Exelixis, Inc. (NASDAQ: EXEL)

Exelixis, Inc. is an oncology company focused on discovering, developing and commercializing innovative medicines for cancer treatment.

The company has four marketed pharmaceutical products, including two formulations of its flagship molecule cabozantinib sold as CABOMETYX tablets and COMETRIQ capsules, as well as COTELLIC (cobimetinib) for melanoma and MINNEBRO (esaxerenone) for hypertension in Japan.

In addition, it advances a broad pipeline featuring the clinical stage molecule zanzalintinib and several early stage programs such as XL309, XB010, XB628 and XB371.

Exelixis generates revenue primarily from sales of its cabozantinib products, CABOMETYX and COMETRIQ, which together contributed $2,122.8 million in net product revenues in 2025.

Outside the United States, the company relies on collaborators for commercialization, earning royalties on net sales of cabozantinib; in 2025 it received $179.2 million in royalties from Ipsen for territories outside the U. S. and Japan and $60.3 million from Takeda for the Japanese market.

Additional revenue streams include milestone payments from these collaborations and, to a lesser extent, royalties from the out licensed products COTELLIC and MINNEBRO.

Exelixis holds a strong position in the oncology market, particularly as a leading provider of tyrosine kinase inhibitors for renal cell carcinoma, hepatocellular carcinoma, differentiated thyroid cancer and neuroendocrine tumors.

Its cabozantinib based regimens compete with combinations such as Merck’s pembrolizumab plus Pfizer’s axitinib, Bristol‑Myers Squibb’s ipilimumab plus nivolumab, Eisai’s lenvatinib paired with either everolimus or axitinib, and Bayer’s regorafenib in hepatocellular carcinoma.

The company’s competitive advantages stem from the depth of clinical data supporting its products, a robust patent portfolio covering cabozantinib through 2026 with extensions possible, and strategic alliances with Ipsen, Takeda and major pharmaceutical firms that broaden development and commercial reach.

The company serves oncologists, oncology nurses, pharmacists and other healthcare professionals who prescribe its medicines to patients with advanced solid tumors.

Its products are distributed through wholesalers, specialty pharmacies and hospital systems in the United States, while international sales are facilitated by partners Ipsen and Takeda.

Specific customer names are not disclosed in the filing, but the end user base consists of patients receiving treatment for renal cell carcinoma, hepatocellular carcinoma, thyroid cancer, neuroendocrine tumors and metastatic colorectal cancer in clinical trials.