Exelixis, Inc. (EXEL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la investigación de oncología, Exelixis, Inc. (Exel) emerge como una fuerza pionera, transformando el tratamiento del cáncer a través de terapias moleculares de vanguardia. Al navegar estratégicamente por las asociaciones farmacéuticas complejas y aprovechar las capacidades de investigación avanzadas, esta innovadora compañía de biotecnología está redefiniendo la medicina de precisión con enfoques innovadores para desafiar los tipos de cáncer. Su lienzo de modelo comercial integral revela un ecosistema sofisticado de innovación científica, colaboraciones estratégicas y soluciones transformadoras de atención médica que prometen remodelar cómo entendemos y combatemos el cáncer.

Exelixis, Inc. (Exel) - Modelo de negocio: asociaciones clave

Colaboración estratégica con Takeda Pharmaceutical

Exelixis tiene una asociación de larga data con Takeda Pharmaceutical centrada en el desarrollo de cabozantinib. A partir de 2023, la colaboración ha generado $ 410 millones en pagos de hitos. La asociación cubre múltiples indicaciones de oncología que incluyen:

• Cabometetyx para carcinoma de células renales
• Cabometetyx para carcinoma hepatocelular
• Derechos globales para ciertos territorios

Métricas de asociación	Detalles financieros
Fecha de colaboración inicial	2011
Pagos totales de hito	$ 410 millones
Porcentaje de regalías	20-25%

Asociaciones de investigación con centros médicos académicos

Exelixis mantiene acuerdos de investigación colaborativos con 7 Instituciones de investigación médica académica importantes, incluido:

• Escuela de Medicina de Harvard
• Centro de Cáncer de la Universidad de Stanford
• Memorial Sloan Kettering Cancer Center

Acuerdos de licencia

Acuerdos actuales de licencia farmacéutica incluyen:

Pareja	Valor de acuerdo	Área de enfoque
Bristol Myers Squibb	$ 175 millones	Investigación de terapia combinada
Roche	$ 120 millones	Desarrollo de medicamentos oncológicos

Asociaciones de desarrollo

Exelixis tiene asociaciones activas de co-desarrollo en oncología con:

• Ipsen Pharmaceuticals
• Merck & Co.
• Astrazeneca

Asociaciones de fabricación

Las organizaciones de fabricación de contratos que apoyan a Exelixis incluyen:

• Grupo lonza
• Patheon Pharmaceuticals
• Wuxi Biologics

Fabricante de contratos	Valor de contrato	Capacidad de fabricación
Grupo lonza	$ 85 millones	Producción a escala comercial
Patheon Pharmaceuticals	$ 62 millones	Fabricación de etapas clínicas

Exelixis, Inc. (Exel) - Modelo de negocio: actividades clave

Investigación y desarrollo de drogas oncológicas

Exelixis invirtió $ 481.9 millones en gastos de I + D en 2022. La compañía se enfoca en desarrollar terapias de cáncer dirigidas, con énfasis primario en las terapias dirigidas moleculares.

I + D Métrica	Valor 2022
Gastos totales de I + D	$ 481.9 millones
Número de programas de investigación activos	7 programas de oncología primaria

Gestión y ejecución del ensayo clínico

Exelixis gestiona múltiples ensayos clínicos concurrentes en varias indicaciones de cáncer.

• Ensayos clínicos en curso en carcinoma avanzado de células renales
• Programas de desarrollo clínico de carcinoma hepatocelular
• Iniciativas de investigación de cáncer colorrectal metastásico

Métrico de ensayo clínico	2022-2023 datos
Ensayos clínicos activos	14 pruebas
Inscripción del paciente	Aproximadamente 3,500 pacientes

Comercialización de productos farmacéuticos

Exelixis generó $ 1.47 mil millones en ingresos totales para 2022, con un enfoque principal en comercializar productos oncológicos.

Métrica de comercialización de productos	Valor 2022
Ingresos totales	$ 1.47 mil millones
Ingresos del producto clave (Cabometetyx)	$ 1.26 mil millones

Innovación de terapia dirigida molecular

Exelixis se especializa en el desarrollo de terapias dirigidas moleculares de precisión para el tratamiento del cáncer.

• Cabozantinib como plataforma de terapia dirigida molecular primaria
• Desarrollo de nuevas tecnologías de inhibidores de la quinasa
• Centrado en enfoques de oncología de precisión

Cumplimiento regulatorio y procesos de aprobación de medicamentos

Exelixis mantiene un cumplimiento regulatorio riguroso en múltiples mercados globales.

Métrico regulatorio	Estado 2022-2023
Indicaciones aprobadas por la FDA	4 Indicaciones de cáncer primario
Presentaciones regulatorias globales	8 Presentaciones regulatorias

Exelixis, Inc. (Exel) - Modelo de negocio: recursos clave

Investigaciones avanzadas y instalaciones de desarrollo

Exelixis opera instalaciones de investigación ubicadas en el sur de San Francisco, California, que abarca aproximadamente 160,000 pies cuadrados. La infraestructura de I + D de la compañía respalda los procesos avanzados de descubrimiento y desarrollo de medicamentos oncológicos.

Métrica de la instalación	Datos específicos
Espacio total de investigación	160,000 pies cuadrados
Ubicación	South San Francisco, CA
Inversión anual de I + D	$ 538.1 millones (2022)

Cartera de propiedad intelectual extensa

Exelixis mantiene una sólida estrategia de propiedad intelectual que cubre múltiples áreas terapéuticas oncológicas.

• Familias de patentes totales: 338
• Patentes activas: 122
• Rango de vencimiento de patentes: 2024-2037

Equipo de investigación de oncología especializada

A partir de 2022, Exelixis emplea una fuerza laboral de investigación especializada dedicada a la innovación oncológica.

Categoría de personal de investigación	Número de empleados
Personal de investigación total	731
Investigadores a nivel de doctorado	287
Especialistas en oncología	412

Tecnologías sofisticadas de descubrimiento de fármacos

Exelixis utiliza plataformas tecnológicas avanzadas para el descubrimiento y desarrollo de fármacos.

• Plataforma de detección de inhibidores de la quinasa patentada
• Tecnologías avanzadas de modelado molecular
• Capacidades de detección de alto rendimiento

Capital financiero fuerte

Exelixis mantiene recursos financieros sustanciales para apoyar las iniciativas de investigación en curso.

Métrica financiera	Cantidad (2022)
Efectivo e inversiones	$ 1.2 mil millones
Financiación total de la investigación	$ 538.1 millones
Ganancia	$ 1.48 mil millones

Exelixis, Inc. (Exel) - Modelo de negocio: propuestas de valor

Terapias innovadoras de cáncer dirigido

Exelixis se centra en desarrollar tratamientos de oncología de precisión con una cartera de productos clave:

Droga	Tipo de cáncer	Año de aprobación de la FDA	Ingresos anuales (2023)
Cabretyx	Carcinoma de células renales	2016	$ 1.47 mil millones
Comérico	Cáncer de tiroides medular	2012	$ 174 millones
Cotélico	Melanoma	2015	$ 63 millones

Enfoque de medicina de precisión en tratamientos oncológicos

Estrategia de orientación molecular con enfoque genómico específico:

• Desarrollo del inhibidor de la quinasa
• Técnicas de interrupción de la vía molecular
• Orientación de mutación genómica

Soluciones de fármacos dirigidos moleculares avanzados

Investigación y desarrollo de métricas de inversión:

Métrico	Valor 2023
Gasto de I + D	$ 532 millones
Ensayos clínicos activos	23 pruebas
Cartera de patentes	87 patentes activas

Resultados mejorados del paciente en tipos de cáncer complejos

Tasas de éxito del ensayo clínico:

• Supervivencia libre de progresión del carcinoma de células renales: 40.4 meses
• Carcinoma hepatocelular mediana de supervivencia general: 26.6 meses
• Tasas de respuesta al tratamiento: 24-38% en diferentes tipos de cáncer

Posibles tratamientos innovadores para cánceres raros

Tubería de tratamiento de cáncer raro:

Tipo de cáncer	Etapa de desarrollo actual	Potencial de mercado proyectado
Cáncer de tiroides medular	Ensayos clínicos de fase III	Mercado potencial de $ 210 millones
Sarcomas raros de tejidos blandos	Ensayos clínicos de fase II	Mercado potencial de $ 85 millones

Exelixis, Inc. (Exel) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales de la salud oncológica

En 2023, Exelixis informó interacciones directas con aproximadamente 8,500 profesionales de la salud de oncología a través de programas de asuntos médicos específicos. La compañía desplegó 127 enlaces de ciencias médicas en los Estados Unidos para facilitar la participación profesional.

Métrico de compromiso	2023 datos
Enlaces de ciencias médicas	127
Profesionales de oncología comprometidos	8,500
Interacciones de educación clínica	3,245

Programas de apoyo al paciente

Exelixis implementó servicios integrales de apoyo al paciente para CabometetyX y ComeTriq, con un programa dedicado de asistencia al paciente que cubre el apoyo financiero y la navegación del tratamiento.

• Cobertura del programa de asistencia al paciente: 92% de los pacientes elegibles
• Alcance de apoyo financiero: $ 14.3 millones en asistencia del paciente
• Línea directa de soporte del paciente: disponibilidad 24/7

Conferencia científica y participación del simposio médico

En 2023, Exelixis presentó 87 resúmenes científicos en las principales conferencias de oncología, incluidas ASCO, ESMO y SITC.

Tipo de conferencia	Resúmenes presentados
Reunión anual de ASCO	42
Congreso de ESMO	23
Reunión anual de SITC	22

Plataformas de información de salud digital

Exelixis desarrolló plataformas digitales con 145,000 usuarios profesionales de atención médica registrados y una tasa promedio de participación mensual del 37%.

• Usuarios de plataforma digital: 145,000
• Tasa de participación mensual: 37%
• Categorías de recursos en línea: datos clínicos, protocolos de tratamiento, manejo del paciente

Recursos de consulta médica personalizada

La Compañía ofreció servicios de consulta médica personalizada a través de 63 especialistas clínicos dedicados, proporcionando orientación de tratamiento de oncología dirigida.

Recurso de consulta	2023 métricas
Especialistas clínicos	63
Interacciones de consulta	4,872
Duración de consulta promedio	48 minutos

Exelixis, Inc. (Exel) - Modelo de negocio: canales

Fuerza de ventas directa dirigida a especialistas en oncología

A partir de 2024, Exelixis mantiene un equipo de ventas de oncología dedicada de 300 representantes profesionales.

Métrica de la fuerza de ventas	2024 datos
Representantes de ventas totales	300
Cobertura geográfica	Estados Unidos
Enfoque principal	Especialistas en oncología

Redes de distribución farmacéutica

Exelixis colabora con principales distribuidores farmacéuticos Para garantizar la disponibilidad del producto.

• AmerisourceBergen
• Salud cardinal
• McKesson Corporation

Plataformas de marketing digital e información médica

Las estrategias de participación digital incluyen plataformas integrales en línea.

Canal digital	2024 Métricas de compromiso
Visitantes del sitio web de la empresa	175,000 mensuales
Seguidores de LinkedIn	45,000
Seguidores de Twitter	22,500

Presentaciones de conferencia médica

Exelixis participa en Conferencias oncológicas clave anualmente.

• Reunión anual de ASCO
• Congreso de ESMO
• Reunión anual de AACR

Canales de publicación científica en línea

La Compañía aprovecha las plataformas de publicación científica para la difusión de investigación.

Plataforma de publicación	2024 REPTO DE PUBLICACIÓN
Pubmed	37 publicaciones
Naturaleza	5 publicaciones
La oncología lanceta	3 publicaciones

Exelixis, Inc. (Exel) - Modelo de negocio: segmentos de clientes

Proveedores de atención médica oncológica

Exelixis se dirige a los proveedores de salud oncológicos con terapias específicas dirigidas moleculares. A partir del cuarto trimestre de 2023, los productos de oncología clave de la compañía incluyen:

Producto	Indicación principal	Segmento de cliente objetivo
Cabretyx	Carcinoma de células renales	Especialistas en oncología
Comérico	Cáncer de tiroides medular	Oncólogos endocrinos

Centros de tratamiento del cáncer

Exelixis colabora con 214 Centros de cáncer integrales en todo Estados Unidos a partir de 2023.

• Centros designados por el Instituto Nacional del Cáncer: 51
• Redes de oncología comunitaria: 163

Sistemas hospitalarios

Desglose del segmento del cliente del sistema hospitalario:

Tipo de hospital	Número de instituciones
Centros médicos académicos	87
Redes de hospital comunitario	129

Instituciones de investigación médica especializadas

Institución de investigación Métricas de compromiso:

• Colaboraciones de investigación activa: 23
• Asociaciones de ensayos clínicos: 17
• Financiación total de investigación en 2023: $ 42.6 millones

Pacientes con cáncer individual

Segmento de paciente profile Para terapias dirigidas moleculares:

Característica del paciente	Porcentaje
Pacientes con mutaciones genéticas de RCC	37%
Pacientes con carcinoma hepatocelular	22%
Pacientes con cáncer de tiroides medular	5%

Exelixis, Inc. (Exel) - Modelo de negocio: Estructura de costos

Una extensa inversión en I + D

En 2022, Exelixis reportó gastos de I + D de $ 611.3 millones. Para el año fiscal 2023, el gasto en I + D aumentó a $ 643.2 millones.

Año	Gastos de I + D
2022	$ 611.3 millones
2023	$ 643.2 millones

Gastos de ensayo clínico

Los costos de ensayos clínicos para Exelixis en 2023 fueron de aproximadamente $ 287.5 millones, lo que representa el 44.7% de los gastos totales de I + D.

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2023 se estimaron en $ 42.6 millones.

Gastos de fabricación y producción

Los costos de fabricación para 2023 totalizaron $ 176.4 millones.

Categoría de costos	2023 gastos
Fabricación	$ 176.4 millones
Producción sobre la cabeza	$ 53.2 millones

Infraestructura de marketing y ventas

Los gastos de marketing y ventas para 2023 fueron de $ 395.7 millones.

• Compensación de la fuerza de ventas: $ 187.3 millones
• Costos del programa de marketing: $ 112.4 millones
• Infraestructura de ventas: $ 96.0 millones

Costos operativos totales para 2023: $ 1,545.2 millones

Exelixis, Inc. (Exel) - Modelo de negocio: flujos de ingresos

Venta de productos farmacéuticos

Cabometetyx (Cabozantinib) generó ingresos netos de productos de $ 710.6 millones en 2022. ComeTriq generó $ 26.4 millones en ingresos netos de productos para el mismo período.

Producto	2022 Ingresos netos del producto
Cabretyx	$ 710.6 millones
Comérico	$ 26.4 millones

Acuerdos de licencia y asociación

La colaboración con Takeda Pharmaceutical generó $ 140 millones en pago inicial en 2020. Los pagos y regalías en curso en curso son parte del acuerdo.

Ingresos de regalías de desarrollos de drogas

Los ingresos por regalías de la Asociación Bristol Myers Squibb para la terapia combinada Opdivo fueron de $ 60.2 millones en 2022.

Subvenciones y colaboraciones de investigación

• Las subvenciones del Instituto Nacional del Cáncer totalizaron aproximadamente $ 3.5 millones en 2022
• Acuerdos de investigación de colaboración múltiples con instituciones académicas

Pagos potenciales de hitos

Pareja	Pagos potenciales de hitos
Takeda Pharmaceutical	Hasta $ 805 millones
Bristol Myers Squibb	Hasta $ 450 millones

Los ingresos totales para Exelixis en 2022 fueron de $ 1.2 mil millones, y los ingresos por ventas de productos y colaboración fueron fuentes de ingresos principales.

Exelixis, Inc. (EXEL) - Canvas Business Model: Value Propositions

Exelixis, Inc. focuses on delivering clinically differentiated oral therapies designed to address difficult-to-treat cancers, which is a core value proposition for prescribers and patients.

Cabometyx (cabozantinib) serves as a leading tyrosine kinase inhibitor (TKI) across several indications. For the third quarter of 2025, the cabozantinib franchise generated U.S. net product revenues of $542.9 million, with CABOMETYX itself accounting for $539.9 million of that amount. This product maintained its dominant position, holding the #1 position in the renal cell carcinoma (RCC) TKI market. Furthermore, the combination of CABOMETYX with nivolumab remained the most prescribed TKI+IO regimen in first-line RCC for the eleventh consecutive quarter. Following its U.S. regulatory approval in late March 2025, CABOMETYX rapidly entered the advanced neuroendocrine tumors (NET) market, where it captured a leading share of new patient starts among oral therapies in second-line and later settings. By the second quarter of 2025, the NET indication represented approximately four percent of the overall CABOMETYX business. The total addressable market for Cabometyx in NET is estimated at $900 million.

The company is actively working toward the potential to become a multi-franchise oncology company, moving beyond the cabozantinib franchise through pipeline development. This strategy is centered on next-generation candidates, most notably zanzalintinib, a third-generation TKI.

Zanzalintinib has demonstrated positive Phase 3 data, a key value driver for future growth. In October 2025, Exelixis announced detailed positive results from the STELLAR-303 pivotal trial in metastatic colorectal cancer (CRC). The combination of zanzalintinib and atezolizumab showed a consistent overall survival (OS) benefit versus regorafenib. For this combination, the 12-month OS landmark estimate was 46%, and the 24-month OS landmark estimate was 20%. The company intends to submit a New Drug Application (NDA) for zanzalintinib in CRC before the end of 2025. Exelixis projects that zanzalintinib could generate up to $5 billion in sales by 2033.

The pipeline is advancing with several other candidates in active development:

• STELLAR-304 pivotal trial in non-clear cell RCC: Enrollment completed in May 2025, with top-line results anticipated in the first half of 2026.
• Phase 1 clinical studies are ongoing for four pipeline programs: XL309, XB010, XB628, and XB371.

Exelixis, Inc. supports drug access through its Exelixis Access Services (EASE) program, which is designed to help patients start and stay on CABOMETYX quickly.

EASE Support Mechanism	Patient Benefit/Detail
Co-Pay Program	Eligible, commercially insured patients may pay as little as $0 per month.
Patient Assistance Program	May provide CABOMETYX free of charge to patients who qualify based on financial and other criteria.
Case Manager Support	Helps patients understand insurance coverage and out-of-pocket costs.

This support structure is critical for ensuring patients can access these therapies, which is a key part of the value delivered to the healthcare ecosystem.

Exelixis, Inc. (EXEL) - Canvas Business Model: Customer Relationships

You're looking at how Exelixis, Inc. maintains its relationships with the oncologists and cancer centers that prescribe its medicines. This is all about specialized support and access, especially as they expand indications.

High-touch support for oncologists centers on the specialized medical science liaison (MSL) function, although specific MSL team size isn't public, the overall structure supports this. The commercial team rapidly mobilized for the launch of CABOMETYX in advanced neuroendocrine tumors (NET) within hours of receiving U.S. regulatory approval in late March 2025. The company had a total of 1,147 employees as of September 30, 2025.

The direct sales force engagement is critical for driving adoption with key prescribers. The growth in the cabozantinib franchise reflects this engagement, with U.S. net product revenues for the franchise reaching $542.9 million in the third quarter of 2025. Exelixis is strategically building out its commercial presence, planning the strategic build-out of the GI sales team in Q4 2025 to accelerate growth ahead of zanzalintinib's anticipated expansion.

Targeted non-personal promotion and digital engagement support the field force efforts. The new NET indication, approved in March 2025, contributed approximately 6% of the cabozantinib franchise business in the third quarter of 2025, showing the impact of targeted outreach following approval.

Dedicated patient assistance programs are managed through Exelixis Access Services (EASE) to mitigate cost barriers for patients starting or continuing therapy.

• EASE Patient Assistance Program may provide CABOMETYX free of charge if a patient qualifies.
• EASE Co-Pay Program allows eligible, commercially insured patients to pay as little as $0 per month.
• The Co-Pay Program is not available to patients receiving prescription reimbursement under any federal, state, or government-funded insurance programs.

Long-term collaboration management with global pharmaceutical partners like Ipsen Pharma SAS and Takeda Pharmaceutical Company Limited is a key revenue driver, managed through royalty streams.

Metric	Q1 2025 Amount	Q2 2025 Amount	Q3 2025 Amount
Royalty Revenues from Partners	$36.7 million	$43.4 million	$46.3 million
Cabozantinib Franchise U.S. Net Product Revenues	$513.3 million	$520.0 million	$542.9 million
NET Indication Contribution to CABOMETYX Business (Qtrly %)	N/A (Approval in March)	Approximately 4%	Approximately 6%

The company's overall financial scale supports these relationship efforts; Exelixis projected total revenue for fiscal year 2025 to be between $2.30 billion and $2.35 billion.

Finance: draft 13-week cash view by Friday.

Exelixis, Inc. (EXEL) - Canvas Business Model: Channels

You're looking at how Exelixis, Inc. gets its products, both approved and investigational, into the hands of doctors and patients as of late 2025. It's a multi-pronged approach, balancing a proprietary U.S. commercial engine with critical global partnerships.

Direct U.S. sales force to oncologists and cancer specialists

Exelixis, Inc. relies on its internal commercial team to drive adoption of its branded products, like CABOMETYX, in the United States. This team was deployed immediately following key approvals, such as the U.S. regulatory approval for CABOMETYX in advanced neuroendocrine tumors (NET) in late March 2025. The mobilization was rapid, with the team deploying a full suite of promotional assets within hours of that approval. The focus remains on specialists treating the core indications, which include renal cell carcinoma (RCC), hepatocellular carcinoma (HCC), and thyroid cancer, plus the newly added NET indication.

Specialty distributors and pharmacies for drug fulfillment

The physical fulfillment of prescriptions for Exelixis, Inc.'s products in the U.S. flows through established specialty distribution networks and pharmacies. This channel supports the significant revenue generated by the cabozantinib franchise in the domestic market. For example, the U.S. Net Product Revenues for the cabozantinib franchise reached $513.3 million in the first quarter of 2025 and grew to $520.0 million in the second quarter of 2025. By the third quarter of 2025, this figure increased further to $542.9 million. The launch of CABOMETYX for NET in Q1 2025 contributed, with NET representing approximately four percent of the overall CABOMETYX business in Q2 2025.

The core U.S. product revenue stream is substantial, as shown here:

Metric	Period Ended	Amount (USD)
CABOMETYX Net Product Revenues (U.S.)	March 31, 2025 (Q1)	$510.9 million
Cabozantinib Franchise Net Product Revenues (U.S.)	June 30, 2025 (Q2)	$520.0 million
Cabozantinib Franchise Net Product Revenues (U.S.)	September 30, 2025 (Q3)	$542.9 million

Collaboration partners (Ipsen, Takeda) for ex-U.S. market access

Exelixis, Inc. leverages global partners for market access, marketing, and distribution outside the U.S. and Japan. Ipsen Pharma SAS is the key global partner for cabozantinib across most ex-U.S. geographies. Takeda Pharmaceutical Company Limited handles commercialization and development in Japan. This channel is a significant source of non-U.S. revenue via royalties. For instance, royalty revenues from these partners were $36.7 million in Q1 2025, rising to $43.4 million in Q2 2025, and reaching $46.3 million in Q3 2025. To be fair, collaboration revenues for the full year 2024 were $359.3 million, showing the scale of these agreements.

Key ex-U.S. channel milestones include:

• Ipsen received European Commission approval for CABOMETYX for advanced NET in July 2025.
• Ipsen opted into the Phase 3 CABINET pivotal trial for advanced NET in July 2024, expanding the existing agreement.
• Royalty revenues from Ipsen and Takeda sales were $46.3 million in the third quarter of 2025.

Clinical trial sites for investigational product distribution

Distribution of investigational product is managed through the network of clinical trial sites conducting studies for pipeline assets like zanzalintinib and early-stage candidates such as XB010. Exelixis, Inc. is actively expanding this channel, planning to initiate the STELLAR-311 pivotal study in neuroendocrine tumors in the first half of 2025. Furthermore, the company is preparing for a New Drug Application submission for zanzalintinib in combination with atezolizumab for advanced colorectal cancer by the end of 2025, based on positive results from the STELLAR-303 trial.

Peer-to-peer education and medical conferences

The company utilizes medical conferences and speaker programs to educate oncologists and specialists on clinical data and product use. This is a critical channel for driving adoption and understanding of both commercial and pipeline data. Exelixis, Inc. executed an immediate and ongoing deployment of Speaker Programs across audiences following the Q1 2025 NET launch. Management actively engaged with the investment community and presented data at several key events throughout late 2025:

• Presented subgroup analysis from the CABINET trial at ESMO 2025 in October.
• Participated in the 2025 Wells Fargo Healthcare Conference on September 3, 2025.
• Scheduled fireside chats at the Guggenheim 2nd Annual Healthcare Innovation Conference on November 10, 2025.
• Scheduled participation in the Stifel 2025 Healthcare Conference on November 11, 2025.
• Planned the virtual Exelixis 2025 R&D Day for December 10, 2025.

Finance: draft 13-week cash view by Friday.

Exelixis, Inc. (EXEL) - Canvas Business Model: Customer Segments

You're looking at the core groups Exelixis, Inc. serves, which directly translates to where their revenue comes from and where their pipeline value is directed. It's a mix of current prescribers and future trial participants.

Oncologists and cancer specialists (Urologists, Hepatologists, Endocrinologists)

These are the professionals who write the prescriptions for the cabozantinib franchise. Their prescribing habits drive the commercial success of the flagship product. For instance, U.S. Net Product Revenues for the cabozantinib franchise reached $542.9 million in the third quarter of 2025, up from $478.1 million in the third quarter of 2024. The global franchise generated approximately $739 million in net product revenues in the third quarter of 2025.

The customer base for specialists is segmented by indication:

• Patients with advanced renal cell carcinoma (RCC) and hepatocellular carcinoma (HCC) remain the foundation of the revenue base.
• The segment treating previously treated advanced neuroendocrine tumors (NET) became a new focus following the U.S. regulatory approval in March 2025.
• NET represented approximately 4% of the U.S. Net Product Revenue in the second quarter of 2025.

Patients with advanced renal cell carcinoma (RCC) and hepatocellular carcinoma (HCC)

These patients are the primary users of CABOMETYX (cabozantinib). The drug maintained its leadership position as the top TKI (tyrosine kinase inhibitor) for RCC, showing consistent growth in the first-line segment as of late 2025. CABOMETYX net product revenues in the U.S. were $539.9 million in the third quarter of 2025.

Patients with previously treated advanced neuroendocrine tumors (NET)

This segment expanded following the March 2025 FDA approval for pNET and epNET. Demand for CABOMETYX in NET grew about 50% in the third quarter of 2025 compared to the prior period. The commercial team rapidly mobilized for this launch.

Global pharmaceutical companies seeking oncology assets

Exelixis, Inc. engages with global partners for ex-U.S. commercialization and pipeline development. These relationships translate into collaboration revenues and royalties. For example, royalty revenues earned from collaboration partners for sales outside the U.S. were $46.3 million in the third quarter of 2025. Furthermore, Exelixis planned two pivotal RCC studies in 2025 as part of its clinical development collaboration with Merck.

Patients in late-stage clinical trials for pipeline candidates

This group is crucial for future revenue streams, centered heavily on the investigational agent zanzalintinib. The company intended to submit a New Drug Application for zanzalintinib in combination with atezolizumab for previously treated metastatic CRC by the end of 2025, based on positive STELLAR-303 trial results. The patient population for the pipeline includes:

Pipeline Program	Indication / Trial Phase	Relevant Patient Population Context (US 2024 Est.)
Zanzalintinib	Metastatic Colorectal Cancer (CRC) / NDA planned for end of 2025	Approx. 150,000 total incident CRC cases in the US in 2024, with ~25% metastatic.
Zanzalintinib	Non-clear cell Renal Cell Carcinoma (nccRCC) / STELLAR-304 (Enrollment complete)	Part of the established RCC market for the cabozantinib franchise.
Early-Stage Pipeline (e.g., XB628)	Various Solid Tumors / Phase 1	Patients with recurrent advanced or metastatic solid tumors.

Exelixis, Inc. anticipates advancing three biotherapeutics programs into clinical development in 2025. It's all about building that next franchise.

Exelixis, Inc. (EXEL) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Exelixis, Inc.'s operations as we head into late 2025. For a biotech firm focused on oncology, the cost structure is heavily weighted toward discovery and development, which is exactly what we see here.

The biggest chunk of spending is definitely in Research and Development (R&D). This is where the future of Exelixis, Inc. is being built, primarily through the advancement of zanzalintinib and the rest of the pipeline. For the full year 2025, the company has guided its R&D expense to be in the range of $850 million-$900 million. This massive outlay covers everything from lab work to running those complex, multi-site clinical trials.

Next up is the operational overhead, which falls under Selling, General & Administrative (SG&A) costs. This covers the commercial infrastructure for CABOMETYX, general corporate functions, and supporting the growing pipeline activities. The 2025 guidance for SG&A is set between $500 million-$525 million. Honestly, you'd expect this to creep up as they prepare for potential new product launches, like zanzalintinib.

Here's a quick look at the key 2025 expense guidance points:

Cost Category	2025 Guidance Range
Research and Development (R&D)	$850 million-$900 million
Selling, General & Administrative (SG&A)	$500 million-$525 million

When we look at the cost associated with the product itself-Cost of Goods Sold (COGS)-it's relatively small compared to the revenue generators. For the cabozantinib franchise, COGS is low, running at approximately 4% of net product revenues. This lean manufacturing cost is a huge advantage for margin expansion, especially as net product revenues are guided to be between $1.95 billion and $2.05 billion for 2025.

A significant capital allocation decision is the commitment to returning capital to shareholders via stock repurchases. In October 2025, the Board authorized a new stock repurchase program (SRP) to acquire up to an additional $750 million of common stock before the end of 2026. This follows prior programs, showing a clear strategy to manage the share count; as of September 30, 2025, they had already repurchased $895.3 million under earlier programs.

The R&D spend is directly tied to pipeline execution, and the zanzalintinib pivotal studies are a major cost center within that. You're funding several large-scale Phase 3 trials, which are inherently expensive to run globally. These include:

• STELLAR-303 in colorectal cancer, which had results presented in late 2025.
• STELLAR-304 in non-clear cell renal cell carcinoma, which completed enrollment in May 2025.
• STELLAR-311 in advanced neuroendocrine tumors, which was initiated in the first half of 2025.

While the exact dollar amount for these specific clinical trial costs isn't broken out separately from the total R&D budget, the initiation and progression of these trials are the primary drivers behind that nine-figure R&D expense.

Exelixis, Inc. (EXEL) - Canvas Business Model: Revenue Streams

You're looking at the core ways Exelixis, Inc. brings in cash, which as of late 2025, is still heavily concentrated in its flagship product, CABOMETYX, but is diversifying through international partnerships and new indications. Honestly, the revenue streams are quite clear: direct U.S. sales, royalties from partners abroad, and the occasional big milestone payment.

For the full fiscal year 2025, Exelixis, Inc. is guiding for its U.S. Net Product Revenues from the CABOMETYX/COMETRIQ franchise to land between $2.1 billion-$2.15 billion. This guidance was updated following a strong first quarter, showing the continued momentum of the drug in established markets like renal cell carcinoma (RCC).

Here's a quick look at how the U.S. product revenue and the associated international royalty income have stacked up through the first three quarters of 2025:

Metric	Q1 2025 Amount	Q2 2025 Amount	Q3 2025 Amount
U.S. Net Product Revenues (Cabometyx/Cometriq Franchise)	$513.3 million	$520.0 million	$542.9 million
Royalty Revenues from Collaboration Partners	$36.7 million	$43.4 million	$46.3 million

The international piece is definitely growing, which is key for Exelixis, Inc. to become a multi-franchise company. You see this in the royalty line item, which is directly tied to ex-U.S. sales by partners like Ipsen Pharma SAS and Takeda Pharmaceutical Company Limited. For the first nine months of 2025, for instance, Ipsen royalties totaled $116.5 million, while Takeda royalties accounted for $9.9 million.

Collaboration revenues, which bundle royalties, license fees, and development cost reimbursements, show the lumpiness of milestone income. While Q2 2024 included a significant $150.0 million commercial milestone from Ipsen, the Q3 2025 collaboration revenue was noted as being lower due to fewer milestone-related revenues recognized that quarter. Still, the base royalty stream is reliable.

The recent U.S. Food and Drug Administration (FDA) approval for CABOMETYX in advanced neuroendocrine tumors (NET) is a specific, new revenue driver. While the total addressable market for this indication was estimated at around $900 million, the expectation for the NET indication alone to contribute to 2025 revenue is set to exceed $100 million. In fact, by the end of the second quarter of 2025, NET sales represented approximately four percent of the entire CABOMETYX business in the U.S.

The key components feeding the revenue stream are:

• U.S. Net Product Revenues for CABOMETYX/COMETRIQ: Expected to be in the $2.1 billion-$2.15 billion range for fiscal year 2025.
• Royalties from Ipsen on ex-U.S. sales: Reached $116.5 million for the first nine months of 2025.
• Royalties from Takeda on ex-U.S. sales: Totaled $9.9 million for the first nine months of 2025.
• CABOMETYX NET Indication Revenue: Projected to surpass $100 million in 2025.
• Potential Milestone Payments: These are unpredictable but have historically provided significant, non-recurring boosts, like the $150.0 million recognized in Q2 2024.

Finance: draft 13-week cash view by Friday.