Financial Analysis

COMMITMENTS AND CONTINGENCIES Leases We have operating leases for our corporate headquarters in Alameda, California and in Greater Philadelphia area which includes both office and laboratory space totaling approximately 639,000 square feet with lease terms ending in 2026 through 2037. Certain of our leases include options to renew the lease or to early terminate the lease. As of December 31, 2025, we considered whether these options to renew or early terminate were reasonably certain of exercise in determining the related lease terms. Impairment of Long-Lived Assets In connection with our 2024 Plan, as discussed in Note 13. Restructuring, we exited two leases in the Greater Philadelphia area pertaining to approximately 40,000 square feet of leased premises and performed an impairment analysis for these asset groups, primarily composed of right-of-use assets, leasehold improvements, and certain property and equipment. We reassessed the lease term for one of the leases in the Greater Philadelphia area and concluded we were reasonably certain to exercise our right to early terminate the lease and reduced our right-of-use asset and lease liability by $3.3 million. In connection with the 2024 Plan, we recognized $12.7 million of non-cash impairment charge during the year ended December 31, 2024, to reduce the carrying value of these long-lived assets at their fair value. The impairment charge is presented in restructuring in the accompanying Consolidated Statements of Income. Duri …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Revenues consisted of the following (in thousands): Year Ended December 31, 2025 2024 2023 Product revenues: Gross product revenues $ 3,011,807 $ 2,518,246 $ 2,272,533 Discounts and allowances (889,003) (708,851) (643,654) Net product revenues 2,122,804 1,809,395 1,628,879 Collaboration revenues: License revenues 214,375 349,244 178,635 Collaboration services revenues (17,053) 10,062 22,694 Collaboration revenues 197,322 359,306 201,329 Total revenues $ 2,320,126 $ 2,168,701 $ 1,830,208 Net product revenues by product were as follows (in thousands): Year Ended December 31, 2025 2024 2023 CABOMETYX $ 2,113,369 $ 1,798,237 $ 1,614,942 COMETRIQ 9,435 11,158 13,937 Net product revenues $ 2,122,804 $ 1,809,395 $ 1,628,879

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STOCKHOLDERS EQUITY Stock-based compensation We allocated the stock-based compensation expense for our equity incentive plan and our ESPP as follows (in thousands): Year Ended December 31, 2025 2024 2023 Research and development $ 40,792 $ 30,670 $ 34,320 Selling, general and administrative 72,191 63,166 72,025 Total stock-based compensation expense $ 112,983 $ 93,836 $ 106,345 Year Ended December 31, 2025 2024 2023 Stock options $ 2,529 $ 6,035 $ 7,771 Restricted stock units 105,964 81,130 70,462 Performance stock units 241 3,058 23,938 Employee stock purchase plan 4,249 3,613 4,174 Total stock-based compensation expense $ 112,983 $ 93,836 $ 106,345 We have an equity incentive plan under which we grant stock options and RSUs, including market condition-based RSUs and PSUs to employees and directors. As of December 31, 2025, 15.8 million sh ares were available for grant under the Exelixis, Inc. 2017 Equity Incentive Plan (as amended and restated, the 2017 Plan). The share reserve is reduced by 1 share for each share issued pursuant to a stock option and 2 shares for full value awards, including RSUs and PSUs. The Board of Directors delegated responsibility for administration of our equity incentive plan to the Compensation Committee of our Board of Directors, including the authority to determine the term, exercise price and vesting requirements of each grant. Stock options granted to our employees and directors generally have a four-year vesting term and a one-year vesting te …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS Fair value reflects the amounts that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy has the following three levels: Level 1 - quoted prices (unadjusted) in active markets for identical assets and liabilities; Level 2 - inputs other than Level 1 that are observable either directly or indirectly, such as quoted prices in active markets for similar instruments or on industry models using data inputs, such as interest rates and prices that can be directly observed or corroborated in active markets; and Level 3 - unobservable inputs that are supported by little or no market activity that are significant to the fair value measurement. The classifications within the fair value hierarchy of our financial assets that were measured and recorded at fair value on a recurring basis were as follows (in thousands): December 31, 2025 Level 1 Level 2 Total Commercial paper $ $ 241,439 $ 241,439 Corporate bonds 886,500 886,500 U.S. Treasury and government-sponsored enterprises 155,139 155,139 Municipal bonds 8,764 8,764 Total debt securities available-for-sale 1,291,842 1,291,842 Money market funds 304,352 304,352 Certificates of deposit 66,388 66,388 Total financial assets carried at fair value $ 304,352 $ 1,358,230 $ 1,662,582 December 31, 2024 Level 1 Level 2 Total Commercial paper $ $ 172,891 $ 172,891 Corporate bonds 1,011,366 1,011,366 U …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

PROVISION FOR INCOME TAXES Our income before income taxes is derived solely from within the U.S. Our provision for income taxes was as follows (in thousands): Year Ended December 31, 2025 2024 2023 Current: Federal $ 16,230 $ 201,890 $ 167,954 State 16,169 17,941 15,011 Total current tax expense $ 32,399 $ 219,831 $ 182,965 Deferred: Federal $ 128,463 $ (52,433) $ (123,486) State (2,226) (7,025) (9,723) Total deferred tax expense 126,237 (59,458) (133,209) Provision for income taxes $ 158,636 $ 160,373 $ 49,756 The reconciliation of the U.S. federal income tax provision at the statutory federal income tax rate of 21% for the year ended December 31, 2025, to our provision for income taxes was as follows (dollars in thousands): The table reflects the ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which was adopted prospectively for the year ended December 31, 2025. See Note 1. Organization and Summary of Significant Accounting Policies Recently Adopted Accounting Pronouncements for additional information on the adoption of ASU 2023-09. Year Ended December 31, 2025 Amount Percent U.S. federal statutory tax rate $ 197,653 21.0 % State and local income taxes, net of federal income tax effect 11,015 1.2 % Effects of cross-border tax laws: Foreign-derived intangible income (28,011) -3.0 % Tax credits: Research and development tax credits (23,941) -2.5 % Nontaxable or nondeductible items: Non-deductible executive compensation 14,220 1.5 % …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which enhances the disclosures required for income taxes in our annual consolidated financial statements. We adopted the new standard effective beginning fiscal year 2025 on a prospective basis. In December 2025, the FASB issued ASU 2025-12, Codification Improvements (ASU 2025-12), which addresses thirty-three issues, representing amendments to Accounting Standard Codification topics that clarify, correct errors or make minor improvements. The amendments make the Codification easier to understand and apply. ASU 2025-12 is effective for us in our annual reporting for fiscal year 2027, and in our interim periods beginning in fiscal year 2027. Early adoption and retrospective application are permitted on an issue-by-issue basis. We are currently evaluating the impact of ASU 2025-12 on our Consolidated Financial Statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (ASU 2025-11), which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. ASU 2025-11 provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

RESTRUCTURING In August 2025, our Board of Directors authorized, and we implemented, a corporate reorganization plan (the 2025 Plan) to reorganize our workforce and close our office located in King of Prussia, Pennsylvania. Restructuring expenses incurred under the 2025 Plan are primarily severance and employee-related costs. The total restructuring costs, incurred during the year ended December 31, 2025, associated with the 2025 Plan were $20.5 million and are presented in the restructuring expense line item within our Consolidated Statements of Income. We incurred the majority of the costs related to the 2025 Plan during the third quarter of 2025 and substantially completed the 2025 Plan by the end of the fiscal year 2025. The restructuring activities and balances as of and for the year ended December 31, 2025, were as follows (in thousands): Year Ended December 31, 2025 Accrued at December 31, 2024 Initial Costs Adj. to Costs (2) Non-cash charges Cash Payments Accrued at December 31, 2025 (3) Total Costs Incurred to Date Total Expected Plan Costs Severance and employee-related costs and other exit costs (1) $ $ 20,337 $ 173 $ (395) $ (17,470) $ 2,645 $ 20,510 $ 20,510 Other restructuring plan (4) 256 (256) Total restructuring $ 256 $ 20,337 $ 173 $ (395) $ (17,726) $ 2,645 $ 20,510 $ 20,510 __________________ (1) Other exit costs expensed as incurred. (2) Adjustments to costs consist of changes in estimates whereby increases and decreases in costs were recorded to operatin …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

REVENUES Revenues consisted of the following (in thousands): Year Ended December 31, 2025 2024 2023 Product revenues: Gross product revenues $ 3,011,807 $ 2,518,246 $ 2,272,533 Discounts and allowances (889,003) (708,851) (643,654) Net product revenues 2,122,804 1,809,395 1,628,879 Collaboration revenues: License revenues 214,375 349,244 178,635 Collaboration services revenues (17,053) 10,062 22,694 Collaboration revenues 197,322 359,306 201,329 Total revenues $ 2,320,126 $ 2,168,701 $ 1,830,208 Net product revenues and license revenues are recorded in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (Topic 606). License revenues include the recognition of the portion of milestone payments allocated to the transfer of intellectual property licenses for which it had become probable in the current period that the milestone would be achieved and a significant reversal of revenues would not occur, as well as royalty revenues and our share of profits under our collaboration agreement with Genentech. Collaboration services revenues are recorded in accordance with ASC Topic 808, Collaborative Arrangements. Collaboration services revenues include the recognition of deferred revenues for the portion of upfront and milestone payments allocated to our research and development services performance obligations, development cost reimbursements earned under our collaboration agreements, product supply revenues, net of product supply co …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENT REPORTING We operate in one business segment that focuses on the discovery, development and commercialization of new medicines for difficult-to-treat cancers. Our President and Chief Executive Officer, as the chief operating decision-maker, manages and allocates resources to our operations on a total consolidated basis. Consistent with this decision-making process, our President and Chief Executive Officer uses net income to monitor budget versus actual results for purposes of evaluating performance and to make decisions about the allocation of resources. Our significant segment expenses that are regularly provided to our President and Chief Executive Officer and included in the measure of segment net income consist of consolidated expenses for our operational departments: drug discovery, development, and selling, general and administrative and other segment items. The segment and consolidated net income, including significant segment expenses were as follows (in thousands): Year Ended December 31, 2025 2024 2023 Revenues $ 2,320,126 $ 2,168,701 $ 1,830,208 Less: Cost of goods sold 83,697 76,216 72,547 Drug discovery 89,931 94,842 215,085 Development 567,843 665,847 669,240 Selling, general, and administrative 446,536 428,962 470,680 Other segment items (1) 260,126 298,350 231,678 Interest income (69,213) (77,156) (86,543) Provision for income taxes 158,636 160,373 49,756 Segment and consolidated net income $ 782,570 $ 521,267 $ 207,765 _________________ (1) Other seg …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES Legal Proceedings MSN ANDA Litigation In September 2019, we received a notice letter regarding an Abbreviated New Drug Application (ANDA) submitted to the FDA by MSN Pharmaceuticals, Inc. (individually and collectively with certain of its affiliates, including MSN Laboratories Private Limited, referred to as MSN), requesting approval to market a generic version of CABOMETYX tablets. MSNs initial notice letter included a Paragraph IV certification with respect to our U.S. Patents No. 8,877,776, salt and polymorphic forms (the 776 Patent), 9,724,342, formulations (the 342 Patent), 10,034,873, methods of treatment (the 873 Patent), and 10,039,757, methods of treatment (the 757 Patent), which are listed in the Approved Drug Products with Therapeutic Equivalence Evaluations, also referred to as the Orange Book, for CABOMETYX. MSNs initial notice letter did not provide a Paragraph IV certification against U.S. Patents No. 7,579,473, composition of matter (the 473 Patent) or 8,497,284, methods of treatment (the 284 Patent), each of which is listed in the Orange Book. On October 29, 2019, we filed a complaint in the United States District Court for the District of Delaware (the Delaware District Court) for patent infringement against MSN asserting infringement of the 776 Patent arising from MSNs ANDA filing with the FDA. On November 20, 2019, MSN filed its response to the complaint, alleging that the asserted claims of the 776 Patent are invalid and not …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Revenues consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Product revenues: Gross product revenues $ 780,272 $ 646,419 $ 2,247,263 $ 1,814,495 Discounts and allowances (237,342) (168,360) (671,036) (520,332) Net product revenues 542,930 478,059 1,576,227 1,294,163 Collaboration revenues: License revenues 56,236 60,239 148,017 299,901 Collaboration services revenues (1,411) 1,244 (2,781) 7,882 Collaboration revenues 54,825 61,483 145,236 307,783 Total revenues $ 597,755 $ 539,542 $ 1,721,463 $ 1,601,946 Net product revenues by product were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 CABOMETYX $ 539,878 $ 475,665 $ 1,568,640 $ 1,285,423 COMETRIQ 3,052 2,394 7,587 8,740 Net product revenues $ 542,930 $ 478,059 $ 1,576,227 $ 1,294,163

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STOCKHOLDERS EQUITY Stock-based Compensation We have an equity incentive plan under which we grant stock options and restricted stock units (RSUs), including market condition-based RSUs and performance-based RSUs (PSUs) to employees and directors. As of September 30, 2025, 11.3 million sh ares were available for grant under the Exelixis, Inc. 2017 Equity Incentive Plan (as amended and restated, the 2017 Plan). The share reserve is reduced by 1 share for each share issued pursuant to a stock option and 2 shares for full value awards, including RSUs and PSUs. We allocated the stock-based compensation for our 2017 Plan and our 2000 Employee Stock Purchase Plan (as amended and restated, the Amended ESPP) as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Research and development $ 10,353 $ 8,764 $ 34,018 $ 21,834 Selling, general and administrative 20,532 14,259 58,868 45,656 Total stock-based compensation $ 30,885 $ 23,023 $ 92,886 $ 67,490 Stock-based compensation for each type of award under our 2017 Plan and Amended ESPP were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Stock options $ 493 $ 1,397 $ 2,224 $ 4,659 Restricted stock units 29,660 20,626 87,388 58,224 Performance stock units 370 241 2,194 Employee stock purchase plan 732 630 3,033 2,413 Total stock-based compensation $ 30,885 $ 23,023 $ 92,886 $ 67,490 As of September 30, 2025 , there wer …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS Fair value reflects the amounts that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy has the following three levels: Level 1 - quoted prices (unadjusted) in active markets for identical assets and liabilities; Level 2 - inputs other than Level 1 that are observable either directly or indirectly, such as quoted prices in active markets for similar instruments or on industry models using data inputs, such as interest rates and prices that can be directly observed or corroborated in active markets; and Level 3 - unobservable inputs that are supported by little or no market activity that are significant to the fair value measurement. The classifications within the fair value hierarchy of our financial assets that were measured and recorded at fair value on a recurring basis were as follows (in thousands): September 30, 2025 Level 1 Level 2 Total Commercial paper $ $ 226,314 $ 226,314 Corporate bonds 852,196 852,196 U.S. Treasury and government-sponsored enterprises 171,661 171,661 Municipal bonds 8,761 8,761 Total debt securities available-for-sale 1,258,932 1,258,932 Money market funds 222,394 222,394 Certificates of deposit 85,496 85,496 Total financial assets carried at fair value $ 222,394 $ 1,344,428 $ 1,566,822 December 31, 2024 Level 1 Level 2 Total Commercial paper $ $ 172,891 $ 172,891 Corporate bonds 1,011,366 1,011,366 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

PROVISION FOR INCOME TAXES The effective tax rates for the three and nine months ended September 30, 2025 were 23.3% and 21.9%, respectively, as compared to 23.8% and 23.2%, respectively, for the corresponding periods in 2024. The effective tax rate for the three and nine months ended September 30, 2025, differed from the U.S. federal statutory tax rate of 21%, primarily due to state taxes, offset by excess tax benefits related to certain stock grants. The effective tax rate for the three and nine months ended September 30, 2024, differed from the U.S. federal statutory tax rate of 21%, primarily due to state taxes, offset by the generation of federal tax credits. The One Big Beautiful Bill Act (OBBBA) was signed into law on July 4, 2025, which, among other provisions, permanently repeals the requirement to capitalize domestic R&E expenditures for federal income tax purposes for taxable years beginning after December 31, 2024, and allows for the accelerated deduction of any remaining unamortized domestic R&E expenditures. Foreign R&E expenditures are still required to be capitalized and amortized ratably over 15 years. The impact of the OBBBA must be recognized in the period of enactment under ASC 740, Income Taxes. The impact of the tax law changes from the OBBBA, had no material effect on the effective tax rate for the three and nine months ended September 30, 2025.

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Recently Adopted Accounting Pronouncements There were no new accounting pronouncements adopted by us since our filing of the Fiscal 2024 Form 10-K, which could have a significant effect on our Condensed Consolidated Financial Statements. Recent Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which enhances the disclosures required for income taxes in our annual consolidated financial statements. ASU 2023-09 is effective for us in our annual reporting for fiscal year 2025 on a prospective basis. Early adoption and retrospective reporting are permitted. We are currently evaluating the impact of ASU 2023-09 on our Consolidated Financial Statements. In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), which enhances the disclosures required for expense disaggregation in our annual and interim consolidated financial statements. In January 2025, the FASB issued ASU 2025-01, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40) Clarifying the effective Date (ASU 2025-01), which clarifies the effective date of ASU 2024-03 for companies with a non-calendar year end. ASU 2024-03 is effective for us in …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

RESTRUCTURING In the third quarter of fiscal year 2025, our Board of Directors authorized, and we implemented, a corporate reorganization plan (the 2025 Plan) to reorganize our workforce and close our office located in King of Prussia, Pennsylvania. Restructuring expenses expected to be incurred under the 2025 Plan are primarily severance and employee-related costs. During the three and nine months ended September 30, 2025, we recognized $19.8 million in expenses associated with the 2025 Plan, which are presented in restructuring in the accompanying Condensed Consolidated Statements of Income. The total estimated restructuring costs are approximately $20.5 million. We incurred the majority of the charges related to the 2025 Plan during the third quarter of 2025 and expect to substantially complete the 2025 Plan by the end of the fiscal year 2025. The expected pre-tax charges are estimates and are subject to a number of assumptions and actual results may vary from the estimates provided. The restructuring activities and balances as of and for the nine months ended September 30, 2025 and 2024 were as follows (in thousands): Nine Months Ended September 30, 2025 Accrued at December 31, 2024 Initial Costs Non-cash Charges Cash Payments Accrued at September 30, 2025 (2) Total Costs Incurred to Date Total Expected Plan Costs Severance and employee-related costs and other exit costs (1) $ $ 19,816 $ (395) $ (2,798) $ 16,623 $ 19,816 $ 20,451 Other restructuring plans (3) 256 (256) To …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

REVENUES Revenues consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Product revenues: Gross product revenues $ 780,272 $ 646,419 $ 2,247,263 $ 1,814,495 Discounts and allowances (237,342) (168,360) (671,036) (520,332) Net product revenues 542,930 478,059 1,576,227 1,294,163 Collaboration revenues: License revenues 56,236 60,239 148,017 299,901 Collaboration services revenues (1,411) 1,244 (2,781) 7,882 Collaboration revenues 54,825 61,483 145,236 307,783 Total revenues $ 597,755 $ 539,542 $ 1,721,463 $ 1,601,946 The percentage of total revenues by customer who individually accounted for 10% or more of our total revenues were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Affiliates of Cencora, Inc. 20 % 20 % 22 % 17 % Affiliates of McKesson Corporation 20 % 18 % 19 % 16 % Affiliates of CVS Health Corporation 15 % 17 % 15 % 16 % Accredo Health, Incorporated 11 % 11 % 12 % 10 % Affiliates of Optum Specialty Pharmacy 9 % 10 % 9 % 9 % The percentage of trade receivables by customer who individually accounted for 10% or more of our trade receivables were as follows: September 30, 2025 December 31, 2024 Affiliates of McKesson Corporation 26 % 23 % Affiliates of Cencora, Inc. 24 % 17 % Ipsen Pharma SAS 15 % 18 % Affiliates of CVS Health Corporation 13 % 20 % Cardinal Health, Inc. 13 % 10 % Total revenues by geographic region were as follows (in thousands): …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENT REPORTING We operate in one business segment that focuses on the discovery, development and commercialization of new medicines for difficult-to-treat cancers. Our President and Chief Executive Officer, as the chief operating decision-maker, manages and allocates resources to our operations on a total consolidated basis. Consistent with this decision-making process, our President and Chief Executive Officer uses net income to monitor budget versus actual results for purposes of evaluating performance and to make decisions about the allocation of resources. Our significant segment expenses that are regularly provided to our President and Chief Executive Officer and included in the measure of segment net income consist of consolidated expenses for our operational departments: drug discovery, development, and selling, general and administrative and other segment items. The segment and consolidated net income, including significant segment expenses were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues $ 597,755 $ 539,542 $ 1,721,463 $ 1,601,946 Less: Cost of goods sold 18,574 17,328 57,216 56,251 Drug discovery 23,838 25,221 63,448 72,807 Development 133,645 158,365 421,021 477,486 Selling, general, and administrative 103,129 97,542 336,835 312,144 Other segment items (1) 82,078 105,040 206,212 242,252 Interest income (15,922) (18,709) (51,787) (55,861) Provision for income taxes 58,835 36,782 150,476 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing