Slide 1: Q1 2026 Financial Results
Q126 Financial Results May 7, 2026 10 December 2 024
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
Slide 3: Contents
Contents Key Takeaways 4-5 Commercial Results 6-14 Pipeline Updates 15-20 Financial Results 21-26 Appendix 28-35 3
Slide 4: Q1 2026 Key Takeaways
Q126 Key Takeaways D ani el O’ D ay Chair man & Ch ie f Ex ecu t ive Office r
Slide 5: Gilead Q1 2026 Key Takeaways
Gilead Q126- Key Takeaways • Total Q126 Base Business up 8% YoY; Total Q126 HIV up 10% YoY with U.S. PrEP up 87% YoY Business • FY26 revenue guidance +$400M, incl. Yeztugo guidance of $1B (+$200M); expect FY26 HIV to grow 8% YoY 1 Performance • Continued Livdelzi launch momentum with Q126 sales up 2
Slide 6: Commercial Results & Market Dynamics
Commercial Results & Market Dynamics Joh ann a Merci er Chief Commer cial & C orp or ate Af f air s Of fi cer
Slide 7: Strong Base Business Performance in Q1 2026
Strong Base Business Performance in Q126 $5.0B +10% YoY $6.8B Total Product Sales excluding Veklury +8% YoY, -12% QoQ $144M -52% YoY $6.9B Total Product Sales +5% YoY, -12% QoQ $402M +37% YoY $407M -12% YoY $5.0B HIV Product Sales +10% YoY, -13% QoQ Liver Product Sales $767M $767M +1% YoY +1% YoY, -
Slide 8: HIV: Demand-Driven Growth Exceeds Expectations
HIV: Demand–Driven Growth Exceeds Expectations Product Sales ($M) $5.0B +10% Q126 Sales Q126 Growth YoY • YoY reflects strong demand growth across Biktarvy, Yeztugo and Descovy, as well as pricing favorability • QoQ reflects normal first quarter seasonality, including inventory drawdown following a
Slide 9: HIV Treatment: Building on Leadership
HIV Treatment: Building on Leadership BIC/LEN Q126 sales: $3.4B; +7% YoY, -15% QoQ PDUFA August 27, 2026 • YoY driven by higher demand and 2-3% average realized price, partially offset by inventory drawdown 5-6% • Combines bictegravir, the most prescribed integrase inhibitor, with U.S. Treatment PWH
Slide 10: Leading Oral & Injectable HIV PrEP Portfolio
Leading Oral & Injectable HIV PrEP Portfolio +87% ~14% Gilead U.S. PrEP Business Growth YoY U.S. PrEP Market Growth YoY Q126 sales: $807M; +38% YoY, -1% QoQ Q126 sales: $166M ; +72% QoQ • YoY driven by higher average realized price and • Q1 sales exceeded internal expectations demand growth • Now le
Slide 11: Liver Disease: Livdelzi Leading in 2L PBC
Liver Disease: Livdelzi Leading in 2L PBC Product Sales ($M) $133M >50% Q126 Livdelzi Sales 2L PBC U.S. Market Share • Livdelzi launch momentum continues (+230% YoY), with QoQ (-11%) impacted by inventory drawdown and normalized demand following switch bolus in Q425 • Total Q126 Liver +1% YoY driven
Slide 12: Trodelvy: Growing Leadership in mTNBC
Trodelvy: Growing Leadership in mTNBC Product Sales ($M) >60 #1 Countries Approved 2L mTNBC1 share • Q126 +37% YoY and +5% QoQ primarily due to increased demand across breast cancer indications in all regions • FDA regulatory decisions for 1L mTNBC expected 2H26 Note: YoY reflects Q126 vs. Q125 and
Slide 13: Cell Therapy: Preparing for Anito-Cel Launch
Cell Therapy: Preparing for Anito-Cel Launch Product Sales ($M) $407M Q126 Cell Therapy Sales >35K >600 Patients Treated to Date ATCs Globally • Q126 -12% YoY and -11% QoQ driven by continued competitive headwinds across regions • Anito-cel PDUFA December 23, 2026 13 Yescarta (axicabtagene ciloleuce
Slide 14: Most Robust Launch Pipeline in Gilead's History
Most Robust Launch Pipeline in Gilead’s History APPROVED 1H26 2H26 August 2026 December 2026 BIC/LEN Anito-cel QD VS PWH 4L+ R/R MM 2L PBC HDV 1L PD-L1+ mTNBC 1L PD-L1- mTNBC HIV PrEP Up to 4 Potential Launches in 2026 14 Note: This is illustrative and subject to timing of regulatory approvals, whic
Slide 15: Pipeline Updates
Pipeline Updates D i e t m a r B e r g e r, M D , P h D C hie f Med ic al O ff ic er
Slide 16: Lenacapavir Unlocks Broad HIV Pipeline
Lenacapavir Unlocks Broad HIV Pipeline 2026 2027 U.S. Launch EC Decision Daily Oral Bictegravir + Lenacapavir August 2026 2027 Ph3 ISLEND-1 & -2 Update Launch Lenacapavir + Islatravir1 1H 2026 2027 Weekly Oral New Ph2 FPI Launch Treatment Lenacapavir Prodrug + INSTI 2H 2026 2030 Ph1 GS-3107 Update L
Slide 17: Oncology: Expanding ADC Portfolio for New Tumor Types
Oncology: Expanding ADC Portfolio for New Tumor Types NCCN Category 1 Recommendation across 1L and 2L mTNBC FDA PDUFA & EC Decision Est. 2H 2026 for 1L mTNBC First-in-Class TROP2 ADC Establishes Gilead’s P3 EVOKE-03 in 1L PD-L1 high mNSCLC & ASCENT-GYN in 2L+ Foundation in Oncology advanced/recurren
Slide 18: Anito-cel: Well-Positioned in Multiple Myeloma
Anito-cel: Well-Positioned in Multiple Myeloma iMMagine-1 iMMagine-3 Pivotal Program 4L+ R/R MM 2-4L R/R MM Newly Diagnosed MM FDA Filing Enrolling Ahead of Schedule GEM-AnitoFIRST Acceptance Expected Q1 2026 First Patient Dosed 2H 2024 Safety Lead-in Initiated FDA Decision FDA Filing Study Initiati
Slide 19: Inflammation: Growing Opportunities
Inflammation: Growing Opportunities 10 Clinical Stage Assets 3 Phase 2 or Phase 3 Updates in FY26 Gamgertamig (BCMAxCD3) Livdelzi (PPAR∂) Rapid, Deep and Sustained B Cell Depletion Approved in 2L PBC for Inadequate Responders in >60 Patients P3 IDEAL Update in 2L PBC for P3 Registrational Study FPI
Slide 20: Key 2026 Milestones
Key 2026 Milestones Completed 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 BIC/LEN ARTISTRY-1 & -2 QD Oral HIV Treatment
Slide 21: Financial Results
Financial Results Andrew Dickins on Chief Financial Officer
Slide 22: Continued Strength Across the Base Business
Continued Strength Across the Base Business Product Sales ($M) $6,946 $6,613 Base Business Sales +8% YoY and -12% QoQ $144 $302 Veklury -52% • YoY primarily driven by HIV products, Trodelvy and Livdelzi partially offset by lower HCV and Cell Therapy products • QoQ reflects seasonal inventory dynamic
Slide 23: Q1 2026 Non-GAAP Data
Q126 Non-GAAP Data YoY In millions, except percentages and per share amounts Q125 Q126 Change Increased Investment in Virology COGS $961 $869 -10% • R&D relatively flat YoY, reflecting higher investment in Virology clinical manufacturing, Product Gross Margin 85% 87% 202 bps offset by lower Oncology
Slide 24: 2026 Updated Guidance
2026 Updated Guidance For Illustrative Purposes 10 February 2026 7 May 2026 Excluding BD upfront and financing costs Base Business Guidance +5% to +6% YoY Total Product Sales $29.6B - $30.0B $30.0B - $30.4B • Raised Product Sales guidance by $400M, Product Sales driven by strong Q1 commercial perfor
Slide 25: May 2026 Non-GAAP EPS Guidance
May 2026 Non-GAAP EPS Guidance Arcellx, Ouro Medicines and Tubulis upfront payments ~$0.25 ~$0.25 and financing costs Product sales Deal-related (+$400M at midpoint operating expenses1 of guidance) • Excluding upfront payments and financing costs from Arcellx, Ouro and Tubulis, Illustrative May non-
Slide 26: Ongoing Commitment to Disciplined Capital Deployment
Ongoing Commitment to Disciplined Capital Deployment Capital Allocation Priorities Largely Unchanged ~$1B Continue to invest in our business and R&D pipeline while Dividends Paid in Q126 managing expenses Continue ordinary course partnerships and business development transactions $419M In Shares Rep
Slide 27: Q&A
Daniel O’Day Johanna Mercier Dietmar Berger, MD, PhD Chairman & Chief Commercial and Chief Medical Officer Q&A Chief Executive Officer Corporate Affairs Officer Andrew Dickinson Cindy Perettie Chief Financial Officer EVP & Head of Kite
Slide 28: Robust Pipeline with Upcoming Catalysts
Robust Pipeline with Upcoming Catalysts 47 Clinical programs1 4 Clinical opt-in assets 3 Clinical assets pending acquisition PHASE 1 PHASE 2 PHASE 3, FILED, or APPROVED SG SG + pembro SG + pembro 1L mTNBC (PD-L1-) 1L mTNBC (PD-L1+) adjuvant TNBC SG SG + pembro SG 2L mEC 1L mNSCLC (PD-L1 High)2 SCLC
Slide 29: Viral Diseases Pipeline 1/2
Viral Diseases Pipeline 1/2 New listing in Q1’26 Breakthrough Therapy Designation Q1’26 Updates P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q1’26 Updates HIV Prevention Lenacapavir (PURPOSE 365) HIV PrEP LAI HIV Treatment Bictegravir/lenacapavir oral combination (AR
Slide 30: Viral Diseases Pipeline 2/2
Viral Diseases Pipeline 2/2 New listing in Q1’26 Breakthrough Therapy Designation Q1’26 Updates P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q1’26 Updates HDV Hepcludex® (MYR301) HDV P BLA submitted; MAA approved HDV pre-S1 nAb (GS-4321) HDV HBV Cure HBV therapeutic
Slide 31: Cell Therapy Pipeline
Cell Therapy Pipeline New listing in Q1’26 Breakthrough Therapy Designation Q1’26 Updates P PRIME Designation R RMAT Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q1’26 Updates Lymphoma Axicabtagene ciloleucel (ZUMA-22) 2L+ HR FL Axicabtagene ciloleucel (ZUMA-23) 1L HR LBCL B
Slide 32: Oncology Pipeline 1/2
Oncology Pipeline 1/2 New listing in Q1’26 Breakthrough Therapy Designation Q1’26 Updates P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q1’26 Updates Breast Sacituzumab govitecan-hziy (ASCENT-03) 1L mTNBC (PD-L1-) sBLA filed Sacituzumab govitecan-hziy + pembrolizumab
Slide 33: Oncology Pipeline 2/2
Oncology Pipeline 2/2 New listing in Q1’26 Breakthrough Therapy Designation Q1’26 Updates P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q1’26 Updates Advanced Cancers Denikitug (GS-1811) Advanced Cancers PARP1 inhibitor (GS-0201) Advanced Cancers Anti -IL-18BP (GS-032
Slide 34: Inflammatory Diseases Pipeline
Inflammatory Diseases Pipeline New listing in Q1’26 Breakthrough Therapy Designation Q1’26 Updates P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q1’26 Updates Lupus Edecesertib (COSMIC) Lupus Inflammatory Bowel Disease Tilpisertib fosmecarbil (PALEKONA) IBD Emvistegra
Slide 35: GAAP to Non-GAAP Reconciliation of Outstanding Adjusted Debt and Adjusted EBITDA
GAAP to Non-GAAP Reconciliation of Outstanding Adjusted Debt and Adjusted EBITDA As of in billions where applicable Mar 31, 2025 June 30, 2025 Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 Total Debt, net $24.95 $24.95 $24.94 $24.94 $22.17 Debt Discounts, Premiums and Issuance Costs 0.18 0.18 0.18 0.17 0.1