Financial Data and Key Metrics Changes - For Q1 2025, total revenues were approximately $555 million, including cabozantinib franchise net product revenues of $513.3 million, which represents a year-over-year growth of 36% from $378 million in Q1 2024 [9][15] - The company reported GAAP net income of approximately $159.6 million, or $0.57 per share basic and $0.55 per share diluted, while non-GAAP net income was approximately $179.6 million, or $0.64 per share basic and $0.62 per share diluted [17] - Cash and marketable securities at the end of Q1 2025 were approximately $1.65 billion, with share repurchases totaling approximately $289 million during the quarter [18] Business Line Data and Key Metrics Changes - The U.S. cabozantinib business saw strong performance with net product revenues growing 36% year-over-year to $513 million [9][21] - Global cabozantinib franchise net product revenues were approximately $680 million in Q1 2025, compared to $559 million in Q1 2024 [9] - The gross to net for the cabozantinib franchise in Q1 2025 was 28.9%, higher than the previous quarter, primarily due to higher PHS and 340B volumes [15] Market Data and Key Metrics Changes - CABOMETYX grew its market share from 40% to 44% in the TKI market basket, with TRx volume growing 18% year-over-year [22][23] - New prescription share for CABOMETYX increased from 38% to 43%, with NRx volume growing 27% year-over-year [24] - The oral market opportunity for neuroendocrine tumors in 2025 is forecasted to be approximately $1 billion in the U.S. [26] Company Strategy and Development Direction - The company aims to build a multi-compound, multi-franchise oncology enterprise, focusing on improving the standard of care for cancer patients [6][7] - Exelixis plans to advance ZANZA as its next oncology franchise opportunity, with several pivotal trial data milestones expected in the second half of 2025 [11][32] - Business development activities are focused on late-stage assets in GU and GI oncology, with a commitment to high conviction assets that can convert clinical data into commercial success [13][71] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong performance in Q1 2025 and the anticipated busy year ahead, with expectations of continued growth in cabozantinib revenues [6][19] - The approval of CABOMETYX for neuroendocrine tumors is seen as a significant opportunity, with positive prescriber feedback and a strong launch strategy [21][30] - Management is closely monitoring the performance of the NET launch and is confident in the potential for further revenue growth [66][67] Other Important Information - The company has authorized an additional $500 million stock repurchase plan that expires at the end of 2025, with approximately $5.5 million remaining under the previous plan [18] - Exelixis is on track to file up to three new INDs in 2025, with ongoing development of several promising candidates [39][40] Q&A Session Summary Question: What has driven CABOMETYX growth? - Management noted significant market share growth and strong performance in RCC, particularly in frontline settings, with positive feedback from prescribers [46][49] Question: Expectations for the NET launch? - Management indicated it is early days for the NET launch, with positive prescriber excitement and new prescriptions being observed [55][57] Question: Clarification on 2025 guidance increase? - The increase in guidance is primarily driven by strong performance in the RCC business, with some contribution from NET [66][67] Question: Business development plans? - Management remains open to business development opportunities, focusing on high conviction assets that align with their oncology franchise [71][72] Question: Impact of Medicare Part D redesign? - There was minimal impact from the redesign, with a roughly equal split between commercial and Medicare business [80] Question: Expectations for the non-clear cell renal cell carcinoma study? - Management expressed excitement about the study, emphasizing its significance in kidney cancer [99]

Financial Data and Key Metrics Changes - The company reported total revenues of approximately $555 million for Q1 2025, which included cabozantinib franchise net product revenues of $513.3 million, a 36% year-over-year increase from $378 million in Q1 2024 [7][13] - Non-GAAP net income for Q1 2025 was approximately $179.6 million, or $0.64 per share basic, compared to $159.6 million GAAP net income [16] - The company increased its full-year 2025 net product revenue guidance to $2.05 billion to $2.15 billion, reflecting a $100 million increase from previous guidance [18] Business Line Data and Key Metrics Changes - The U.S. cabozantinib franchise net product revenues grew 36% year-over-year to $513 million [7] - Global cabozantinib franchise net product revenues were approximately $680 million in Q1 2025, compared to $559 million in Q1 2024 [7] - The gross-to-net for the cabozantinib franchise in Q1 2025 was 28.9%, higher than the previous quarter, primarily due to increased PHS and 340B volumes [13] Market Data and Key Metrics Changes - CABOMETYX grew its market share from 40% to 44% in the TKI market basket, with TRx volume growing 18% year-over-year [20][21] - New prescription share for CABOMETYX increased from 38% to 43%, with NRx volume growing 27% year-over-year [22] - The oral market opportunity for neuroendocrine tumors in 2025 is forecasted to be approximately $1 billion in the U.S. [24] Company Strategy and Development Direction - The company aims to build a multi-compound, multi-franchise oncology enterprise, focusing on improving the standard of care for cancer patients [4][5] - The launch of CABOMETYX in neuroendocrine tumors is seen as a significant commercial opportunity, with expectations of rapid establishment as a market leader [20][25] - The company is advancing ZANZA as its next oncology franchise opportunity, with several pivotal trials expected to report data in the second half of 2025 [10][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong performance of CABOMETYX and the potential for new indications to drive further growth [6][9] - The company is focused on advancing new molecules from its pipeline and expects to file up to three new INDs in 2025 [11][34] - Management highlighted the importance of capital allocation, balancing investments in R&D, business development, and share repurchases [12][86] Other Important Information - The company repurchased approximately $289 million of its shares during Q1 2025, with a remaining authorization of $5.5 million under the previous buyback plan [17] - The company is focused on late-stage assets in GU and GI oncology for business development opportunities [72] Q&A Session Summary Question: What has been driving CABOMETYX growth? - The company noted significant growth in market share and volume, particularly in frontline RCC, driven by positive physician feedback and updated data from CheckMate 9ER [42][46] Question: What are the expectations for the NET launch? - Management indicated that it is early days for the NET launch, with positive prescriber excitement and new prescriptions being tracked closely [49][54] Question: What is the impact of Medicare Part D redesign? - The company reported minimal impact from the redesign, with a roughly equal split between commercial and Medicare business [74][78] Question: What is the company's approach to business development? - The company remains open to business development opportunities, focusing on high-conviction assets that align with its oncology franchise [68][70]