*SLIDES* Zanza nccRCC read-out preview: study design favorable, but tough to beat true comp

Research evidence excerpt

*SLIDES* Zanza nccRCC read-out preview: study design favorable, but tough to beat true comp

Global Research

14 July 2026ab

Exelixis Inc Equities

United States*SLIDES* Zanza nccRCC read-out preview: study

design favorable, but tough to beat true comp Biotechnology

12-month rating Neutral *

12m price target US$52.00nccRCC STELLAR-304 success contingent on beating Cabo precedent

We acknowledge that EXEL stock has performed well recently despite unfavorable

updates (STELLAR-303 NLM failure). In our view, the upcoming STELLAR-304 readout in Price (13 Jul 2026) US$56.04

nccRCC (2H26) is likely to produce a statistically positive result, but is less likely to show RIC: EXEL.O BBG: EXEL US

zanza's superiority over Cabo (thus less commercially relevant). Our Bull/Bear scenario

analysis indicates DCF of $52 / $43, driven by how zanza's efficacy compares directly Trading data and key metrics

with Cabo (Slide 1). 52-wk range US$57.10-34.54

Market cap. US$14.5b

Positive trial expected, BUT differentiation vs Cabo key relevant factor Shares o/s 258m (COM)

Investors largely expect the STELLAR-304 regimen to show a stat. sig. benefit on dual Free float 98%

primary PFS/ORR endpts (Slide 3). This confidence is driven by 1) Sutent is a weak control Avg. daily volume ('000) 2,701

arm that Cabo (monotherapy) already beat, and 2) Zanza has already demonstrated Avg. daily value (m) US$135.7

baseline efficacy in prior STELLAR trials (001 / 002 / 303). We anticipate Sutent to Common s/h equity (12/26E) US$2.99b

perform roughly similar to prior studies (mPFS 6-7mo). We believe the key debate on P/BV (12/26E) 4.6x

STELLAR-304 is no longer on whether zanza beats Sutent, but whether zanza can Net debt to EBITDA (12/26E) NM

match/outperform Cabo. We view the Ph2 CaboNivo study in nccRCC as the most