Exelixis is an oncology company built almost entirely around cabozantinib, a small molecule inhibitor that blocks multiple tyrosine kinases and is used to treat several cancers. Cabozantinib is sold as CABOMETYX (tablets) for advanced renal cell carcinoma, hepatocellular carcinoma, differentiated thyroid cancer, and neuroendocrine tumors, and as COMETRIQ (capsules) for the much smaller medullary thyroid cancer market. In the U.S., Exelixis sells directly to oncologists and cancer centers through its own sales force. Outside the U.S., Exelixis relies on Ipsen (all markets ex-Japan) and Takeda (Japan), earning tiered royalties rather than product revenues from those territories. U.S. net product revenues account for roughly 92% of total revenues, with royalties making up most of the remainder. Exelixis does not manufacture its own drugs, outsourcing production to contract manufacturers, keeping cost of goods sold minimal. R&D spending is heavy as Exelixis funds cabozantinib trial extensions and a broad program around zanzalintinib, its next-generation oral kinase inhibitor with a similar but differentiated target profile. Zanzalintinib has an NDA filed for third-line colorectal cancer and multiple pivotal trials ongoing across other solid tumors. Exelixis's growth strategy rests on expanding cabozantinib's label into new indications, launching zanzalintinib across multiple tumor types, and building an early-stage pipeline that includes ADCs, a bispecific antibody, and a synthetic lethality program targeting BRCA-mutated tumors.