Exelixis, Inc. (EXEL): Canvas du modèle commercial [Jan-2025 MISE À JOUR]

Dans le paysage dynamique de la recherche en oncologie, Exelixis, Inc. (Exel) émerge comme une force pionnière, transformant le traitement du cancer par des thérapies ciblées moléculaires de pointe. En naviguant stratégiquement des partenariats pharmaceutiques complexes et en tirant parti des capacités de recherche avancées, cette entreprise de biotechnologie innovante redéfinit la médecine de précision avec des approches révolutionnaires pour remettre en question les types de cancer. Leur toile complète du modèle commercial révèle un écosystème sophistiqué de l'innovation scientifique, des collaborations stratégiques et des solutions de santé transformatrices qui promettent de remodeler la façon dont nous comprenons et de lutter contre le cancer.

Exelixis, Inc. (Exel) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec Takeda Pharmaceutical

Exelixis a un partenariat de longue date avec Takeda Pharmaceutical axé sur le développement du cabozantinib. En 2023, la collaboration a généré 410 millions de dollars en paiements d'étape. Le partenariat couvre plusieurs indications d'oncologie, notamment:

• Cabometyx pour le carcinome à cellules rénales
• Cabometyx pour carcinome hépatocellulaire
• Droits mondiaux pour certains territoires

Métriques de partenariat	Détails financiers
Date de collaboration initiale	2011
Paiements de jalons totaux	410 millions de dollars
Pourcentage de redevances	20-25%

Partenariats de recherche avec des centres médicaux académiques

Exelixis maintient des accords de recherche collaboratifs avec 7 principales établissements de recherche médicale académique, y compris:

• École de médecine de Harvard
• Centre de cancer de l'Université de Stanford
• Memorial Sloan Kettering Cancer Center

Accords de licence

Les accords actuels de licence pharmaceutique comprennent:

Partenaire	Valeur de l'accord	Domaine de mise au point
Bristol Myers Squibb	175 millions de dollars	Recherche de thérapie combinée
Roche	120 millions de dollars	Développement de médicaments en oncologie

Partenariats de co-développement

Exelixis possède des partenariats de co-développement actifs en oncologie avec:

• Ipsen Pharmaceuticals
• Miserrer & Co.
• Astrazeneca

Partenariats de fabrication

Les organisations de fabrication contractuelles soutenant les exélixis comprennent:

• Groupe Lonza
• Patheon Pharmaceuticals
• Biologiques wuxi

Fabricant de contrats	Valeur du contrat	Capacité de fabrication
Groupe Lonza	85 millions de dollars	Production commerciale
Patheon Pharmaceuticals	62 millions de dollars	Fabrication à un stade clinique

Exelixis, Inc. (Exel) - Modèle d'entreprise: activités clés

Recherche et développement en oncologie

Exelixis a investi 481,9 millions de dollars en dépenses de R&D en 2022. La société se concentre sur le développement de thérapies ciblées sur le cancer, en mettant principalement l'accent sur les thérapies ciblées moléculaires.

Métrique de R&D	Valeur 2022
Dépenses totales de R&D	481,9 millions de dollars
Nombre de programmes de recherche actifs	7 programmes d'oncologie primaire

Gestion et exécution des essais cliniques

Exelixis gère plusieurs essais cliniques simultanés à travers diverses indications de cancer.

• Essais cliniques en cours dans le carcinome avancé des cellules rénales
• Programmes de développement clinique de carcinome hépatocellulaire
• Initiatives de recherche sur le cancer colorectal métastatique

Métrique d'essai clinique	Données 2022-2023
Essais cliniques actifs	14 essais
Inscription des patients	Environ 3 500 patients

Commercialisation des produits pharmaceutiques

Exelixis a généré 1,47 milliard de dollars de revenus totaux pour 2022, en mettant principalement l'accent sur la commercialisation des produits en oncologie.

Métrique de commercialisation du produit	Valeur 2022
Revenus totaux	1,47 milliard de dollars
Revenus de produit clé (Cabometyx)	1,26 milliard de dollars

Innovation de thérapie ciblée moléculaire

Exelixis est spécialisé dans le développement de thérapies ciblées moléculaires de précision pour le traitement du cancer.

• Cabozantinib comme plate-forme de thérapie ciblée moléculaire primaire
• Développer de nouvelles technologies d'inhibiteur de la kinase
• Axé sur les approches d'oncologie de précision

Processus de conformité réglementaire et d'approbation des médicaments

Exelixis maintient une conformité réglementaire rigoureuse sur plusieurs marchés mondiaux.

Métrique réglementaire	Statut 2022-2023
Indications approuvées par la FDA	4 indications de cancer primaire
Soumissions réglementaires mondiales	8 dépôts réglementaires

Exelixis, Inc. (Exel) - Modèle commercial: Ressources clés

Installations de recherche et développement avancées

Exelixis exploite des installations de recherche situées dans le sud de San Francisco, en Californie, couvrant environ 160 000 pieds carrés. L'infrastructure de R&D de l'entreprise soutient les processus avancés de découverte et de développement de médicaments en oncologie.

Métrique de l'installation	Données spécifiques
Espace de recherche total	160 000 pieds carrés
Emplacement	South San Francisco, CA
Investissement annuel de R&D	538,1 millions de dollars (2022)

Portfolio de propriété intellectuelle étendue

Exelixis maintient une solide stratégie de propriété intellectuelle couvrant plusieurs domaines thérapeutiques en oncologie.

• Familles totales de brevets: 338
• Brevets actifs: 122
• Plage d'expiration des brevets: 2024-2037

Équipe de recherche en oncologie spécialisée

En 2022, Exelixis utilise une main-d'œuvre de recherche spécialisée dédiée à l'innovation en oncologie.

Catégorie de personnel de recherche	Nombre d'employés
Personnel de recherche total	731
Chercheurs au niveau du doctorat	287
Spécialistes en oncologie	412

Technologies sophistiquées de découverte de médicaments

Exelixis utilise des plateformes technologiques avancées pour la découverte et le développement de médicaments.

• Plate-forme de dépistage des inhibiteurs de la kinase propriétaire
• Technologies de modélisation moléculaire avancée
• Capacités de dépistage à haut débit

Capital financier solide

Exelixis maintient des ressources financières substantielles pour soutenir les initiatives de recherche en cours.

Métrique financière	Montant (2022)
Espèce et investissements	1,2 milliard de dollars
Financement total de la recherche	538,1 millions de dollars
Revenu	1,48 milliard de dollars

Exelixis, Inc. (Exel) - Modèle d'entreprise: propositions de valeur

Thérapies contre le cancer ciblé innovantes

Exelixis se concentre sur le développement de traitements d'oncologie de précision avec un portefeuille de produits clés:

Médicament	Type de cancer	Année d'approbation de la FDA	Revenus annuels (2023)
Cabometyxx	Carcinome à cellules rénales	2016	1,47 milliard de dollars
Cometriq	Cancer médullaire de la thyroïde	2012	174 millions de dollars
Cotellilique	Mélanome	2015	63 millions de dollars

Approche de la médecine de précision dans les traitements oncologiques

Stratégie de ciblage moléculaire avec une mise au point génomique spécifique:

• Développement des inhibiteurs de la kinase
• Techniques de perturbation de la voie moléculaire
• Ciblage de mutation génomique

Solutions de médicament ciblé moléculaire avancé

Métriques d'investissement de recherche et développement:

Métrique	Valeur 2023
Dépenses de R&D	532 millions de dollars
Essais cliniques actifs	23 essais
Portefeuille de brevets	87 brevets actifs

Amélioration des résultats des patients dans des types de cancer complexes

Taux de réussite des essais cliniques:

• CARCINOME RENALE CARCINOMA PROGRAMME SUR LA SURVIE: 40,4 mois
• Carcinome hépatocellulaire médian survie globale: 26,6 mois
• Taux de réponse au traitement: 24 à 38% entre différents types de cancer

Traitements de percée potentielles pour les cancers rares

Rare Pipeline de traitement du cancer:

Type de cancer	Étape de développement actuelle	Potentiel de marché projeté
Cancer médullaire de la thyroïde	Essais cliniques de phase III	Marché potentiel de 210 millions de dollars
Sarcomes de tissus mous rares	Essais cliniques de phase II	Marché potentiel de 85 millions de dollars

Exelixis, Inc. (Exel) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé en oncologie

En 2023, Exelixis a signalé des interactions directes avec environ 8 500 professionnels de la santé en oncologie par le biais de programmes ciblés sur les affaires médicales. La société a déployé 127 liaisons en sciences médicales à travers les États-Unis pour faciliter l'engagement professionnel.

Métrique de l'engagement	2023 données
Liaisons de science médicale	127
Professionnels en oncologie engagés	8,500
Interactions d'éducation clinique	3,245

Programmes de soutien aux patients

Exelixis a mis en œuvre des services complets de soutien aux patients pour Cabometyx et Cometriq, avec un programme dédié d'assistance aux patients couvrant le soutien financier et la navigation sur le traitement.

• Couverture du programme d'aide aux patients: 92% des patients éligibles
• Soutien financier à portée de main: 14,3 millions de dollars d'aide aux patients
• Hotline de soutien des patients: Disponibilité 24/7

Conférence scientifique et participation du symposium médical

En 2023, Exelixis a présenté 87 résumés scientifiques dans les principales conférences en oncologie, notamment ASCO, ESMO et SITC.

Type de conférence	Résumés présentés
Assemblée annuelle de l'ASCO	42
Congrès d'ESMO	23
Assemblée annuelle du SITC	22

Plateformes d'information sur la santé numérique

Exelixis a développé des plateformes numériques avec 145 000 utilisateurs professionnels de la santé enregistrés et un taux d'engagement mensuel moyen de 37%.

• Utilisateurs de plate-forme numérique: 145 000
• Taux d'engagement mensuel: 37%
• Catégories de ressources en ligne: données cliniques, protocoles de traitement, gestion des patients

Ressources de consultation médicale personnalisées

La société a offert des services de consultation médicale personnalisés par le biais de 63 spécialistes cliniciens dédiés, fournissant des conseils de traitement en oncologie ciblés.

Ressource de consultation	2023 métriques
Spécialistes cliniques	63
Interactions de consultation	4,872
Durée de consultation moyenne	48 minutes

Exelixis, Inc. (Exel) - Modèle d'entreprise: canaux

Force de vente directe ciblant les spécialistes de l'oncologie

En 2024, Exelixis maintient un Équipe de vente en oncologie dédiée de 300 représentants professionnels.

Métrique de la force de vente	2024 données
Représentants des ventes totales	300
Couverture géographique	États-Unis
Focus principal	Spécialistes en oncologie

Réseaux de distribution pharmaceutique

Exelixis collabore avec Distributeurs pharmaceutiques majeurs pour assurer la disponibilité des produits.

• Amerisourcebergen
• Santé cardinale
• McKesson Corporation

Plateformes de marketing numérique et d'information médicale

Les stratégies d'engagement numérique incluent des plateformes en ligne complètes.

Canal numérique	2024 Métriques d'engagement
Visiteurs du site Web de l'entreprise	175 000 mensuels
LinkedIn adepte	45,000
Abonnés Twitter	22,500

Présentations de la conférence médicale

Exelixis participe à Conférences clés en oncologie annuellement.

• Assemblée annuelle de l'ASCO
• Congrès d'ESMO
• Réunion annuelle AACR

Canaux de publication scientifique en ligne

L'entreprise tire parti des plateformes de publication scientifique pour la diffusion de la recherche.

Plate-forme de publication	2024 Publication Count
Pubment	37 publications
Nature	5 publications
L'oncologie de lancet	3 publications

Exelixis, Inc. (Exel) - Modèle d'entreprise: segments de clientèle

Fournisseurs de soins de santé en oncologie

Exelixis cible les fournisseurs de soins de santé en oncologie avec des thérapies ciblées moléculaires spécifiques. Au quatrième trimestre 2023, les principaux produits d'oncologie de l'entreprise comprennent:

Produit	Indication principale	Segment de clientèle cible
Cabometyxx	Carcinome à cellules rénales	Spécialistes en oncologie
Cometriq	Cancer médullaire de la thyroïde	Oncologues endocriniens

Centres de traitement du cancer

Exelixis collabore avec 214 centres de cancer complets aux États-Unis en 2023.

• Centres désignés par le National Cancer Institute: 51
• Réseaux d'oncologie communautaire: 163

Systèmes hospitaliers

Réflexion du segment des clients du système hospitalier:

Type d'hôpital	Nombre d'institutions
Centres médicaux académiques	87
Réseaux d'hôpital communautaire	129

Institutions de recherche médicale spécialisées

Métriques d'engagement des établissements de recherche:

• Collaborations de recherche active: 23
• Partenariats des essais cliniques: 17
• Financement total de la recherche en 2023: 42,6 millions de dollars

Patients cancéreux individuels

Segment des patients profile Pour les thérapies ciblées moléculaires:

Caractéristique du patient	Pourcentage
Patients avec des mutations génétiques RCC	37%
Patients atteints de carcinome hépatocellulaire	22%
Patients atteints de cancer médullaire de la thyroïde	5%

Exelixis, Inc. (Exel) - Modèle d'entreprise: Structure des coûts

Investissement étendu de R&D

En 2022, Exelixis a déclaré des dépenses de R&D de 611,3 millions de dollars. Pour l'exercice 2023, les dépenses de R&D sont passées à 643,2 millions de dollars.

Année	Dépenses de R&D
2022	611,3 millions de dollars
2023	643,2 millions de dollars

Dépenses des essais cliniques

Les coûts des essais cliniques pour les exélixis en 2023 étaient d'environ 287,5 millions de dollars, ce qui représente 44,7% du total des dépenses en R&D.

Coûts de conformité réglementaire

Les frais de conformité réglementaire pour 2023 étaient estimés à 42,6 millions de dollars.

Frais de fabrication et de production

Les coûts de fabrication pour 2023 ont totalisé 176,4 millions de dollars.

Catégorie de coûts	2023 dépenses
Fabrication	176,4 millions de dollars
Au-dessus de la production	53,2 millions de dollars

Infrastructure de marketing et de vente

Les frais de marketing et de vente pour 2023 étaient de 395,7 millions de dollars.

• Compensation de la force de vente: 187,3 millions de dollars
• Coûts du programme de marketing: 112,4 millions de dollars
• Infrastructure de vente: 96,0 millions de dollars

Coût d'exploitation total pour 2023: 1 545,2 millions de dollars

Exelixis, Inc. (Exel) - Modèle d'entreprise: Strots de revenus

Ventes de produits pharmaceutiques

Cabometyx (Cabozantinib) a généré des revenus de produits nets de 710,6 millions de dollars en 2022. Cometriq a généré 26,4 millions de dollars de revenus de produits nets pour la même période.

Produit	2022 Revenus de produits nets
Cabometyxx	710,6 millions de dollars
Cometriq	26,4 millions de dollars

Accords de licence et de partenariat

La collaboration avec Takeda Pharmaceutical a généré 140 millions de dollars en paiement initial en 2020. Les paiements et les redevances en cours des jalons font partie de l'accord.

Revenus redevances des développements de drogues

Les revenus de redevances de Bristol Myers Squibb Partnership for Opdivo Combination Therapy étaient de 60,2 millions de dollars en 2022.

Grants de recherches et collaborations

• Les subventions du National Cancer Institute ont totalisé environ 3,5 millions de dollars en 2022
• Plusieurs accords de recherche collaboratif avec des établissements universitaires

Paiements de jalons potentiels

Partenaire	Paiements de jalons potentiels
Takeda Pharmaceutique	Jusqu'à 805 millions de dollars
Bristol Myers Squibb	Jusqu'à 450 millions de dollars

Le chiffre d'affaires total des exélixis en 2022 était de 1,2 milliard de dollars, les revenus des ventes de produits et de la collaboration étant des sources de revenu primaires.

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.