Exelixis, Inc. (EXEL): BCG Matrix [Dec-2025 Updated]

You're reviewing Exelixis, Inc. (EXEL)'s business health as of late 2025, and frankly, the picture shows a company balancing major wins with big spending. The core Cabozantinib franchise is clearly a Star, driving 2025 revenue guidance up to $2.1 billion-$2.15 billion, yet we're simultaneously funding Question Marks with a hefty R&D spend between $850 million-$900 million this year. I've broken down exactly which established indications are your reliable Cash Cows and which legacy products have slipped into the Dog quadrant, giving you a clear, analyst-driven map of where Exelixis, Inc. (EXEL) is placing its bets right now.

Background of Exelixis, Inc. (EXEL)

Exelixis, Inc. is a biotechnology company focused squarely on developing and commercializing innovative cancer therapies. You'll find them based in Alameda, California, and they've built their current success largely around their cabozantinib franchise.

The flagship product, CABOMETYX® (cabozantinib), continues to drive the company's financial engine. As of the third quarter of 2025, Exelixis, Inc. reported net product revenues of $542.9 million for that quarter alone, contributing to a total revenue figure of $597.8 million. This drug has solidified its position as the leading oral therapy for new patient market share in second-line and later treatment settings for renal cell carcinoma and neuroendocrine tumors. In fact, for the year 2025, CABOMETYX® grew its market share by 4 share points, moving from 42% to 46%.

Looking ahead, Exelixis, Inc. has narrowed its full-year 2025 financial guidance, now projecting total revenues between $2.3 billion and $2.35 billion, with net product revenues expected to fall between $2.1 billion and $2.15 billion. This strong commercial performance is being paired with significant investment in the future pipeline, which is key to the next phase of growth.

The next major potential growth driver is zanzalintinib. The company recently presented positive results from the STELLAR-303 pivotal trial evaluating it in combination with atezolizumab for advanced colorectal cancer. Based on this data, Exelixis, Inc. intends to complete the submission of its first new drug application for zanzalintinib in the U.S. before the end of 2025.

Beyond zanzalintinib, the early-stage pipeline is active, with four ongoing Phase 1 clinical trials for programs designated XL309, XB010, XB628, and XB371. To support these efforts and return capital to shareholders, the company has been actively repurchasing stock, having spent $895.3 million under recent programs as of September 30, 2025, and has authorized an additional repurchase program of up to $750 million through the end of 2026.

Exelixis, Inc. (EXEL) - BCG Matrix: Stars

You're looking at the products that are currently defining Exelixis, Inc.'s growth trajectory-the ones with the most momentum in markets that are still expanding. These are the Stars of the portfolio right now, demanding investment to maintain their lead.

The Cabozantinib franchise, anchored by CABOMETYX, is the clear engine here. It's a high-share product in growing segments, but it still requires significant commercial and promotional support to keep that share against competitors. If Exelixis, Inc. can sustain this success as the markets mature, these products transition into Cash Cows.

Here's a look at the key components driving this Star category:

• CABOMETYX in advanced neuroendocrine tumors (NET) is projected to exceed $100 million in 2025 revenue.
• CABOMETYX in first-line renal cell carcinoma (RCC) combination therapy holds a leading oral therapy market share.
• The overall Cabozantinib franchise's net product revenue growth drove the full-year 2025 guidance increase to $2.1 billion-$2.15 billion.
• Zanzalintinib (XL092) is positioned as the next potential franchise following positive data readouts.

Let's break down the performance metrics for these high-growth assets.

CABOMETYX's success in renal cell carcinoma (RCC) is defintely noteworthy. The combination of CABOMETYX with nivolumab has maintained its position as the most prescribed TKI plus IO regimen in first-line RCC for ten consecutive quarters. The market share gains have been consistent, too.

The new indication for CABOMETYX in advanced neuroendocrine tumors (NET), which received U.S. regulatory approval in late March 2025, is ramping up quickly. By the third quarter of 2025, demand in NET grew by approximately 50% compared to the second quarter, contributing about 6% of the total third-quarter business. This new revenue stream, combined with the established RCC performance, is what pushed the full-year net product revenue guidance up.

The overall Cabozantinib franchise U.S. net product revenues show this momentum clearly. For instance, in the first quarter of 2025, U.S. net product revenues hit $513.3 million, representing a 36% year-over-year increase. By the third quarter of 2025, that figure grew to $542.9 million. This sustained performance underpins the company's updated full-year 2025 net product revenue guidance range of $2.1 billion-$2.15 billion.

Looking ahead, Zanzalintinib (XL092) is the next asset poised to potentially join this Star category. The company announced positive topline results from the STELLAR-303 pivotal study in metastatic colorectal cancer (CRC) in June 2025. Furthermore, Exelixis, Inc. presented the detailed positive results at the 2025 European Society for Medical Oncology Congress in October, with a simultaneous publication in The Lancet. The plan is to complete the submission of the first New Drug Application (NDA) for zanzalintinib in the U.S. before the end of 2025. That regulatory step is the key to unlocking its market share potential.

Finance: draft 13-week cash view by Friday.

Exelixis, Inc. (EXEL) - BCG Matrix: Cash Cows

You're looking at the core engine of Exelixis, Inc.'s financial stability, which is where the established products with high market share in mature settings reside. For Exelixis, Inc., the cabozantinib franchise, particularly CABOMETYX in its established indications like second-line and later renal cell carcinoma (RCC), fits this Cash Cow profile perfectly. This is the product that has achieved market leadership and now reliably pumps cash into the organization, requiring less aggressive promotional spend than a Star product might.

Here's a quick look at the sheer scale of the cash generation from this mature franchise during the third quarter of 2025. These numbers show you the stable, high-volume base that funds the rest of the company's ambitions:

Also, consider CABOMETYX in hepatocellular carcinoma (HCC). While new indications like neuroendocrine tumors (NET) are growing fast, HCC represents a mature indication where the drug maintains a solid, consistent sales volume. This consistency is what defines a Cash Cow; it's not about explosive new growth, but about predictable, high-margin revenue that you can count on quarter after quarter. The strength in RCC, where CABOMETYX remains the top prescribed tyrosine kinase inhibitor (TKI) in the U.S. as of mid-2025, reinforces this high-share status.

The characteristics of these Cash Cows at Exelixis, Inc. are clear:

• High market share in established oncology settings.
• Generates more cash than it consumes in maintenance.
• Promotion and placement investments are optimized, not maximized.
• Provides the necessary capital for Question Marks and R&D.

Honestly, these are the products you want to have in your portfolio. The operating cash flow generated by the U.S. cabozantinib franchise, supported by the ex-U.S. royalties, is what allows Exelixis, Inc. to fund the development of zanzalintinib and other pipeline assets without constantly needing external financing. Finance: draft the Q4 2025 cash flow projection based on maintaining these Q3 levels by next Tuesday.

Exelixis, Inc. (EXEL) - BCG Matrix: Dogs

Dogs are business units or products with a low market share operating in low-growth markets. These units frequently break even, tying up capital without generating significant returns, making divestiture a prime consideration. For Exelixis, Inc., the product fitting this profile is clearly COMETRIQ (cabozantinib) specifically for medullary thyroid cancer (MTC).

The financial reality for this specific indication is stark when viewed against the broader cabozantinib franchise performance for the third quarter of 2025. COMETRIQ (cabozantinib) for medullary thyroid cancer generated minimal Q3 2025 net product revenue of only $3.1 million. This figure contrasts sharply with the performance of the primary driver, CABOMETYX (cabozantinib), which recorded net product revenues of $539.9 million in the same period. You can see the clear market share disparity here:

Older, fully-developed indications for cabozantinib that face increasing generic or biosimilar competition and have flat or declining market growth represent the second component of this category. While the newer indications, like neuroendocrine tumors (NET), showed strong momentum, capturing approximately 35% of new patient share for second-line and beyond oral therapies in Q2 2025, the older, established indications are likely experiencing market erosion or stagnation, which is typical for mature, off-patent-facing assets. The low revenue contribution from the specific MTC indication supports the view that other older, less-prioritized uses of the molecule fall into this low-growth, low-share quadrant.

Any legacy, non-core assets or discontinued programs that require minimal maintenance but generate negligible revenue would also be classified as Dogs. Exelixis, Inc. has publicly stated a commitment to advancing high-potential assets like zanzalintinib while discontinuing lower-value programs. Although specific revenue figures for these residual assets aren't detailed in the latest reports, their very classification as legacy or discontinued means they consume minimal resources but contribute almost nothing to the overall revenue base, which was guided for $1.95 billion - $2.05 billion in total net product revenues for fiscal year 2025. These are the classic cash traps you want to prune.

The characteristics defining these Dogs within the Exelixis, Inc. portfolio are:

• Low market share within the overall franchise.
• Minimal net product revenue contribution.
• Operating in markets with flat or declining growth.
• Candidates for divestiture or minimization of investment.
• Expensive turn-around plans are generally not advised.

Finance: draft 13-week cash view by Friday.

Exelixis, Inc. (EXEL) - BCG Matrix: Question Marks

These assets represent Exelixis, Inc.'s high-growth prospects with currently low market share, consuming significant cash to fuel their development toward potential blockbuster status.

Zanzalintinib (XL092) is central to this quadrant, with pivotal trials underway. The STELLAR-304 trial, evaluating zanzalintinib in non-clear cell renal cell carcinoma (RCC), completed enrollment in May 2025, with top-line results now anticipated in the first half of 2026, a shift from the previously expected second half of 2025. Conversely, the STELLAR-305 trial in head and neck cancer was discontinued; Exelixis elected not to proceed to the phase 3 portion based on emerging phase 2 data and competitive landscape assessment. However, the program achieved a pivotal success with STELLAR-303 in colorectal cancer, where zanzalintinib plus Tecentriq showed a median overall survival (OS) of 10.9 months versus 9.4 months for Stivarga, a statistically significant 20% reduction in the risk of death. Exelixis is plotting a regulatory application for this indication by the end of 2025. Analysts model peak U.S. sales for the mCRC indication alone at $850 million, while the company hopes the drug could generate $5 billion across all indications by 2033.

The broader pipeline fuels the high cash consumption characteristic of Question Marks. Exelixis, Inc. is advancing four ongoing Phase 1 pipeline programs: XL309, XB010, XB628, and XB371. These early-stage bets require substantial financial commitment, with the company projecting Research and Development expense between $850 million and $900 million for the full fiscal year 2025.

The composition of these high-investment, early-stage assets includes:

• Zanzalintinib (XL092) pivotal trials (STELLAR-304, STELLAR-305) with high R&D spend.
• Four ongoing Phase 1 pipeline programs requiring significant R&D investment of $850 million-$900 million in 2025.
• XB371, the next-generation tissue factor-targeting antibody-drug conjugate (ADC) program, which is a high-risk, early-stage asset.
• XL309, a synthetic lethality small molecule in Phase 1, representing a long-shot bet on a novel mechanism of action.

The commitment to these assets is reflected in the company's overall financial outlook for the year, which necessitates heavy reinvestment of revenue generated by the established cabozantinib franchise.

XB371 is specifically noted as a high-risk, early-stage asset, being a next-generation tissue factor-targeting antibody-drug conjugate (ADC). For XL309, the investment represents a long-shot bet, as it is a small molecule inhibitor of USP1 currently in Phase 1, evaluated for its synthetic lethality mechanism, potentially in combination with PARP inhibitors like olaparib. The company is actively profiling these compounds to decide which ones warrant full development investment to avoid them becoming Dogs.