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The appellate win preserves EXEL's revenue moat and reduces near-term risk of immediate generic competition, which can support pricing power and visibility; however, the 2030 generic date means upside is gradual.
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Exelixis won a Federal Circuit appeal upholding key cabozantinib patents, preserving CABOMETYX exclusivity and delaying potential generic competition. The ruling leaves MSN’s US launch date at January 15, 2030, with a moot issue on a low-impurity formulation patent. The outcome supports near- to mid-term revenue visibility but long-term risk remains tied to ongoing litigation and patent expiry.
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