Gilead Sciences, Inc. · NASDAQ:GILD
Gilead Sciences — Q3 2026 Earnings Presentation
36 slides from Gilead Sciences's earnings presentation, Oct 29, 2026
Slide 1: Q326 Financial Results
Q326 Financial Results October 29, 2026 10 December 2024
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements included in this presentation that are not historical in nature are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Gilead cautions readers that forward- looking statements are subject to certain risks and u
Slide 3: Contents
Contents Key Takeaways 4-5 Commercial Results 6-14 Pipeline Updates 15-20 Financial Results 21-27 Appendix 29-36 3
Slide 4: Q326 Key Takeaways
Q326 Key Takeaways Daniel O’Day Chairman & Chief Executive Officer
Slide 5: Gilead Q326 - Key Takeaways
Gilead Q326 - Key Takeaways • Total Q326 Base Business up 16% YoY; strongest growth in over 10 years, driven by HIV, Trodelvy, and Livdelzi Business • Total Q326 HIV up 18% YoY; Biktarvy up 10% YoY, with all-time high U.S. Tx market share; PrEP grew ~2x YoY 1 Performance • Oncology up 9% YoY, driven
Slide 6: Commercial Results & Market Dynamics
Commercial Results & Market Dynamics Johanna Mercier Chief Commercial & Corporate Affairs Officer
Slide 7: Exceptional Base Business Performance in Q326
Exceptional Base Business Performance in Q326 $6.2B 18% YoY $8.2B Total Product Sales excluding Veklury +16% YoY, +8% QoQ Total Product Sales $8.3B $86M -69% YoY +13% YoY, +9% QoQ $506M +42% YoY HIV Product Sales $355M -18% YoY $6.2B +18% YoY, +10% QoQ $927M Oncology Product Sales $860M +13% YoY +9%
Slide 8: HIV: Strongest Year-over-Year Growth In Over 7 Years
HIV: Strongest Year-over-Year Growth In Over 7 Years Product Sales ($M) $6.25B +18% Q326 Sales Q326 Growth YoY • YoY driven by higher average realized price, higher demand and favorable inventory dynamics • QoQ driven by higher inventory, demand, and average realized price • 2026 HIV growth expectat
Slide 9: HIV Treatment: Expanding Portfolio
HIV Treatment: Expanding Portfolio Q326 sales: $4.1B; +10% YoY, +8% QoQ FDA Approved August 27, 2026 For virologically-suppressed adults • YoY driven by higher demand and #1 average realized price, as well as 5-6% • Combines bictegravir, the most prescribed integrase inhibitor, with Regimen for naïv
Slide 10: HIV PrEP: Leaders in Daily Oral & Now Long-Acting
HIV PrEP: Leaders in Daily Oral & Now Long-Acting ~2X ~14% PrEP Sales YoY U.S. PrEP Market Growth YoY Q326 sales: $305M; +31% QoQ Q326 sales: $1.0B; +49% YoY, +8% QoQ • Now the leading injectable PrEP regimen in the U.S. • ~80% of Descovy sales are for PrEP • Best-in-PrEP 12-month persistency (>70%)
Slide 11: Liver Disease: Livdelzi Leading in 2L PBC
Liver Disease: Livdelzi Leading in 2L PBC Product Sales ($M) $203M >50% Q326 Livdelzi Sales 2L PBC U.S Market Share • Livdelzi +93% YoY and +21% QoQ driven by increased demand in U.S. and Europe • Total Liver +13% YoY driven by increased demand for Livdelzi in PBC, as well as favorable pricing dynam
Slide 12: Trodelvy: Strength Across Breast Cancer Indications
Trodelvy: Strength Across Breast Cancer Indications Product Sales ($M) +42% #1 YoY growth in Q326 2L mTNBC1 share • +42% YoY and +11% QoQ reflecting strong demand in both mTNBC and pre-treated HR+/HER2- mBC • Trodelvy is first-and-only ADC approved for 1L mTNBC across PD-L1 status in the U.S. and Eu
Slide 13: Cell Therapy: Ongoing Anito-Cel Launch Preparations
Cell Therapy: Ongoing Anito-Cel Launch Preparations Product Sales ($M) >37K >600 Patients treated to date ATCs globally • -18% YoY and -15% QoQ, reflecting ongoing competitive headwinds • Anito-cel 4L+ R/R MM PDUFA December 23, 2026, launch preparations well underway 13 Yescarta (axicabtagene cilole
Slide 14: Most Robust Launch Pipeline in Gilead's History
Most Robust Launch Pipeline in Gilead’s History Approved December 2026 February 2027 2027 Expected Expected Expected 2L PBC 1L mTNBC Anito-cel HIV PrEP ISL/LEN 4L+ R/R MM Weekly Oral Weekly VS PWH HIV PrEP HDV Twice-Yearly Inj. NEW VS PWH Note: This is illustrative and subject to timing of regulator
Slide 15: Pipeline Updates
Pipeline Updates D i e t m a r B e r g e r, M D , P h D Chief Medical Officer
Slide 16: Lenacapavir Unlocks Broad HIV Pipeline
Lenacapavir Unlocks Broad HIV Pipeline New Disclosure 2026 2027 EC Decision Daily Oral Bixlenvo U.S. Launch 2027 Primary Endpoints Met Launch Islatravir + Lenacapavir June 2026 2027 Weekly Oral Lenacapavir Lenacapavir Ph2 FPI Launch Treatment + GS-3242 + GS-1720 Q4 2026 and early 2027 2030 Launch Mo
Slide 17: Oncology: Expanding our ADC Portfolio
Oncology: Expanding our ADC Portfolio 7 Phase 1 Phase 2 Phase 3 Approved GS-8823 GS-8824 Trodelvy Trodelvy 5T4-ADC NAPISTAR-1-01 EVOKE-SCLC ASCENT-03/04 Adv. Cancers 2L+ PROC 2L ES-SCLC 1L mTNBC PD-L1 +/- ongoing clinical-stage ADC programs GS-8824 GS-8824 Trodelvy Trodelvy NAPISTAR-1-02 NAPISTAR-1-
Slide 18: I&I: Differentiated Mechanisms and Modalities
I&I: Differentiated Mechanisms and Modalities Inflammatory B-cell mediated Lupus Liver & Other Indications Bowel Disease Emvistegrast (α4β7) Gamgertamig (BCMAxCD3) Edecesertib (IRAK4) Livdelzi (PPARδ agonist) P2 Data UEGW / P3 FPI 2027 P1/2 update 2H26 congress P2 COSMIC update at ACR in November P3
Slide 19: Cell Therapy: Upcoming Launch & Long-Term Innovation
Cell Therapy: Upcoming Launch & Long-Term Innovation Anito-cel in MM: Potential Launch in 4L+ R/R and Extension into Earlier Lines iMMagine-1 iMMagine-3 iMMagine-4 iMMagine-6 4L+ R/R MM 2-4L R/R MM TNE NDMM TE MM December 23, 2026 PDUFA Filing as early as 2027 Initiation expected 2027 Initiation exp
Slide 20: Key 2026 Milestones
Key 2026 Milestones Completed Completed1 On Track 1H26 Program Trial Indication Update Status ISLEND-1 QW Oral HIV Tx Phase 3 Update ISL/LEN ISLEND-2 QW Oral HIV Tx Phase 3 Update Hepcludex MYR301 HDV FDA Decision 2H26 Program Trial Indication Update Status Bixlenvo ARTISTRY-1 & -2 QD Oral HIV Treat
Slide 21: Financial Results
Financial Results Andrew Dickinson Chief Financial Officer
Slide 22: Q3 2026 Base Business Sales
Q3 2026 Base Business Sales Product Sales ($M) $8,289 $7,345 Base Business Sales +16% YoY and +8% QoQ Base • YoY driven by continued growth across HIV, Trodelvy, Business +16% and Livdelzi, partially offset by lower Cell Therapy • QoQ driven by higher HIV, Liver Disease, and Trodelvy $7,068 $8,203 s
Slide 23: Q3 2026 Non-GAAP Data
Q3 2026 Non-GAAP Data Non-GAAP Operating Expenses YoY Q325 Q326 In millions, except percentages and per share amounts Change • R&D YoY reflecting higher compensation-accruals COGS $992 $983 (1)% related to financial outperformance YTD, as well as higher clinical costs Product Gross Margin 86% 88% 16
Slide 24: Q326 vs. Illustrative Q325 Non-GAAP Diluted EPS
Q326 vs. Illustrative Q325 Non-GAAP Diluted EPS +$0.33 ($0.25) Higher product sales and lower acquired Reflects $400M IPR&D, • Excluding $0.25 benefit increase in partially offset associated with IP asset sales in $2.47 other revenue by higher OpEx related to the IP Q325, Q326 non-GAAP Diluted asset
Slide 25: 2026 Updated Guidance
2026 Updated Guidance Base Business Guidance +10% to +11% YoY 10 February 2026 7 May 2026 4 August 2026 29 October 2026 • Raised Base Business guidance by $900M, Total Product Sales ~ $29.6B - $30.0B ~ $30.0B - $30.4B ~ $30.1B - $30.4B ~ $31.0B - $31.3B driven by strong Q3 commercial Product Sales e
Slide 26: FY26 Illustrative Non-GAAP EPS Guidance
FY26 Illustrative Non-GAAP EPS Guidance Increase in Increase in base sales OpEx FY26 acquisitions $(0.30) & other revenues Q2 acquisitions +$0.55 & other revenues • ~$9.95 per share associated with acquisitions, +$0.80 from last quarter due to recently announced IL-23 acquisition expected to close $
Slide 27: Ongoing Commitment to Disciplined Capital Deployment
Ongoing Commitment to Disciplined Capital Deployment Capital Allocation Priorities Continue to invest in our business and R&D pipeline while ~$1B managing expenses Dividends Paid in Q326 Continue ordinary course partnerships and business development transactions $370M Grow our dividend In Shares Rep
Slide 28: Q&A
Daniel O’Day Johanna Mercier Dietmar Berger, MD, PhD Chief Medical Officer Q&A Chairman & Chief Commercial & Chief Executive Officer Corporate Affairs Officer Andrew Dickinson Cindy Perettie Chief Financial Officer EVP & Head of Kite
Slide 29: Robust Pipeline with Upcoming Catalysts
Robust Pipeline with Upcoming Catalysts 49 Clinical programs1 4 Clinical opt-in assets PHASE 1 PHASE 2 PHASE 3, FILED, or APPROVED SG SG SG + pembro A/R EC ES-SCLC adjuvant TNBC Axi-cel Anito-cel Anito-cel 1L HR LBCL 2-4L R/R MM 4L+ R/R MM Oncology Axi-cel KITE-753 2L+ HR FL 2L DLBCL LEN Bixlenvo IS
Slide 30: Viral Diseases Pipeline 1/2
Viral Diseases Pipeline 1/2 New listing in Q3’26 Breakthrough Therapy Designation Q3’26 Updates Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q3’26 Updates HIV Prevention Yeztugo® (lenacapavir) HIV PrEP LAO QW sNDA submitted Lenacapavir (PURPOSE 365) HIV PrEP LAI Q12M HIV Treatment Bixle
Slide 31: Viral Diseases Pipeline 2/2
Viral Diseases Pipeline 2/2 New listing in Q3’26 Breakthrough Therapy Designation Q3’26 Updates Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q3’26 Updates HDV HDV pre-S1 nAb (GS-4321) HDV HBV Cure HBV therapeutic vaccine (GS-2829 + GS-6779) HBV Cure HSV HSV HPI (GS-1179) HSV Infectious
Slide 32: Cell Therapy Pipeline
Cell Therapy Pipeline New listing in Q3’26 Breakthrough Therapy Designation Q3’26 Updates R RMAT Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q3’26 Updates Lymphoma Axicabtagene ciloleucel (ZUMA-22) 2L+ HR FL Axicabtagene ciloleucel (ZUMA-23) 1L HR LBCL CD19/CD20 bicistronic
Slide 33: Oncology Pipeline 1/2
Oncology Pipeline 1/2 New listing in Q3’26 Breakthrough Therapy Designation Q3’26 Updates Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q3’26 Updates Breast Sacituzumab govitecan-hziy + pembrolizumab (ASCENT-05) High risk adjuvant TNBC Lung & Thoracic Sacituzumab govitecan-hziy (EVOKE-SC
Slide 34: Oncology Pipeline 2/2
Oncology Pipeline 2/2 New listing in Q3’26 Breakthrough Therapy Designation Q3’26 Updates Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q3’26 Updates Advanced Cancers MAT2A inhibitor (GS-2426) Advanced Cancers PARP1 inhibitor (GS-0201) Advanced Cancers PRMT5 Inhibitor (GS-5319) Advanced
Slide 35: Inflammatory Diseases Pipeline
Inflammatory Diseases Pipeline New listing in Q3’26 Breakthrough Therapy Designation Q3’26 Updates Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q3’26 Updates Lupus Edecesertib (COSMIC) Lupus Inflammatory Bowel Disease Tilpisertib fosmecarbil (PALEKONA) IBD Emvistegrast (SWIFT)1 IBD FXR
Slide 36: GAAP to Non-GAAP Reconciliation of Adjusted Debt and Adjusted EBITDA
GAAP to Non-GAAP Reconciliation of Outstanding Adjusted Debt and Adjusted EBITDA As of in billions where applicable Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 Jun 30, 2026 Sep 30, 2026 Total Debt, net $24.94 $24.94 $22.17 $26.25 $26.23 Debt Discounts, Premiums and Issuance Costs 0.18 0.17 0.17 0.18 0.18