EXELIXIS, INC. Q2 FY2025 earnings call

Mike Morrissey mentioned Exelixis had a strong Q2 2025. Cabozantinib U.S. business grew strongly. Zanzalintinib's STELLAR-303 had positive topline in CRC, STELLAR-304 in non-clear cell RCC is fully enrolled, STELLAR-305 not advanced. Early-stage pipeline progressing with XL309, XB010, XB628, XB371. Focus on capital allocation and business development

Cabozantinib U.S. business had net product revenues of $520 million in Q2 2025, up 19% YOY, contributing ~4% to Q2 net product revenue. Zanzalintinib's STELLAR-303 showed positive topline in CRC, STELLAR-304 in non-clear cell RCC is fully enrolled, STELLAR-305 not advanced due to competition. Early-stage pipeline advancing with XL309, XB010, XB628, XB371

Continue to evaluate further updates to 2025 financial guidance. Reiterate full year 2025 financial guidance as detailed in earnings presentation

Risks related to product commercial success, market competition, regulatory review and approval, clinical trials, compliance, dependence on collaboration partners, and costs associated with R&D, business development, etc

Q: David Lebowitz asks about takeaways from head and neck, A: Amy says rigorous drug development requires continuous assessment.

Q: Sean Laaman asks about market share endurance and NET market share, A: Mike and P.J. say confident in growth in both.

Q: Michael Schmidt asks about STELLAR-303 and NLM, A: Amy says positive OS in ITT, will share data later.

Q: Asthika Goonewardene asks about clinical meaningfulness and advancing earlier lines, A: Amy says OS was statistically significant, interested in adjuvant CRC.

Q: Silvan Tuerkcan asks about pricing dynamics, A: Chris says 340B volume impact on gross to net, projecting ~30% gross to net.

Q: Yaron Werber asks about STELLAR-304 endpoints and control arm, A: Amy says dual primary endpoints, will share data later.

Q: Akash Tewari asks about head and neck no-go decision, A: Amy says dynamic landscape, prioritizing other indications.

Q: Jason Gerberry asks about STELLAR-303 enrollment and adjuvant CRC sizing, A: Amy says global enrollment, will share post-adjuvant study details later.

Q: Anish Nikhanj asks about balancing zanza's potential, A: Mike says prioritizing high PTS and commercial potential opportunities.

Q: Tsan-Yu Hsieh asks about CRC epidemiology and treatment duration, A: Amy says duration and population important, Mike says will share post-adjuvant study details.

Q: Andrew Berens asks about STELLAR-303 FDA contribution and NLM benefit, A: Amy says contribution from separate study, positive OS in ITT, will share NLM data later.

Q: Derek Archila asks about NET revenue trajectory and prescribing breadth, A: Mike says no quarter-to-quarter guidance, P.J. says broad prescriber base.

Q: Sudan Loganathan asks about STELLAR-303 dual endpoint and guidance inclusion, A: Amy says dual endpoint can be positive on one, Chris says guidance includes some NET contribution.

Q: Peter Lawson asks about clinical trial revenues in H2, A: Chris says clinical trial sales are choppy, hard to predict.

Q: Stephen Willey asks about 305 decision cadence, A: Amy says trial designed with gate, reviewed data, prioritizing other indications.

Q: Ash Verma asks about STELLAR-303 data presentation, A: Amy says will provide data when abstract titles available