Exelixis, Inc.

Good day, ladies and gentlemen, and welcome to the Exelixis First Quarter 2026 Financial Results Conference Call. My name is Cherie, and I'll be your operator for today. As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to your host for today, Mr. Andrew Peters, Senior Vice President of Strategy and Investor Relations. Please proceed.

Thank you, Cherie, and thank you all for joining us. for the Exalexis first quarter 2026 financial results conference call. Joining me on today's call are Mike Morrissey, our president and CEO, Chris Center, our chief financial officer, Dana Aftab, our executive vice president of research and development, and PJ Haley, our executive vice president of commercial, who will review our progress for the first quarter 2026 ended March 31st, 2026. During the call today, we will refer to financial measures not calculated according to generally accepted accounting principles. Please refer to today's press release, which is posted on our website, for an explanation of our reasons for using such non-GAAP measures, as well as tables deriving these measures from our GAAP results. During the course of this presentation, we will be making forward-looking statements regarding future events and the future performance of the company. This includes statements about possible developments regarding discovery, product development, regulatory, commercial, financial, and strategic matters, potential growth opportunities, and government drug pricing policies and initiatives. Actual events or results could, of course, differ materially. We refer you to the documents we file from time to time with the Securities and Exchange Commission, which under the heading Risk Factors, identify important factors that could cause actual results to differ materially from those expressed by the company verbally and in writing today, including, without limitation, risks and uncertainties related to product commercial success, market competition, regulatory review and approval processes, conducting clinical trials, compliance with applicable regulatory requirements, our dependence on collaboration partners, and the level of costs associated with discovery, product development, business development, and commercialization activities. With that, I'll turn the call over to Mike.

All right. Thank you, Andrew, and thanks to everyone for joining us on the call today. ExoLexus is off to a strong start in 2026 with meaningful progress across our discovery, development, and commercial activities. Our strategy has a singular focus to build a multi-franchise business in solid tumor oncology focused on GU and GI histologies based on the depth of the cabozantinib business potential breadth of the Zanzibar Intentive Opportunity and the scope of our early-stage pipeline. Key highlights for the quarter include, first, we saw continued strong performance of the Cabo Zantative business in the first quarter of 2026. Cabo Medics continued to grow in revenue, demand, and market share as the leading TKI for RCC and the market leader for neuroendocrine tumors in the oral second-line plus segment. Importantly, we expedited the build-out of our GI sales team in the first quarter to accelerate the growth of the Cabo Medics net opportunity before Zanza could come online for CRC later in 2026. First quarter of 2026, U.S. Cabo franchise net product revenues grew 8% year-over-year to $555 million compared to the first quarter of 2025. continuing its role as a worldwide leading TKI, global Cabo franchise net product revenues generated by Exalexis and its partners grew 12.5% year-over-year to $764 million in the first quarter of 2026. Chris and PJ will share our financial and commercial highlights in their prepared remarks. Second, ZANSA is in the pole position as our next potential oncology franchise opportunity. The NDA for the ZANSA-ATEZA combination and third-line plus CRC, based on the Stellar 303 data, is currently under review and is the top priority for the entire ExoLexus organization. The ZANSA development program is rapidly advancing with seven ongoing or soon-to-start pivotal trials, along with additional Phase II trials planned in prostate cancer and lung cancer. Dana will review the highlights for ZANSA and our extensive pipeline of early-stage assets in his prepared remarks. Third, the goal of our development effort is to establish ZANSA as the TKI of choice in the 2030s for RCC and other important indications that could surpass the impact of CABO in the 2020s. ZANSA already has a meaningful development footprint in RCC, with three ongoing phase three studies across multiple lines of therapy, underscoring both the breadth of our ambition and the confidence we and others have in this molecule. At the same time, as our experience with COSMIC 313 highlighted and was also recently seen with news from competitive trials, navigating the complexities of first-line RCC to improve upon existing regimens is a challenging endeavor at best, and requires careful selection of combination partners to improve efficacy parameters while managing tolerability and safety considerations. We remain committed to raising the bar in first-line RCC and continue to prioritize orthogonal MOAs to combine with ZANSA. In parallel, we seek to expand the breadth and depth of our ZANSA pivotal trial efforts, positioning ZANSA for durable leadership in RCC and other important tumor types. Fourth and finally, we remain committed to running the business at the highest level of efficiency as we advance our R&D priorities, and at the same time generate substantial free cash to invest in the pipeline, do the right targeted BD at the right price to access external sources of innovation, and to continue our share repurchase program, including an additional $750 million that was just authorized by the Exalexis board. So with that, see our press release issued an hour ago for our first quarter of 2026 financial results and an extensive list of key corporate milestones achieved in the quarter. And I'll now turn the call over to Chris. Thanks, Mike.