Gilead Sciences, Inc. · NASDAQ:GILD
Gilead Sciences — J.P. Morgan Healthcare Conference 2025
22 slides from Gilead Sciences's conference presentation, Jan 13, 2025
Slide 1: Gilead in 2025
Gilead in 2025 J . P. M o r g a n H e a l t h c a r e C o n f e r e n c e 13 January 2025
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: Gilead in 2025
Gilead in 2025 1 Lenacapavir Extends HIV Leadership Beyond 2030s 2 Diversified Pipeline Enables Additional Growth 3 Commitment to Disciplined Capital & Expense Management 3
Slide 4: Gilead in 2025: Lenacapavir Extends HIV Leadership
Gilead in 2025 Lenacapavir Extends • Long-Acting Breakthrough Represents Next Wave of HIV Innovation 1 HIV Leadership • Unique and Transformative Potential in HIV Prevention Beyond 2030s • Up to 9 Product Launches by End of 2033 2 Diversified Pipeline Enables Additional Growth 3 Commitment to Discip
Slide 5: HIV Leadership Extends Beyond 2030s
1 HIV Leadership Extends Beyond 2030s Diversified Portfolio Positioned Lenacapavir Positioned to to Extend Durability of the HIV Catalyze Growth of the HIV Treatment Business Prevention Business No Major LOEs until Dec 2033 Transformative Potential vs. 50+ Across 14 Peers To Expand Reach & Impact of
Slide 6: Gilead Breakthrough Achieves Unprecedented Efficacy
1 Gilead Breakthrough Achieves Unprecedented Efficacy Lenacapavir: Granted BTD for HIV Prevention with Launch Expected Summer 2025 Unmatched Efficacy First of its Kind 1st 100% capsid inhibitor to market2 of lenacapavir participants did not acquire HIV Twice yearly injectable2,3 99.9% >9K of lenacap
Slide 7: Opening New Possibilities in HIV Prevention
1 Opening New Possibilities in HIV Prevention Growing HIV Prevention Market Poised for Significant Transformation 2024 Mid-2030s U.S. PrEP Consumers For illustrative purposes only U.S. PrEP Consumers 400K+ 1M+ U.S. >40% >60% Gilead Share Descovy & Descovy Only lenacapavir 50% to 55% >80% Adherence L
Slide 8: Lenacapavir Broadens & Diversifies Gilead's HIV Portfolio
1 Lenacapavir Broadens & Diversifies Gilead’s HIV Portfolio Building on Biktarvy and Descovy’s Leadership Treatment Prevention Daily Oral Weekly Oral Monthly Oral Quarterly Injectable N/A Twice-Yearly Injectable1 Once-Yearly Injectable N/A Approved In Development 8 1. Lenacapavir is approved as Sunl
Slide 9: Up to 9 New HIV Product Launches by End of 2033
1 Up to 9 New HIV Product Launches by End of 2033 GS-3107 + INSTI Monthly Oral Lenacapavir Bictegravir + GS-16141 + Lenacapavir Quarterly Daily Oral Injectable Lenacapavir Lenacapavir Lenacapavir Lenacapavir Lenacapavir GS-4182 Biktarvy for PrEP for PrEP + TAB + ZAB + INSTI + Islatravir1 + GS-1720 P
Slide 10: Diversified Pipeline Enables Additional Growth
Gilead in 2025 1 Lenacapavir Extends HIV Leadership Beyond 2030s Diversified Pipeline • Diversified Across Therapeutic Area, Mechanism of Action & Phase 2 Enables Additional • Best-in-Class Launches Across 3 Therapeutic Areas to Drive Growth Growth • Early Pipeline Building Strong Foundation for Lon
Slide 11: Diversified Portfolio with Potential Near-Term Launches
2 Diversified Portfolio with Potential Near-Term Launches Anticipated Commercial Launches Lenacapavir for PrEP Anito-cel for 4L+ R/R MM Seladelpar for PBC Virology Decision Expected in Summer 2025 Potential Commercial Launch in 2026 Accel. Approval in U.S.; EU Decision in 1H25 Pipeline Virology Onco
Slide 12: Anito-cel: Potential Best-in-Class CAR T for R/R MM
2 Anito-cel: Potential Best-in-Class CAR T for R/R MM BCMA CAR T with Potentially Leading Efficacy, Safety, and Manufacturing Multiple Myeloma Market Ph2 iMMagine-1 ASH Update 4L+ R/R MM population • 3rd largest blood cancer StrongStrong Efficacy Durable Efficacy Differentiated Safety Differentiated
Slide 13: Seladelpar: Demand Exceeded Internal Expectations
2 Seladelpar: Demand Exceeded Internal Expectations Livdelzi Launched in U.S. August 2024 Primary Biliary Cholangitis Market • If untreated, can result in liver failure1 First and only treatment shown to significantly reduce ALP & PBC-related itch • Impacts >250K patients annually2 target prescriber
Slide 14: Diversified Pipeline Enables Long-Term Growth
2 Diversified Pipeline Enables Long-Term Growth >100 Innovative Pre-IND & Clinical Stage Programs Select Targets PRE-IND & PHASE 1 PHASE 2 PHASE 3+ CCR8 Masked IL-12 CD19xCD20 BCMA TLR8 TROP2 CD19 GS-1811 XTX301 KITE-363, KITE-753 Anito-cel Selgantolimod Sacituzumab Govitecan Axi-cel; Brexu-cel DGK⍺
Slide 15: Commitment to Disciplined Capital & Expense Management
Gilead in 2025 1 Lenacapavir Extends HIV Leadership Beyond 2030s 2 Diversified Pipeline Enables Additional Growth • Results Demonstrate OpEx Discipline & Business Model Leverage Commitment to 3 Disciplined Capital & • Continued Commitment to Dividend & Dividend Growth Expense Management • Continued
Slide 16: Operating Margin Expansion Reflects Top & Bottom Line Progress
3 Op. Margin Expansion Reflects Top & Bottom Line Progress 2021-2023 2024+ Investment Period Optimization Focus 50% 50% 46% 47% 47% Adjusted Operating Margin (%) 42% • Growing R&D & SG&A 41% 38% investments from 2021- 40% 2023 supported pipeline diversification 30% • Starting in 2024, improving oper
Slide 17: Robust and Consistent Cash Flow from Operations
3 Robust and Consistent Cash Flow from Operations 2021-2023 2024 $11.9 ~$11.7 $ in billions $0.5 $10.8 $1.2 $1.7 $9.4 • Veklury sales peaked in 2021 and was followed by $1.4 period of heavy pipeline 1 Non-routine Items investments Cash Flow from Operations • 2024 Cash Flow from $11.4 ~$10.5 Operatio
Slide 18: Commitment to Dividend and Dividend Growth
3 Commitment to Dividend and Dividend Growth… $3.08 $3.00 $2.92 • Dividend has grown 13% $2.84 since 2020 $2.72 • Gilead has paid $18.5B in dividends since 2020 • Committed to continued dividend growth • Target is to match or exceed earnings growth over time 2020 2021 2022 2023 2024 Forecast1 18 1.
Slide 19: An Important Component of Total Shareholder Returns
3 … An Important Component of Total Shareholder Returns $ in billions Repurchases Dividend 5.1 4.8 • Shareholder Returns have averaged 57% of Free Cash Flow since 2020 3.9 3.8 • ~$24B returned since 2020 • Shares repurchases offset equity dilution at a minimum, but also include opportunistic purchas
Slide 20: Continued Focus on Ordinary Course Business Development
3 Continued Focus on Ordinary Course Business Development Investments Since 2020 Have Further Diversified and Expanded Pipeline 2019-2022 2023+ New management and diversification strategy Primarily Tuck-ins & “Ordinary Course” Acquisitions Collaborations / Licensing 20 Note: This is not an exhaustiv
Slide 21: Gilead in 2025
Gilead in 2025 • Long-Acting HIV Breakthrough Represents Next Wave of HIV Innovation Lenacapavir Extends 1 HIV Leadership • Unique and Transformative Potential in HIV Prevention Beyond 2030s • Up to 9 Product Launches by End of 2033 • Diversified Across Therapeutic Area, Mechanism of Action & Phase
Slide 22: Gilead in 2025
Gilead in 2025 J . P. M o r g a n H e a l t h c a r e C o n f e r e n c e 13 January 2025
Gilead Sciences — J.P. Morgan Healthcare Conference 2025 on 6ix