Slides
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Third Quarter 2026 Financial Results THURSDAY , OCTOBER 29, 2026 Nasdaq: EXEL
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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 Dana T. Aftab, Ph.D. EVP , Research and Development PJ Haley, MBA EVP , Commercial All Participants Introduction Business Update & Highlights Financial Results & Guidance Research & Development Update Commercial 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 for its unified R&D strategy focused on developing multiple oncology franchises, including its belief in zanzalintinib as its next potential franchise opportunity and its goal to build zanzalintinib into a durable franchise with long-term growth potential; Exelixis’ commitment to rigorous expense management and capital allocation, including investing in mission-critical R&D, while returning cash to shareholders through its stock repurchase programs, and positioning itself to create both short-term and long-term shareholder value; Exelixis’ expectations regarding the timing and outcome of FDA review of its NDA for zanzalintinib in combination with atezolizumab for previously treated metastatic CRC; Exelixis’ belief in the significant commercial opportunity for zanzalintinib in combination with atezolizumab in third-line or later mCRC, if approved, and its plans to establish the zanzalintinib franchise on the foundation of CABOMETYX, including leveraging its commercial experience and capabilities in GI oncology with CABOMETYX for the potential first launch of zanzalintinib in mCRC and building upon the success of CABOMETYX in GU, GI, and beyond; Exelixis’ beliefs regarding the therapeutic and franchise potential of zanzalintinib, including its potential to improve the standard of care across multiple solid tumors and settings; Exelixis’ clinical development plans for the next wave of zanzalintinib clinical development across GU, GI and other indications through additional studies, potential collaborations, and novel combinations, including combinations with cytotoxic modalities; Exelixis’ belief that STELLAR-316 represents an opportunity for zanzalintinib to be the first MRD-guided treatment in resected, stage II/III CRC; the anticipated timing of topline results from STELLAR-304 and Exelixis’ belief that, if positive, those results could lead to a second NDA filing for zanzalintinib; Exelixis’ expectations with respect to its clinical development collaboration with Merck, including the LITESPARK-033 and LITESPARK-034 pivotal trials; Exelixis’ clinical development plans for STELLAR-201, including its plans for a confirmatory phase 3 study, and its belief that STELLAR- 201 represents an opportunity for zanzalintinib to become the first and only systemic therapy for recurrent Grade I/II/III meningioma; Exelixis’ clinical development plans for, and beliefs regarding the commercial and therapeutic potential of XL309, XB010, XB628, XB371, and the rest of its pipeline; Exelixis’ preclinical development plans for and beliefs regarding the therapeutic potential of its development candidates, including XL558, XB773, and XB404; Exelixis’ updated FY 2026 financial guidance; the timing and amount of any future stock repurchases and the execution of Exelixis’ 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 regulatory review and approval processes in the U.S. and elsewhere, including the timing and outcome of FDA review of Exelixis’ NDA for zanzalintinib in combination with atezolizumab for previously treated metastatic CRC and the risk that the FDA may require additional information or analyses, further extend its review, or 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, evaluate and successfully execute external innovation and other business development opportunities and to realize the anticipated benefits of any such opportunities; 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; 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 and market generic versions of, or other products that compete with, 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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Strong Q3 2026 Underscores Strength of Oncology Franchise Strategy Zanzalintinib positioned as our next potential franchise opportunity • Potential first opportunity in 3L+ CRC, followed by additional waves of pivotal trials • Zanzalintinib remains our highest R&D priority as we advance key program objectives • Next wave of potential pivotal trials could expand GU, GI and other indications • Goal: build zanzalintinib into a durable franchise with long-term growth potential Strong cabozantinib performance reinforces confidence in long-term growth • Solid YoY growth in both RCC and NET indications in Q3 2026 • Leading TKI for RCC and market leader in the oral 2L+ NET segment • Q3 2026 franchise NPR: $605M U.S. (+11% YoY*) and $818M globally (+11% YoY*) • CABO lays the foundation for a broader franchise in NET with zanza and pipeline assets Commitment to rigorous expense management and capital allocation • Investing in mission-critical R&D while returning cash to shareholders through SRP • Expense management and capital allocation strategy a key corporate differentiator and positions us to create both short-term and long-term shareholder value • Enables us to build new oncology franchises through R&D, commercial and business development activities, while reinforcing existing cabozantinib business 5 NET = neuroendocrine tumors YoY = year-over-year TKI = tyrosine kinase inhibitor 2L+ = second-line and later 3L+ = third-line and later CRC = colorectal cancer GU = genitourinary oncology GI = gastrointestinal oncology RCC = renal cell carcinoma *Q3 2026 vs. Q3 2025 NPR = net product revenues SRP = stock repurchase program
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Financial Results & Guidance 6 Chris Senner EVP and CFO
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Q3’26 Total Revenues (See press release at www.exelixis.com for full details) 7 Amounts may not sum due to rounding. Q3’26 Notes • $604.9M in cabozantinib net product revenues • Q3’26 collaboration revenues include cabozantinib royalties to Exelixis of $51.8M 542.9 546.6 555.0 573.0 604.9 54.8 52.1 55.8 55.7 53.8 597.8 598.7 610.8 628.7 658.7 $0 $100 $200 $300 $400 $500 $600 $700 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 (In Millions) Cabozantinib Net Product Revenues Collaboration Revenues
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Q3’26 R&D Expenses (See press release at www.exelixis.com for full details) 8 Q3’26 Notes • GAAP R&D expenses of $209.5M • Decrease in GAAP R&D expenses vs. Q2’26 primarily due to lower license and other collaboration costs, partially offset by higher clinical trial-related expenses • Non-GAAP R&D expenses of $198.4M (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. 180.4 200.1 179.7 190.4 195.2 8.4 6.4 7.9 9.3 3.2 10.4 6.8 12.3 12.3 11.1 199.2 213.2 199.9 212.0 209.5 $0 $50 $100 $150 $200 $250 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 (In Millions) All Other R&D Expenses License and Other Collaboration Costs* Stock-Based Compensation
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Q3’26 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. Q3’26 Notes • GAAP SG&A expenses of $154.6M • Increase in GAAP SG&A expenses vs. Q2’26 primarily due to higher legal and advisory fees and marketing expenses • Non-GAAP SG&A expenses of $136.9M (excludes stock-based compensation, before tax effect) 103.1 109.7 122.9 127.4 136.9 20.5 13.3 16.7 20.2 17.6 123.7 123.0 139.6 147.6 154.6 $0 $25 $50 $75 $100 $125 $150 $175 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 (In Millions) All Other SG&A Expenses Stock-Based Compensation
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Q3’26 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. Q3’26 Notes • GAAP net income of $218.1M • Increase in GAAP net income vs. Q2’26 primarily due to higher total revenues, partially offset by higher income tax provision and operating expenses • Non-GAAP net income of $240.2M (excludes stock-based compensation, net of tax effect) 193.6 244.5 210.5 212.1 218.1 217.9 259.5 232.8 237.1 240.2 $0 $50 $100 $150 $200 $250 $300 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 (In Millions) GAAP Net Income Non-GAAP Net Income
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Q3’26 Diluted Earnings Per Share (See press release at www.exelixis.com for full details) 11 EPS = earnings per share A reconciliation of our GAAP to non-GAAP financial results is at the end of this presentation. Q3’26 Notes • GAAP diluted earnings per share of $0.85 • Increase in GAAP diluted EPS vs. Q2’26 primarily due to higher net income and lower diluted weighted-average common shares outstanding • Non-GAAP diluted earnings per share of $0.94 (excludes stock-based compensation, net of tax effect) 0.69 0.88 0.79 0.82 0.85 0.78 0.94 0.87 0.91 0.94 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 (In Dollars) GAAP diluted EPS Non-GAAP diluted EPS
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GAAP Financial Highlights: Q3’26 (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 Q3’25 Q2’26 Q3’26 YoY Delta QoQ Delta Total revenues $597.8 M $628.7 M $658.7 M +10% +5% Cost of goods sold $18.6 M $20.7 M $26.2 M +41% +27% R&D expenses $199.2 M $212.0 M $209.5 M +5% -1% SG&A expenses $123.7 M $147.6 M $154.6 M +25% +5% Restructuring expenses $19.8 M - - -100% n/a Total operating expenses $361.2 M $380.3 M $390.3 M +8% +3% Other income, net $15.9 M $14.3 M $14.4 M -10% +1% Income tax provision $58.8 M $50.6 M $64.7 M +10% +28% Net income $193.6 M $212.1 M $218.1 M +13% +3% Net income per share, diluted $0.69 $0.82 $0.85 +23% +4% Ending cash and marketable securities(1) $1,566.8 M $1,384.3 M $1,399.8 M -11% +1%
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Full Year 2026 Financial Guidance* 13 *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 October 29, 2026) Previous Guidance (Provided August 5, 2026) Total Revenues $2.500B - $2.550B $2.500B - $2.550B Net Product Revenues $2.300B - $2.350B $2.300B - $2.350B Cost of Goods Sold ~4% 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 $825M - $875M 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 16% - 18% 21% - 23%
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Research & Development Update 14 Dana T. Aftab, Ph.D. EVP , Research and Development
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Unified R&D Strategy Focused on Developing Multiple Oncology Franchises 15 PRODUCT FRANCHISE TUMOR FRANCHISEMODALITY FRANCHISE Leverage expertise and experience in key tumors to provide multiple treatment options for patients that address key unmet needs Establish efficiencies and leverage learnings across similar programs, identifying areas of complementarity and synergy Deliver a differentiated value proposition and maximize patient impact of each program
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Building on the Cabozantinib Experience to Maximize the Franchise Potential of Zanzalintinib and the Early-stage Pipeline 16 14 Cabozantinib pivotal trials completed 8 U.S. approvals across multiple tumor types, including RCC (3), NET (2), HCC, DTC and MTC Broad zanzalintinib/pipeline development across tumor types, lines of therapy and novel combinations to maximize value for patients RCC = renal cell carcinoma NET = neuroendocrine tumors HCC = hepatocellular carcinoma DTC = differentiated thyroid cancer MTC = medullary thyroid cancer
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Prioritizing Zanzalintinib as a Multi-Dimensional Solid Tumor Oncology Franchise Molecule 17 Wave-1 of Zanzalintinib Development Seven ongoing potentially label-enabling studies CRC RCC Wave-2 of Zanzalintinib Development Planning and execution underway for GU, GI and Other Indications Earlier Lines of Therapy Earlier Stage Disease Novel Combinations with orthogonal MOAs Prostate Cancer Meningioma NET Zanzalintinib has potential to improve SOC for cancer patients across multiple tumors and settings RCC Lung Cancer Bladder Cancer Solid TumorsHCC GU = genitourinary oncology GI = gastrointestinal oncology CRC = colorectal cancer RCC = renal cell carcinoma NET = neuroendocrine tumors HCC = hepatocellular carcinoma MOAs = mechanisms of action SOC = standards of care CRC
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STELLAR-316: Expanding Zanzalintinib Opportunity into Early-Stage CRC Exelixis-sponsored Study in Collaboration with Merck* and Natera 18 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 initiated in August 2026 316 Placebo Sources: (1) Colon: Adjuvant chemotherapy (CAPEOX or FOLFOX), Rectal: Total neoadjuvant therapy (TNT and surgery, RT and CAPEOX or FOLFOX). *Merck is known as MSD outside of the United States and Canada CRC = colorectal cancer MRD = molecular residual disease DFS = disease-free survival BICR = Blinded Independent Central Review OS = overall survival ctDNA = circulating tumor DNA N=600
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STELLAR-311: Address Unmet Need and Advance Innovation in pNET and epNET Exelixis-sponsored Study 19 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 20 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 Endpoints: • PFS • ORR Secondary Endpoint: • 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 Q1 2027 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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LITESPARK-033 and -034: Addressing the Evolving Landscape in RCC and Establishing Zanzalintinib Across Lines of Therapy LITESPARK-033* 1L aRCC, post-adjuvant IO • ccRCC • Disease recurrence following adjuvant IO • No prior systemic therapy for metastatic RCC Zanzalintinib + Belzutifan Cabozantinib N=904 Study ongoing, initiated December 2025 LITESPARK-034** 2L+ aRCC, post-IO and VEGFR-TKI • ccRCC, measurable disease (RECIST v1.1) • Progression following anti-PD-1/L1 and VEGFR-TKI, in sequence or in combination • Received ≤3 prior lines of therapy Zanzalintinib + Belzutifan Belzutifan + PlaceboN=758 Study ongoing, initiated April 2026 1:1 Dual primary endpoints: PFS by BICR, OS Secondary: ORR by BICR (key), DOR, QOL Of patients experience recurrence within 3 years of initiating adjuvant pembrolizumab1~30% Of eligible adjuvant RCC patients in the U.S. currently receive pembrolizumab2~80% Potential to be the first non-IO combination to address new treatment setting in 1L post-adjuvant 1:1 Dual primary endpoints: PFS by BICR, OS Secondary: ORR by BICR (key), DOR, QOL Of 1L RCC patients are treated with IO + VEGFR-TKI combos3~60% Potential to address high unmet need patients who have received IO and cabozantinib or other VEGFR-TKI Sources: (1) KEYNOTE-564 data. (2) Exelixis BrandImpact: Adjuvant+ NED Post Nephrectomy Therapies, intermediate/high risk. (3) Exelixis Market Research.*LITESPARK-033 is sponsored and co-funded by Merck. **LITESPARK-034 is sponsored and funded by Merck. 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 21
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STELLAR-201: Opportunity to be First and Only Systemic Therapy in Meningioma Exelixis-sponsored Study 22 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 ORR = objective response rate DOR = duration of response PFS = progression-free survival OS = overall survival QOL = quality of life zanza = zanzalintinib N=100
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Phase 1 Phase 2 Phase 3 Zanzalintinib Zanzalintinib Development Program Demonstrates Strong Franchise Potential 23 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 Wave-2 of potential studies evaluating novel combinations (e.g., bispecifics, other modalities) Squamous NSCLC 202 *Sponsored and co-funded by Merck **Sponsored and funded by Merck nccRCC = non-clear cell RCC TKI = tyrosine kinase inhibitor IO = immunotherapy
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STELLAR-202: Phase 2 Trial in Squamous NSCLC Exelixis-sponsored Study 24 202 NSCLC = non-small cell lung cancer 1L = first-line RECIST = Response Evaluation Criteria in Solid Tumors Squamous NSCLC • 1L Maintenance setting • No prior systemic therapy • Histologically or cytologically confirmed Stage IV squamous NSCLC • Measurable disease per RECIST v1.1 Primary Endpoint: • PFS at 6 months Secondary Endpoints: • ORR • DOR • PFS • OS • Safety N=60 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 initiated in October 2026 INDUCTION Pembrolizumab + Chemotherapy MAINTENANCE Zanzalintinib + Pembrolizumab PFS = progression-free survival ORR = objective response rate DOR = duration of response OS = overall survival
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Planning Wave-2 of Zanzalintinib Trials in Combination with Orthogonal MOAs 25 Expanding Zanzalintinib Combinations with Immunotherapy Zanzalintinib + ICIs Potential combinations with established checkpoint inhibitors Zanzalintinib + XB628 Zanzalintinib’s target kinase profile supports combination with novel bispecifics Phase 1 combination cohort evaluating safety now enrolling Expansion cohorts in GU / GI tumors expected soon Potential Collaborations Zanzalintinib combinations with novel molecules and MOAs Discussions ongoing Primarily focused on GU / GI indicationsBladder Cancer Other Solid Tumors MOAs = mechanisms of action ICIs = immune checkpoint inhibitors GU = genitourinary oncology GI = gastrointestinal oncology
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Planning Wave-2 of Zanzalintinib Trials in Combination with Orthogonal MOAs 26 Evaluating Zanzalintinib with Cytotoxic Modalities ➢ Bladder cancer 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 rationale based on initial observations with cabozantinib from prior phase 2 study • If safe + active, may open zanza + chemo/ADC combo opportunities in other solid tumors (e.g., 2L NSCLC, CRC) Evaluating combination of zanzalintinib + docetaxel in mCRPC patients with measurable disease MOAs = mechanisms of action SOC = standards of care mCRPC = metastatic castration-resistant prostate cancer mCRPC expansion cohort currently enrolling 002 zanza = zanzalintinib ADC = antibody-drug conjugate 2L = second-line Evaluating single-agent zanzalintinib in metastatic bladder cancer patients who have progressed on the combination of enfortumab vedotin + pembrolizumab Bladder cancer expansion cohort currently enrolling 002 NSCLC = non-small cell lung cancer CRC = colorectal cancer
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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 27 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 USP1i XL558 SSTR2 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 • XL558, a selective SSTR2 agonist, recently nominated to development candidate status • Potential IND submission by year-end 2026
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Commercial Update 28 PJ Haley, MBA EVP , Commercial
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Zanzalintinib: building on the foundation of CABOMETYX in GI, GU and beyond Establishing the Zanzalintinib Franchise on the Foundation of CABOMETYX CABOMETYX continues to grow after more than a decade • Established as a best-in-class TKI across GU and GI solid tumor space • Exelixis built significant commercial capabilities throughout this time • Foundation of success – especially in community setting Zanzalintinib positioned to build upon the success of CABOMETYX • Build in GU and GI, and beyond • Believe that it is a differentiated molecule • Excited about potential approval in mCRC* • Opportunity to leverage the strength in community setting *Pending FDA approval of NDA, PDUFA date: March 3, 2027 29 1L = first-line 2L+ = second-line and later TKI = tyrosine kinase inhibitor GU = genitourinary oncology GI = gastrointestinal oncology mCRC = metastatic colorectal cancer NDA = new drug application PDUFA = Prescription Drug User Fee Act IO = immunotherapy aRCC = advanced renal cell carcinoma NET = neuroendocrine tumors
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mCRC Remains a Compelling Market Opportunity and Team is Launch- Ready Ahead of the PDUFA Date 30 ~$1.5B* 3L+ mCRC total addressable market opportunity in 2026 *using contemporary branded drug pricing ~23K patients in the 3L+ setting One of the “big 4” tumors Significant Opportunity For Zanza + Atezo in 3L+ mCRC High unmet need for novel mechanisms of action and improved survival Limited chemo- free options in this setting Patients often treated with multiple lines of chemo +/- anti-VEGF and anti-EGFR Lack of available IO options for MSS mCRC patients to date Zanza + atezo offers a novel MOA and potential access to IO therapy for the first time in MSS mCRC *Sources: Exelixis Internal Market Research (2025); 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; clinical trials, targeted therapies excluded mCRC = metastatic colorectal cancer PDUFA = Prescription Drug User Fee Act VEGF = vascular endothelial growth factor EGFR = epidermal growth factor receptor MSS = microsatellite stable MOA = mechanism of action IO = immunotherapy 3L+ = third-line and later Zanza = zanzalintinib Atezo = atezolizumab
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CABOMETYX Prescriber Overlap and Market Enthusiasm Potentially Positions Zanzalintinib + Atezolizumab for Success in mCRC 31 High Prescriber Overlap ~70% of potential CRC targets are current CABO targets ~90% of CRC targets are collocated with current CABO targets • Initial analysis of the CRC market indicates that there will be significant prescriber overlap with our current CABOMETYX universe • CRC largely treated in the community setting where CABOMETYX has performed well and team has deep capabilities • Market research and advisory boards demonstrate positive feedback and excitement for the STELLAR-303 data Opportunity to leverage deep commercial experience and capability in GI oncology with CABOMETYX for the first launch of zanzalintinib mCRC = metastatic colorectal cancer CRC = colorectal cancer CABO = CABOMETYX GI = gastrointestinal oncology Sources: Exelixis Internal Data
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5% 3% 6% 7% 17% 14% 26% 28% 46% 49% Q3'25 Q3'26 TRx Market Share Sutent Votrient Inlyta Lenvima Cabometyx CABOMETYX Business is Strong and Continues to Grow CABOMETYX continues to show strength in its 11th year since initial launch • $603M in net product revenues (12% YoY growth) • Leads TRx market with ~49% share in Q3’26 • +13% YoY TRx volume growth (Q3’25 vs. Q3’26) vs. TKI market of +6% YoY growth CABOMETYX continued to be the #1 prescribed TKI for RCC and #1 oral agent in 2L+ NET • CABOMETYX + nivo maintaining leading 1L RCC new patient share • Broad uptake in the 2L+ NET across patient types and practice settings • NET launch contributed to volume growth in 2026 • Prescriber experience remains positive 32 *CABOMETYX net product revenues Amounts may not sum to 100% due to rounding Source for TRx: IQVIA National Prescription Audit 10/02/26 including Cabometyx, Inlyta, Sunitinib, Votrient, Lenvima; includes scripts across indications. Sutent and Votrient include volumes from generic. IQVIA BrandImpact data through 09/30/26. Exelixis internal market research data. $603M*$540M* +13% YoY TRx Growth TRx = total prescriptions YoY = year-over-year TKI = tyrosine kinase inhibitor RCC = renal cell carcinoma 2L+ = second-line and later NET = neuroendocrine tumors nivo = nivolumab 1L = first-line
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Commercial Execution Driving Leadership in RCC and 2L+ NET CABOMETYX Leadership in RCC and NET • CABOMETYX + nivolumab remains the #1 TKI-IO combination used in 1L RCC • Continued growth among community practices by driving use in 1L setting • Continued broad utilization across community, academic and patient types • CABOMETYX remains the #1 prescribed oral therapy in 2L+ NET • Achieved >50% oral class share in Q3 • GI Sales team expansion providing greater reach into community oncology • >1,000 CABOMETYX NET prescribers activated since launch 33 Sources: Exelixis internal market research Q3’26, and BrandImpact data through 9/30/2026, and Exelixis internal data through 10/02/2026, and Exelixis internal data through 10/02/2026. RCC = renal cell carcinoma 2L+ = second-line and beyond NET = neuroendocrine tumors TKI = tyrosine kinase inhibitor IO = immunotherapy 1L = first-line GI = gastrointestinal oncology aRCC = advanced RCC
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Driving CABOMETYX Growth and Preparing for Zanzalintinib Strong execution and momentum in Q3 2026 NET adoption is broad, focus on growth in community The #1 prescribed TKI for RCC and oral agent in 2L+ NET Expanded our GI Sales team to support NET and the potential launch of zanzalintinib in CRC* • Market research and advisory boards demonstrate positive feedback for the STELLAR-303 data • Physicians reiterate the significant unmet medical need for patients in the 3L+ CRC setting • Broad interest in the potential to have an ICI combination option available for this CRC patient population 34 *Pending FDA approval of NDA, PDUFA date: March 3, 2027 Sources: Internal Exelixis data; IQVIA National Prescription Audit and BrandImpact data through 10/2/2026 and 9/30/2026, respectively. 1L = first-line 2L+ = second-line and later TKI = tyrosine kinase inhibitor RCC = renal cell carcinoma NET = neuroendocrine tumors CRC = colorectal cancer GI = gastrointestinal oncology ICI = immune checkpoint inhibitor 3L+ = third-line and later
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Closing 35 Michael M. Morrissey, Ph.D. President and CEO
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Key 2026 Corporate Objectives 36 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: March 3, 2027 Advance and expand zanzalintinib pivotal development program • Expected pivotal data readouts, including STELLAR-303 (CRC-NLM subgroup) and STELLAR-304 (nccRCC) • Execute on Wave-1 studies: 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 Wave-2 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 (USP1 inhibitor), 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 XL558 (SSTR2 agonist) GI = gastrointestinal oncology NET = neuroendocrine tumors CRC = colorectal cancer NLM = non-liver metastases 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 and later 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 37
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Third Quarter 2026 Financial Results THURSDAY , OCTOBER 29, 2026 Nasdaq: EXEL
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Financial Appendix 39
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Non-GAAP Financial Highlights: Q3’26 (in millions, except per share amounts) 40 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. Q3’25 Q2’26 Q3’26 YoY Delta QoQ Delta Total revenues $597.8 M $628.7 M $658.7 M +10% +5% Cost of goods sold $18.6 M $20.7 M $26.2 M +41% +27% R&D expenses(a) (b) $188.8 M $199.6 M $198.4 M +5% -1% SG&A expenses(a) (b) $103.1 M $127.4 M $136.9 M +33% +7% Restructuring expenses $19.8 M - - -100% n/a Total operating expenses $330.3 M $347.7 M $361.6 M +9% +4% Other income, net $15.9 M $14.3 M $14.4 M -10% +1% Income tax provision(a) $65.4 M $58.1 M $71.3 M +9% +23% Net income(a) $217.9 M $237.1 M $240.2 M +10% +1% Net income per share, diluted(a) $0.78 $0.91 $0.94 +21% +3% Ending cash and marketable securities (c) $1,566.8 M $1,384.3 M $1,399.8 M -11% +1%
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Q3’26 Diluted Weighted-Average Common Shares Outstanding 41 Q3’26 Notes • Decrease in diluted weighted-average common shares outstanding since Q3’25 due to our stock repurchase programs • In Q3’26, repurchased $249.9 million of outstanding common stock, retiring 4.5 million shares at an average price of $55.77 per share 278.5 276.3 267.3 259.7 255.8 200 250 300 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 (In Millions) Weighted-Average Common Shares Outstanding - Diluted
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Q3’26 Ipsen Royalties 42 Q3’26 Notes • Q3’26 Ipsen ex-US and ex-Japan cabozantinib franchise net product revenues of $199.6M • Q3’26 Ipsen royalty to Exelixis of $49.1M • Ipsen is in the third royalty tier of 26%, which it entered in Q3’26 *As reported by Ipsen to Exelixis in U.S. dollars 182.2 193.3 198.5 218.8 199.6 43.0 49.4 43.5 50.5 49.1 $0 $50 $100 $150 $200 $250 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 (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) 43 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) 44 Amounts may not sum due to rounding.
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Third Quarter 2026 Financial Results THURSDAY , OCTOBER 29, 2026 Nasdaq: EXEL