Exelixis, Inc. (Exel): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da pesquisa de oncologia, a Exelixis, Inc. (EXEL) surge como uma força pioneira, transformando o tratamento do câncer por meio de terapias direcionadas moleculares de ponta. Ao navegar estrategicamente em parcerias farmacêuticas complexas e alavancar os recursos avançados de pesquisa, esta empresa inovadora de biotecnologia está redefinindo a medicina de precisão com abordagens inovadoras para desafiar os tipos de câncer. Seu modelo abrangente de negócios Canvas revela um sofisticado ecossistema de inovação científica, colaborações estratégicas e soluções transformadoras de saúde que prometem remodelar como entendemos e combate o câncer.

Exelixis, Inc. (Exel) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com a Takeda Pharmaceutical

A Exelixis tem uma parceria de longa data com a Takeda Pharmaceutical focada no desenvolvimento do Cabozantinib. A partir de 2023, a colaboração gerou US $ 410 milhões em pagamentos marcantes. A parceria abrange várias indicações oncológicas, incluindo:

• Cabometyx para carcinoma de células renais
• Cabometyx para carcinoma hepatocelular
• Direitos globais para certos territórios

Métricas de parceria	Detalhes financeiros
Data de colaboração inicial	2011
Pagamentos totais de marco	US $ 410 milhões
Porcentagem de royalties	20-25%

Parcerias de pesquisa com centros médicos acadêmicos

Exelixis mantém acordos de pesquisa colaborativa com 7 principais instituições de pesquisa médica acadêmica, incluindo:

• Escola de Medicina de Harvard
• Centro de Câncer da Universidade de Stanford
• Memorial Sloan Kettering Cancer Center

Acordos de licenciamento

Os contratos atuais de licenciamento farmacêutico incluem:

Parceiro	Valor do acordo	Área de foco
Bristol Myers Squibb	US $ 175 milhões	Pesquisa de terapia combinada
Roche	US $ 120 milhões	Desenvolvimento de medicamentos para oncologia

Parcerias de co-desenvolvimento

A Exelixis possui parcerias de co-desenvolvimento ativo em oncologia com:

• Ipsen Pharmaceuticals
• Merck & Co.
• AstraZeneca

Parcerias de fabricação

As organizações de manufatura contratadas que apoiam a Exelixis incluem:

• Grupo Lonza
• Pathon Pharmaceuticals
• Wuxi Biologics

Fabricante contratado	Valor do contrato	Capacidade de fabricação
Grupo Lonza	US $ 85 milhões	Produção em escala comercial
Pathon Pharmaceuticals	US $ 62 milhões	Fabricação em estágio clínico

Exelixis, Inc. (Exel) - Modelo de negócios: Atividades -chave

Pesquisa e Desenvolvimento de Medicamentos Oncológicos

A Exelixis investiu US $ 481,9 milhões em despesas de P&D em 2022. A Companhia se concentra no desenvolvimento de terapias direcionadas ao câncer, com ênfase primária nas terapias direcionadas moleculares.

Métrica de P&D	2022 Valor
Despesas totais de P&D	US $ 481,9 milhões
Número de programas de pesquisa ativos	7 programas de oncologia primária

Gerenciamento e execução de ensaios clínicos

A Exelixis gerencia vários ensaios clínicos simultâneos em várias indicações de câncer.

• Ensaios clínicos em andamento em carcinoma avançado de células renais
• Programas de desenvolvimento clínico de carcinoma hepatocelular
• Iniciativas metastáticas de pesquisa de câncer colorretal

Métrica do ensaio clínico	2022-2023 dados
Ensaios clínicos ativos	14 ensaios
Inscrição do paciente	Aproximadamente 3.500 pacientes

Comercialização do produto farmacêutico

A Exelixis gerou US $ 1,47 bilhão em receita total para 2022, com foco primário na comercialização de produtos de oncologia.

Métrica de comercialização de produtos	2022 Valor
Receita total	US $ 1,47 bilhão
Receita do produto -chave (cabometyx)	US $ 1,26 bilhão

Inovação de terapia direcionada molecular

A Exelixis é especializada no desenvolvimento de terapias direcionadas moleculares de precisão para o tratamento do câncer.

• Cabozantinib como plataforma de terapia direcionada molecular primária
• Desenvolvimento de novas tecnologias de inibidores de quinase
• Focado em abordagens de oncologia de precisão

Processos de conformidade regulatória e aprovação de medicamentos

A Exelixis mantém a rigorosa conformidade regulatória em vários mercados globais.

Métrica regulatória	2022-2023 Status
Indicações aprovadas pela FDA	4 indicações primárias de câncer
Submissões regulatórias globais	8 registros regulatórios

Exelixis, Inc. (Exel) - Modelo de negócios: Recursos -chave

Instalações avançadas de pesquisa e desenvolvimento

A Exelixis opera instalações de pesquisa localizadas no sul de São Francisco, Califórnia, abrangendo aproximadamente 160.000 pés quadrados. A infraestrutura de P&D da empresa suporta processos avançados de descoberta e desenvolvimento de medicamentos para oncologia.

Métrica da instalação	Dados específicos
Espaço total de pesquisa	160.000 pés quadrados
Localização	South San Francisco, CA
Investimento anual de P&D	US $ 538,1 milhões (2022)

Portfólio de propriedade intelectual extensa

A Exelixis mantém uma estratégia de propriedade intelectual robusta que cobre várias áreas terapêuticas oncológicas.

• Total de Famílias de Patentes: 338
• Patentes ativas: 122
• Faixa de expiração de patentes: 2024-2037

Equipe especializada de pesquisa de oncologia

A partir de 2022, a Exelixis emprega uma força de trabalho de pesquisa especializada dedicada à inovação oncológica.

Categoria de pessoal de pesquisa	Número de funcionários
Pessoal de pesquisa total	731
Pesquisadores no nível de doutorado	287
Especialistas em oncologia	412

Tecnologias sofisticadas de descoberta de medicamentos

A Exelixis utiliza plataformas tecnológicas avançadas para descoberta e desenvolvimento de medicamentos.

• Plataforma de triagem inibidora de quinase proprietária
• Tecnologias avançadas de modelagem molecular
• Recursos de triagem de alto rendimento

Capital financeiro forte

A Exelixis mantém recursos financeiros substanciais para apoiar iniciativas de pesquisa em andamento.

Métrica financeira	Valor (2022)
Dinheiro e investimentos	US $ 1,2 bilhão
Financiamento total da pesquisa	US $ 538,1 milhões
Receita	US $ 1,48 bilhão

Exelixis, Inc. (Exel) - Modelo de Negócios: Proposições de Valor

Terapias de câncer direcionadas inovadoras

A Exelixis se concentra no desenvolvimento de tratamentos de oncologia de precisão com o principal portfólio de produtos:

Medicamento	Tipo de câncer	Ano de aprovação da FDA	Receita anual (2023)
Cabometyx	Carcinoma de células renais	2016	US $ 1,47 bilhão
Cometriq	Câncer de tireóide medular	2012	US $ 174 milhões
Cotellic	Melanoma	2015	US $ 63 milhões

Abordagem de medicina de precisão em tratamentos oncológicos

Estratégia de direcionamento molecular com foco genômico específico:

• Desenvolvimento de inibidores da quinase
• Técnicas de interrupção da via molecular
• MUTAÇÃO GENOMICA DO MUTAÇÃO

Soluções de medicamentos direcionados moleculares avançados

Métricas de investimento em pesquisa e desenvolvimento:

Métrica	2023 valor
Despesas de P&D	US $ 532 milhões
Ensaios clínicos ativos	23 ensaios
Portfólio de patentes	87 patentes ativas

Melhores resultados dos pacientes em tipos complexos de câncer

Taxas de sucesso do ensaio clínico:

• Sobrevivência livre de progressão do carcinoma de células renais: 40,4 meses
• Carcinoma hepatocelular Sobrevivência geral mediana: 26,6 meses
• Taxas de resposta ao tratamento: 24-38% em diferentes tipos de câncer

Possíveis tratamentos inovadores para câncer raro

Oleoduto raro de tratamento de câncer:

Tipo de câncer	Estágio de desenvolvimento atual	Potencial de mercado projetado
Câncer de tireóide medular	Ensaios clínicos de fase III	Mercado potencial de US $ 210 milhões
Sarcomas raros de tecidos moles	Ensaios clínicos de fase II	Mercado potencial de US $ 85 milhões

Exelixis, Inc. (Exel) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais de saúde oncológicos

Em 2023, a Exelixis relatou interações diretas com aproximadamente 8.500 profissionais de saúde de oncologia por meio de programas de assuntos médicos direcionados. A empresa implantou 127 contatos de ciências médicas nos Estados Unidos para facilitar o envolvimento profissional.

Métrica de engajamento	2023 dados
Tigrões de ciências médicas	127
Profissionais de oncologia envolvidos	8,500
Interações de educação clínica	3,245

Programas de apoio ao paciente

A Exelixis implementou serviços abrangentes de apoio ao paciente para Cabometyx e Cometriq, com um programa dedicado de assistência ao paciente, cobrindo apoio financeiro e navegação de tratamento.

• Cobertura do Programa de Assistência ao Paciente: 92% dos pacientes elegíveis
• Alcance de apoio financeiro: US $ 14,3 milhões em assistência ao paciente
• Apoio ao paciente Linha direta: disponibilidade 24/7

Conferência Científica e Participação do Simpósio Médico

Em 2023, a Exelixis apresentou 87 resumos científicos em principais conferências de oncologia, incluindo ASCO, ESMO e SITC.

Tipo de conferência	Resumos apresentados
Reunião Anual da ASCO	42
Congresso Esmo	23
Reunião Anual da SITC	22

Plataformas de informações de saúde digital

A Exelixis desenvolveu plataformas digitais com 145.000 usuários profissionais de saúde registrados e uma taxa média mensal de engajamento de 37%.

• Usuários da plataforma digital: 145.000
• Taxa mensal de engajamento: 37%
• Categorias de recursos on -line: dados clínicos, protocolos de tratamento, gerenciamento de pacientes

Recursos personalizados de consulta médica

A Companhia ofereceu serviços personalizados de consulta médica através de 63 especialistas clínicos dedicados, fornecendo orientação direcionada de tratamento de oncologia.

Recurso de consulta	2023 Métricas
Especialistas clínicos	63
Interações de consulta	4,872
Duração média da consulta	48 minutos

Exelixis, Inc. (Exel) - Modelo de Negócios: Canais

Força de vendas direta direcionando especialistas em oncologia

A partir de 2024, a Exelixis mantém um Equipe dedicada de vendas de oncologia de 300 representantes profissionais.

Métrica da força de vendas	2024 dados
Total de representantes de vendas	300
Cobertura geográfica	Estados Unidos
Foco primário	Especialistas em oncologia

Redes de distribuição farmacêutica

Exelixis colabora com Principais distribuidores farmacêuticos para garantir a disponibilidade do produto.

• Amerisourcebergen
• Cardinal Health
• McKesson Corporation

Plataformas de marketing digital e informações médicas

As estratégias de engajamento digital incluem plataformas on -line abrangentes.

Canal digital	2024 Métricas de engajamento
Visitantes do site da empresa	175.000 mensais
Seguidores do LinkedIn	45,000
Seguidores do Twitter	22,500

Apresentações da conferência médica

Exelixis participa Conferências principais de oncologia anualmente.

• Reunião Anual da ASCO
• Congresso Esmo
• Reunião Anual da AACR

Canais de publicação científica online

A empresa utiliza plataformas de publicação científica para disseminação de pesquisas.

Plataforma de publicação	2024 Contagem de publicações
PubMed	37 publicações
Natureza	5 publicações
A oncologia Lancet	3 publicações

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

Provedores de saúde oncológicos

A Exelixis tem como alvo os prestadores de serviços de saúde oncológicos com terapias moleculares específicas. A partir do quarto trimestre 2023, os principais produtos de oncologia da empresa incluem:

Produto	Indicação primária	Segmento de cliente -alvo
Cabometyx	Carcinoma de células renais	Especialistas em oncologia
Cometriq	Câncer de tireóide medular	Oncologistas endócrinos

Centros de Tratamento do Câncer

Exelixis colabora com 214 centros de câncer abrangentes nos Estados Unidos a partir de 2023.

• Centros Nacionais do Instituto de Câncer: 51
• Redes de oncologia comunitária: 163

Sistemas hospitalares

A quebra do segmento de clientes do sistema hospitalar:

Tipo de hospital	Número de instituições
Centros Médicos Acadêmicos	87
Redes de hospitais comunitários	129

Instituições de Pesquisa Médica Especializadas

Métricas de engajamento da instituição de pesquisa:

• Colaborações de pesquisa ativa: 23
• Parcerias de ensaios clínicos: 17
• Financiamento total da pesquisa em 2023: US $ 42,6 milhões

Pacientes com câncer individuais

Segmento de pacientes profile Para terapias direcionadas moleculares:

Característica do paciente	Percentagem
Pacientes com mutações genéticas do RCC	37%
Pacientes com carcinoma hepatocelular	22%
Pacientes com câncer de tireóide medular	5%

Exelixis, Inc. (Exel) - Modelo de negócios: estrutura de custos

Extenso investimento em P&D

Em 2022, a Exelixis registrou despesas de P&D de US $ 611,3 milhões. Para o ano fiscal de 2023, os gastos com P&D aumentaram para US $ 643,2 milhões.

Ano	Despesas de P&D
2022	US $ 611,3 milhões
2023	US $ 643,2 milhões

Despesas de ensaios clínicos

Os custos de ensaios clínicos para a Exelixis em 2023 foram de aproximadamente US $ 287,5 milhões, representando 44,7% do total de despesas de P&D.

Custos de conformidade regulatória

As despesas de conformidade regulatória para 2023 foram estimadas em US $ 42,6 milhões.

Despesas de fabricação e produção

Os custos de fabricação de 2023 totalizaram US $ 176,4 milhões.

Categoria de custo	2023 despesas
Fabricação	US $ 176,4 milhões
Sobrecarga de produção	US $ 53,2 milhões

Infraestrutura de marketing e vendas

As despesas de marketing e vendas para 2023 foram de US $ 395,7 milhões.

• Compensação da força de vendas: US $ 187,3 milhões
• Custos do programa de marketing: US $ 112,4 milhões
• Infraestrutura de vendas: US $ 96,0 milhões

Custos operacionais totais para 2023: US $ 1.545,2 milhões

Exelixis, Inc. (Exel) - Modelo de negócios: fluxos de receita

Vendas farmacêuticas de produtos

O CABOMETYX (Cabozantinib) gerou receitas de produtos líquidos de US $ 710,6 milhões em 2022. O Cometriq gerou US $ 26,4 milhões em receitas líquidas de produtos para o mesmo período.

Produto	2022 Receita líquida do produto
Cabometyx	US $ 710,6 milhões
Cometriq	US $ 26,4 milhões

Acordos de licenciamento e parceria

A colaboração com a Takeda Pharmaceutical gerou US $ 140 milhões em pagamento inicial em 2020. Os pagamentos e royalties em andamento fazem parte do contrato.

Renda de royalties de desenvolvimentos de drogas

A renda da royalties da Bristol Myers Squibb Partnership for OpDivo Combination Therapy foi de US $ 60,2 milhões em 2022.

Subsídios de pesquisa e colaborações

• As doações do National Cancer Institute totalizaram aproximadamente US $ 3,5 milhões em 2022
• Múltiplos acordos de pesquisa colaborativa com instituições acadêmicas

Potenciais pagamentos marcantes

Parceiro	Potenciais pagamentos marcantes
Takeda Pharmaceutical	Até US $ 805 milhões
Bristol Myers Squibb	Até US $ 450 milhões

A receita total da Exelixis em 2022 foi de US $ 1,2 bilhão, com as receitas de vendas e colaboração de produtos sendo fontes de renda primária.

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.