Exelixis (EXEL) Goldman Sachs 47th Annual Global Healthcare Conference 2026 summary

Strategic priorities and company evolution

• Transitioning from a single-franchise to a multiple-franchise model, focusing on expanding beyond cabo into ADCs, small molecules, and multi-specific antibodies.

• Maximizing value from the cabo franchise while preparing for the launch of zanza in third-line plus CRC and executing six ongoing pivotal studies.

• Investing in earlier-stage pipeline assets and considering external opportunities to add third and fourth molecules.

• Utilizing generated cash flows for internal R&D and shareholder-friendly activities such as buybacks.

Commercial performance and market dynamics

• Cabo is the leading oral therapy in new patient starts for second-line plus NET, with robust data supporting broad utilization across subgroups.

• Growth in RCC continues, driven by strong data, long-term updates, and a focused commercial team, with market share approaching half of the segment.

• Sales force expansion supports both NET momentum and readiness for a potential zanza approval.

Zanza (zanzalintinib) development and launch plans

• STELLAR-303 showed zanza plus atezolizumab significantly improved overall survival in third-line plus CRC, with consistent benefit across subgroups.

• Anticipated PDUFA in December, with immediate launch readiness to ensure rapid patient access.

• Pricing strategy under careful consideration, with attention to U.S. and ex-U.S. market dynamics and MFN implications.

• Ex-U.S. commercialization options under review, including potential partnerships or independent launches.