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Exelixis, Inc.

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Exelixis' lead drug Cabometyx continues to perform well. Demand for the drug grew by approximately 30% sequentially in the first quarter driven by increases in new patient starts and refills for patients already on therapy. We expect sales to get a further boost in 2018 as the drug is now approved for first-line RCC which will increases the eligible patient population for Caobometyx in the United States by approximately 14,000 patients and grab market share from two key drugs — Sutent and Votrient in the first-line RCC market. A potential label expansion for advanced HCC will further boost the growth prospects of the drug. A label expansion of Cotellic will also boost sales. However, competition has further stiffened up with the recent approval of Opdivo and Yervoy for the treatment of poor and intermediate risk first-line RCC. Estimates are static ahead of Q2. Shares have underperformed the industry in the last six months.


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