Exelixis at guggenheim healthcare innovation conference: zanza push

On November 10, 2026, Exelixis (EXEL) participated in the 3rd Annual Guggenheim Healthcare Innovation Conference to describe its strategic plans and progress. The company highlighted two main areas of focus: its mature CABO franchise and its expanding zanza program, the latter seen as the company's next major engine. CEO Andrew Peters emphasized that Exelixis is shifting from a CABO-led phase towards a broader portfolio strategy.

His vision is to make CABO "the TKI of choice in the 2020s" and zanza "the TKI of choice in the 2030s."

CABO demonstrated 13% volume growth in Q3, indicating continued market-share gains even in its later lifecycle. Zanza now has seven pivotal studies either ongoing or recently completed, targeting colorectal cancer, renal cell carcinoma, neuroendocrine tumors, and meningioma. STELLAR-303, a study in colorectal cancer, met its primary overall survival endpoint, while STELLAR-304 is slated for early 2025.

Exelixis committed to maintaining annual R&D spending near $1 billion, while simultaneously pursuing business development and share repurchases. The company remains debt-free, ensuring it can support internal development, external deals, and buybacks simultaneously.

Exelixis reported solid third-quarter results, with shares trading near all-time highs at the time of the conference call. The company's shares have delivered a 73% return over the past year, trading at $69.83 and boasting a market capitalization of $17.1 billion. InvestingPro analysis suggests the stock is undervalued relative to its Fair Value, placing it among the opportunities on the Most Undervalued stocks list.

CABO remains the core marketed product, still gaining share in renal cell carcinoma and neuroendocrine tumors. The company sees growth potential in both established and newer prescriber pockets. Zanza is being developed as a broad franchise rather than a single-product story, with seven pivotal studies across the initial wave of development.

Colorectal cancer is the lead opportunity, with STELLAR-303 already meeting its primary overall survival endpoint. Management highlighted zanza's potential advantages, such as being easier to combine with other drugs and suited for earlier-line use compared to CABO. The most advanced zanza study, STELLAR-303, met its primary overall survival endpoint in the intent-to-treat population.

A separate adjuvant colorectal cancer study, STELLAR-316, aims to test whether zanza, with or without pembrolizumab, can delay recurrence in patients who are MRD-positive after surgery, representing a potential new standard of care.