Slide 1: Q225 Financial Results
Q225 Financial Results August 7, 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 6-14 Pipeline Updates 15-20 Financial Results 21-26 Appendix 28-35 3
Slide 4: Q225 Key Takeaways
Q225 Key Takeaways Daniel O’Day Chairman & Chief Executive Officer
Slide 5: Gilead Q225 - Key Takeaways
Gilead Q225 - Key Takeaways • Total Product Sales excluding Veklury up 4% YoY to $6.9B, driven by HIV, Livdelzi, and Trodelvy Business • Total HIV up 7% YoY; Biktarvy up 9% YoY and Descovy up 35% YoY 1 Performance • Total Oncology up 1% YoY; Trodelvy up 14% YoY; Cell Therapy down 7% YoY • Strong top
Slide 6: Commercial Results & Market Dynamics
Commercial Results & Market Dynamics Johanna Mercier Chief Commercial Officer
Slide 7: Solid Base Business Performance in Q225
Solid Base Business Performance in Q225 Total Product Sales excluding Veklury $6.9B +4% YoY, +10% QoQ Total Product Sales Veklury $121M $7.1B +2% YoY, +7% QoQ -44% YoY Trodelvy $364M $5.1B +14% YoY HIV HIV Product Sales Cell Therapy $5.1B +7% YoY, +11% QoQ $485M +7% YoY -7% YoY Oncology Product Sale
Slide 8: HIV: Strong Demand-Driven YoY Growth
HIV: Strong Demand-Driven YoY Growth Product Sales ($M) $5,452 $5,073 $5,088 +7% +11% $317 $4,745 $342 $368 $603 $4,587 $353 $570 $370 $624 Sales YoY Sales QoQ $571 $553 • YoY reflects increased demand and higher average realized price $4,532 $4,161 $4,096 • QoQ reflects seasonal inventory dynamics,
Slide 9: Share Growth for HIV Treatment & PrEP
Share Growth for HIV Treatment & PrEP Q225 sales: $3.5B, +9% YoY, +12% QoQ Q225 sales: $653M; +35% YoY, +11% QoQ 51% • Remains #1 prescribed regimen for new starts and treatment switches >40% • Descovy for PrEP maintaining share despite availability of other regimens, U.S. Market across most major m
Slide 10: Yeztugo: Now Approved in U.S. for HIV PrEP
Yeztugo: Now Approved in U.S. for HIV PrEP Upon Approval: ~hours First prescription written 24 hours First product shipped days First dose administered FDA U.S. WHO EU CHMP European Approval Launch Recommendation Opinion Commission Decision 18 June 2025 June 2025 July 2025 July 2025 Expected 2H25 10
Slide 11: FY25 HIV Guidance Updated to Reflect YTD Strength
FY25 HIV Guidance Updated to Reflect YTD Strength HIV Revenue Illustrative Guidance >7% YoY Product Sales ($B) >7% • Strong performance of Biktarvy and Descovy driving (Illustrative vs FY24) increased sales guidance for FY25 • HIV sales now expected to grow~3% YoY • No changes to: +~3% (vs FY24) • M
Slide 12: Liver Disease: Growing Livdelzi Contributions
Liver Disease: Growing Livdelzi Contributions Product Sales ($M) $832 $795 $733 $719 $758 >60% $78M $259 $211 U.S. HCV market Share Q225 Livdelzi sales $207 $194 $256 $142 $170 $132 $134 • -4% YoY reflects lower HCV sales, partially offset by higher $168 demand across Livdelzi, HDV and HBV • +5% QoQ
Slide 13: Trodelvy: Continued Strength in mBC
Trodelvy: Continued Strength in mBC Product Sales ($M) $364 $355 $320 $332 $31 $44 59 #1 $26 $293 Countries Approved 2L mTNBC1 share $26 $77 $37 $96 $69 $80 $75 • +14% YoY and +24% QoQ reflecting continued strength in mBC more than offsetting lower YoY mUC sales • Strong demand outside of U.S. both
Slide 14: Cell Therapy: Evolving Competitive Landscape
Cell Therapy: Evolving Competitive Landscape Product Sales ($M) $521 $485 $488 $485 $107 $464 >31K >570 $98 $98 $92 $78 Patients treated to date ATCs Globally • -7% YoY, reflecting lower demand, partially offset by higher average realized price $414 $387 $390 $386 $393 • +5% QoQ, driven by favorable
Slide 15: 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 16: Strong Execution Driving Clinical Momentum
Strong Execution Driving Clinical Momentum Positive Regulatory Updates in Virology & Clinical Data Readouts Across Oncology Next Gen CAR T FDA Approval ASCENT-04 & -03 Topline ASCO Update Q2 2025 June 2025 April / May 2025 June 2025 Update Positive CHMP Opinion ASCENT-04 ASCO Update iMMagine-1 EHA U
Slide 17: HIV: Advancing Leading Clinical Pipeline
HIV: Advancing Leading Clinical Pipeline Phase 1 Phase 2 Phase 3 PrEP Treatment ARTISTRY-1 & ARTISTRY-2 + Complex Regimens Daily bictegravir/lenacapavir ~2027 ISLEND-1 & ISLEND-2 ~2027 lenacapavir/islatravir Weekly WONDERS-1 WONDERS-1 & WONDERS-2 GS-4182/GS-1720 Program on Clinical Hold ~2029-2030 G
Slide 18: Trodelvy: Potential to Change Practice in 1L mTNBC
Trodelvy: Potential to Change Practice in 1L mTNBC Clinical Programs ASCENT-03 Across Multiple Trodelvy Tumor Types: 1L mTNBC – not candidate Only ADC to demonstrate for PD-(L)1 inhibitors Breast Cancer1 statistically significant and clinically meaningful Non-Small Cell PFS benefit in 1L mTNBC ASCEN
Slide 19: Advancing Next Wave of CAR T Treatments
Advancing Next Wave of CAR T Treatments Anito-cel Next Generation CAR T iMMagine-1 Lymphomas 4L+ R/R MM Selection of go-forward CAR T in 2H25 Topline readout ASH 2024 Kite-363 (CD19/CD20) Bicistronic-CAR Data update EHA 2025 Kite-197 (CD19) Data update Expected 2H25 FIT-CAR Target launch 2026 Kite-7
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 PURPOSE 1 & 2 Q6M LAI HIV PrEP EC Decision (Lenacapavir) Lenacapavir GS-1720 / WONDE
Slide 21: Financial Results
Financial Results Andrew Dickinson Chief Financial Officer
Slide 22: Continued Strength Across the Base Business
Continued Strength Across the Base Business Product Sales ($M) Product Sales, excluding Veklury $6,912 $7,054 +4% YoY +10% QoQ • HIV +7% YoY, inc. Biktarvy +9% and Descovy +35% • Trodelvy +14% YoY • Livdelzi sales almost doubled QoQ to $78M Base $6,698 Business +4% $6,934 Total Product Sales +2% YoY
Slide 23: Q225 Non-GAAP Data
Q225 Non-GAAP Data YoY Q224 Q225 In millions, except percentages and per share amounts Change COGS $965 $922 -4% Disciplined Expense Management Product Gross Margin 86% 87% 89bps R&D $1,335 $1,450 9% • R&D increase driven by investment in clinical manufacturing and studies; no change to Acquired IPR
Slide 24: FY25 Guidance: Increased Base Business Expectations
FY25 Guidance: Increased Base Business Expectations Product Sales Excluding Veklury ($B mid-point) Product Sales Excluding Veklury • Increase of $500M reflecting strong YTD results and + ~7% higher FY25 base business expectations, including: $1.1B (vs FY24) +~4% + ~3% • Stronger HIV growth of +~3% Y
Slide 25: 2025 Guidance – P&L
2025 Guidance – P&L 11 Feb 2025 24 April 2025 7 August 2025 Veklury Total Product Sales ~$28.2B - $28.6B No change ~$28.3B - $28.7B • FY25 expectations reduced to ~$1B, reflecting Product Sales ex- ~$26.8B - $27.2B No change ~$27.3B - $27.7B current path of pandemic and lower hospitalization Veklury
Slide 26: Capital Priorities Unchanged: Returned $1.5B in Q225
Capital Priorities Unchanged: Returned $1.5B in Q225 $1B Continue to invest in our business and R&D pipeline Dividends Paid in Q225 while managing expenses $527M Continue ordinary course partnerships and business development transactions Shares Repurchased in Q2251 5M shares at average $105.88 Grow
Slide 27: Q&A
Daniel O’Day Johanna Mercier Dietmar Berger, MD, PhD Chief Medical Officer Q&A Chairman & Chief Commercial Officer 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 52 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 29: Viral Diseases Pipeline 1/2
Viral Diseases Pipeline 1/2 New listing since Q125 Breakthrough Therapy Designation Change since Q125 P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q125 HIV Prevention Lenacapavir (PURPOSE 1 & 2) HIV PrEP LAI NDA approved and MAA filed FDA approval grant
Slide 30: Viral Diseases Pipeline 2/2
Viral Diseases Pipeline 2/2 New listing since Q125 Breakthrough Therapy Designation Change since Q125 P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q125 HDV Hepcludex® (MYR301) HDV P BLA pending; MAA approved HBV Cure Selgantolimod HBV Cure HBV therapeut
Slide 31: Cell Therapy Pipeline
Cell Therapy Pipeline New listing since Q125 Breakthrough Therapy Designation Change since Q125 P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q125 Lymphoma Axicabtagene ciloleucel (ZUMA-22) 2L+ HR FL Axicabtagene ciloleucel (ZUMA-23) 1L HR LBCL Brexucabt
Slide 32: Oncology Pipeline 1/2
Oncology Pipeline 1/2 New listing since Q125 Breakthrough Therapy Designation Change since Q125 P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q125 Breast Sacituzumab govitecan-hziy (ASCENT-03) 1L mTNBC (PD-L1-) Sacituzumab govitecan-hziy + pembrolizumab
Slide 33: Oncology Pipeline 2/2
Oncology Pipeline 2/2 New listing since Q125 Breakthrough Therapy Designation Change since Q125 P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q125 Other Solid Tumor Sacituzumab govitecan-hziy (TROPiCS-03) Basket (Solid Tumors) Gastrointestinal Domvanalim
Slide 34: Inflammatory Diseases Pipeline
Inflammatory Diseases Pipeline New listing since Q125 Breakthrough Therapy Designation Change since Q125 P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q125 Inflammatory Disease Edecesertib (COSMIC) Lupus Tilpisertib fosmecarbil (PALEKONA) IBD α4β7 inhibi
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 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 June 30, 2025 Total Debt, net $23.35 $23.25 $26.71 $24.95 $24.95 Debt Discounts, Premiums and Issuance Costs 0.16 0.16 0.19 0.18 0.1