EXEL: Highlights from the RBC Healthcare Conference

研报英文原文证据摘录

EXEL: Highlights from the RBC Healthcare Conference

mber 3, 2026) are progressing well, with the team noting

a continued good relationship with FDA.

• On NLM the goal is to show strong data but the company reminded attendees that the ITT population is already inclusive.

• The company indicated potential for a $1.5B opportunity in CRC, with the current market divided into thirds by type of therapy,

and EXEL sees opportunity to take share in this fragmented market across all patient subtypes.

• For the STELLAR-304 study, mgmt. believes that they will be setting the bar for the efficacy in the nccRCC space as there is

currently no robust data to compare to - which enables zanza to set the standard and excite prescribers by providing a proven

option.

• The team remains excited on the STELLAR-316 trial (this morning they signed an agreement for Keytruda Qlex with MRK) in

the adjuvant CRC setting, noting a potential to help 15-20% of patients with high risk of relapse who need additional therapy;

further many of these patients have been identified which can help drive recruitment and the ultimate opportunity.

• Overall, the team remains confident on zanza's positioning ('cabo as 2020s drug and zanza as 2030s drug'), with many

opportunities to continue to expand the zanza footprint, including with HIF2a combos in RCC and we estimate a $1.4B 2035

opportunity for the zanza franchise as a whole.

All values in USD unless otherwise noted. Priced as of prior trading day's market close, EST (unless otherwise noted).

Disseminated: May 19, 2026 12:12EDT; Produced: May 19, 2026 12:12EDT

For Required Conflicts Disclosures, see page 2

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