Exelixis's Promising Growth Potential and Strategic Expansion Justify Buy RatingWe hosted Exelixis management for a fireside chat at our Biopharma Conference, where we discussed the history of cabozantinib development, including its past, present, and future growth trajectories in its leading indication of renal cell carcinoma (RCC), where mgt estimates it currently has 25% market share in the first-line setting and 45% share in the second-line. The next chapter of growth is expected to be driven by the newly launched neuroendocrine tumor (NET) indication, which has not really yet been factored into the company’s revenue guidance raise for FY25. As for main pipeline asset zanzalintinib, which was designed as an improvement over Cabometyx, mgt continues to execute on clinical trials to bring the follow-on drug into new indications where cabo is not currently approved to avoid self-cannibalization of revenues.