TUESDAY, FEBRUARY 10, 2026 Fourth Quarter & Fiscal Year 2025 Financial Results Nasdaq: EXEL Today's Agenda Introduction Business Update & Highlights Financial Results & Guidance Commercial Update Research & Development Update Andrew Peters SVP, Strategy and Investor Relations Michael M. Morrissey, Ph.D. President and CEO Chris Senner EVP and CFO PJ Haley EVP, Commercial Dana T. Aftab, Ph.D. EVP, Research and Development All Participants 2 Q&A Forward-Looking Statements This presentation, including any oral ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 2, 2026 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 000-30235 EXELIXIS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or De ...

Core Viewpoint - Exelixis, Inc. is highlighted as a promising healthcare stock under $50, with a recent price target revision by Barclays indicating a positive outlook for the company [1]. Group 1: Financial Updates - Barclays revised the price target for Exelixis, Inc. to $44 from $41 while maintaining an Equal Weight rating [1]. Group 2: Drug Development - Exelixis announced the acceptance of its New Drug Application (NDA) for zanzalintinib in combination with atezolizumab for treating adult patients with metastatic colorectal cancer [2]. - The FDA has assigned a standard review for zanzalintinib, with a target action date of December 3, 2026 [3]. - Dana T. Aftab, Ph.D., emphasized the potential of zanzalintinib to provide a novel mechanism of action for previously treated metastatic colorectal cancer patients if approved [3]. Group 3: Company Overview - Exelixis, Inc. focuses on discovering, developing, and commercializing new medicines for difficult-to-treat cancers, with a product portfolio that includes cabometyx, cometriq, and cotellic [4].

Group 1: Exelixis Overview - Exelixis has seen a stock increase of +30% over the last year, with Q4 sales expected to rise by 3% year over year to $584.68 million and Q4 EPS projected to increase by 40% to $0.77 compared to $0.55 in the prior year quarter [1][4] - The company received FDA acceptance for a New Drug Application for a combination therapy targeting metastatic colorectal cancer, marking its transition from a single-product biotech to a multi-asset oncology company [2][3] - Exelixis has consistently surpassed Zacks EPS Consensus for six consecutive quarters, with an average earnings surprise of 21.39% in its last four quarterly reports [4][5] Group 2: Gilead Sciences Overview - Gilead Sciences' stock has surged nearly +60% in the last year, with Q4 sales expected to be flat at $7.57 billion and quarterly EPS anticipated to dip 3% to $1.83 [1][10] - The company's HIV franchise, particularly Biktarvy, is highlighted as a primary long-term growth driver, contributing to a "wide moat" for the business [8] - Gilead's robust R&D pipeline, including oncology and virology programs, has been noted as the most extensive in the company's history, fueling investor sentiment [9] Group 3: Financial Projections - For fiscal 2025, Exelixis' annual EPS is expected to increase by 48% to $2.96, while Gilead Sciences' EPS is projected to grow by 76% to $8.14 per share [11] - Exelixis trades at an attractive 12X forward earnings multiple, compared to Gilead's 17X, which is still a slight discount to the Zacks Medical-Biomedical and Genetics Industry average [11] Group 4: Investment Ratings - Exelixis holds a Zacks Rank 1 (Strong Buy), while Gilead Sciences has a Zacks Rank 3 (Hold) ahead of their Q4 reports [12]

Company Overview - Exelixis, Inc. is an oncology-focused biotechnology company based in Alameda, CA, specializing in the discovery, development, and commercialization of new drugs for difficult-to-treat cancers [11] - The company is leveraging investments, expertise, and strategic partnerships to target a broad range of tumor types and indications with its differentiated pipeline of small molecules, antibody-drug conjugates (ADCs), and other biotherapeutics [11] Investment Ratings - Exelixis holds a 2 (Buy) rating on the Zacks Rank, indicating a favorable investment outlook [12] - The company has a VGM Score of A, suggesting strong overall performance across value, growth, and momentum metrics [12] Growth Potential - Exelixis is projected to experience year-over-year earnings growth of 47.5% for the current fiscal year, making it an attractive option for growth investors [12] - Recent analyst revisions indicate positive sentiment, with three analysts raising their earnings estimates for fiscal 2025, leading to an increase in the Zacks Consensus Estimate by $0.02 to $2.95 per share [12] - The company has demonstrated an average earnings surprise of +21.4%, further highlighting its growth potential [12] Conclusion - With a solid Zacks Rank and top-tier Growth and VGM Style Scores, Exelixis is positioned as a strong candidate for investors seeking growth opportunities in the biotechnology sector [13]

Core Viewpoint - The article emphasizes the importance of value investing and highlights Exelixis (EXEL) as a strong candidate for value investors due to its favorable valuation metrics and earnings outlook [2][4][7]. Company Analysis - Exelixis (EXEL) currently holds a Zacks Rank of 2 (Buy) and an A rating for Value, indicating strong potential for value investors [4]. - The stock has a P/E ratio of 13.5, significantly lower than the industry average of 37.39, suggesting it may be undervalued [4]. - Over the past 12 months, EXEL's Forward P/E has fluctuated between 12.30 and 19.07, with a median of 15.29, indicating variability in market perception [4]. - The PEG ratio for EXEL is 0.65, compared to the industry average of 1.88, further supporting the notion that the stock is undervalued relative to its expected earnings growth [5]. - EXEL's P/S ratio stands at 5.02, which is lower than the industry average of 7.05, reinforcing its attractiveness as a value investment [6]. - Overall, the combination of these metrics positions Exelixis as one of the strongest value stocks in the market, particularly given its positive earnings outlook [7].

Core Insights - The biotech industry is characterized by volatility, with companies like Exelixis and Summit Therapeutics potentially experiencing significant stock price increases due to strong clinical progress in their drug pipelines Exelixis - Exelixis is a small biotech company focused on oncology, primarily driven by its cancer drug Cabometyx, which is facing generic competition expected by early 2030 [2] - The company is advancing its pipeline with the submission of an FDA application for zanzalintinib in metastatic colorectal cancer, in combination with Roche's Tecentriq [3] - Exelixis plans to initiate several phase 3 studies and expects two late-stage data readouts this year, which could positively impact its stock price [5] - If zanzalintinib secures approval and label expansions, Exelixis could see strong stock performance over the next five years, despite the impending patent cliff for Cabometyx [6] Summit Therapeutics - Summit Therapeutics is focused on its leading candidate, ivonescimab, which is undergoing multiple phase 3 clinical trials and has shown promising results against Keytruda in non-small cell lung cancer [7] - The company aims to replicate its success in the U.S. and has data readouts expected this year for ivonescimab in squamous NSCLC [8] - Summit has submitted an FDA application for ivonescimab in patients with EGFR-mutated NSCLC, with potential for significant stock price increases if approved [10] - The drug is being investigated across 42 studies, with analysts estimating peak sales could reach $53 billion, highlighting Summit's growth potential [11]

Core Viewpoint - The article emphasizes the importance of investing in high-quality growth and momentum stocks that are reasonably priced, with a focus on long-term performance and market outperformance [1] Group 1: Investment Strategy - The investment strategy involves focusing on growth and momentum stocks that are expected to outperform the market over the long term [1] - The analyst has a history of advising investors to buy at market lows, specifically mentioning a recommendation in March 2009 during the financial crisis, which led to significant market gains [1] Group 2: Market Performance - From 2009 to 2019, the S&P 500 increased by 367% and the Nasdaq increased by 685%, highlighting the potential for substantial returns in the stock market [1]

Core Viewpoint - Investors in the Medical - Biomedical and Genetics sector should consider Exelixis (EXEL) and Exact Sciences (EXAS) for potential value opportunities, with a closer examination needed to determine which stock offers better value [1] Valuation Metrics - Exelixis has a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision trend compared to Exact Sciences, which has a Zacks Rank of 3 (Hold) [3] - The forward P/E ratio for EXEL is 13.46, significantly lower than EXAS's forward P/E of 73.35, suggesting EXEL may be undervalued [5] - EXEL's PEG ratio is 0.69, while EXAS has a PEG ratio of 2.42, indicating that EXEL's expected earnings growth is more attractive relative to its price [5] - EXEL has a P/B ratio of 5.41 compared to EXAS's P/B of 7.76, further supporting EXEL's more favorable valuation metrics [6] Investment Conclusion - Given the stronger estimate revision activity and more attractive valuation metrics, EXEL is positioned as the superior option for value investors at this time [7]

Core Viewpoint - Exelixis, Inc. (EXEL) is perceived to have significant growth potential that is not being adequately recognized in the market [1]. Group 1: Company Overview - Exelixis, Inc. is highlighted as a company with one of the highest growth potentials in the medium term [1]. Group 2: Analyst Background - The analyst has over six years of experience in the investment sector, with a background in equity analysis across various industries [1]. - The analyst's educational qualifications include a bachelor's degree from Antwerp, a master's from KU Leuven, and an MBA in Finance from Vlerick [1]. Group 3: Investment Focus - The analyst is currently building an investment project focused on the CIS region, applying Western analytical tools to identify hidden value in emerging markets [1].