a more gradual NET growth ramp • Remain confident in the long-term potential of cabozantinib NET opportunity • RCC and NET – key growth drivers for cabo business, zanza development and pipeline Key elements driving our multi-franchise oncology strategy • Execute on zanzalintinib NDA review and ongoing pivotal trials – highest R&D priorities • Expand zanzalintinib development – evaluate new GU, GI and other tumor types • Commercial performance driving cabozantinib growth – $573M U.S. NPR (+10% YoY*) and $806M global NPR (+13% YoY*) in Q2 2026 • Preparation for zanzalintinib’s potential 3L+ CRC launch, pending regulatory review • Disciplined expense management – invest in R&D priorities and maintain free cash flow 5 NET = neuroendocrine tumors RCC = renal cell carcinoma YoY = year-over-year 3L+ = third-line and later CRC = colorectal cancer NDA = New Drug Application PDUFA = Prescription Drug User Fee Act GU = genitourinary oncology GI = gastrointestinal oncology *Q2 2026 vs. Q2 2025 NPR = net product revenues
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Financial Results & Guidance 6 Chris Senner EVP and CFO
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Q2’26 Total Revenues (See press release at www.exelixis.com for full details) 7 Amounts may not sum due to rounding. Q2’26 Notes • $573.0M in cabozantinib net product revenues • Q2’26 collaboration revenues include cabozantinib royalties to Exelixis of $53.2M 520.0 542.9 546.6 555.0 573.0 48.2 54.8 52.1 55.8 55.7 568.3 597.8 598.7 610.8 628.7 $0 $100 $200 $300 $400 $500 $600 $700 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 (In Millions) Cabozantinib Net Product Revenues Collaboration Revenues
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Q2’26 R&D Expenses (See press release at www.exelixis.com for full details) 8 Q2’26 Notes • GAAP R&D expenses of $212.0M • Increase in GAAP R&D expenses vs. Q1’26 primarily due to higher clinical trial related expense • Non-GAAP R&D expenses of $199.6M (excludes stock-based compensation, before tax effect) Amounts may not sum due to rounding. A reconciliation of our GAAP to non-GAAP financial results is at the end of this presentation. *License and other collaboration costs include upfront, option exercise fees, program initiation, development milestone fees, and other fees; in-process research and development assets acquired; and R&D funding for our collaboration and licensing agreements. 180.6 180.4 200.1 179.7 190.4 5.7 8.4 6.4 7.9 9.3 14.1 10.4 6.8 12.3 12.3 200.4 199.2 213.2 199.9 212.0 $0 $50 $100 $150 $200 $250 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 (In Millions) All Other R&D Expenses License and Other Collaboration Costs* Stock-Based Compensation
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Q2’26 SG&A Expenses (See press release at www.exelixis.com for full details) 9 Amounts may not sum due to rounding. A reconciliation of our GAAP to non-GAAP financial results is at the end of this presentation. Q2’26 Notes • GAAP SG&A expenses of $147.6M • Increase in GAAP SG&A expenses vs. Q1’26 primarily due to higher marketing expenses and stock-based compensation • Non-GAAP SG&A expenses of $127.4M (excludes stock-based compensation, before tax effect) 112.9 103.1 109.7 122.9 127.4 21.9 20.5 13.3 16.7 20.2 134.9 123.7 123.0 139.6 147.6 $0 $25 $50 $75 $100 $125 $150 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 (In Millions) All Other SG&A Expenses Stock-Based Compensation
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Q2’26 Net Income (See press release at www.exelixis.com for full details) 10 A reconciliation of our GAAP to non-GAAP financial results is at the end of this presentation. Q2’26 Notes • GAAP net income of $212.1M • Increase in GAAP net income vs. Q1’26 primarily due to higher total revenues and lower income tax provision, partially offset by higher operating expenses • Non-GAAP net income of $237.1M (excludes stock-based compensation, net of tax effect) 184.8 193.6 244.5 210.5 212.1 212.6 217.9 259.5 232.8 237.1 $0 $50 $100 $150 $200 $250 $300 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 (In Millions) GAAP Net Income Non-GAAP Net Income
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Q2’26 Diluted Earnings Per Share (See press release at www.exelixis.com for full details) 11 A reconciliation of our GAAP to non-GAAP financial results is at the end of this presentation. Q2’26 Notes • GAAP diluted earnings per share of $0.82 • Increase in GAAP diluted EPS vs. Q1’26 primarily due to higher net income and lower diluted weighted average shares outstanding • Non-GAAP diluted earnings per share of $0.91 (excludes stock-based compensation, net of tax effect) 0.65 0.69 0.88 0.79 0.82 0.75 0.78 0.94 0.87 0.91 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 (In Dollars) GAAP diluted EPS Non-GAAP diluted EPS
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GAAP Financial Highlights: Q2’26 (in millions, except per share amounts) 12 Amounts may not sum due to rounding. (1) Cash and marketable securities is composed of cash, cash equivalents and marketable securities Q2’25 Q1’26 Q2’26 YoY Delta QoQ Delta Total revenues $568.3 M $610.8 M $628.7 M +11% +3% Cost of goods sold $19.5 M $20.0 M $20.7 M +6% +4% R&D expenses $200.4 M $199.9 M $212.0 M +6% +6% SG&A expenses $134.9 M $139.6 M $147.6 M +9% +6% Total operating expenses $354.7 M $359.5 M $380.3 M +7% +6% Other income, net $16.8 M $16.3 M $14.3 M -15% -13% Income tax provision $45.6 M $57.2 M $50.6 M +11% -12% Net income $184.8 M $210.5 M $212.1 M +15% +1% Net income per share, diluted $0.65 $0.79 $0.82 +26% +4% Ending cash and marketable securities(1) $1,385.8M $1,426.4 M $1,384.3 M 0% -3%
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2026 Stock Repurchase Program (SRP) Activity (in millions, except per share amounts) 13 Amount Repurchased Stock Repurchased Average Purchase Price per Share Q1 2026 $430.8 10.021 $42.99 Q2 2026 $311.6 6.513 $47.85 Total $742.4 16.534 $44.90 *As of the end of the second quarter of 2026 Amounts may not sum due to rounding. ~$2.90 billion of stock repurchased since March 2023 at an average price per share of $31.12* Notes • $750M SRP authorized in Oct 2025 was completed in May 2026 • $750M SRP authorized in May 2026, with $597.8M remaining as of the end of Q2 2026
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Full Year 2026 Financial Guidance* 14 *The financial guidance provided reflects U.S. GAAP amounts. *FY 2026 financial guidance does not include any revenues from a potential U.S. regulatory approval and commercial launch of zanzalintinib in colorectal cancer. Current Guidance (Provided August 5, 2026) Previous Guidance (Provided January 11, 2026) Total Revenues $2.500B - $2.550B $2.525B - $2.625B Net Product Revenues $2.300B - $2.350B $2.325B - $2.425B Cost of Goods Sold 3.5% - 4.5% of net product revenues 3.5% - 4.5% of net product revenues R&D Expenses $825M - $875M Includes $50M of non-cash stock-based compensation $875M - $925M Includes $50M of non-cash stock-based compensation SG&A Expenses $575M - $625M Includes $75M of non-cash stock-based compensation $575M - $625M Includes $75M of non-cash stock-based compensation Effective Tax Rate 21% - 23% 21% - 23%
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Commercial Update 15 PJ Haley, MBA EVP , Commercial
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CABOMETYX Q2 2026 Performance Strong execution and growth in Q2 2026 • CABOMETYX net product revenues grew 10% YoY (Q2’26 vs Q2’25) NET business poised for long-term growth • More gradual growth ramp than anticipated due to 2L+ patient kinetics • CABOMETYX 2L+ oral therapy new patient market share >45%, a potential leading indicator for future growth of NET business RCC business continues to grow • CABOMETYX + nivolumab remains the #1 prescribed TKI+IO combination in 1L RCC • CABOMETYX remains the #1 prescribed TKI monotherapy for RCC 16 Sources: Internal Exelixis data; IQVIA National Prescription Audit and BrandImpact data through 7/3/2026 and 6/30/2026, respectively. 1L = first-line 2L = second-line YoY = year-over-year NET = neuroendocrine tumors RCC = renal cell carcinoma TKI = tyrosine kinase inhibitor IO = immunotherapy
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CABOMETYX Business Is Strong and Continues to Grow 17 Source for TRx: IQVIA National Prescription Audit 7/3/26, including Cabometyx, Inlyta, Sunitinib, Votrient, Lenvima; includes scripts across indications. Sutent and Votrient include volume from generic. Exelixis internal market research data. *CABOMETYX net product revenues Amounts may not sum to 100% due to rounding 1L = first-line 2L = second-line YoY = year-over-year TRx = total prescriptions TKI = tyrosine kinase inhibitor IO = immunotherapy RCC = renal cell carcinoma NET = neuroendocrine tumors OS = overall survival 5% 4% 6% 7% 18% 15% 26% 28% 45% 47% Q2'25 Q2'26 TRx Market Share Sutent Votrient Inlyta Lenvima Cabometyx $ 571M*$ 518M* +12% YoY TRx Growth CABOMETYX leads TRx market: ~47% share in Q2’26 • +12% YoY TRx volume growth (Q2’25 vs. Q2’26) vs. TKI Market of +6% YoY growth CABOMETYX combination with nivolumab is the #1 prescribed TKI+IO regimen in 1L RCC • Continued OS benefit observed in long-term follow-up data remains impactful • Prescriber experience continues to be positive • CABOMETYX + nivolumab maintained leading 1L RCC new patient share NET launch contributed to volume growth in 2026 • Broad uptake in 2L+ NET settings across patient types and practice settings • CABOMETYX is #1 prescribed oral therapy in 2L+ NET
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CABOMETYX NET Business Poised for Long-term Growth 18 Sources: Exelixis Internal Market Research Q2’26 NET set to contribute significantly to CABOMETYX revenue growth this decade CABOMETYX Growth in NET • 2L+ oral new patient share grew to >45% in Q2’26, extending leadership • Indolent disease - patient kinetics are more gradual relative to more aggressive solid tumors • Refills and increased new patient share to drive growing demand • Expanded GI field team and more granular utilization data help optimize promotional efforts through refined targeting • Significant growth potential in NET fuels conviction in the long-term growth opportunity for cabozantinib 2L = second-line NET = neuroendocrine tumors GI = gastrointestinal oncology
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Potential Zanzalintinib Launch in 3L+ CRC: Significant Unmet Need and Commercial Opportunity 19 Sources: (1) Exelixis Internal Market Research (2025); (2) Market Opportunity Assumptions: ~$30,000 anticipated WAC price for contemporary branded drugs in 2026; contemporary branded pricing applied to Lonsurf, Chemotherapy, and Stivarga in 2026 in 3L+ mCRC Opportunity to leverage deep commercial experience with CABOMETYX for the first launch of zanzalintinib • Large market opportunity, one of the “big 4” tumors • Significant unmet need in 3L+ setting • $1.5B opportunity in 20262 using contemporary branded drug pricing • Physicians perceive potential of an IO for the broader (MSS CRC) population as important for their patients • CRC prescribers overlap significantly with current CABOMETYX universe of prescribers • GI Sales team expansion completed in Q1’26; will gain valuable experience selling a TKI with GI prescribers ahead of potential zanzalintinib launch in CRC 36% 31% 33% Chemo + Targeted Therapies Lonsurf + Bev TKIs 2026: 3L+ mCRC Market Breakdown (U.S.)1 3L = third-line CRC = colorectal cancer Bev = bevacizumab mCRC = metastatic CRC TKI = tyrosine kinase inhibitor MSS = microsatellite stable IO = immunotherapy GI = gastrointestinal oncology ~23,000 Patients ~$1.5B Market Opportunity
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Driving CABOMETYX Growth and Preparing for Zanzalintinib CABOMETYX business remains strong • Growth driven by both RCC and NET • CABOMETYX remains the #1 TKI and TKI+IO combination in RCC as well as the #1 oral therapy in 2L+ NET NET business poised for long-term growth • More gradual growth ramp than anticipated due to 2L+ patient kinetics • CABOMETYX 2L+ oral therapy new patient market share >45%, a potential leading indicator for future growth of NET business Zanzalintinib launch preparation well underway • First potential indication launch expected later this year in 3L+ CRC* • Beyond CRC, robust development plan positions zanzalintinib to potentially exceed cabozantinib in scope and scale 20 *Pending FDA approval of NDA, PDUFA date: Dec 3, 2026 Sources: Internal Exelixis data; IQVIA National Prescription Audit and BrandImpact data through 7/3/2026 and 6/30/2026, respectively 1L = first-line 2L = second-line 3L = third-line NET = neuroendocrine tumors RCC = renal cell carcinoma CRC = colorectal cancer TKI = tyrosine kinase inhibitor IO = immunotherapy
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Research & Development Update 21 Dana T. Aftab, Ph.D. EVP , Research and Development
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Phase 1 Phase 2 Phase 3 Zanzalintinib Zanzalintinib Development Program Demonstrates Strong Franchise Potential 22 1L = first-line 2L = second-line 3L = third-line MRD = molecular residual disease NET = neuroendocrine tumors RCC = renal cell carcinoma mCRC = metastatic colorectal cancer NSCLC = non-small cell lung cancer VEGFR = vascular endothelial growth factor receptor Breadth of zanzalintinib development program enables multi-franchise approach across disease settings and in novel combinations with zanzalintinib as backbone Pivotal / Potentially Label-enabling Planned studyOngoing study 3L+ mCRC (+ atezolizumab) nccRCC (+ nivolumab) 1L/2L NET LITESPARK-033** 1L post-adj IO RCC (+ belzutifan) LITESPARK-034* 2L+ RCC, post-IO/VEGFR-TKI (+ belzutifan) Resected, stage II/III MRD+ CRC Advanced Solid Tumors (+ atezolizumab) Advanced Solid Tumors (+ nivolumab ± relatlimab; + docetaxel) Recurrent Meningioma KEYMAKER-U03: Substudy 03C* RCC (+ belzutifan) 304 311 316 001 002 201 Next wave of potential studies evaluating novel combinations (e.g., bispecifics, other modalities) Squamous NSCLC 202 *Study is sponsored and funded by Merck **Study is sponsored and co-funded by Merck nccRCC = non-clear cell RCC TKI = tyrosine kinase inhibitor IO = immunotherapy
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Ongoing FDA Review of Zanzalintinib NDA in 3L+ Non-MSI-High mCRC 23 PDUFA target action date: December 3, 2026 Based on positive results from STELLAR-303 phase 3 pivotal trial Clear clinical differentiation vs. other TKI+IO combinations, driven by zanza’s differentiated kinase inhibition profile Potential to become a new standard of care for previously treated CRC patients 3L = third-line MSI = microsatellite instability mCRC = metastatic colorectal cancer FDA = U.S. Food and Drug Administration NDA = New Drug Application PDUFA = Prescription Drug User Fee Act TKI = tyrosine kinase inhibitor IO = immunotherapy
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STELLAR-316: Expanding Zanzalintinib Opportunity into Early-Stage CRC Exelixis-sponsored Study in Collaboration with Merck and Natera 24 Zanzalintinib + pembrolizumab and berahyaluronidase alfa-pmph 1:1:1 Zanzalintinib Resected, Stage II / III MRD+ CRC • Resected Stage II/III colorectal adenocarcinoma • MRD+ following completion of definitive therapy1 • No radiographic evidence of disease • No prior immunotherapy Primary Endpoint: • DFS per BICR Secondary Endpoints: • Landmark DFS (12, 18, 24mo) • OS • ctDNA clearance Potential to be first MRD-guided treatment in resected, stage II/III CRC Study initiation anticipated in mid-2026 316 Placebo Sources: (1) Colon: Adjuvant chemotherapy (CAPEOX or FOLFOX), Rectal: Total neoadjuvant therapy (TNT and surgery, RT and CAPEOX or FOLFOX) CRC = colorectal cancer MRD = molecular residual disease BICR = Blinded Independent Central Review ctDNA = circulating tumor DNA DFS = disease-free survival OS = overall survival Proposed Trial Design:
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STELLAR-311: Address Unmet Need and Advance Innovation in pNET and epNET Exelixis-sponsored Study 25 Zanzalintinib 1:1 Everolimus 1L/2L Advanced NET • Advanced or metastatic pNET and epNET • Up to one prior line of systemic treatment (excluding SSA) • No prior VEGFR-targeting TKI or mTOR inhibitor Primary Endpoint: • PFS (BICR) Secondary Endpoints: • OS • ORR, DOR and DCR by BICR • PFS, ORR, DOR and DCR by investigator • HRQoL and disease -related symptoms by EORTC QLQ -C30/QLQ -GI.NET21 First and only small molecule to be randomized against active control with potential to broadly displace other oral agents Initiated in June 2025, robust enrollment reflects investigator and patient enthusiasm Of the NET drug market is composed of oral agents1~40% Sources: (1) Q2’25 MD NET ATU & Chart Audit study; Exelixis Internal Market Research 311 N=440 1L = first-line 2L = second-line pNET = pancreatic NET OS = overall survival epNET = extra-pancreatic NET DCR = disease control rate DOR = duration of response PFS = progression-free survival BICR = Blinded Independent Central Review HRQoL = health-related quality of life mTOR = mammalian target of rapamycin ORR = objective response rate NET = neuroendocrine tumors SSA = somatostatin analogues TKI = tyrosine kinase inhibitor EORTC = European Organization for Research and Treatment of Cancer VEGFR = vascular endothelial growth factor receptor
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STELLAR-304: First & Only Randomized Phase 3 Study in nccRCC Exelixis-sponsored Study 26 Zanzalintinib + Nivo 2:1 Sunitinib 1L nccRCC • Papillary, unclassified and translocation-associated histologies (sarcomatoid features allowed) • Karnofsky score ≥70 • No prior systemic anticancer therapy for unresectable locally advanced/metastatic nccRCC Primary Endpoint: • PFS • ORR Secondary Endpoints: • OS First and only randomized pivotal trial focused on high unmet need, broad nccRCC population, reaffirming Exelixis’ commitment to advancing SOC for all RCC patients Topline readout expected 2H 2026 If positive, study results could lead to 2nd NDA filing for zanzalintinib Sources: (1) Excluding chromophobe; Naik et al. Ther Adv Urol 2024. (2) An et al. Front. Oncol 2022. Exelixis Internal Market Research Of all RCC cases are non-clear cell histologies1~20% 5-year overall survival rate compared with ~80% for clear-cell RCC2~45% 304 1L = first-line RCC = renal cell carcinoma nccRCC = non-clear cell RCC PFS = progression-free survival OS = overall survival ORR = overall response rate N=317 Nivo = nivolumab SOC = standard of care NDA = New Drug Application
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Of eligible adjuvant RCC patients in the U.S. currently receive pembrolizumab2 LITESPARK-033: Addressing the Evolving Landscape in RCC 27 1L, aRCC, Post-adjuvant IO • ccRCC • Disease recurrence post adjuvant IO • No prior systemic therapy for metastatic RCC Primary Endpoint: • PFS (BICR) • OS Secondary Endpoints: • ORR (BICR) – Key • DOR • QOL ~80% Of patients experience recurrence within 3 years of initiating adjuvant pembrolizumab1~30% Potential to be the first non-IO combination to address new treatment setting in 1L post-adjuvant Study ongoing; initiated December 2025 Sources: (1) KEYNOTE-564 data; (2) Exelixis BrandImpact: Adjuvant+ NED Post Nephrectomy Therapies – All Patients with Intermediate and High Risk Note: LITESPARK-033 is sponsored and co-funded by Merck 1:1 Zanzalintinib + Belzutifan Cabozantinib 1L = first-line aRCC = advanced renal cell carcinoma ccRCC = clear cell RCC BICR = Blinded Independent Central Review PFS = progression-free survival QOL = quality of life DOR = duration of response IO = immunotherapy ORR = objective response rate OS = overall survival N=904
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LITESPARK-034: Establishing Zanzalintinib Across Lines of Therapy 28 2L+, aRCC, Post-IO and VEGFR-TKI • ccRCC • Measurable disease per RECIST v1.1 • Progressed following prior anti-PD-1/L1 and prior VEGFR-TKI in sequence or in combination • Received ≤3 lines prior therapy Dual Primary Endpoints: • PFS (BICR) • OS Secondary Endpoints: • ORR (BICR) – Key • DOR • QOL Of 1L RCC patients are treated with IO + VEGFR-TKI combos1~60% Potential to address high unmet need patients who have received IO and cabozantinib or other VEGFR-TKI Study ongoing; initiated April 2026 Sources: (1) Exelixis Market Research Note: LITESPARK-034 is sponsored and funded by Merck 1:1 Zanzalintinib + Belzutifan Belzutifan + Placebo 1L = first-line 2L = second-line aRCC = advanced renal cell carcinoma BICR = Blinded Independent Central Review OS = overall survival DOR = duration of response ORR = objective response rate QOL = quality of life ccRCC = clear cell RCC IO = immunotherapy TKI = tyrosine kinase inhibitor PFS = progression-free survival N=758 VEGFR = vascular endothelial growth factor receptor PD-1/L1 = programmed cell death protein-1 / ligand-1
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Exploring Novel Combination Opportunities in RCC to Establish Zanzalintinib as the TKI Partner of Choice in the 2030s 29 1L 2L+ Non-Clear Cell Post-adjuvant IO Previously Untreated Zanzalintinib Pivotal Study LITESPARK-033 Zanzalintinib + Belzutifan LITESPARK-034 Zanzalintinib + Belzutifan STELLAR-304 Zanzalintinib + Nivolumab Limited next-gen options to date Zanzalintinib Development in 1L RCC is the Key Strategic Priority • 1L RCC represents an important opportunity for zanzalintinib to raise the high bar set by cabo/nivo and other 1L combos • Multiple triplet failures underscore the challenges in 1L RCC - mechanistic differentiation and regimen tolerability Key Challenges Zanzalintinib Strategy Tolerability is critical to achieve durable benefit and improve long-term outcomes Optimized doublet and selective triplet combinations More drugs may not translate to better outcomes Combination with novel and orthogonal MOAs that maximize benefit and limit overlapping toxicity Renal Cell Carcinoma TKI = tyrosine kinase inhibitor RCC = renal cell carcinoma MOA = mechanism of action 1L = first-line 2L = second-line
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Expanding Zanzalintinib GU Development, Informed by Cabozantinib Activity 30 Two additional STELLAR-002 GU expansion cohorts: ➢ Bladder cancer cohort rationale based on prior cabozantinib data • Area of high unmet need with no established SOC after progression on newly approved combination • Encouraging early clinical activity; potential path to pivotal study ➢ mCRPC cohort based on initial observations with cabozantinib from prior phase 2 study • If safe + active, may open zanzalintinib + chemo/ADC combo opportunities in other solid tumors (e.g., 2L NSCLC) Evaluating combination of zanzalintinib + docetaxel in mCRPC patients with measurable disease 2L = second-line GU = genitourinary oncology SOC = standard of care mCRPC expansion cohort open for enrollment 002 mCRPC = metastatic castration-resistant prostate cancer NSCLC = non-small cell lung cancer ADC = antibody-drug conjugate Evaluating single-agent zanzalintinib in metastatic bladder cancer patients who have progressed on the combination of enfortumab vedotin + pembrolizumab Bladder cancer expansion cohort open for enrollment 002
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STELLAR-201: Opportunity to be First and Only Systemic Therapy in Meningioma Exelixis-sponsored Study 31 Single Arm Zanzalintinib Recurrent Meningioma • Grade I/II/III meningioma with relapse/progression following radiation/surgery or not a candidate for these therapies • Grade I with multiple relapses can be enrolled • >6 months post last surgery/radiation Primary Endpoint: • ORR Secondary Endpoints: • DOR • PFS, OS • Safety, QOL • Neurologic Symptoms Improvement Potential for zanza to be the first and only systemic therapy for recurrent meningioma patients with high unmet need Initiated in April 2026; brisk enrollment reflects high level of interest and enthusiasm among neuro-oncologists Sources: (1) Amoo et al, Neuro Oncol, 2023; (2) Exelixis Internal Market Research (July 2025) 201 Confirmatory phase 3 study is being planned DOR = duration of response ORR = objective response rate OS = overall survival PFS = progression free survival QOL = quality of life zanza = zanzalintinib N=100
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STELLAR-202: Planned Phase 2 Trial in Squamous NSCLC Exelixis-sponsored Study 32 Squamous NSCLC • Explore combining zanzalintinib with pembrolizumab in maintenance setting, after induction with pembrolizumab + chemotherapy • STELLAR-202 rationale based on prior cabozantinib experience from CONTACT-01 study • Area of high unmet need given short PFS in maintenance setting and lack of new approvals in front-line setting since KEYNOTE-407 • Study initiation anticipated in second half of 2026 202 NSCLC = non-small cell lung cancer PFS = progression-free survival
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Pre-IND Phase 1 Phase 2 Phase 3 Zanzalintinib Early-stage Pipeline: Small Molecules & Biotherapeutics Advancing Early-stage Pipeline to Identify Next Potential Franchise Molecules 33 3L+ mCRC (+ atezolizumab) nccRCC (+ nivolumab) 1L/2L NET LITESPARK-033 1L post-adj IO RCC (+ belzutifan) LITESPARK-034 2L+ RCC, post-IO/VEGFR-TKI (+ belzutifan) Resected, stage II/III MRD+ CRC Advanced Solid Tumors (+ atezolizumab) Advanced Solid Tumors (+ nivolumab ± relatlimab; + docetaxel) Recurrent Meningioma KEYMAKER-U03 RCC (+ belzutifan) XL309 USP1iSSTR2 Agonist XB010 5T4-MMAE ADC XB628 PD-L1 x NKG2A bsAb XB371 TF-TOPOi ADC XB773 DLL3-TOPOi ADC XB404 ROR1/2-TOPOi ADC 304 311 316 001 002 201 ADC = antibody-drug conjugate bsAb = bispecific antibody DLL3 = delta-like ligand 3 MMAE = monomethyl auristatin E NKG2A = natural killer cell receptor group 2A PD-L1 = programmed death-ligand 1 ROR1/2 = receptor tyrosine kinase-like orphan receptors 1 and 2 SSTR2 = somatostatin receptor 2 IND = Investigational New Drug application TF = tissue factor TOPOi = topoisomerase inhibitor USP1i = ubiquitin specific peptidase inhibitor Pivotal / Potentially Label-enabling Planned studyOngoing study Squamous NSCLC 202
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Closing 34 Michael M. Morrissey, Ph.D. President and CEO
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Key 2026 Corporate Objectives 35 Execute on commercial business and maintain strong financial performance • Guiding to additional growth with cabozantinib franchise • Continue prudent expense management, maintaining roughly $1 billion in R&D investment annually • Completed $750M October 2025 SRP in May; executing additional $750M SRP authorized in May 2026 through 2027 • Completed buildout of GI Sales team to support NET launch, prepare for potential future zanzalintinib indications Pursue first U.S. regulatory approval opportunity for zanzalintinib • FDA accepted NDA in 3L+ CRC, supported by positive results from STELLAR-303; PDUFA date: December 3, 2026 Advance and expand zanzalintinib pivotal development program • Expected pivotal data readouts, including STELLAR-303 (CRC-NLM subgroup) and STELLAR-304 (nccRCC) • Execute on next wave of label-enabling trials: STELLAR-311 (NET), STELLAR-316 (CRC), STELLAR-201 (meningioma) • Progress of two Merck-led pivotal studies of zanzalintinib + belzutifan in RCC: LITESPARK-033 and LITESPARK-034 • Initiate additional studies: STELLAR-202 (NSCLC), STELLAR-002 expansion cohorts (mCRPC, bladder cancer) Accelerate development of phase 1 clinical-stage assets toward full development • Advance phase 1 programs for XL309 (USP1i), XB010 (5T4-ADC), XB628 (PD-L1+NKG2A bsAb) and XB371 (TF-ADC) toward go/no-go decision • File potential INDs and initiate phase 1 studies for XB773 (DLL3-ADC) and SSTR2 agonist GI = gastrointestinal oncology NET = neuroendocrine tumors CRC = colorectal cancer NLM = non-liver metastasis FDA = U.S. Food and Drug Administration PDUFA = Prescription Drug User Fee Act IND = Investigational New Drug application NDA = New Drug Application 3L = third-line bsAb = bispecific antibody TF = tissue factor DLL3 = delta-like ligand 3 NSCLC = non-small cell lung cancer USP1 = ubiquitin specific peptidase PD-L1 = programmed death-ligand 1 SSTR2 = somatostatin receptor type 2 RCC = renal cell carcinoma nccRCC = non-clear cell RCC ADC = antibody-drug conjugate SRP = stock repurchase program mCRPC = metastatic castration- resistant prostate cancer NKG2A = natural killer cell receptor group 2A
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Q&A Session 36
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Second Quarter 2026 Financial Results WEDNESDAY , AUGUST 5, 2026 Nasdaq: EXEL
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Financial Appendix 38
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Non-GAAP Financial Highlights: Q2’26 (in millions, except per share amounts) 39 Amounts may not sum due to rounding. (a) A reconciliation of our GAAP to non-GAAP financial results is at the end of this presentation. (b) Amounts reflect non-GAAP adjustment before tax effect. (c) Cash and marketable securities is composed of cash, cash equivalents, and marketable securities. Q2’25 Q1’26 Q2’26 YoY Delta QoQ Delta Total revenues $568.3 M $610.8 M $628.7 M +11% +3% Cost of goods sold $19.5 M $20.0 M $20.7 M +6% +4% R&D expenses(a) (b) $186.2 M $187.6 M $199.6 M +7% +6% SG&A expenses(a) (b) $112.9 M $122.9 M $127.4 M +13% +4% Total operating expenses $318.6 M $330.4 M $347.7 M +9% +5% Other income, net $16.8 M $16.3 M $14.3 M -15% -13% Income tax provision(a) $53.9 M $64.0 M $58.1 M +8% -9% Net income(a) $212.6 M $232.8 M $237.1 M +12% +2% Net income per share, diluted(a) $0.75 $0.87 $0.91 +21% +5% Ending cash and marketable securities (c) $1,385.8 M $1,426.4 M $1,384.3 0% -3%
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Q2’26 Diluted Weighted Average Shares Outstanding 40 Q2’26 Notes • Net decrease in diluted weighted average shares outstanding since Q2’25 due to our stock repurchase programs 284.4 278.5 276.3 267.3 259.7 200 250 300 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 (In Millions) Weighted Avg Shares Outstanding - Diluted
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Q2’26 Ipsen Royalties 41 Q2’26 Notes • Q2’26 Ipsen ex-US and ex-Japan cabozantinib franchise net product revenues of $218.8M • Q2’26 Ipsen royalty to Exelixis of $50.5M • Ipsen is in the second royalty tier of 24%, which it entered in Q2’26 *As reported by Ipsen to Exelixis in U.S. dollars 176.5 182.2 193.3 198.5 218.8 39.5 43.0 49.4 43.5 50.5 $0 $50 $100 $150 $200 $250 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 (In Millions) Ipsen ex-US and ex-Japan cabozantinib Franchise Net Product Revenues* Ipsen Royalty to Exelixis
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GAAP to Non-GAAP Reconciliation (in millions, except per share amounts) 42 Amounts may not sum due to rounding. Non-GAAP Financial Measures To supplement Exelixis’ financial results presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP), Exelixis uses certain non-GAAP financial measures in this presentation and the accompanying tables. This presentation and the tables that follow present certain financial information on a GAAP and a non-GAAP basis for Exelixis for the periods specified, along with reconciliations of the non-GAAP financial measures presented to the most directly comparable GAAP measures. Exelixis believes that the presentation of these non-GAAP financial measures provides useful supplementary information to, and facilitates additional analysis by, investors. In particular, Exelixis believes that each of these non-GAAP financial measures, when considered together with its financial information prepared in accordance with GAAP, can enhance investors’ and analysts' ability to meaningfully compare Exelixis’ results from period to period, and to identify operating trends in Exelixis’ business. Exelixis also regularly uses these non-GAAP financial measures internally to understand, manage and evaluate its business and to make operating decisions. These non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. Exelixis encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP financial information and the reconciliation between these presentations, to more fully understand Exelixis’ business. Reconciliations between GAAP and non-GAAP results are presented in the tables that follow.
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GAAP to Non-GAAP Reconciliation (continued) (in millions, except per share amounts) 43 Amounts may not sum due to rounding.
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Second Quarter 2026 Financial Results WEDNESDAY , AUGUST 5, 2026 Nasdaq: EXEL