Exelixis reported financial results for Q1 2014 and provided updates on its clinical trials and product pipeline. Key highlights include: - Net revenue of $4.9M from sales of COMETRIQ for medullary thyroid cancer. - Two phase 3 trials of cabozantinib in castration-resistant prostate cancer (COMET-1 and COMET-2) continue as planned and are expected to report top-line data in 2014. - Phase 3 trials of cabozantinib are ongoing or planned in renal cell carcinoma (METEOR), hepatocellular carcinoma (CELESTIAL), and medullary thyroid cancer (EXAM). Top-line data from

1. EXELIXIS, INC
(NASDAQ: EXEL)
Q1 2014 Financial Results
May 1, 2014

2. Today’s Agenda
Introduction Susan Hubbard, Investor Relations
Overview Mike Morrissey, President and CEO
Financials Frank Karbe, EVP and CFO
Cabozantinib Gisela Schwab, EVP and CMO
Cobimetinib Peter Lamb, EVP and CSO
Commercial Update Scott Garland, EVP and CCO
Q&A All
2
Press release and webcast (live and archived) available at www.exelixis.com

3. 3
Forward-Looking Statements
This presentation, including any oral presentation accompanying it, contains forward-looking statements, including, without limitation, statements
related to: the continued development and clinical, therapeutic and commercial potential of, and opportunities for, cabozantinib and cobimetinib;
anticipated developments in, and the expected timing of, various trials, including expected top-line results from four pivotal trials in 2014; Exelixis’
strategy for advancing the cabozantinib development program; the designs, plans and goals for ongoing and planned clinical trials of
cabozantinib; future potential regulatory filings; the commercialization of COMETRIQ® (cabozantinib) in the approved medullary thyroid
indications and in new indications if approved for use in such indications; future data presentations; Exelixis’ expectations for revenue growth and
future product sales; Exelixis' financial guidance and outlook for 2014; the length of Exelixis’ financial runway; Exelixis’ goals to bring new
therapies to patients with cancer and build value for investors; and Exelixis’ top priorities for 2014. These statements are based on Exelixis’
current expectations, assumptions, estimates and projections about its business and its industry and involve known and unknown risks,
uncertainties and other factors that may cause Exelixis’ or its industry’s results, levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or achievements expressed or implied in, or contemplated by, the forward-looking
statements. Words such as “expect,” “believe,” “anticipate,” “potential,” “will,” “may” “should,” “would,” “could,” “focus,” “build,” “opportunity,”
“continue,” “advance,” “expanding,” “hope,” “look forward,” “plans,” “priorities,” “strategy,” “preparation,” “objective,” “goals,” “progress,” “outlook,”
“guidance,” “remains,” “promising,” “encouraging,” or the negative of such terms or other similar expressions, identify forward-looking statements,
but the absence of these words does not necessarily mean that a statement is not forward-looking. In addition, any statements that refer to
expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Exelixis’ actual results and
the timing of events may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such a
difference include, without limitation: the availability of data at the expected times; risks related to the potential failure of cabozantinib or
cobimetinib to demonstrate safety and efficacy in clinical testing; the uncertain timing and level of expenses associated with the development of
cabozantinib; Exelixis' ability to conduct clinical trials of cabozantinib sufficient to achieve a positive completion; Exelixis' dependence on its
relationship with Roche/Genentech for the development of cobimetinib and Exelixis’ ability to maintain its rights under the collaboration; the
uncertainty of regulatory approval processes; the risk that unanticipated developments could adversely affect the commercialization of
COMETRIQ®; the degree of market acceptance of COMETRIQ and the availability of coverage and reimbursement for COMETRIQ; risks and
uncertainties related to Exelixis' compliance with applicable regulatory requirements, including healthcare fraud and abuse laws and post-
marketing requirements; Exelixis' dependence on third-party vendors; the sufficiency of Exelixis' capital and other resources; market competition;
changes in economic and business conditions; and other factors discussed under the caption “Risk Factors” of Exelixis’ quarterly report on Form
10-Q filed with the Securities and Exchange Commission (SEC) on May 1, 2014 and in Exelixis' other filings with the SEC. The forward-looking
statements made in this presentation, including any oral presentation accompanying it, speak only as of the date on which the statements are
made. Exelixis expressly disclaims any duty, obligation or undertaking to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in Exelixis' expectations with regard thereto or any change in events, conditions or
circumstances on which any such statements are based.

4. Overview
Michael Morrissey, President & CEO

5. Exelixis Q1 2014 Highlights
Key regulatory milestone: E.U. approval for COMETRIQ®
• Indicated for adult patients with progressive, unresectable locally
advanced or metastatic medullary thyroid cancer (MTC)
• Testament to in-house global regulatory capabilities
COMET-1 to proceed to final analysis
• No change to development plans
• Anticipate top-line data from both COMET-1 and -2 this year
Cobimetinib presentations at EADO and ASCO 2014 with data from
phase 1 trial with vemurafenib (BRIM7)
5

6. Financial Update
Frank Karbe, EVP and CFO

7. Q1 2014 Financial Results
(See press release at www.exelixis.com for full details)
Net Revenue: $4.9M, all from COMETRIQ sales
• Decrease of $4.8M vs. Q1’13 due to contract and license revenue of $7.8M
in Q1 last year
• Net revenue from sale of COMETRIQ year-over-year (YoY) increased by
$3M, reflecting launch at end of Jan. 2013
R&D Expenses: $54.8M
• Increase of $22.1M vs. Q1’13 predominantly due to increase in clinical trial
expenses, primarily related to METEOR start-up
SG&A Expenses: $14.7M
• Increase of $4.1M vs. Q1’13 mainly driven by higher personnel expenses
(expansion of sales force, higher stock-based compensation, cobimetinib)
7

8. Q1 2014 Financial Results
(See press release at www.exelixis.com for full details)
Total Costs and Expenses: $69.9M
• Increase of $26.2M vs. Q1’13 reflects increased R&D and SG&A expenses
Other Income (Expense): Net Expense of ($9.6M)
• Decrease of $1.1M vs. Q1’13 associated with mark-to-market valuation of
new Deerfield Warrants issued in Q1 2014
• $7.0M of interest expense reflects non-cash charges
Quarter-End Cash: $408M*
• Includes net proceeds of ~$76M from stock offering in Q1 2014
• Also reflects second and final $10M early debt repayment under Deerfield
notes, as well as $7.5M purchase of comparator drug for METEOR
Financial Guidance for FY2014 unchanged
• Total Costs and Expenses: $250-280M
• Year-end cash >$200M
8
* Includes cash and cash equivalents, short- and long-term investments and short- and long-term
restricted cash and investments

9. Cobimetinib:
Corporate Collaboration with Genentech/Roche
United States: profit-share agreement with multiple tiers
• Entitled to 50% of first $200M in actual sales, decreasing to 30% of
actual sales above $400M
Ex-U.S.: royalties on net sales
• Entitled to low double-digit royalties
Co-promotion: Exelixis entitled to field up to 25% of U.S. sales
force
Exelixis not responsible for any development expenses
9

10. Cabozantinib Development Update
Gisela Schwab, EVP and CMO

11. 11
Focused on Expanding the Cabozantinib Opportunity
Phase 3 Pivotal Trials
• COMET-1 (CRPC; OS)
• COMET-2 (CRPC; Pain
Palliation)
• METEOR (RCC)
• CELESTIAL (HCC)
• EXAM (MTC)
EXELIXIS RESOURCES
Phase 1 and 2 Clinical Trials
• National Cancer Institute’s
Cancer Therapy Evaluation
Program (NCI-CTEP)
• Investigator-Sponsored Trial
(IST) Program
PARTNERSHIPS

12. 12
Cabozantinib:
Castration-Resistant Prostate Cancer (CRPC)
Two randomized phase 3 pivotal trials of cabozantinib in CRPC
• COMET-1: vs. prednisone; overall survival (OS) endpoint
• COMET-2: vs. mitoxantrone/prednisone; pain palliation endpoint
• Potential to differentiate cabozantinib from other agents if successful
IDMC recommended COMET-1 proceed to final analysis
• Recommended study continue unchanged; study remains blinded
• Exelixis and CRO partner fully prepared for data read-out in 2014
• Preparations for potential regulatory filings continue as well
Note: Cabozantinib is not approved for use under investigation in these trials.

13. 13
Cabozantinib:
Castration-Resistant Prostate Cancer (CRPC)
Demonstrable activity in CRPC from phase 2 experience (n=144)
• Median OS of 10.8 months in patient population similar to COMET-1
• Clinical meaningful pain relief in 57% of patients; reduction or
discontinuation of narcotic analgesics in 55%
• Bone scan response in 63%; reduction in measurable disease in 80%
• Most common grade 3/4 AEs: fatigue (22%) and hypertension (14%)
Statistically significant and clinically meaningful improvements in
OS have been seen at the final analysis in other large, randomized
Phase 3 studies
• Of six trials that resulted in approval, only three met endpoint at interim
• Docetaxel (TAX327), sipuleucel-T (IMPACT), cabazitaxel (TROPIC) showed
OS benefit at final analysis and were approved
Note: Cabozantinib is not approved for use under investigation in these trials.

14. Earlier-stage CRPC: combination randomized phase 2 trial with
abiraterone started Q4’13, well underway
CELESTIAL: phase 3 trial in advanced hepatocellular cancer (HCC)
• Versus placebo in 760 patients previously treated with sorafenib; OS endpoint
• Enrolling on multiple continents; top line data expected 2016/17
METEOR: phase 3 pivotal trial in metastatic renal cell cancer (RCC)
• Versus everolimus in 650 patients who have received and progressed on/after
at least one prior VEGFR tyrosine kinase inhibitor; PFS endpoint, OS
secondary endpoint
• Top-line data expected in 2015; ~90% of sites now activated, reflecting a high
level of interest due to early phase data with cabozantinib in RCC, the design
of the phase 3 study, and a limited number of active competitive studies
Other Ongoing Studies of Cabozantinib
14
Note: Cabozantinib is not approved for use under investigation in these trials.

15. 2014 Top-line data from COMET-1 and COMET-2
in CRPC
2015 Top-line data from METEOR in RCC
2016/17 Top-line data from CELESTIAL in HCC
Anticipated Cabozantinib Clinical Trial Milestones
15
Note: Cabozantinib is not approved for use under investigation in these trials.

16. Cabozantinib:
Other Development Updates
MTC: Approval in the European Union
• Indicated for the treatment of adult patients with progressive, unresectable
locally advanced or metastatic MTC
• European Commission maintained orphan drug status for COMETRIQ in
MTC in Europe
Planned presentations at ASCO 2014, Chicago, May 30 – June 3, 2014
• Nine abstracts selected for presentation
• Trials in progress for RCC and HCC studies, plus data from IST and NCI-
CTEP programs
16

17. Cobimetinib Development Update
Peter Lamb, EVP and CSO

18. 18
Competitive Landscape: RAF/MEK Combination in
Metastatic Melanoma (MM), GSK Compounds
January 2014: accelerated approval for dabrafenib (RAF) and trametinib
(MEK) combo in unresectable or MM with BRAF V600 E or K mutation
• Based on phase 1/2 data looking in part at combination vs. dabrafenib alone
• IRC assessed PFS 9.2 mos for combo vs. 7.3 mos dabrafenib alone
• Overall response rate (ORR): 57% for combination versus 46% dabrafenib
• Both agents previously approved as single agents in same population
March 2014: top-line data for phase 3 trial comparing dabrafenib/
trametinib vs. dabrafenib alone in same patient population
• IRC-audited data: PFS 10.1 mos for combo vs. 9.5 mos dabrafenib alone
• ORR: 61% for combination vs. 47% dabrafenib alone
“Dear Healthcare Professional” letter sent to alert physicians to
findings; more detailed data expected at ASCO

19. 19
Cobimetinib Development Program
BRIM7: phase 1b dose escalation study evaluating safety,
tolerability of cobimetinib plus vemurafenib in advanced BRAF-
mutated melanoma
• Cohorts that met criteria for maximum-tolerated dose expanded and
included BRAF inhibitor-naïve and vemurafenib-progressing patients
BRIM7 data presented at ESMO, Fall 2013: ORR of 85% in BRAF
inhibitor-naïve patients; median PFS not reached with median
follow-up of 10 months
• Update on BRIM7 expected at EADO meeting, Vilnius, May 7, 2014
• Updated data also expected during oral presentation at ASCO, Chicago,
June 2, 2014
Genentech guiding top-line data from coBRIM, phase 3 pivotal trial
in previously untreated patients with BRAF-mutated melanoma,
expected this year

20. Commercial Update
Scott Garland, EVP and CCO

21. Commercial Update
Total net COMETRIQ revenues of $4.9M in Q1 2014
• 13% increase vs. Q4’13
• Essentially all sales came from United States: net $4.8M,
11% increase vs. Q4’13
7.5 months ave. treatment duration for active COMETRIQ MTC patients
• Continues to climb month-over-month
• ~25% of patients on drug for one year or longer
• Generally consistent with what was seen in clinical studies
Preparing for E.U. commercial launch with SOBI
• Reimbursement in Europe takes time
• Expect SOBI to purchase a small amount of commercial product in Q2 14
• Will provide quarterly updates on SOBI’s progress in rolling out
Cometriq across the E.U.
Productive conversations with Genentech re: cobimetinib co-promotion
21

22. Closing
Michael Morrissey, President and CEO

23. Top Priorities for Exelixis in 2014
Top-line data readouts from the COMET studies
Preparing for regulatory filings, assuming positive COMET
data
Expediting enrollment in METEOR, phase 3 pivotal trial in
metastatic renal cell carcinoma
Planning commercial build-out supporting prostate cancer in
the U.S. and E.U., pending positive COMET data
23
1
2
3
4

24. Question & Answer Session

25. EXELIXIS, INC
(NASDAQ: EXEL)
Q1 2014 Financial Results
May 1, 2014