Release Date: February 11, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Q: Can you discuss the lack of overlap in the approved indications for cabozantinib (cabo) and where you anticipate zanza will be? Also, have you seen payers force a substitution with a generic of something that is not the actual generic product? A: Michael Morrissey, President and CEO, explained that Exelixis is focused on comparing zanza combinations to individual standards of care in pivotal trials like STELLAR-303 and STELLAR-305. The goal is to generate positive data to push indications forward, rather than speculating on payer behavior regarding generics.
Q: How are you currently thinking about the launch trajectory and expectations for cabo in NET, and can you comment on the emerging safety profile of zanza? A: Patrick Haley, EVP of Commercial, stated that Exelixis is launch-ready for NET, with a significant opportunity in the $1 billion oral market. The CABINET study data supports broad applicability for NET patients. Regarding zanza, Michael Morrissey noted that the safety profile is encouraging, with ongoing trials to further assess dose intensity, especially in combination with checkpoint inhibitors.
Q: With a strong balance sheet, how do you plan to manage capital allocation between buybacks and bolstering the pipeline with M&A? A: Michael Morrissey emphasized the importance of disciplined capital allocation to advance pipeline priorities, buy back shares when appropriate, and invest in new assets. The company plans to spend about $1 billion in R&D this year, focusing on prioritizing successful projects and stopping less promising ones.
Q: Can you provide insights on the recent NET data presented at ASCO-GI and how it might influence clinical practice and labeling? A: Amy Peterson, Chief Medical Officer, highlighted that the CABINET study reflects a broad patient population with consistent benefits across subgroups. The data supports broad applicability, but specific label details are still under discussion with the FDA.
Q: Regarding the STELLAR-303 trial, how should we think about the differences in patient populations and their impact on overall survival for zanza plus atezolizumab? A: Amy Peterson explained that STELLAR-001 was designed to evaluate the contribution of components, showing positive results across efficacy endpoints. The STELLAR-303 trial will provide further insights, with results expected in the second half of 2025.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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