Exelixis, Inc. (EXEL): Business Model Canvas [Dec-2025 Updated]

You're digging into Exelixis, Inc. because you know they are at a major inflection point: balancing the massive cash flow from the Cabozantinib franchise against a huge R&D push to become a multi-franchise oncology player. Honestly, the numbers tell the story: they are projecting \$2.1 billion-\$2.15 billion in US net product revenue for 2025, but they are spending heavily, guiding for \$850 million-\$900 million in R&D to get pipeline candidates like zanzalintinib across the finish line. With about \$1.6 billion in cash on hand as of Q3 2025, the key is understanding their partnerships and cost structure to see if this bet is sound. This canvas lays out the entire operating model, so you can see exactly how Exelixis, Inc. plans to transition from a single-product success story to a diversified powerhouse; it's defintely worth a close look.

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

You're looking at how Exelixis, Inc. extends its reach and de-risks its pipeline through strategic alliances. These partnerships are critical for global reach and advancing novel compounds, so the numbers flowing from them tell a big part of the Exelixis story.

The collaboration revenue stream, which primarily consists of royalties from ex-U.S. Cabometyx sales and milestone payments, shows the immediate financial impact of these deals. For the third quarter of 2025, Exelixis earned $46.3 million in royalty revenues based upon cabozantinib-related net product revenues generated by its collaboration partners. This compares to $43.4 million in royalty revenues earned in the second quarter of 2025. Overall collaboration revenues for the third quarter of 2025 were $54.8 million.

Here's a breakdown of the key players and what they bring to the table, focusing on the most recent quarterly data available as of late 2025:

The Ipsen agreement has a history of significant payments; for instance, a $150.0 million commercial milestone was recognized in the second quarter of 2024 when Ipsen hit $600 million in cumulative net sales in its territory. This shows the potential for lump-sum payments beyond routine royalties.

The partnership with Bristol Myers Squibb (BMS) centers on the combination therapy using Cabometyx and Opdivo, which received U.S. regulatory approval back in early 2021. Exelixis continues to evaluate Cabometyx in combination with other agents in late-stage studies, showing the ongoing strategic value of this relationship beyond the initial approval.

For pipeline advancement, the relationship with Merck is key for combination trials involving zanzalintinib. Exelixis expected Merck to initiate two pivotal studies combining zanzalintinib and belzutifan in renal cell carcinoma during the first half of 2025.

Beyond established commercial deals, Exelixis maintains its early-stage discovery engine through external collaboration:

• Currently running four ongoing phase 1 clinical studies for pipeline programs.
• Presented preclinical data on multiple pipeline programs at the AACR Annual Meeting in April 2025.

These academic and research institution ties are how Exelixis feeds its future pipeline, which is important because the next major growth driver is expected to be zanzalintinib.

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

You're looking at the core engine driving Exelixis, Inc. right now-the things they absolutely must execute on to keep the growth story going, especially with Cabometyx facing patent expiration in 2030.

Oncology drug discovery and preclinical development

Exelixis, Inc. focuses on innovating next-generation medicines, which includes both small molecules and biotherapeutics. The company is actively profiling its early-stage pipeline candidates. As of the third quarter of 2025 update, there were four ongoing phase 1 clinical studies from this early-stage pipeline being advanced to profile the most promising candidates for full development. Exelixis, Inc. is also advancing investigational programs like XL309, XB010, and XL495 through phase 1 trials. Furthermore, as of February 2025, there was a plan to potentially file three Investigational New Drug applications for a PD-L1-NKG2A bispecific antibody (XB628), an ILT-2 monoclonal antibody (XB064), and a TF-topoisomerase I inhibitor antibody-drug conjugate (XB371).

Managing and executing pivotal Phase 3 clinical trials (e.g., zanzalintinib)

A major activity is the execution of pivotal trials for zanzalintinib, the potential successor to Cabometyx. The company presented detailed positive results from the STELLAR-303 pivotal trial evaluating zanzalintinib in combination with atezolizumab in advanced colorectal cancer at the 2025 European Society for Medical Oncology Congress. In the intent-to-treat population, this combination showed a 20% reduction in the risk of death compared to regorafenib, with a median overall survival of 10.9 months versus 9.4 months at a median follow-up of 18 months, achieving statistical significance with a p value of p=0.0045. Conversely, the STELLAR-305 phase III study in advanced squamous cell carcinoma of the head and neck was discontinued. The STELLAR-304 pivotal study in non-clear cell renal cell carcinoma completed enrollment in May 2025, with top-line results expected in the first half of 2026. Exelixis, Inc. also has the STELLAR-311 pivotal trial ongoing in advanced neuroendocrine tumors.

U.S. commercialization and sales force expansion for Cabometyx

The commercial execution for the cabozantinib franchise remains a primary activity, building on its position as a leading oral therapy in renal cell carcinoma and neuroendocrine tumors (NET). The U.S. commercial team rapidly mobilized for the launch of CABOMETYX for advanced NET following U.S. regulatory approval in late March 2025. For the third quarter ended September 30, 2025, the Cabometyx Franchise U.S. Net Product Revenues reached $542.9 million. This represents a year-over-year growth of approximately 14% for U.S. Cabo franchise net product revenues in Q3 2025 compared to Q3 2024. The full-year 2025 net product revenues guidance was updated to a range of $2.10 billion to $2.15 billion. The company also implemented a 2.8% price increase for CABOMETYX in the United States, effective January 1, 2025. In Q2 2025, the NET indication represented approximately four percent of the overall CABOMETYX business.

Here's the quick math on the Q3 2025 commercial performance:

• CABOMETYX U.S. Net Product Revenues: $539.9 million
• COMETRIQ U.S. Net Product Revenues: $3.1 million
• Total U.S. Cabozantinib Franchise Net Product Revenues: $542.9 million
• Royalty Revenues (from partners): $46.3 million

Regulatory filings for new indications (e.g., zanzalintinib NDA in CRC)

Exelixis, Inc. is focused on completing the submission of its first new drug application (NDA) for zanzalintinib in the U.S. based on the positive STELLAR-303 data. The company intends to complete this NDA submission before year-end 2025 for the advanced colorectal cancer indication. The approval for CABOMETYX in advanced NET was targeted for a PDUFA action date of April 3, 2025. The company also reached an agreement with Teva Pharmaceuticals in 2023 and Cipla Ltd. in 2024 regarding generic versions of cabozantinib, with Teva's generic marketing expected to begin in 2031.

Manufacturing and supply chain management for small molecule drugs

Managing the supply chain involves ensuring product availability for CABOMETYX while managing the risk associated with future generic competition. Exelixis, Inc. is actively managing its capital structure, which impacts long-term operational flexibility. As of September 30, 2025, the company had repurchased $895.3 million of its common stock under programs authorized in August 2024 and February 2025. Furthermore, the board authorized an additional stock repurchase program for up to $750 million by the end of 2026. Cash and marketable securities stood at approximately $1.6 billion as of September 30th, 2025.

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

You're looking at the core assets Exelixis, Inc. is relying on to power its next phase of growth, especially with the clock ticking on its primary revenue driver. Here's the breakdown of what they hold right now, as of late 2025.

Cabozantinib (Cabometyx/Cometriq) intellectual property and patents represent the foundation, but the timeline for generic erosion is a key factor you need to track. The composition of matter patent is expected to expire in 2026. However, Exelixis has successfully defended other intellectual property, such as the European formulation patent (EP2593090) covering CABOMETYX tablets, which is set to expire on July 18, 2031. Furthermore, a recent court ruling upheld the validity of several U.S. patents related to cabozantinib, with one set to expire on January 15, 2030.

The company is heavily invested in a diversified oncology pipeline to mitigate the future patent cliff. The near-term focus is clearly on zanzalintinib (XL092), which showed positive Phase III Stellar-303 results in combination with atezolizumab for metastatic colorectal cancer (mCRC). Exelixis intends to complete the U.S. New Drug Application (NDA) submission for this indication before the end of 2025. Beyond CRC, the company expects to have six zanzalintinib pivotal trials ongoing by the end of 2025, with top-line data for the Stellar-304 trial in non-clear cell renal cell carcinoma anticipated in the first half of 2026. The pipeline also includes other small molecules, antibody-drug conjugates, and biotherapeutics, with four ongoing phase 1 clinical studies for programs XL309, XB010, XB628, and XB371 as of Q3 2025.

Financially, the balance sheet remains a significant resource. As of September 30, 2025 (Q3 2025), Exelixis, Inc. reported holding cash and marketable securities totaling approximately $1.6 billion. This strong liquidity supports ongoing R&D and business development activities.

The human capital is centered around specialized expertise. While the total employee count was 1,147 at the end of 2024, the real value lies in the specialized R&D and clinical development personnel driving the pipeline forward. You can expect an update on the R&D focus when the company webcasts its Virtual 2025 Research & Development (R&D) Day on Wednesday, December 10, 2025.

For commercialization, Exelixis maintains a U.S. commercial infrastructure. This includes a fully integrated commercial team covering sales, marketing, market access, and commercial operations. This team is responsible for promoting CABOMETYX and COMETRIQ, and their experience is being leveraged specifically in the GI oncology space, following the recent CABOMETYX label expansion into advanced neuroendocrine tumors (NET) in March 2025.

Here's a quick look at the key pipeline assets driving future value:

• Zanzalintinib (XL092) - NDA planned for CRC by year-end 2025.
• Zanzalintinib (XL092) - Stellar-304 readout expected H1 2026.
• Pipeline Programs - Four ongoing Phase 1 studies (XL309, XB010, XB628, XB371).
• Cabozantinib Franchise - Generated $542.9 million in U.S. Net Product Revenues in Q3 2025.

The core revenue-generating and pipeline assets can be summarized like this:

The commercial engine is supported by a dedicated sales force focused on oncology, ready to support the potential launch of zanzalintinib, which analysts project could reach peak global risk-adjusted sales of $1.6 billion by 2035.

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.

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.

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:

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:

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:

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:

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.