Exelixis (EXEL) investor relations material

Executive summary

• Achieved strong Q1 2026 performance with total revenues of $610.8 million, up 10% year-over-year, driven by 8% growth in net product revenues to $555 million from the cabozantinib franchise and continued leadership in RCC and NET markets.

• Zanzalintinib advanced as the next major oncology franchise, with NDA for metastatic CRC under FDA review (PDUFA date December 3, 2026) and multiple pivotal trials ongoing or planned across CRC, RCC, NET, meningioma, prostate, and lung cancers.

• Expanded GI sales team to accelerate cabozantinib growth and prepare for zanzalintinib launch in CRC and NET.

• Continued disciplined R&D investment and capital allocation, including a new $750 million share repurchase authorization and ongoing programs totaling $1.5 billion through 2027.

• GAAP net income was $210.5 million ($0.81 basic, $0.79 diluted EPS); non-GAAP net income was $232.8 million ($0.90 basic, $0.87 diluted EPS), both up significantly year-over-year.

Financial highlights

• Q1 2026 total revenues reached $610.8 million, including $555 million in net product revenues and $55.8 million in collaboration revenues, with 10% year-over-year growth.

• U.S. cabozantinib franchise net product revenues grew 8% year-over-year; global franchise revenues rose 12.5% year-over-year to $764 million.

• Operating expenses were $359 million, down from $363 million in Q4 2025, mainly due to lower clinical trial costs; R&D expenses were $199.9 million, and SG&A expenses were $139.6 million.

• Cash and marketable securities totaled $1.43 billion at quarter-end, down from $1.66 billion at year-end, mainly due to stock repurchases.

• Gross margin remained high at 96%; effective tax rate was approximately 21%.

Outlook and guidance

• Maintained 2026 guidance: total revenues of $2.525–$2.625 billion and net product revenues of $2.325–$2.425 billion, excluding potential zanzalintinib CRC launch revenues.

• R&D expenses expected at $875–$925 million; SG&A at $575–$625 million; effective tax rate 21–23%.

• Preparing for potential zanzalintinib launch in CRC, targeting a $1.5 billion market opportunity in third-line plus CRC.

• Multiple pivotal and exploratory trials for zanzalintinib in CRC, RCC, NET, meningioma, lung, and prostate cancers are ongoing or planned.

• The company anticipates sufficient liquidity to fund operations for at least 12 months and beyond.