Exelixis Inc (Exelixis) develops therapies to treat cancer. Its advanced pharmaceutical program focuses on the discovery and development of small molecule drugs for cancer. The company's four product candidates resulting from its discovery efforts include Cometriq (cabozantinib); Cabometyx (cabozantinib); Cotellic (cobimetinib); and Minnebro (esaxerenone). Among the four, Cabometyx (cabozantinib) and Cometriq (cabozantinib) are the company’s marketed products, while Cotellic (cobimetinib) is marketed under a collaboration agreement with Genentech Inc; and Minnebro (esaxerenone) is licensed to Daiichi Sankyo Company Limited. The company owns all global patents associated with cabozantinib and cobimetinib. Cabometyx (cabozantinib) is developed for the treatment of patients with advanced renal cell carcinoma (RCC).

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Exelixis conducts research to advance its existing products and to develop new and innovative products that cater to the diverse needs of its customers. Through collaborations with several external research institutions and collaborations, in-licensing arrangements and similar business development relationships focuses on strengthening its technological development capabilities. In FY2022, the company spent US$891.8 million on its R&D activities, which as a percentage of revenue stood at 55.4% and grew 28.6% YoY.