Slide 1: Q224 Financial Results
Q224 Financial Results August 8, 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 un
Slide 3: Contents
Contents Q224 Key Takeaways 4-6 Commercial Results 7-15 Pipeline Updates 16-23 Financial Results 24-30 Appendix 32-39
Slide 4: Q224 Key Takeaways
Q224 Key Takeaways Daniel O’Day Chairman and Chief Executive Officer
Slide 5: Gilead Q224 Key Takeaways
Gilead Q224 Key Takeaways • Total Product Sales excl. Veklury +6% YoY to $6.7B; Non-GAAP diluted EPS $2.01 • HIV +3% YoY driven by strong demand; Biktarvy +8% YoY to $3.2B Financial Results • Oncology +15% YoY to $841M; Trodelvy +23% YoY and Cell Therapy +11% YoY • Increasing FY24 non-GAAP operating
Slide 6: Key 2024 Milestones
Key 2024 Milestones 1H24 Completed Completed, pending On Track Program Trial Indication Update Status Program Trial Indication Update Status LEN/ISL Oral NCT05052996 HIV LA VS Phase 2 update TROPiCS-04 2L mUC Phase 3 update1 Trodelvy ARTISTRY-1 HIV VS TE Phase 3 FPI EVOKE-02 1L mNSCLC Phase 2 update
Slide 7: Commercial Results & Market Dynamics
Commercial Results & Market Dynamics Johanna Mercier Chief Commercial Officer
Slide 8: Strong Q224 YoY & QoQ Performance
Strong Q224 YoY & QoQ Performance $6.9B Total Product Sales +5% YoY, +4% QoQ Veklury $214M $6.7B Total Product Sales excluding Veklury +6% YoY, +10% QoQ -16% YoY Trodelvy $320M +23% YoY HIV Product Sales $4.7B Cell Therapy $521M HIV +11% YoY $4.7B +3% YoY, +9% QoQ +3% YoY Liver Disease $832M Oncolog
Slide 9: HIV: Strong Demand Continues
HIV: Strong Demand Continues Product Sales ($M) $4,667 $4,693 $4,745 $4,626 $326 $341 $261 $533 $4,342 $342 $353 $571 +3% +9% $521 $519 Sales growth Sales growth $596 YoY QoQ • YoY increase primarily driven by strong demand in treatment and prevention, partially offset by lower average realized pric
Slide 10: Leadership Across HIV Treatment & Prevention
Leadership Across HIV Treatment & Prevention Q224 sales: $3.2B; +8% YoY, +10% QoQ Q224 sales: $485M; -6% YoY, +14% QoQ >49% • Remains #1 regimen for new starts and treatment switches across major >40% • Descovy for PrEP maintaining share despite availability of other regimens, U.S. Market markets U.
Slide 11: Liver Disease: Strong Global Market Shares
Liver Disease: Strong Global Market Shares Product Sales ($M) $832 $711 $706 $691 $737 $28 >60% >50% $27 $20 $19 $22 U.S. HCV Europe HCV $263 market share market share $240 $243 $249 $238 • +17% YoY primarily driven by higher average realized price due to channel mix in the U.S., as well as higher d
Slide 12: Veklury: Leading Antiviral for Hospitalized Patients
Veklury: Leading Antiviral for Hospitalized Patients Product Sales ($M) $720 $636 $175 >60% >14M $555 U.S. hospitalized patients People treated with treated for COVID-191 remdesivir to date2 $313 $169 $181 • -16% YoY and -61% QoQ reflecting lower rates of COVID-19 related hospitalizations $70 $256 $
Slide 13: Oncology: Increasing Adoption Across Solid & Heme
Oncology: Increasing Adoption Across Solid & Heme Product Sales ($M) $841 $789 $728 $769 $765 +15% +7% $320 Sales growth Sales growth $283 $309 YoY QoQ $260 $299 >60K >50 Patients treated Countries approved $486 $521 $469 $466 $480 Q223 Q323 Q423 Q124 Q224 Cell Therapy Trodelvy 13 Note: YoY reflects
Slide 14: Trodelvy: Driving Uptake in Breast Cancers
Trodelvy: Driving Uptake in Breast Cancers Product Sales ($M) $320 $309 $299 $260 $283 $21 $24 $36 $26 >40K #1 $69 Patients treated Regimen for $17 $48 $68 across tumor types 2L mTNBC1 $62 $53 • +23% YoY and +4% QoQ primarily driven by higher demand in both 2L mTNBC and pre-treated HR+/HER2- mBC • L
Slide 15: Cell Therapy: Expanding into New Centers & Markets
Cell Therapy: Expanding into New Centers & Markets Product Sales ($M) $521 >23K 14-day $486 $480 $469 $466 $107 $96 $100 Patients treated Yescarta median U.S. $88 $98 to date turnaround time • Focused efforts driving momentum in the U.S., amid continued in- and out-of-class competition • Strong dema
Slide 16: Pipeline Updates
Pipeline Updates M e r d a d P a r s e y, M D , P h D Chief Medical Officer
Slide 17: PURPOSE 1: Unprecedented Efficacy with Lenacapavir
PURPOSE 1: Unprecedented Efficacy with Lenacapavir Twice Yearly Lenacapavir is First & Only Investigational HIV Prevention Regimen to Demonstrate1 100% Efficacy in HIV Prevention Q2 2021 Q3 2021 Q3 2023 Q4 2023 AIDS 2024 Late 2024 – Late 2025 PURPOSE 2 PURPOSE 1 PURPOSE 1 PURPOSE 2 Published in NEJM
Slide 18: Advancing a Comprehensive HIV Pipeline
Advancing a Comprehensive HIV Pipeline 2024 2025 PrEP Ph3 PURPOSE 2 Update (Late ‘24 – Early ‘25) Q6M SubQ Lenacapavir for PrEP Ph3 PURPOSE 1 Update at IAS 2024 Potential Launch in Late 2025 Ph2 ARTISTRY-1 Update at IAS 2024 Once-Daily Oral QD Oral Bictegravir + Lenacapavir Ph3 ARTISTRY-1 and -2 LPI
Slide 19: Promising Liver Data in PBC at EASL
Promising Liver Data in PBC at EASL Seladelpar ASSURE Differentiated Selective PPARδ Agonist Open-label; 24-month Data Legacy Study & Prior RESPONSE Patients FDA & European Regulatory Filings Based on Ph3 RESPONSE Trial Data (Published in NEJM) on Continuous Treatment Composite ALP & Bilirubin Ph3 A
Slide 20: Comprehensive Oncology Pipeline
Comprehensive Oncology Pipeline 29 Clinical Programs in Oncology 16 Approved or Investigational Assets 8 Phase 3 Programs Across Breast, Lung & GI Cancers Lung Cancer Upper GI Cancer Breast Cancer Trodelvy Dom + Zim + FOLFOX Trodelvy TROP2 ADC Program Anti-TIGIT Program TROP2 ADC Program Compelling
Slide 21: Data Continue to Reinforce Cell Therapy Leadership
Data Continue to Reinforce Cell Therapy Leadership 2 Presented Abstracts at ASCO 2024 10 Presented Abstracts at EHA 2024 Encouraging Early Results Demonstrated Potential in R/R PCNSL and SCNSL1 for Outpatient Setting Use Real-world Manufacturing Longest Follow-up CAR T Experience Reinforce 1st Data
Slide 22: Progress Towards Bringing Anito-cel to Patients
Progress Towards Bringing Anito-cel to Patients Tech Transfer from Arcellx iMMagine-3 iMMagine-3 manufacturing by Kite 70% of future 2L MM population Ph3 iMMagine-3 FPI Estimated 2H24 covered by iMMagine-3 design1 Ph2 iMMagine-1 Update Estimated 2H24 35% Unique to iMMagine-3 Anti-CD38 & IMiD Exposed
Slide 23: Key 2024 Milestones
Key 2024 Milestones 1H24 Completed Completed, pending On Track Program Trial Indication Update Status Program Trial Indication Update Status LEN/ISL Oral NCT05052996 HIV LA VS Phase 2 update TROPiCS-04 2L mUC Phase 3 update1 Trodelvy ARTISTRY-1 HIV VS TE Phase 3 FPI EVOKE-02 1L mNSCLC Phase 2 update
Slide 24: Financial Results
Financial Results Andrew Dickinson Chief Financial Officer
Slide 25: Strong Base Business Momentum
Strong Base Business Momentum Product Sales ($M) Product Sales Excluding Veklury +6% YoY +10% QoQ $7,070 $6,994 $6,912 $6,564 $6,647 • Higher YoY and QoQ growth across HIV, Liver Disease, and Oncology $6,358 $6,350 $6,092 $6,698 $6,308 Total Product Sales +5% YoY +4% QoQ • Base business growth offse
Slide 26: Q224 Non-GAAP Data
Q224 Non-GAAP Data Q224 Q223 YoY Change Lower Operating Expenses In millions, except percentages and per share amounts • R&D down 3% primarily due to timing of clinical COGS $965 $861 12% activities, including wind-down of studies (e.g., Product Gross Margin 86% 87% -84 bps magrolimab, obeldesivir,
Slide 27: 1H24 Non-GAAP Data
1H24 Non-GAAP Data 1H 2024 1H 2023 YoY Change Product Sales Excluding Veklury Up 6% YoY In millions, except percentages and per share amounts • Growth in our core Virology and Oncology businesses COGS $1,939 $1,732 12% • HIV up 3% YoY and Oncology up 17% YoY Product Gross Margin 86% 87% -84 bps R&D
Slide 28: 2024 Guidance
2024 Guidance February 6, 2024 April 25, 2024 August 8, 2024 No Change to FY24 Sales Guidance Total Product Sales $27.1B - $27.5B No Change No Change • Continue to expect FY24 Product Sales ex-Veklury, to grow in 4-6% range vs FY23 Product Sales ex-Veklury $25.8B - $26.2B No Change No Change • Conti
Slide 29: FY24 Non-GAAP EPS Guidance Bridge
FY24 Non-GAAP EPS Guidance Bridge $4.10 (top end) $3.95 (midpoint) ~$0.201 $3.90 (top end) $3.85 $3.80 (top end) (bottom end) $3.75 (midpoint) $3.65 (midpoint) $3.60 (bottom end) $3.45 (bottom end) April August Update, Seladelpar Royalty August Guidance Excluding Seladelpar Buy-Out Guidance Royalty
Slide 30: Capital Priorities Unchanged: Returned $1.1B in Q2
Capital Priorities Unchanged: Returned $1.1B in Q2 Continue to invest in our business and R&D pipeline $972M while managing expenses Dividends Paid in Q224 Continue ordinary course partnerships and business development transactions $100M Grow our dividend Shares Repurchased in Q2241 1.5M shares at a
Slide 31: Q&A
Daniel O’Day Andrew Dickinson Q&A Chairman and Chief Financial Officer Chief Executive Officer Johanna Mercier Merdad Parsey, MD, PhD Cindy Perettie Chief Commercial Officer Chief Medical Officer Executive Vice President, Kite
Slide 32: Appendix
Creating Possible Appendix
Slide 33: Robust Pipeline with Upcoming Catalysts
Robust Pipeline with Upcoming Catalysts 52 Clinical stage programs1 13 Potential clinical stage opt-in assets PHASE 1 PHASE 2 PHASE 3, FILED, or APPROVED Trodelvy® sacituzumab govitecan-hziy dom + zim + chemo 2L mUC HR+/HER2- chemo-naïve mBC 1L mNSCLC sacituzumab govitecan-hziy sacituzumab govitecan
Slide 34: Oncology Cell Therapy Pipeline
New listing since Q1’24 Change since Q1’24 Oncology Cell Therapy Pipeline Breakthrough Therapy Designation P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q1’24 Axicabtagene ciloleucel (ZUMA-22) 2L+ HR FL Axicabtagene ciloleucel (ZUMA-23) 1L HR LBCL Axicab
Slide 35: Oncology Pipeline 1/2
New listing since Q1’24 Change since Q1’24 Oncology Pipeline 1/2 Breakthrough Therapy Designation P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q1’24 Sacituzumab govitecan-hziy (ASCENT-03) 1L mTNBC (PD-L1-) Sacituzumab govitecan-hziy + pembrolizumab (ASC
Slide 36: Oncology Pipeline 2/2
New listing since Q1’24 Change since Q1’24 Oncology Pipeline 2/2 Breakthrough Therapy Designation P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q1’24 Domvanalimab + zimberelimab + chemotherapy (STAR-221)1 1L Upper GI ST intestinal Other Gastro- Etrumaden
Slide 37: Viral Diseases Pipeline
New listing since Q1’24 Change since Q1’24 Viral Diseases Pipeline Breakthrough Therapy Designation P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q1’24 Obeldesivir (OAKTREE) COVID-19 EV Lenacapavir (PURPOSE 1 & 2) HIV PrEP Lenacapavir/bictegravir oral co
Slide 38: Inflammatory Diseases Pipeline
Inflammatory Diseases Pipeline New listing since Q1’24 Breakthrough Therapy Designation Change since Q1’24 P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q1’24 Seladelpar (RESPONSE) PBC P Inflammatory Disease NDA and MAA submitted Edecesertib (COSMIC) Lup
Slide 39: Reconciliation of Outstanding Adjusted Debt and Adjusted EBITDA
Reconciliation of Outstanding Adjusted Debt and Adjusted EBITDA As of in billions where applicable Jun 30, 2023 Sep 30, 2023 Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 Total Debt, net $25.25 $24.98 $24.99 $25.19 $23.35 Debt Discounts, Premiums and Issuance Costs 0.15 0.17 0.17 0.16 0.16 Liability relate