EXEL - Exelixis: Regaining Top Spot In Renal Cell Carcinoma

• Exelixis' climb to stardom began with a strong Cabometyx first-line presence in renal cell carcinoma, but soon dwindled due to the arrival of immunotherapy. Exelixis was pushed back to second line.
• However, since achieving approval in January, in combination with immunotherapeutic Opdivo, for first-line renal cell carcinoma, Exelixis' Cabometyx has regained the top spot.
• Last quarter, Exelixis announced 59% YoY net product revenue growth, highlighted by an increasing presence in first-line renal cell carcinoma.
• By the end of 2022, the company anticipates an annualized run rate of $1.5B for Cabometyx. Exelixis also projects $1.75B in cash by the end of year.
• Exelixis, with its current market cap near $6.5B without any significant debt, appears conservatively valued. Risks include major competition in RCC, limited optionality, and patent cliff.

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