Slide 1: Q3 2025 Financial Results
Q325 Financial Results O ct o be r 30 , 2 02 5 10 December 2024
Slide 2: Forward-Looking Statements
® Forward-Looking Statements Statements included in this document 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 unce
Slide 3: Contents
Contents Key Takeaways 4-5 Commercial Results 6-13 Pipeline Updates 14-20 Financial Results 21-26 Appendix 27-35 3
Slide 4: Key Takeaways
Q325 Key Takeaways Da nie l O’Da y C h a ir m an & C h i e f E xe c u t iv e Of fi c er
Slide 5: Gilead Q3 2025 Key Takeaways
Gilead Q325 - Key Takeaways • Total Product Sales excluding Veklury up 4% YoY to $7.1B; driven by strength across HIV portfolio Business • Total HIV up 4% YoY; Biktarvy up 6% YoY, Descovy up 20% YoY, and Yeztugo sales of $39M 1 Performance • In our Oncology franchise, Trodelvy was up 7% YoY and Cell
Slide 6: Commercial Results
Commercial Results J oha nn a Mer cier C h i e f C o mm e r ci a l O ff ic e r
Slide 7: Solid Base Business Performance in Q3 2025
Solid Base Business Performance in Q325 $5.3B $7.1 B Total Product Sales excluding Veklury +4% YoY, +2% QoQ 4% YoY Total Product Sales $277M -60% YoY $7.3 B -2% YoY, +4% QoQ $357M +7% YoY HIV Product Sales $432M -11% YoY $5.3 B +4% YoY, +4% QoQ $819M +12% YoY $184M -8% YoY 7 Note: YoY reflects Q325
Slide 8: HIV: Strong Demand-Driven Growth
HIV: Strong Demand–Driven Growth Product Sales ($M) +4% +4% Sales YoY Sales QoQ • YoY and QoQ reflect increased demand and favorable inventory dynamics, partially offset by lower average realized price • YTD up >5% YoY despite ~$900M expected headwind in FY25 related to Medicare Part D redesign • Re
Slide 9: Record Share for HIV Treatment & PrEP
Record Share for HIV Treatment & PrEP Q325 sales: $3.7B; +6% YoY, +4% QoQ Q325 sales: $701M; +20% YoY, +7% QoQ • Record Descovy for PrEP share in Q325, 52% • Remains #1 prescribed regimen for >45% despite availability of other regimens, U.S. Tx Market new starts and treatment switches U.S. PrEP incl
Slide 10: Yeztugo: Strong Performance in First Full Quarter
Yeztugo: Strong Performance in First Full Quarter • Received European Commission approval as Yeytuo • Received updated recommendations in clinical guidelines for HIV prevention: 75% ◦ The International AIDS Society (IAS), ◦ World Health Organization (WHO), U.S. Access Achieved ~3 Months Ahead of Tar
Slide 11: Liver Disease: Livdelzi Now #1 Product for 2L PBC
Liver Disease: Livdelzi Now #1 Product for 2L PBC Product Sales ($M) * * $105M +35% Q325 Livdelzi Sales QoQ Livdelzi Sales • Total Liver +12% YoY and +3% QoQ primarily driven by Livdelzi and Vemlidy • Continued strong levels of adherence and persistence among Livdelzi users * Includes $1M PBC revenu
Slide 12: Trodelvy: Continued Strength in mBC
Trodelvy: Continued Strength in mBC Product Sales ($M) >60 #1 Countries Approved 2L mTNBC1 Share • +7% YoY primarily driven by higher demand • -2% QoQ reflects unfavorable inventory dynamics and lower ex-U.S. average realized price • Strong demand YoY and QoQ reflects continued strength in mBC more
Slide 13: Cell Therapy: Competitive Headwinds Continue
Cell Therapy: Competitive Headwinds Continue Product Sales ($M) >32K >570 Patients Treated To Date ATCs Globally • -11% YoY and QoQ, respectively, based on continued competitive headwinds from in-and out-of-class therapies • >40 ATCs added globally YTD as we continue to bring Cell Therapy closer to
Slide 14: Pipeline Updates
Pipeline Updates D i e t m a r B e r g e r, M D , P h D C h i e f Me di c al Of fi c er
Slide 15: Lenacapavir: 5 Phase 3 Trials Across Treatment & PrEP
Lenacapavir: 5 Phase 3 Trials Across Treatment & PrEP A Scientific Breakthrough in Fight Against HIV Epidemic HIV Prevention Next-Gen HIV Treatments Twice-Yearly Subcutaneous Option Heavily Treatment-Experienced PWH Approved as Yeztugo/Yeytuo Approved as Sunlenca Daily Oral Option for PWH on Complex
Slide 16: HDV: Commitment to Development of New Treatments
HDV: Commitment to Development of New Treatments Most Severe Form of Viral Hepatitis with Large Unmet Need for Treatment Options • Hepcludex available in the EU since 2020 • Rolling BLA submission by year-end with potential bulevirtide U.S. approval in 2H 2026 GS-4321 • Phase 1 active and enrolling
Slide 17: Trodelvy: Potential Backbone Across 1L mTNBC
Trodelvy: Potential Backbone Across 1L mTNBC Median progression- 1L Population free survival (mPFS) Duration of Response ASCENT-03 not candidate 9.7 12.2 for PD-(L)1 months months Sacituzumab Govitecan inhibitors vs. 6.9 months for vs. 7.2 months for chemo chemo ASCENT-04 11.2 16.5 PD-L1+ (CPS≥10) m
Slide 18: TIGIT: EDGE-Gastric Survival Data Support Phase 3
TIGIT: EDGE-Gastric Survival Data Support Phase 3 Domvanalimab: Potential First Fc-Silent Anti-TIGIT Domvanalimab ESMO: Phase 2 EDGE-Gastric Results • Promising OS results from Arm A1 of the Phase 2 EDGE-Gastric study in 1L metastatic upper GI cancers shared at ESMO 2025 • Ongoing Phase 3 STAR-221 t
Slide 19: Expanding and Advancing Kite's Platform
Expanding and Advancing Kite’s Platform Novel Platform Expansion Next Gen CAR T Advancement Lymphomas • In vivo CAR technology enables simplified manufacturing and KITE-753 / KITE-363 Phase 1 data Expected Q425 off-the-shelf products, potentially expanding access KITE-753 pivotal Phase 2 initiation
Slide 20: Key 2025 Milestones
Key 2025 Milestones 1H25 2H25 Completed Clinical Hold On Track New Since Last Update Program Trial Indication Update Status Program Trial Indication Update Status Yeztugo® PURPOSE 1 & 2 Q6M LAI HIV PrEP FDA Decision Yeytuo® PURPOSE 1 & 2 Q6M LAI HIV PrEP EC Decision GS-1720 / WONDERS-11 QW LAO HIV T
Slide 21: Financial Results
Financial Results Andr ew Dickinso n C h i e f Fi n a n ci a l O ff ic e r
Slide 22: Continued Strength Across the Base Business
Continued Strength Across the Base Business Product Sales ($M) $7,515 $7,345 Product Sales, excluding Veklury +4% YoY +2% QoQ • 4% growth in HIV YoY, including 6% in Biktarvy, and 20% in Descovy • 7% growth in Trodelvy YoY Base • Livdelzi sales grew 35% QoQ to $105 million Business +4% Total Product
Slide 23: Nonrecurring Revenue Contribution of $400M
Nonrecurring Revenue Contribution of $400M Q325 Total Revenues ($M) $424 $7,769 Royalty, Contract & Other Revenues +~4% • $424M reported included a $400M nonrecurring $7,345 change in revenue estimate related to a 2018 IP $277 asset sale $7,068 • No impact to Q325 cash (non-cash) or product gross ma
Slide 24: Q3 2025 Non-GAAP Data
Q325 Non-GAAP Data Q324 Q325 YoY Disciplined Expense Management In millions, except percentages and per share amounts Change • R&D decrease in line with our expectation. On COGS $995 $992 —% track for flat R&D in FY25 vs FY24 Product Gross Margin 87% 86% -27 bps • Acquired IPR&D primarily reflects P
Slide 25: 2025 Guidance
2025 Guidance Product Sales 11 February 2025 24 April 2025 7 August 2025 30 October 2025 • $100M raise at the low end of Total Product Total Product Sales $28.2B - $28.6B No change $28.3B - $28.7B $28.4B - $28.7B Sales and Product Sales ex-Veklury ranges Product Sales ex- $26.8B - $27.2B No change $
Slide 26: Capital Priorities Unchanged: Returned $1.4B in Q3 2025
Capital Priorities Unchanged: Returned $1.4B in Q325 Continue to invest in our business and R&D pipeline $1B while managing expenses Dividends Paid in Q325 Continue ordinary course partnerships and business development transactions Grow our dividend $435M Repurchase shares to offset dilution and Sha
Slide 27: Q&A
Daniel O’Day Johanna Mercier Dietmar Berger, MD, PhD Chairman & Chief Commercial Officer Chief Medical Officer Q&A Chief Executive Officer Andrew Dickinson Cindy Perettie Chief Financial Officer EVP & Head of Kite
Slide 28: Robust Pipeline with Upcoming Catalysts
Robust Pipeline with Upcoming Catalysts 56 Clinical stage programs1 7 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 29: Viral Diseases Pipeline 1/2
Viral Diseases Pipeline 1/2 New listing since Q2’25 Breakthrough Therapy Designation Change since Q2’25 P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q2’25 HIV Prevention Yeztugo® (PURPOSE 1 & 2) HIV PrEP LAI NDA approve d an d EC approve d EC Approved L
Slide 30: Viral Diseases Pipeline 2/2
Viral Diseases Pipeline 2/2 New listing since Q2’25 Breakthrough Therapy Designation Change since Q2’25 P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q2’25 HDV Hepcludex ® (MYR301) HDV P BLA sub mitted ; MAA app roved BLA submitted HDV pre-S1 nAb (GS-432
Slide 31: Cell Therapy Pipeline
Cell Therapy Pipeline New listing since Q2’25 Breakthrough Therapy Designation Change since Q2’25 P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q2’25 Lymphoma Axicabtagene ciloleucel (ZUMA-22) 2L+ HR FL Axicabtagene ciloleucel (ZUMA-23) 1L HR LBCL Brexuc
Slide 32: Oncology Pipeline 1/2
Oncology Pipeline 1/2 New listing since Q2’25 Breakthrough Therapy Designation Change since Q2’25 P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q2’25 Breast Sacituzumab govitecan-hziy (ASCENT-03) 1L mTNBC (PD-L1-) sBLA submitted sBLA submitted Sacituzuma
Slide 33: Oncology Pipeline 2/2
Oncology Pipeline 2/2 New listing since Q2’25 Breakthrough Therapy Designation Change since Q2’25 P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q2’25 Other Solid Tumor Sacituzumab govitecan-hziy (TROPiCS-03) Basket (Solid Tumors) Gastrointestinal Domvana
Slide 34: Inflammatory Diseases Pipeline
Inflammatory Diseases Pipeline New listing since Q2’25 Breakthrough Therapy Designation Change since Q2’25 P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q2’25 Inflammatory Disease Edecesertib (COSMIC) Lupus Tilpisertib fosmecarbil (PALEKONA) IBD α4β7 inh
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 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 June 30, 2025 Sep 30, 2025 Total Debt, net $23.25 $26.71 $24.95 $24.95 $24.94 Debt Discounts, Premiums and Issuance Costs 0.16 0.19 0.18 0.18 0.1