Exelixis Breaks Out in 2024 with Strong Momentum in Oncology Business
Exelixis has made significant strides in establishing itself as a multi-compound, multi-franchise oncology business. According to recent conference call transcript from February 25, the company achieved notable growth and momentum in its cabozantinib (cabo) franchise, both in terms of absolute revenue and relative growth compared to competition.
In the fourth quarter and full year 2024, Exelixis reported a strong performance from its cabo business, with a 20% year-over-year increase in U.S. net product revenues to $515 million. This impressive growth has cemented CABOMETYX as the leading tyrosine kinase inhibitor (TKI) for renal cell carcinoma (RCC) in both frontline immunotherapy TKI and second-line monotherapy segments.
Chris Senner, Chief Financial Officer, will review Exelixis's 2025 financial guidance for its base business during a prepared remarks segment of the conference call. A revised guidance will be provided once regulatory approval is secured. The company has expressed its top priority to advance the cabo indication in neuroendocrine tumors (NET) with ongoing regulatory activities for a supplemental new drug application (sNDA) based on Phase III pivotal trial, CABINET.
Following the FDA's acceptance of Exelixis's sNDA, seeking approval for cabozantinib in both pNET and epNET indications, the company is set to make history with its second PDUFA date on April 3, 2025. These significant milestones mark a major leap forward for Exelixis as it pushes towards meeting its ambitious revenue goals of $3 billion for cabo by 2030 and $5 billion for zanzalintinib (zanza) by 2033.
The company's drive to advance multiple pipeline priorities has set the tone for an exciting future ahead. With continued growth and momentum in its cabo franchise, Exelixis is poised to make even more significant strides in the world of oncology business. The upcoming regulatory approval for cabozantinib in NET indications is expected to bring significant upside with new potential indications.
Overall, 2024 has been a year of remarkable progress for Exelixis, and its leadership is confident that these early wins will propel them towards even greater successes in the years ahead. With a talented team at the helm, Exelixis continues to break out as a major player in the oncology market.
