Slide 1: Q125 Financial Results
Q125 Financial Results April 24, 2025 10 December 2024
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements included in this press release 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 6-13 Pipeline Updates 14-19 Financial Results 20-24 Appendix 26-33 3
Slide 4: Q125 Key Takeaways
Q125 Key Takeaways Daniel O’Day Chairman & Chief Executive Officer
Slide 5: Gilead Q125 - Key Takeaways
Gilead Q125 - Key Takeaways • Total Product Sales excluding Veklury up 4% YoY to $6.3B Strong • Total HIV up 6% YoY due to pricing and demand; Biktarvy up 7% YoY and Descovy up 38% YoY 1 Execution • Continued Livdelzi launch momentum; Trodelvy down 5% YoY due to inventory dynamics and pricing • Cont
Slide 6: Commercial Results & Market Dynamics
Commercial Results & Market Dynamics Johanna Mercier Chief Commercial Officer
Slide 7: Solid Base Business Performance in Q125
Solid Base Business Performance in Q125 Total Product Sales $6.6B -1% YoY, -12% QoQ Total Product Sales excluding Veklury Veklury $302M $6.3B +4% YoY, -12% QoQ -45% YoY Trodelvy $293M $4.6B -5% YoY HIV HIV Product Sales Cell Therapy $4.6B +6% YoY, -16% QoQ $464M +6% YoY -3% YoY Oncology Product Sale
Slide 8: HIV: Robust Demand Supporting Growth
HIV: Robust Demand Supporting Growth Product Sales ($M) $5,452 $5,073 +6% -16% $317 $4,745 $342 $603 $4,587 $4,342 $353 $570 $370 Sales YoY Sales QoQ $342 $571 $553 $596 • YoY reflects higher average realized price and demand $4,532 • QoQ reflects Q1 seasonality, including lower average $4,161 reali
Slide 9: Share and Market Growth for HIV Treatment & PrEP
Share and Market Growth for HIV Treatment & PrEP Q125 sales: $3.1B, +7% YoY, -17% QoQ Q125 sales: $586M; +38% YoY, -5% QoQ 51% • Remains #1 regimen for new starts and treatment switches across >40% • Descovy for PrEP maintaining share despite availability of other regimens, U.S. Market major markets
Slide 10: Liver Disease: Stable Contributor to Business
Liver Disease: Stable Contributor to Business Product Sales ($M) $832 $737 $733 $719 $758 >60% $40M $259 U.S. HCV market Share Q125 Livdelzi sales $215 $207 $194 $256 $142 $137 $132 $134 • +3% YoY reflects increased demand across PBC, HBV, and $168 HDV products, partially offset by lower average rea
Slide 11: Veklury: Lower Hospitalizations with Mild Winter
Veklury: Lower Hospitalizations with Mild Winter Product Sales ($M) $692 >60% $555 $219 U.S. hospitalized patients treated for COVID-191 $169 $81 • -45% YoY and -10% QoQ reflects lower rates of COVID-19 $337 $70 related hospitalizations due to a milder winter season $302 $214 $150 $82 $393 $22 $315
Slide 12: Trodelvy: Continued Leadership in 2L mTNBC
Trodelvy: Continued Leadership in 2L mTNBC Product Sales ($M) $355 $309 $320 $332 $31 59 #1 $26 $293 Countries where Trodelvy 2L mTNBC1 share $26 $36 $77 is approved $37 $69 $80 $68 $75 • -5% YoY reflecting inventory dynamics and lower average realized price, partially offset by higher demand • -17%
Slide 13: Cell Therapy: Continued Evolving Landscape
Cell Therapy: Continued Evolving Landscape Product Sales ($M) $521 $485 $488 >29K >555 $480 $464 $107 $100 $98 $98 $78 Patients treated to date ATCs Globally • Yescarta +2% YoY, reflecting higher average realized price and increased rest of world demand, partially offset by lower demand in the U.S.
Slide 14: 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 15: CROI Data Highlight Strength of HIV Pipeline
CROI Data Highlight Strength of HIV Pipeline Treatment Prevention 20 HIV Abstracts at CROI 2025 Phase 1 Once-Yearly Lenacapavir Published in Lancet Phase 2 Twice-Yearly Lenacapavir + bNAbs Data Readout Data Readout Oral 6 Presentations Once-yearly IM lenacapavir maintained blood concentrations highe
Slide 16: Expanding Livdelzi's Reach
Expanding Livdelzi’s Reach Lower ALP Less Itch Inadequate Response to UDCA1 ALP > 1.67x ULN FDA Accelerated Approval Final EC Decision Mid-August 2024 February 2025 U.K. MHRA Approval Ongoing Phase 3 January 2025 Confirmatory Trial Partial Response to UDCA ALP 1 - 1.67x ULN; total bilirubin ≤2x ULN
Slide 17: Trodelvy: Delivering Meaningful Outcomes in mTNBC
Trodelvy: Delivering Meaningful Outcomes in mTNBC Only TROP2 ADC to demonstrate statistically significant and clinically meaningful PFS benefit in 1L PD-L1+ mTNBC1 ASCENT-03 Completed enrollment in Q324 Trodelvy 1L mTNBC – not candidate Topline update expected in Q225 for PD-(L)1 inhibitors Clinical
Slide 18: Advancing Next Wave of CAR T Treatments
Advancing Next Wave of CAR T Treatments Anito-cel iMMagine-1 iMMagine-3 4L+ R/R MM 2-4L R/R MM Topline readout ASH 2024 First patient dosed Data update 2H25 NEW MRD-negativity dual primary endpoint Next Generation CAR T 6 ASCO Abstracts Accepted Kite Oral Presentation Investigator-Sponsored Oral Pre
Slide 19: Key 2025 Milestones
Key 2025 Milestones 1H25 2H25 Completed On Track Program Trial Indication Update Status Program Trial Indication Update Status Lenacapavir PURPOSE 1 & 2 Q6M LAI HIV PrEP FDA Decision1 PURPOSE 1 & 2 Q6M LAI HIV PrEP EMA Decision Lenacapavir GS-1720 / WONDERS-1 QW LAO HIV Tx Phase 2 update Q12M Study
Slide 20: Financial Results
Financial Results Andrew Dickinson Chief Financial Officer
Slide 21: Solid Growth Across the Base Business
Solid Growth Across the Base Business Product Sales ($M) Product Sales, excluding Veklury $6,647 $6,613 $555 Veklury -45% $302 +4% YoY -12% QoQ • YoY growth across HIV and Liver Disease • QoQ declines primarily driven by HIV seasonality, as expected $6,092 Base Business $6,311 Total Product Sales +4
Slide 22: Q125 Non-GAAP Data
Q125 Non-GAAP Data YoY Q124 Q125 In millions, except percentages and per share amounts Change COGS $974 $961 -1% Disciplined Expense Management Product Gross Margin 85% 85% 12bps R&D $1,403 $1,338 -5% • R&D decrease primarily reflects lower clinical manufacturing activities Acquired IPR&D $4,131 $25
Slide 23: 2025 Guidance
2025 Guidance 11 Feb 2025 24 April 2025 Total Product Sales ~$28.2B - $28.6B No Change Product Sales Guidance Product Sales ex-Veklury ~$26.8B - $27.2B No Change • No change to product sales guidance Veklury Sales ~$1.4B No Change • Do not expect to update Veklury guidance until Q325 Non-GAAP Produc
Slide 24: Capital Priorities Unchanged: Returned $1.7B in Q125
Capital Priorities Unchanged: Returned $1.7B in Q125 Continue to invest in our business and R&D pipeline $1.0B while managing expenses Dividends Paid in Q125 Continue ordinary course partnerships and business development transactions $730M Grow our dividend Shares Repurchased in Q1251 Repurchase sha
Slide 25: Q&A
Daniel O’Day Johanna Mercier Dietmar Berger, MD, PhD Chief Medical Officer Q&A Chairman & Chief Chief Commercial Officer Executive Officer Andrew Dickinson Cindy Perettie Chief Financial Officer EVP & Head of Kite
Slide 26: Robust Pipeline with Upcoming Catalysts
Robust Pipeline with Upcoming Catalysts 58 Clinical stage programs1 8 Potential clinical stage opt-in assets 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 HR+/HER2- SG + pembro 1L mNSCLC DOM + ZIM + chemo chemo-naïve mBC (
Slide 27: Viral Diseases Pipeline 1/2
Viral Diseases Pipeline 1/2 New listing since Q4’24 Change since Q4’24 Breakthrough Therapy Designation P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q4’24 HIV Prevention Lenacapavir (PURPOSE 1 & 2) HIV PrEP LAI NDA and MAA filed MAA filed HIV Treatment
Slide 28: Viral Diseases Pipeline 2/2
Viral Diseases Pipeline 2/2 New listing since Q4’24 Change since Q4’24 Breakthrough Therapy Designation P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q4’24 HDV Hepcludex® (MYR301) HDV P BLA pending; MAA approved HBV Cure Selgantolimod HBV Cure HBV therap
Slide 29: Cell Therapy Pipeline
Cell Therapy Pipeline New listing since Q4’24 Change since Q4’24 Breakthrough Therapy Designation P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q4’24 Lymphoma Axicabtagene ciloleucel (ZUMA-22) 2L+ HR FL Axicabtagene ciloleucel (ZUMA-23) 1L HR LBCL Brexuc
Slide 30: Oncology Pipeline 1/2
Oncology Pipeline 1/2 New listing since Q4’24 Change since Q4’24 Breakthrough Therapy Designation P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q4’24 Breast Sacituzumab govitecan-hziy (ASCENT-03) 1L mTNBC (PD-L1-) Sacituzumab govitecan-hziy + pembrolizum
Slide 31: Oncology Pipeline 2/2
Oncology Pipeline 2/2 New listing since Q4’24 Change since Q4’24 Breakthrough Therapy Designation P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q4’24 Gastrointestinal Domvanalimab + zimberelimab + chemotherapy (STAR-221)1 1L Upper GI Etrumadenant + zimbe
Slide 32: Inflammatory Diseases Pipeline
Inflammatory Diseases Pipeline New listing since Q4’24 Change since Q4’24 Breakthrough Therapy Designation P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q4’24 Inflammatory Disease Livdelzi® (RESPONSE) PBC P NDA for AA and MAA approved MAA approved Edeces
Slide 33: 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 Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Total Debt, net $25.19 $23.35 $23.25 $26.71 $24.95 Debt Discounts, Premiums and Issuance Costs 0.16 0.16 0.16 0.19 0.18