Slide 1: Q221 Financial Results
Q221 Financial Results July 29, 2021 Confidential – Internal Use Only
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 un
Slide 3: Contents
Contents Q221 Highlights 4-5 Commercial Highlights 6-13 CMO Updates 14-19 Financial Performance 20-23 Appendix 25-31 3
Slide 4: Gilead Q221 Key Takeaways
Gilead Q221 Key Takeaways • Q221 total product sales increased 21% YoY; products sales ex-Veklury increased 5% YoY Solid Q221 & 1H21 • Biktarvy grew $390M, or 24% YoY, offsetting $322M lower Truvada/Atripla sales Financial Results • Pace of pandemic recovery continues to impact the US HIV treatment
Slide 5: Select 2021 Oncology and Virology Milestones
Select 2021 Oncology and Virology Milestones Program Trial Anticipated Milestone 1H21 ASCENT Full approval for 2L+ mTNBC TRODELVY TROPHY U-01 sBLA Accelerated Approval in 2L+ mUC YESCARTA® ZUMA-7 Phase 3 data readout for 2L LBCL (potential submissions in 2H21) DOMVANALIMAB1 ARC-7 Phase 2 NSCLC inter
Slide 6: Commercial Highlights & Market Dynamics
Commercial Highlights & Market Dynamics Confidential – Confidential Internal Use Only – Internal Use Only
Slide 7: Commercial Revenue Highlights Q221
Commercial Revenue Highlights Q221 Veklury® $6.2B Total Product Sales Up 21% YoY, down 3% QoQ $829 NM YoY $5.3B Trodelvy $89 HCV HIV Total Product Sales excluding Veklury $3,938 NM YoY $549 23% YoY -2% YoY Up 5% YoY, up 9% QoQ Cell Therapy $219 39% YoY HBV/HDV $3.9B HIV Product Sales $237 8% YoY Dow
Slide 8: Veklury: Continues to Play Key Role in Pandemic
Veklury: Continues to Play Key Role in Pandemic US COVID-19 Hospitalizations 40K 39K 38K 36K $829M 34K 31K 26K Q221 Sales 23K 21K 17K 15K 14K 14K 17K ~3 in 5 ~7M 13K Patients hospitalized Patients globally in the US treated treated with with Veklury1 remdesivir1 4/2 4/16 4/30 5/14 5/28 6/11 6/25 7/9
Slide 9: HIV: Demand Strong Despite Market Headwinds
HIV: Demand Strong Despite Market Headwinds Product Sales1 ($M) ~3 in 4 are on a Gilead therapy 1 $4,547 $256 $4,257 $4,000 $3,938 $252 $569 $250 $3,650 $567 $298 $512 $286 24% #1 prescribed regimen in $596 $578 YoY sales growth US and other regions2 $3,722 $3,438 $3,238 $3,044 $2,786 Up 4% YoY, dri
Slide 10: HCV: Early Signs of Recovery
HCV: Early Signs of Recovery Product Sales1 ($M) $549 $510 $464 $129 $448 $423 $117 $125 $158 $96 $93 $135 $98 $98 Grew 23% YoY; up 8% QoQ $70 • On-going pandemic impact but portfolio remains robust with 50-60% share across core markets $327 $258 • YoY growth benefited from improved patient starts a
Slide 11: HBV / HDV: Expanding Portfolio with Hepcludex
HBV / HDV: Expanding Portfolio with Hepcludex Product Sales1 ($M) >$1B in HBV franchise sales by 2022 $244 $237 $219 $220 $211 $115 Grew 32% YoY; up 10% QoQ $123 $122 $91 $116 • Increased 2% in market share YoY and largely flat QoQ3 $16 $18 $24 $17 $23 $102 $113 $90 $80 $81 Q221 revenues of $7M2 • D
Slide 12: Trodelvy: Expanded Indications Driving Growth
Trodelvy: Expanded Indications Driving Growth Product Sales1 ($M) $89 FDA full approval for 2L+ mTNBC and $72 accelerated approval in 2L+ mUC2 $64 $53 $89M 24% Product Sales in Q221 QoQ Growth • Growth largely driven by expanded 2L+ mTNBC indication $20 • European approval in mTNBC expected as soon
Slide 13: Cell Therapy: Delivering 39% YoY Growth
Cell Therapy: Delivering 39% YoY Growth Product Sales ($M) $219 $191 $41 Grew 14% YoY; up 11% QoQ $163 $31 $157 $178 • Growing Yescarta demand in Europe $147 $34 $160 • Strong uptake for 3L+ following follicular lymphoma $156 $9 launch $138 $129 Grew 32% QoQ • Strong R/R mantle cell lymphoma1 uptake
Slide 14: CMO Updates
CMO Updates Confidential – Confidential Internal Use Only – Internal Use Only
Slide 15: Encouraging Data in Long-Acting HIV Studies
Encouraging Data in Long-Acting HIV Studies Q2 Lenacapavir Achievements Participants with HIV-1 RNA <50 copies/mL at Week 26 100 89 • HIV treatment in highly treatment 81 NDA Filing experienced population with 80 81% Patients, % multidrug resistance 60 • Filed with Ph 2/3 CAPELLA data 40 19 20 11 0
Slide 16: Strong HDV Data Shared at EASL 2021
Strong HDV Data Shared at EASL 2021 Combined Responses Undetectable HDV RNA or >2log IU/mL decrease from baseline, and normalized ALT MYR301 – Treatment for Chronic HDV MYR204 – Finite Therapy for HDV 37 50 Patients, % (95% CI) 28 Patients, % 30 24 13 0 3/24 15/50 12/50 25/50 Observation BLV 2mg BLV
Slide 17: ZUMA-7: Yescarta Shows Efficacy in 2L LBCL
ZUMA-7: Yescarta Shows Efficacy in 2L LBCL 60% 77 global trial centers EFS improvement vs standard of care Landmark trial ZUMA-7 initiated in 2017 under SPA Met Objective Response Rate (key secondary endpoint) Median follow-up of 2 years OS trending favorably (though immature at this time) n=359 pat
Slide 18: Select 2021 Oncology and Virology Milestones
Select 2021 Oncology and Virology Milestones Program Trial Anticipated Milestone Primary Endpoints1 1H21 ASCENT Full FDA approval for 2L+ mTNBC - TRODELVY TROPHY U-01 sBLA Accelerated Approval in 2L+ mUC - Phase 3 data readout for 2L LBCL (potential YESCARTA ZUMA-7 EFS submissions in 2H21) DOMVANALI
Slide 19: Robust Pipeline with Upcoming Catalysts
Robust Pipeline with Upcoming Catalysts PHASE 1 PHASE 2 PHASE 3 or FILED Sacituzumab govitecan-hziy Basket study (incl. NSCLC) Sacituzumab govitecan-hziy2 (+ CPI) 1L mTNBC, mUC, mNSCLC Sacituzumab govitecan-hziy HR+/ HER2-mBC Trodelvy® mTNBC (2L+) Trodelvy® Urothelial (2L+) 51 Yescarta® (Axi-cel) Ma
Slide 20: Financial Performance
Financial Performance Confidential – Confidential Internal Use Only – Internal Use Only
Slide 21: Solid Second Quarter Results
Solid Second Quarter Results YoY Product Sales Up 21% YoY Q220 Q221 Non-GAAP; in millions, except percentages and per share amounts Change • Growth driven by higher sales of Veklury, Product Sales excluding Veklury $5,067 5,323 5% improving demand in HIV and HCV, and Veklury - 829 NM continued launc
Slide 22: Solid First Half Results
Solid First Half Results 1H20 1H21 YoY Product Sales: Up 19% YoY Non-GAAP; in millions, except percentages and per share amounts Change • Growth driven by sales of Veklury and Product Sales excluding Veklury 10,534 10,207 -3% Vemlidy outside the U.S., as well as Veklury - 2,285 NM launches of Trodel
Slide 23: Updating 2021 Outlook
Updating 2021 Outlook in millions, except percentages and Provided on Updated on Updated on Revenue Guidance Updates per share amounts February 4, 2021 April 29, 2021 July 29, 2021 • Total Product Sales updated to reflect solid 1H21 results, and 2H21 Total Product Sales $23,700 – $25,100 Unchanged $
Slide 24: Confidential – Internal Use Only
24 Confidential – Internal Use Only
Slide 25: Appendix
Appendix Confidential – Internal Use Only
Slide 26: GAAP to Non-GAAP Reconciliation of Outstanding Adjusted Debt and Adjusted EBITDA
GAAP to Non-GAAP Reconciliation of Outstanding Adjusted Debt and Adjusted EBITDA in billions where applicable Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 Mar 31, 2021 Jun 30, 2021 Total Debt, net $24.10 $29.29 $31.40 $30.17 $30.18 Debt Discounts, Premiums and Issuance Costs 0.15 0.21 0.20 0.20 0.19 Liabi
Slide 27: Select 2021 Milestones
Select 2021 Milestones Lenacapavir capsid inhibitor (GS-6207) Phase 2 read out in virologically suppressed population4 Lenacapavir capsid inhibitor (GS-6207) Lenacapavir/islatravir combination NDA filed for heavily treatment experienced population Phase 2 initiation in long-acting oral treatment Len
Slide 28: Oncology Pipeline
Oncology Pipeline Phase 2 Phase 3 Filed Updates since Q1’21 Trodelvy® sacituzumab govitecan-hziy mTNBC (2L+) sBLA Approved; MAA Filed FDA full approval granted Trodelvy® sacituzumab govitecan-hziy Urothelial (2L+) sBLA Approved FDA accelerated approval granted Magrolimab anti-CD47 (GS-4721)1,2 MDS P
Slide 29: Oncology Cell Therapy Pipeline
Oncology Cell Therapy Pipeline Phase 2 Phase 3 Filed Updates since Q1’21 Yescarta® (Axi-cel) R/R FL sBLA Approved Yescarta® (Axi-cel) 2L LBCL Topline data read out shared Yescarta® (Axi-cel) 1L LBCL Cell Therapy sBLA for AA and Brexu-cel Adult ALL Type II Filed EMA Type II variation filed Brexu-cel
Slide 30: Viral Diseases Pipeline
Viral Diseases Pipeline Phase 2 Phase 3 Filed Updates since Q1’21 Veklury® (remdesivir injectable form) COVID-19 outpatient Removed from pipeline EV Lenacapavir capsid inhibitor (GS-6207) HIV LA HTE NDA Filed NDA filed Lenacapavir capsid inhibitor (GS-6207)1 HIV PrEP PC → P3 Lenacapavir capsid inhib
Slide 31: Inflammatory Diseases Pipeline
Inflammatory Diseases Pipeline Phase 2 Phase 3 Filed Updates since Q1’21 Inflamm- Filgotinib JAK-1 inhibitor (GS-6034) Ulcerative colitis Disease MAA Filed atory Filgotinib JAK-1 inhibitor (GS-6034) Crohn's Disease Cilofexor FXR agonist (GS-9674) PSC Fibrotic Disease Cilofexor/firsocostat/semaglutid