Third Quarter 2026 Summary of Remarks

($ in millions, except percentages)

Q326

Yr/Yr

Qtr/Qtr

Management Commentary

HIV

(Includes HIV Treatment and Prevention)

$6,249

18%

10%

• Highest YoY growth since Q418, driven by higher average realized price, demand, and inventory.

• QoQ primarily driven by higher inventory, demand, and average realized price.

• Expect inventory dynamics to normalize by year-end.

• Bixlenvo QD oral HIV treatment for VS PWH received FDA approval in August; uptake by VS PWH on complex regimens in-line with expectations, and remain focused on expanding coverage.

• While U.S. treatment market growth has not yet returned to 2-3% growth YoY, seeing signs of stabilization.

• Now expect FY26 sales to grow ~12% YoY (was

~9-10% after Q226; was ~6% at start 2026).

Biktarvy

$4,059

10%

8%

• YoY driven by higher demand, higher average realized price and inventory.

• QoQ driven by favorable inventory dynamics and higher demand, partially offset by lower average realized price due to channel mix.

• Biktarvy reached an all-time high treatment market share in the U.S. (~53%).

• #1 regimen for naive starts and treatment switches across most major markets.

• Continued gains among new patients, strong retention, and improving access following adjustments to the Florida ADAP program earlier in the year.

HIV Prevention (PrEP)

*Estimated based on 80% of Descovy sales plus Yeztugo sales

$1,142*

~2X

11%*

• Q326 PrEP sales nearly doubled YoY, once again outpacing U.S. PrEP market growth of ~14% YoY.

• Gilead branded products now account for 50% of PrEP market share; accounted for the majority of market growth since 2025.

($ in millions, except percentages)

Q326

Yr/Yr

Qtr/Qtr

Management Commentary

Descovy

(~80% of Descovy's business is PrEP)

$1,046

49%

8%

• YoY driven by higher average realized price and favorable inventory dynamics.

• QoQ driven by higher-than-usual inventory build and higher demand.

• YTD sales have already exceeded FY 2025 sales due to strong demand and pricing favorability.

Yeztugo

(Launched June 2025)

$305

NM

31%

• Now the leading injectable HIV PrEP regimen.

• Best-in-PrEP persistency profile (>70% 12-month persistency).

• Encouraging mix of new starts, with majority switching from other PrEP options; share of PrEP-naive increased in Q326.

• Demand for long-acting injectable PrEP has doubled YoY.

• On track to deliver expected FY26 sales of ~$1B, allowing for more modest sequential growth in Q426 reflecting expected holiday seasonality.

Liver Disease

$927

13%

6%

• YoY driven by increased demand in PBC, as well as favorable pricing dynamics for HCV and HBV, partially offset by lower HCV starts.

• QoQ driven by higher average realized price and inventory dynamics, partially offset by lower demand for HCV products.

Livdelzi

(Launched August 2024)

$203

93%

21%

• YoY and QoQ driven by increased demand, in both the U.S. and Europe.

• Market leader in the U.S. and is helping drive expansion of the 2L PBC market.

Oncology

$860

9%

(2)%

Cell Therapy

(Includes Yescarta and Tecartus)

$355

(18)%

(15)%

• YoY reflects ongoing competitive headwinds.

• Preparations for potential launch continue ahead of December 23, 2026 PDUFA in 4L+ R/R MM.

• Conducting pre-activation efforts within our ATCs, with a target activation of 80% of our ATCs within the first 6 months of anito-cel launch.

• Ongoing detailed anito-cel launch planning across sales, medical, and access teams.

• Engaging with a range of payers; targeting 90% coverage within 12 months of anito-cel launch.

• Targeting 4L+ brand leadership within 18 months of anito-cel approval.

• Continue to expect Cell Therapy sales to decline mid-teens % YoY vs. FY25.

($ in millions, except percentages)

Q326

Yr/Yr

Qtr/Qtr

Management Commentary

Trodelvy

$506

42%

11%

• YoY and QoQ driven by strong demand in both mTNBC and pre-treated HR+/HER2- mBC across the U.S. and Europe.

• Now ~$2B annualized run rate.

Other

(Includes AmBisome, Cayston, Jyseleca, Letairis, Zydelig)

$167

(9)%

4%

Product sales excluding Veklury

$8,203

16%

8%

• Highest YoY base business growth since 2015, driven by strong HIV performance, Trodelvy, and Livdelzi, partially offset by lower Cell Therapy.

• QoQ driven by growth in HIV, Trodelvy, and Livdelzi, partially offset by lower Cell Therapy.

Veklury

$86

(69)%

NM

- YoY and QoQ reflects fewer COVID-19 related hospitalizations.

Product sales

$8,289

13%

9%

Royalty, contract and other

$11

(97)%

(94)%

- YoY and QoQ reflecting revenues recognized in prior periods related to a previous sale of intellectual property, which did not repeat.

Total revenues

$8,300

7%

6%

Management Commentary

Virology

HIV Treatment Pipeline

• Received FDA approval for Bixlenvo, a daily oral single tablet regimen for virally suppressed adults with HIV, on August 27.

• Initiated the Phase 2 trial for once-weekly oral LEN + GS-3242, and expect to initiate the Phase 2 trial for once-weekly oral LEN + GS-1720 in early 2027. The most promising candidate will be selected for Phase 3 development in treatment-naive and virally suppressed people with HIV.

• Initiated two newly named Phase 3 trials, DAYBREAK-1 and -2, for LEN + bNAbs, a potential first complete twice-yearly HIV treatment regimen. This would focus on a narrower VS PWH population with susceptibility to bNAbs.

• Initiated Q4M cohort in two newly named Phase 2 trials, PULSAR-1 and -2, for LEN

+ GS-3242, an INSTI-based long-acting injectable treatment regimen; expect to initiate Q6M dosing cohorts following additional Phase 1 data in higher dose.

PrEP Pipeline

• FDA application for once-weekly LEN for PrEP is under review, with regulatory decision expected in early February 2027. If approved, could become the first long-acting oral PrEP regimen.

• Continue to expect an update from Phase 3 PURPOSE-365 study, evaluating once-yearly intramuscular LEN for PrEP in 2027, and target potential launch in 2028.

Management Commentary

Oncology

Trodelvy & Solid Tumor Pipeline

• Update from the Phase 3 ASCENT-GYN study, evaluating Trodelvy in advanced or recurrent endometrial cancer, expected around the end of the year.

• Initiated a Phase 2 trial evaluating GS-8824 in advanced or recurrent endometrial cancer. Continue to evaluate GS-8824 in a Phase 1 trial for platinum-sensitive ovarian cancer.

• Plan to evaluate Trodelvy in combination with pumitamig (PD-L1xVEGF-A) in 1L mTNBC with BioNTech.

• Plan to develop three dual-masked T cell engagers for solid tumors with Vir.

Cell Therapy

• Continue to expect FDA decision for anito-cel in 4L+ R/R MM on Dec. 23, 2026.

• Expect to share additional follow-up data from iMMagine-1, including the PFS Kaplan-Meier curve at an upcoming medical congress this year.

• Continue to expect iMMagine-3 data and potential filing in 2-4L R/R MM as early as 2027.

• Expect to initiate iMMagine-6 and iMMagine-4 studies in early 2027 for anito-cel in transplant eligible and transplant non-eligible NDMM patients, respectively.

• Plan to share data from the GEM-AnitoFIRST safety lead-in study for newly diagnosed multiple myeloma at an upcoming medical congress later this year.

• Expect to soon begin enrolling Phase 1 trial of KITE-512, our GPC-3-targeted, dual-armored CAR T, in advanced GPC-3 positive hepatocellular carcinoma patients.

• PALISADES-1 and -2, evaluating KITE-753 in 2L and 3L+ R/R diffuse large B-cell lymphoma, have been placed on a partial clinical hold, while we investigate safety differences we have noted between Phase 1 and Phase 2.

• In collaboration with Pregene, we have begun dosing patients with our in vivo BCMA CAR T therapy in an investigator-initiated trial in China.

Inflammation

Emvistegrast

• Presented 12-week data from Phase 2 SWIFT study evaluating emvistegrast (α4β7) in patients with ulcerative colitis. Data demonstrate potential for best-in-class oral efficacy with generally well-tolerated safety profile.

• Expect to initiate Phase 3 studies evaluating emvistegrast monotherapy in ulcerative colitis in 2027 and planning Phase 2b/3 study in Crohn's disease. These programs will be conducted in both advanced-therapy-naive and advanced-therapy-experienced populations, in-line with FDA guidance.

• Agreed to acquire oral peptide IL-23R inhibitor (HCXT-2001) with potential as a monotherapy or in combination with emvistegrast as a daily oral for IBD.

Gamgertamig

- Continue expect to share Phase 1 data for gamgertamig (BCMAxCD3) in immune thrombocytopenia at a medical congress later this year.

Edecesertib

- Expect to share detailed update from Phase 2a COSMIC study of edecesertib (IRAK4) in cutaneous lupus erythematosus at the ACR meeting on Nov. 8, 2026.

Livdelzi

- Expect to share detailed results from Phase 3 IDEAL study of Livdelzi in PBC patients with ALP levels 1.0 - 1.67x ULN or intolerant to UDCA at AASLD 2026.

Program

Trial

Indication

Update

Status

Virology

ISL/LEN

ISLEND-1 & 2

QW Oral HIV Tx

Phase 3 Update

Completed & data shared

Hepcludex

MYR301

HDV

FDA Decision

Completed & launched

Bixlenvo

ARTISTRY-1 & 2

QD Oral HIV Tx

FDA Decision

Completed & launched

Oncology

Trodelvy

ASCENT-03 & -04

1L mTNBC (PD-L1-)

1L mTNBC (PD-L1+)

FDA Decision

Completed & launched

ASCENT-GYN

A/R Endometrial Cancer

Phase 3 Update

Expected 2H26

EVOKE-03

1L mNSCLC (PD-L1 High)

Phase 3 Update

Completed; did not meet endpoint

Anito-cel

iMMagine-1

4L+ R/R MM

FDA Decision

Expected December 23, 2026

Inflammation

Livdelzi

IDEAL

2L PBC

Phase 3 Update

Completed

(in millions, except percentages)

Q326

Yr/Yr

Qtr/Qtr

Net cash provided by operating activities

$5,035

23%

41%

Less: Purchases of property, plant and equipment

$(237)

61%

69%

Free cash flow

$4,798

21%

40%

Cash, cash equivalents and marketable debt securities

$6,437

(31)%

NM

Debt repaid

$19

NM

17%

Cash dividends paid

$1,039

3%

1%

Share repurchases

$370

(15)%

4%

(in millions, except percentages)

Q326

Yr/Yr

Qtr/Qtr

Total product sales - U.S.

$6,361

21%

14%

Total product sales - Europe

$1,058

(7)%

(8)%

Total product sales - Rest of World

$869

(6)%

-%

Total product sales

$8,289

13%

9%

(in millions, except percentages and per share amounts)

Q326

Yr/Yr

Qtr/Qtr

Management Commentary

Cost of goods sold

$983

(1)%

(2)%

Product gross margin

88%

165 bps

124 bps

- YoY driven by expiration of a TAF-related royalty obligation in November 2025.

Research and development expenses

$1,591

19%

11%

- YoY and QoQ reflects higher compensation-accruals related to our financial outperformance YTD and higher clinical costs.

Acquired IPR&D expenses

$18

(89)%

(100)%

Selling, general and administrative expenses

$1,539

14%

1%

- YoY primarily reflects HIV promotional activities, legal expenses and higher compensation-accruals related to financial outperformance YTD.

Total operating expenses

$3,148

10%

(78)%

Operating income

$4,168

6%

NM

Operating margin

50.2%

-25 bps

NM

• Underscoring the leverage in our business model resulting from expense discipline.

• Firmly in the top quartile of our peer group.

Effective tax rate

19.0%

149 bps

NM

- In-line with FY26 expectation of ~20%, excluding acquired IPR&D expenses related to our 2026 acquisitions.

Net income

$3,186

3%

NM

Diluted earnings per share

$2.55

3%

NM

• YoY driven by higher product sales and lower acquired IPR&D expenses, partially offset by higher operating expenses.

• Excluding the $400M other revenue in Q325, related to an IP asset sale from 2018, non-GAAP EPS increased 15% YoY.

Shares used in diluted earnings per share calculation

1,251

-%

1%

(in millions, except percentages and per share amounts)

FY26

Management Commentary

Total product sales

$31.0 billion - $31.3 billion

- Was $30.1 billion - $30.4 billion.

Veklury

~ $300 million

- Unchanged

Total product sales excluding Veklury

$30.7 billion - $31.0 billion

• Was $29.8 billion - $30.1 billion.

• Expect base sales to grow ~10-11% YoY (was ~6-7% after Q226; ~5-6% at start of year).

• Increase of $900M at the midpoint compared to August guidance, and $1.65B at the midpoint compared to February guidance.

• Continue to expect cell therapy to decline ~mid-teens % YoY.

HIV

~12%

• Was 9% - 10% growth.

• Increase driven by Biktarvy for HIV treatment as well as Yeztugo and Descovy for PrEP.

• Continue to expect FY26 Yeztugo sales of ~$1B, allowing for more modest sequential growth reflecting holiday seasonality.

• Given larger inventory build than is typical for Q3, we expect Q4 inventory build to be smaller than we have historically seen.

Non-GAAP

Product gross margin

~ 87.0%

- Unchanged

R&D

Mid to high single-digit % growth on a dollar basis

• Was mid single-digit % growth on a dollar basis.

• Reflecting higher costs related to the significant increase in our FY26 financial performance.

Acquired IPR&D

~ $12.9 billion

• Was ~ $11.5 billion.

• Reflecting ~$1.4B in upfront payments expected in Q4 associated with the acquisition of an oral IL-23R program from PepStar and the Vir collaboration.

SG&A

High-single digit % growth on a dollar basis

• Was mid single-digit % growth on a dollar basis.

• Reflecting higher costs related to the significant increase in our FY26 financial performance.

Operating income

$2.0 billion - $2.4 billion

- Was $2.9 billion- $3.3 billion.

(in millions, except percentages and per share amounts)

FY26

Management Commentary

Effective tax rate

~ 220% - 165%

- Was ~ 140% - 115%.

• Reflecting the non-deductible acquired IPR&D expenses associated with the Arcellx, Tubulis, Ouro Medicines transactions as well as the expected IPR&D expenses associated with the PepStar transaction.

• Excluding these transactions, the tax rate would be

~20% (no change from February guidance).

Diluted EPS

$(1.20) - $(0.85)

- Was $(0.65) - $(0.30).

- Excluding ~$9.95 per share relating to the acquired IPR&D expense and full-year financing costs associated with the acquisitions this year and non-recurring other revenue, FY26 non-GAAP diluted EPS would be $8.75 - $9.10 (raised $0.25 on both ends from illustrative August guidance due to higher base sales, partially offset by higher OpEx).

GAAP Diluted EPS

$(4.40) - $(4.05)

- Was $(3.75) - $(3.40).

Maximum Fair Price Management Commentary

• Gilead has completed the Maximum Fair Price (MFP) determination process for Biktarvy under the IRA.

• CMS have informed us that it has set pricing for Biktarvy at ~$2,600 per 30-day supply, which represents an

  ~38% discount from the list price in the Medicare channel.

• Based on preliminary analysis, we currently expect ~$1.5B net impact on Biktarvy revenues in 2028, compared to 2027, reflecting the lower price in Medicare, in addition to related impacts across other U.S. channels including Medicaid, 340B, and other payer segments.

• Reflecting growth from other innovations across our HIV portfolio, we continue to expect total HIV revenue to grow in 2028 ,compared to 2027.

• Growing HIV business expected to be complemented by additional growth across innovative Oncology and Inflammation portfolios. As a result, we expect both total product sales, and earnings per share to grow in 2028, compared to 2027.

• These statements above are based on current assumptions that may change and could be updated at any time, including when we share formal guidance in early 2028.

• Over the last several years, Gilead has demonstrated its ability to address policy impacts, including the

  $1.1B headwind associated with Medicare Part D redesign in 2025, and the >$500M headwind associated with the Affordable Care Act and other government policies in 2026.

• With more than a year before new Biktarvy pricing takes effect, we will continue to work diligently to potentially mitigate some of the impact.

Product sales

$ 8,289 $ 7,345 $ 22,862 $ 21,013

Royalty, contract and other revenues

11 424 201 505

Total revenues

8,300 7,769 23,063 21,518

Costs and expenses:

Cost of goods sold

1,571 1,569 4,595 4,610

Research and development expenses

1,608 1,346 4,744 4,215

Acquired in-process research and development expenses

18 170 11,307 485

In-process research and development impairments

- - 1,750 190

Selling, general and administrative expenses

1,641 1,357 5,013 3,980

Total costs and expenses

4,838 4,442 27,409 13,480

Operating income (loss)

3,462 3,327 (4,346) 8,038

Interest expense

269 256 756 769

Other (income) expense, net

130 (569) (492) (449)

Income (loss) before income taxes

3,063 3,641 (4,610) 7,718

Income tax expense

634 589 1,435 1,391

Net income (loss)

$ 2,429 $ 3,052 $ (6,045) $ 6,327

Basic earnings (loss) per share

$ 1.96 $ 2.46 $ (4.87) $ 5.08

Diluted earnings (loss) per share

$ 1.94 $ 2.43 $ (4.87) $ 5.04

Shares used in basic earnings (loss) per share calculation

1,242 1,243 1,242 1,245

Shares used in diluted earnings (loss) per share calculation

1,251 1,254 1,242 1,256

Supplemental Information:

Cash dividends declared per share

$ 0.82

$ 0.79

$ 2.46

$ 2.37

Product gross margin

81.0 %

78.6 %

79.9 %

78.1 %

Research and development expenses as a % of revenues

19.4 %

17.3 %

20.6 %

19.6 %

Selling, general and administrative expenses as a % of revenues

19.8 %

17.5 %

21.7 %

18.5 %

Operating margin

41.7 %

42.8 %

(18.8)%

37.4 %

Effective tax rate

20.7 %

16.2 %

(31.1)%

18.0 %

Three Months Ended

September 30,

Nine Months Ended

September 30,

(in millions, except percentages)

2026

2025

Change

2026

2025

Change

Product sales:

HIV

$ 6,249

$ 5,277

18%

$ 16,972

$ 14,952

14%

Liver Disease

927

819

13%

2,571

2,372

8%

Oncology

860

788

9%

2,543

2,395

6%

Other

167

184

(9)%

524

594

(12)%

Total product sales excluding Veklury

8,203

7,068

16%

22,610

20,313

11%

Veklury

86

277

(69)%

253

700

(64)%

Total product sales

8,289

7,345

13%

22,862

21,013

9%

Royalty, contract and other revenues

11

424

(97)%

201

505

(60)%

Total revenues

$ 8,300 $ 7,769

7%

$ 23,063 $ 21,518

7%

(in millions, except percentages)

2026

2025

Change

2026

2025

Change

Non-GAAP:

Cost of goods sold

$ 983

$ 992

(1)%

$ 2,851

$ 2,875

(1)%

Research and development expenses

$ 1,591

$ 1,334

19%

$ 4,375

$ 4,123

6%

Acquired in-process research and

development expenses

$ 18

$ 170

(89)%

$ 11,307

$ 485

NM

Selling, general and administrative expenses

$ 1,539

$ 1,351

14%

$ 4,423

$ 3,931

13%

Other (income) expense, net

$ (34)

$ (87)

(61)%

$ (171)

$ (251)

(32)%

Diluted earnings (loss) per share

$ 2.55

$ 2.47

3%

$ (2.14)

$ 6.29

NM

Shares used in non-GAAP diluted earnings

(loss) per share calculation

1,251

1,254

-%

1,242

1,256

(1)%

Product gross margin

88.1 %

86.5 %

165 bps

87.5 %

86.3 %

121 bps

Research and development expenses as a % of revenues

19.2 %

17.2 %

200 bps

19.0 %

19.2 %

(19) bps

Selling, general and administrative expenses as a % of revenues

18.5 %

17.4 %

115 bps

19.2 %

18.3 %

91 bps

Operating margin

50.2 %

50.5 %

(25) bps

0.5 %

47.0 %

NM

Effective tax rate

19.0 %

17.5 %

149 bps

(455.0)%

17.6 %

NM

September 30, September 30,

(in millions, except percentages and per share amounts)

2026

2025

2026

2025

Cost of goods sold reconciliation:

GAAP cost of goods sold

$ 1,571

$ 1,569

$ 4,595

$ 4,610

Acquisition-related - amortization(1)

(587)

(577)

(1,742)

(1,735)

Restructuring

(1)

-

(1)

-

Non-GAAP cost of goods sold $ 983 $ 992 $ 2,851 $ 2,875

Product gross margin reconciliation:

GAAP product gross margin

81.0 %

78.6 %

79.9 %

78.1 %

Acquisition-related - amortization(1)

7.1 %

7.9 %

7.6 %

8.3 %

Restructuring

- %

- %

- %

- %

Non-GAAP product gross margin

88.1 %

86.5 %

87.5 %

86.3 %

Research and development expenses reconciliation:

GAAP research and development expenses

$ 1,608

$ 1,346

$ 4,744

$ 4,215

Acquisition-related - other costs(2)

(8)

(4)

(344)

(41)

Restructuring

(8)

(8)

(25)

(52)

GAAP IPR&D impairment

$ - $ - $ 1,750

$ 190

IPR&D impairment

- - (1,750)

(190)

Non-GAAP IPR&D impairment

$ -

$ -

$ -

$ -

Selling, general and administrative expenses reconciliation:

GAAP selling, general and administrative expenses

$ 1,641

$ 1,357

$ 5,013

$ 3,980

Acquisition-related - other costs(2)

(69)

-

(454)

-

Restructuring

(33)

(5)

(73)

(49)

Other(3)

-

-

(63)

-

Non-GAAP selling, general and administrative expenses

$ 1,539

$ 1,351

$ 4,423

$ 3,931

Operating income (loss) reconciliation:

GAAP operating income (loss)

$ 3,462

$ 3,327

$ (4,346)

$ 8,038

Acquisition-related - amortization(1)

587

577

1,742

1,735

Acquisition-related - other costs(2)

77

4

798

41

Restructuring

42

14

99

101

IPR&D impairment

-

-

1,750

190

Other(3)

-

-

63

-

Non-GAAP operating income

$ 4,168

$ 3,921

$ 107

$ 10,104

Operating margin reconciliation:

GAAP operating margin

41.7 %

42.8 %

(18.8)%

37.4 %

Acquisition-related - amortization(1)

7.1 %

7.4 %

7.6 %

8.1 %

Acquisition-related - other costs(2)

0.9 %

- %

3.5 %

0.2 %

Restructuring

0.5 %

0.2 %

0.4 %

0.5 %

IPR&D impairment

- %

- %

7.6 %

0.9 %

Other(3)

- %

- %

0.3 %

- %

Non-GAAP operating margin

50.2 %

50.5 %

0.5 % 47.0 %

Other (income) expense, net reconciliation:

GAAP other (income) expense, net

$ 130

$ (569)

$ (492) $ (449)

(Loss) gain from equity securities, net

(164)

483

321

198

Non-GAAP other (income) expense, net

$ (34)

$ (87)

$ (171)

$ (251)

September 30, September 30,

(in millions, except percentages and per share amounts)

2026

2025

2026

2025

Income (loss) before income taxes reconciliation:

GAAP income (loss) before income taxes

$ 3,063

$ 3,641

$ (4,610)

$ 7,718

Acquisition-related - amortization(1)

587

577

1,742

1,735

Acquisition-related - other costs(2)

77

4

798

41

Restructuring

42

14

99

101

IPR&D impairment

-

-

1,750

190

Loss (gain) from equity securities, net

164

(483)

(321)

(198)

Other(3)

-

-

63

-

Non-GAAP income (loss) before income taxes $ 3,933 $ 3,752 $ (479) $ 9,586

Income tax expense reconciliation:

GAAP income tax expense

$ 634

$ 589

$ 1,435

$ 1,391

Income tax effect of non-GAAP adjustments:

Acquisition-related - amortization(1)

121

120

357

360

Acquisition-related - other costs(2)

16

-

95

-

Restructuring

9

3

18

18

IPR&D impairment

-

-

415

51

Loss (gain) from equity securities, net

30

(43)

(78)

(33)

Discrete and related tax charges(4)

(62)

(11)

(64)

(101)

Non-GAAP income tax expense

$ 747

$ 657

$ 2,177

$ 1,686

Effective tax rate reconciliation:

GAAP effective tax rate 20.7 %

16.2 %

(31.1)%

18.0 %

Income tax effect of above non-GAAP adjustments and discrete and related

tax adjustments(4) (1.7)%

1.3 %

(423.8)%

(0.4)%

Non-GAAP effective tax rate 19.0 %

17.5 %

(455.0)%

17.6 %

Net income (loss) reconciliation:

GAAP net income (loss)

$ 2,429

$ 3,052

$ (6,045)

$ 6,327

Acquisition-related - amortization(1)

467

457

1,385

1,374

Acquisition-related - other costs(2)

61

4

703

41

Restructuring

33

11

81

83

IPR&D impairment

-

-

1,335

139

Loss (gain) from equity securities, net

134

(440)

(243)

(165)

Discrete and related tax charges(4)

62

11

64

101

Other(3)

-

-

63

-

Non-GAAP net income (loss)

$ 3,186

$ 3,095

$ (2,656)

$ 7,901

Diluted earnings (loss) per share reconciliation:

GAAP diluted earnings (loss) per share

$ 1.94

$ 2.43

$ (4.87)

$ 5.04

Acquisition-related - amortization(1)

0.37

0.36

1.11

1.09

Acquisition-related - other costs(2)

0.05

-

0.57

0.03

Restructuring

0.03

0.01

0.07

0.07

IPR&D impairment

-

-

1.07

0.11

Loss (gain) from equity securities, net

0.11

(0.35)

(0.20)

(0.13)

Discrete and related tax charges(4)

0.05

0.01

0.05

0.08

Other(3)

-

-

0.05

-

Non-GAAP diluted earnings (loss) per share

$ 2.55

$ 2.47

$ (2.14)

$ 6.29

(in millions, except percentages and per share amounts)

2026

2025

2026

2025

Non-GAAP adjustment summary:

Cost of goods sold adjustments

$ 588

$ 577

$ 1,744

$ 1,735

Research and development expenses adjustments

16

12

369

93

IPR&D impairment adjustments

-

-

1,750

190

Selling, general and administrative expenses adjustments

102

5

590

49

Total non-GAAP adjustments to costs and expenses

706

594

4,453

2,067

Other (income) expense, net, adjustments

164

(483)

(321)

(198)

Total non-GAAP adjustments before income taxes

870

112

4,132

1,868

Income tax effect of non-GAAP adjustments above

(175)

(79)

(807)

(396)

Discrete and related tax charges(4)

62

11

64

101

(in millions, except percentages and per share

Provided

Updated

Updated

Updated

amounts)

February 10, 2026

May 7, 2026

August 4, 2026

October 29, 2026

Projected product gross margin GAAP to non-GAAP reconciliation:

GAAP projected product gross margin

~ 79.0%

~ 79.0%

~ 79.0%

~ 79.0%

Acquisition-related expenses

~ 8.0%

~ 8.0%

~ 8.0%

~ 8.0%

Non-GAAP projected product gross

margin

~ 87.0%

~ 87.0%

~ 87.0%

~ 87.0%

Projected operating income (loss) GAAP to non-GAAP reconciliation:

GAAP projected operating income (loss)

$11,400 - $11,900

$(1,000) - $(500)

$(2,250) - $(1,850)

$(3,150) - $(2,750)

Acquisition-related, IPR&D impairment,

restructuring and other expenses

~ 2,400

~ 3,400

~ 5,150

~ 5,150

Non-GAAP projected operating income

$13,800 - $14,300

$2,400 - $2,900

$2,900 - $3,300

$2,000 - $2,400

Projected effective tax rate GAAP to non-GAAP reconciliation:(2)

GAAP projected effective tax rate

~ 21%

~ (150%) - (220%)

~ (80%) - (90%)

~ (50%) - (55%)

Income tax effect of above non-GAAP

adjustments and fair value

adjustments of equity securities, and

discrete and related tax adjustments

(~ 1%)

NM

NM

NM

Non-GAAP projected effective tax rate

~ 20%

~ 190% - 140%

~ 140% - 115%

~ 220% - 165%

Projected diluted earnings (loss) per share GAAP to non-GAAP reconciliation:

GAAP projected diluted earnings (loss)

per share

$6.75 - $7.15

$(3.25) - $(2.85)

$(3.75) - $(3.40)

$(4.40) - $(4.05)

Acquisition-related, IPR&D impairment,

restructuring and other expenses, fair

value adjustments of equity securities

and discrete and related tax

adjustments ~ 1.70

~ 2.20

~ 3.10

~ 3.20

Non-GAAP projected diluted earnings

(loss) per share $8.45 - $8.85

$(1.05) - $(0.65)

$(0.65) - $(0.30)

$(1.20) - $(0.85)

Cash, cash equivalents and marketable debt securities

$ 6,437

$ 10,605

Accounts receivable, net

5,007

4,913

Inventories(1)

4,424

4,368

Property, plant and equipment, net

5,945

5,606

Intangible assets, net

13,424

16,978

Goodwill

8,314

8,314

Other assets

7,858

8,239

Total assets

Liabilities and Stockholders' Equity

$ 51,408

$ 59,023

Current liabilities

$ 12,002

$ 11,813

Long-term liabilities

26,451

24,592

Stockholders' equity(2)

12,955

22,618

Total liabilities and stockholders' equity

$ 51,408

$ 59,023

(in millions)

2026

2025

2026

2025

Net cash provided by operating activities

$ 5,035 $ 4,109 $ 11,152 $ 6,692

Net cash used in investing activities

(244) (427) (8,821) (2,958)

Net cash used in financing activities

(1,528) (1,490) (3,423) (6,482)

Effect of exchange rate changes on cash and cash equivalents

(4) (5) (34) 87

Net change in cash and cash equivalents

3,259 2,187 (1,126) (2,661)

Cash and cash equivalents at beginning of period

3,179 5,144 7,564 9,991

Cash and cash equivalents at end of period

$ 6,437 $ 7,330 $ 6,437 $ 7,330

Three Months Ended Nine Months Ended September 30, September 30,

(in millions)

2026 2025 2026 2025

Net cash provided by operating activities

$ 5,035 $ 4,109 $ 11,152 $ 6,692

Purchases of property, plant and equipment

(237) (147) (494) (358)

Free cash flow(1)

$ 4,798 $ 3,962 $ 10,657 $ 6,335

‌Biktarvy

U.S.

$ 3,284

$ 2,940

$ 8,837

$ 8,212

Europe

442

427

1,347

1,231

Rest of World

333

320

1,009

922

4,059

3,686

11,193

10,366

Descovy

U.S.

998

652

2,680

1,791

Europe

22

23

69

67

Rest of World

26

25

71

81

1,046

701

2,820

1,939

Genvoya

U.S.

301

323

752

950

Europe

27

34

97

114

Rest of World

12

19

44

54

339

377

892

1,118

Odefsey

U.S.

226

206

550

642

Europe

52

61

170

184

Rest of World

8

10

27

30

286

277

747

857

Symtuza - Revenue share(1)

U.S.

103

95

315

265

Europe

26

26

85

88

Rest of World

3

3

8

9

132

124

407

362

Yeztugo

U.S.

294

39

676

54

Europe

-

-

-

-

Rest of World

10

-

26

-

305

39

702

54

Other HIV(2)

U.S.

55

43

114

144

Europe

22

22

72

85

Rest of World

5

8

24

28

82

73

211

256

Total HIV

U.S.

5,261

4,299

13,924

12,059

Europe

591

592

1,839

1,769

Rest of World

397

386

1,209

1,124

6,249

5,277

16,972

14,952

Livdelzi

U.S.

176

93

437

207

Europe

26

11

65

16

Rest of World

1

-

1

-

203

105

503

223

Sofosbuvir / Velpatasvir(3)

U.S.

139

146

422

497

Europe

59

65

200

227

Rest of World

76

97

237

273

274

309

860

996

Vemlidy

U.S.

170

136

385

358

Europe

13

12

40

36

Rest of World

151

132

435

389

333

280

860

783

Other Liver Disease(4)

U.S.

39

39

74

100

Europe

62

70

219

218

Rest of World

16

17

56

52

117

126

349

370

Total Liver Disease

U.S.

524

414

1,319

1,162

Europe

161

158

523

496

Rest of World

243

247

729

714

927

819

2,571

2,372

Veklury

Veklury

U.S.

63

140

188

390

Europe

12

43

28

84

Rest of World

11

93

36

225

86

277

253

700

Oncology

Cell Therapy

Tecartus

U.S.

24

40

83

122

Europe

31

35

102

107

Rest of World

5

8

21

25

60

83

206

254

Yescarta

U.S.

114

123

366

444

Europe

107

151

392

455

Rest of World

73

75

215

228

294

349

973

1,127

Total Cell Therapy

U.S.

139

163

450

566

Europe

138

186

494

562

Rest of World

78

83

235

253

355

432

1,179

1,381

Trodelvy

Trodelvy

U.S.

336

221

896

626

Europe

98

89

285

259

Rest of World

71

47

183

128

506

357

1,364

1,013

Total Oncology

U.S.

475

384

1,346

1,192

Europe

236

275

779

821

Rest of World

149

129

418

381

860

788

2,543

2,395

AmBisome U.S.

3

2

14

15

Europe

52

69

158

201

Rest of World

44

52

175

175

99

123

347

391

Other(5) U.S.

36

34

97

125

Europe

8

7

24

23

Rest of World

25

20

57

55

68

61

177

204

Total Other U.S.

39

36

111

140

Europe

59

76

181

225

Rest of World

69

72

232

230

167

184

524

594

Total product sales U.S.

6,361

5,274

16,888

14,943

Europe

1,058

1,144

3,350

3,395

Rest of World

869

928

2,624

2,674