Exelixis, Inc. (EXEL): Marketing Mix Analysis [Dec-2025 Updated]

You're looking at Exelixis, Inc. right now, trying to map out where the next few years of growth come from beyond the established star, Cabometyx. Honestly, the late 2025 marketing mix tells a clear story: it's about defending the core while aggressively prepping for the future. Cabometyx continues to deliver-we saw the franchise pull in $542.9 million in U.S. net product revenue in Q3 2025 alone, bolstered by that March NET label expansion-but the real pivot point is Zanzalintinib, with an NDA expected by year-end. To truly gauge the company's trajectory, you need to see exactly how they are pricing this established drug, promoting its new uses, and placing it in the market, all while setting the stage for that pipeline asset. Dive in below for the precise breakdown of their Product, Place, Promotion, and Price strategy.

Exelixis, Inc. (EXEL) - Marketing Mix: Product

You're looking at the core offering from Exelixis, Inc. (EXEL) as of late 2025, which is entirely focused on developing and commercializing innovative oncology treatments. The product portfolio centers on the cabozantinib franchise, but the near-term value is increasingly tied to pipeline execution, especially with zanzalintinib.

Cabometyx and Cometriq: The Revenue Engine

Cabometyx (cabozantinib) is the established core revenue driver, maintaining a strong position in renal cell carcinoma (RCC) and hepatocellular carcinoma (HCC). Cometriq (cabozantinib) is also part of this franchise, though CABOMETYX accounts for the vast majority of the revenue.

Here's the quick math on the cabozantinib franchise performance through the third quarter of 2025:

The product's strength is evident in its market penetration; CABOMETYX remains the top prescribed tyrosine kinase inhibitor (TKI) in U.S. renal cell carcinoma, holding a 45% TRx share in Q2 2025. It is also the leading TKI plus immunotherapy (IO) combination in first-line RCC. Exelixis increased its 2025 full-year financial guidance for net product revenues by $100 million following the strong first quarter performance driven by CABOMETYX. The company projects that U.S. net product revenues for the cabozantinib franchise could reach $3 billion in 2030.

Label Expansion for Neuroendocrine Tumors (NET)

A key growth vector for the core product was the recent U.S. label expansion for advanced neuroendocrine tumors (NET). The U.S. Food and Drug Administration (FDA) approved CABOMETYX for previously treated, unresectable, locally advanced or metastatic, well-differentiated pancreatic NET (pNET) and extra-pancreatic NET (epNET) in March 2025. The European Commission followed with approval in July 2025.

The initial commercial reception has been positive, with Exelixis reporting a 35% new patient share in the 2nd-line+ NET market as of Q2 2025. This indication is expected to be material, as the overall NETs market is projected to grow at a 9% compound annual rate to $4.6 billion by 2030, with an estimated total addressable market for CABOMETYX in this indication at $900 million.

Data supporting this expansion, from the CABINET trial subgroup analysis for lung/thymic NET, showed:

• Median Progression-Free Survival (PFS) with CABOMETYX: 8.2 months
• Median PFS with placebo: 2.7 months
• Confirmed Objective Response Rates (ORR): 6% versus 0% for placebo

Zanzalintinib: The Next Oncology Franchise

Zanzalintinib is positioned to be the next major revenue driver, with Exelixis planning to submit its first New Drug Application (NDA) for colorectal cancer (CRC) by year-end 2025. This follows positive data from the Phase III STELLAR-303 study.

Key efficacy metrics from the STELLAR-303 trial comparing zanzalintinib plus atezolizumab versus regorafenib:

• Median Overall Survival (OS): 10.9 months versus 9.4 months
• Risk of Death Reduction: 20%
• 12-Month OS Estimate: 46% versus 38%
• 24-Month OS Estimate: 20% versus 10%

Analysts have projected significant future revenue potential, with William Blair modeling U.S. metastatic CRC sales of $24 million in 2026 and peak U.S. sales of $850 million for zanzalintinib in CRC. The broader projection for zanzalintinib across all indications is up to $5 billion in U.S. net product revenues by 2033. Exelixis expects to have up to six zanzalintinib pivotal trials ongoing by the end of 2025.

Early-Stage Pipeline Compounds

Exelixis, Inc. is actively working to build a multi-franchise oncology business by advancing several early-stage candidates into clinical development. As of late 2025, the company has four ongoing Phase 1 clinical studies for its pipeline programs.

The four compounds currently in Phase 1 trials are:

• XB628: A first-in-class bispecific antibody targeting NKG2A and PD-L1; dose-escalation started in May 2025.
• XB371: A tissue factor-targeting antibody-drug conjugate (ADC); Phase 1 initiated in August 2025.
• XL309: A potent, selective small molecule inhibitor of USP1, ongoing as monotherapy and in combination with olaparib.
• XB010: Another pipeline program in Phase 1.

The company is on track to submit an Investigational New Drug (IND) application for XB371 to the FDA in 2025. Finance: draft 13-week cash view by Friday.

Exelixis, Inc. (EXEL) - Marketing Mix: Place

You're looking at how Exelixis, Inc. gets its specialized oncology products, like CABOMETYX, to the right oncologists and patients. This is all about direct control in the U.S. and smart partnerships overseas.

U.S. net product revenues are managed directly by Exelixis, focusing on the specialized oncology market. You can see the direct impact on their top line from this control. For instance, U.S. net product revenues for the cabozantinib franchise hit $520.0 million in the second quarter of 2025 and grew to $542.9 million in the third quarter of 2025. The company is projecting its full-year 2025 net product revenue to land between $2.1 billion and $2.15 billion.

The recent launch of CABOMETYX for the new Neuroendocrine Tumor (NET) indication shows this direct management in action. The commercial team rapidly mobilized within hours of the U.S. regulatory approval in late March 2025. This new indication is already contributing meaningfully, representing approximately four percent of the overall CABOMETYX business in the second quarter of 2025, and management expects to exceed $100 million in revenue from the NET indication for the full year 2025.

Global distribution outside the U.S. is handled through strategic collaboration partners, primarily Ipsen Pharma SAS. Exelixis maintains exclusive commercial rights in the U.S. and Canada, while Ipsen manages commercialization in regions outside the U.S., Canada, and Japan under a 2016 agreement. This partnership structure allows Exelixis to focus its internal commercial efforts domestically while still benefiting from international reach. Exelixis earns royalty revenues based on Ipsen's sales performance.

Here's a look at the royalty income generated from this international distribution structure:

The original terms of the agreement allow Exelixis to receive tiered royalties up to 26% on Ipsen's net sales.

Distribution channels rely on specialty pharmacies and hospital oncology centers, which is the standard for delivering high-cost oral cancer therapies. The shift in how these specialized drugs are dispensed is notable. Non-retail settings, which include hospitals and specialty pharmacies, increased their share of patient-administered, oral oncology product purchases to 32% in 2024.

The landscape for oncology drug distribution in the U.S. shows the importance of these specific points of care:

• Hospital pharmacies held approximately 41% of the U.S. oncology distribution channel share in 2024.
• The specialty pharmacies segment is expected to be the fastest-growing distribution channel between 2025 and 2034.
• Specialty pharmacies are critical because they handle the complex logistics and patient support required for these high-cost regimens.

Commercial teams rapidly mobilized for the new NET indication launch, targeting oncology specialists and prescribers. This rapid response is key to capturing early market share in a new indication. The company is actively focused on leveraging this momentum.

The commercial focus for Exelixis, Inc. involves specific market positioning objectives:

• Maintain market leadership in Renal Cell Carcinoma (RCC).
• Capture new patient share in the Neuroendocrine Tumor (NET) market.
• The company discussed the strategic build-out of its GI sales team in the fourth quarter of 2025 to accelerate growth.

Finance: draft 13-week cash view by Friday.

Exelixis, Inc. (EXEL) - Marketing Mix: Promotion

You're looking at how Exelixis, Inc. communicates the value of its oncology portfolio, especially as it balances the established success of its core product with the launch of a new indication and the pipeline development of its next-generation asset. Promotion here is heavily reliant on clinical data milestones and guideline inclusions.

Data-driven marketing for the established product, CABOMETYX (cabozantinib), centers on its established role in renal cell carcinoma (RCC). The NCCN Clinical Practice Guidelines for Kidney Cancer, V.1.2026, list CABOMETYX as the only preferred tyrosine kinase inhibitor (TKI) treatment option for previously treated patients, holding a Category 1 recommendation. This is a powerful promotional anchor for the sales force.

The promotional build-up for the next-generation asset, zanzalintinib, was significantly amplified by key data releases. Detailed results from the Phase 3 STELLAR-303 pivotal trial in metastatic colorectal cancer (CRC) were presented at ESMO 2025 and simultaneously published in The Lancet. Exelixis, Inc. plans to complete its first New Drug Application (NDA) submission for zanzalintinib in the U.S. in 2025, based on these findings.

The NCCN Guideline update for Neuroendocrine Tumors (NET) in January 2025 provided a critical promotional tool for the recent CABOMETYX launch in that setting. Following the FDA PDUFA target action date of April 3, 2025, for the supplemental New Drug Application (sNDA), CABOMETYX was included as a Category 1 preferred regimen for certain NET types following specific treatments, and as a Category 2A preferred regimen for several others. The commercial execution is showing early traction, as NET represented approximately four percent of the overall CABOMETYX business in Q2 2025.

The investment in commercial execution is reflected in the Selling, General, and Administrative (SG&A) spend. Selling, general and administrative expenses for Q2 2025 were $134.9 million, which was a modest increase year-over-year, primarily due to increases in marketing expenses, stock-based compensation, and personnel expenses. For the full fiscal year 2025, Exelixis, Inc. is guiding SG&A expenses to be between $475 million and $525 million.

Here's a quick look at the key promotional and financial metrics supporting the commercial narrative as of late 2025:

The promotional focus for the pipeline asset included specific data points from the STELLAR-303 trial:

• 12-month landmark OS estimate for zanzalintinib combo was 46%.
• NDA submission planned for U.S. in 2025.
• The combination showed a 20% reduction in the risk of death.
• The trial utilized a dual primary endpoint structure.

For CABOMETYX in RCC, the promotional messaging is reinforced by its guideline standing:

• Category 1 preferred TKI for previously treated RCC patients.
• The NCCN Guidelines for NET included CABOMETYX as Category 1 for certain types.
• The NET indication launch captured a leading share of new oral starts in second-line and later settings.

Finance is tracking the SG&A spend closely; the Q2 2025 spend of $134.9 million is part of the full-year guidance range of $475 million to $525 million.

Finance: draft Q3 2025 SG&A variance analysis by next Tuesday.

Exelixis, Inc. (EXEL) - Marketing Mix: Price

Full-year 2025 net product revenues guidance was raised to a range of $2.25 billion to $2.35 billion, a clear signal of pricing power and demand strength, especially following the reported Q3 2025 performance. The U.S. net product revenues for the cabozantinib franchise in the third quarter of 2025 reached $542.9 million, demonstrating sustained commercial success. This pricing strategy is supported by the company's proactive management of list prices, which directly impacts realized revenue streams.

The U.S. wholesale acquisition cost (WAC) for Cabometyx saw a deliberate increase of 2.8%, effective January 1, 2025. This adjustment reflects a strategy to align the list price with the perceived value and competitive positioning of the product in the market, even as the company manages gross-to-net dynamics, such as the 30.4% gross-to-net for the franchise in Q3 2025. You see this pricing action baked into the updated guidance.

Here's a quick look at some of the key financial figures related to the realized pricing and revenue generation as of late 2025:

The pricing structure extends beyond direct U.S. sales, incorporating agreements with collaboration partners. Royalty revenues from these partners for ex-U.S. sales were $46.3 million in Q3 2025. This revenue stream is a direct result of the global pricing and sales execution by partners, providing Exelixis with a steady, high-margin component of its total realized price for the cabozantinib molecule worldwide.

Furthermore, the company's confidence in its cash flow, largely driven by these product revenues and pricing strategies, is underscored by its capital allocation actions. As of September 30, 2025, Exelixis had repurchased $895.3 million of its common stock under existing programs. This significant stock repurchase program signals management's view that the current valuation does not fully reflect the underlying value generated by its pricing and commercial performance, and it's a key financial lever related to shareholder returns.

• Weighted-average diluted common shares outstanding decreased to 278.5 million as of September 30, 2025.
• Total repurchases since March 2023 reached $1.9 billion through September 30, 2025.
• The average repurchase price for the $895.3 million bought back was $37.18 per share.