Exelixis, Inc. (NASDAQ:EXEL) Q2 2023 Earnings Call Transcript

Yaron Werber: Great, thanks for taking the question. I got a couple of questions. Maybe, Chris, for you first, on the tax-rate. The tax-rate has been terrifically low in the first-half and you’re maintaining your guidance. Can you just clarify, are you expecting the tax-rate to increase in the second-half? Any specific items, you can kind of call-out for us? And then secondly, on STELLAR-303, just can you give us a little bit of a sense of the powering now with the new sort of focus on patients without liver mets, with the expanded study? I imagine the power is very-high. So what’s the delta or treatment effect that you’re looking for? Thank you.

Christopher Senner: Hey, Yaron, it’s Chris. So yeah, you’re right. Our tax-rate is for the first-half of the year has been below our guidance range. But there’s a lot of things that go into that when you look at the entirety of the year and there are some expenses that may or may not happen in the second-half of the year. So we’re maintaining our guidance for that reason.

Yaron Werber: Okay, thanks.

Vicki Goodman: And with respect to STELLAR-303, in terms of the power for overall survival, we’re looking for a clinically meaningful effect in both the non-liver mets population as well as in the IGT.

Yaron Werber: And what do you consider to be clinically meaningful? I don’t know if you can expand a little bit.

Vicki Goodman: Without getting into the statistics, I would just say, again, when we think about interactions that we have with regulatory agencies, as well as with payers and what they’re looking for in terms of overall survival benefits, you can also look to the LEAP-17 data and see the difference in the OS hazard ratios, as I mentioned earlier for what they saw in the non-liver mets population.

Operator: Thank you. Ladies and gentlemen, I’m showing no further questions in the queue. I would now like to turn the call back over to your host Susan Hubbard for closing remarks.

Susan Hubbard: Great, thanks Tawanda, and thank you all for joining us today. We welcome your follow-up calls with any additional questions you may have that we were unable to address during today’s call.

Operator: Thank you. Ladies and gentlemen, this concludes today’s conference call. Thank you for your participation. You may now disconnect.