Slide 1: Q4 & FY24 Financial Results
Q4 & FY24 Financial Results F eb ru a r y 11 , 20 25 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 5 Commercial Results 6-17 Pipeline Updates 18-25 Financial Results 26-33 Appendix 35-40 3
Slide 4: Q4 & FY24 Key Takeaways
Q4 & FY24 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 Q424 & FY24 - Key Takeaways
Gilead Q424 & FY24 - Key Takeaways • FY24 Total Product Sales excluding Veklury +8% YoY to $26.8B Financial • FY24 Total HIV +8% YoY, contributing approximately $1.4B in sales growth; FY24 Biktarvy +13% YoY 1 Results • FY24 Trodelvy +24% YoY, driven by demand globally; FY24 Kite +6% YoY, despite com
Slide 6: Commercial Results & Market Dynamics
Commercial Results & Market Dynamics 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: Strong Base Business Performance in Q424
Strong Base Business Performance in Q424 $7.5B Total Product Sales +7% YoY, flat QoQ Veklury $337M $7.2B Total Product Sales excluding Veklury +13% YoY, +6% QoQ -53% YoY Trodelvy $355M $5.5B HIV Product Sales +19% YoY HIV Cell Therapy $5.5B +16% YoY, +7% QoQ $488M +16% YoY +5% YoY Liver Disease $719
Slide 8: Strong Full Year Business Growth
Strong Full Year Business Growth $28.6B Total Product Sales +6% YoY Veklury $1.8B $26.8B Total Product Sales excluding Veklury +8% YoY -18% YoY Trodelvy $1.3B HIV $19.6B HIV Product Sales +24% YoY $19.6B +8% YoY Cell Therapy +8% YoY $2.0B +6% YoY Liver Disease $3.0B +9% YoY $3.3B Oncology Product Sa
Slide 9: Q424 HIV: Strong Demand Supporting Growth
Q424 HIV: Strong Demand Supporting Growth Product Sales ($M) Q424 HIV Results $5,452 $4,693 $4,745 $5,073 $342 $317 $603 +16% +7% $261 $4,342 $353 Sales growth Sales growth $570 $533 $342 YoY QoQ $571 $596 • YoY reflects strong demand, as well as higher average realized price and favorable inventory
Slide 10: FY24 HIV: Continued Demand-Driven Performance
FY24 HIV: Continued Demand-Driven Performance Product Sales ($M) FY24 Growth of 8% YoY $19,612 +$1.4B $18,175 $1,355 Sales growth $17,194 $1,226 YoY $1,155 $2,339 $2,102 $2,219 ~3% ~16% U.S. YoY treatment U.S. YoY PrEP $15,918 market growth market growth $14,848 $13,820 • FY24 growth primarily drive
Slide 11: FY25 HIV Guidance: Growth Masked by IRA Impact
FY25 HIV Guidance: Growth Masked by IRA Impact Product Sales ($B) Robust Volume Trend Temporarily Masked in 2025 ~$0.1B • Expect continued growth in both HIV treatment and PrEP markets in 2025 ~$0.9B • Expect continued market share growth in both Biktarvy and prevention • Offset in 2025 by: • Transi
Slide 12: Liver Disease: Remains Stable Contributor to Business
Liver Disease: Remains Stable Contributor to Business Product Sales ($M) Stable Demand and FY Sales Performance $832 $691 $737 $733 $719 $3.0B $30M $259 FY24 sales; +9% YoY Q424 Livdelzi sales $215 $207 $194 $200 $142 $137 $132 $134 $121 Q424 Sales: $719M; +4% YoY, -2% QoQ • YoY reflects the launch
Slide 13: Livdelzi: Strong Performance in First Full Quarter
Livdelzi: Strong Performance in First Full Quarter FDA Accelerated Approval Mid-August 2024 U.S. Launch Mid-August 2024 Positive CHMP Opinion $30M Q424 revenues (first full quarter) December 2024 UK MHRA Approval Patient demand continues to January 2025 exceed internal expectations Final EC Decision
Slide 14: Veklury: Continued Variability
Veklury: Continued Variability Product Sales ($M) Continued Utilization in Hospitalized Settings $720 $692 $175 >60% $1.8B $555 $219 U.S. hospitalized patients FY24 sales treated for COVID-191 $181 $169 $81 $337 Q424 Sales: $337M; -53% YoY, -51% QoQ $70 $150 • Reflects strong share amidst fluctuatin
Slide 15: Oncology Sales Exceed $3B Annually
Oncology Sales Exceed $3B Annually Continued FY24 Growth Product Sales ($M) Across Oncology Portfolio $841 $843 $816 $765 $789 $3.3B $843M FY24 Sales Sales in Q424 $320 $355 $309 $332 $299 +12% +10% FY24 YoY Growth Q424 YoY Growth $521 $485 $488 $466 $480 Q423 Q124 Q224 Q324 Q424 Cell Therapy Trodel
Slide 16: Trodelvy: Continued Leadership in 2L mTNBC
Trodelvy: Continued Leadership in 2L mTNBC Product Sales ($M) Robust FY24 Growth of 24% YoY $320 $332 $355 $31 $1.3B >50K $309 $299 $26 FY24 sales Patients treated $26 $24 $36 $77 to date $69 $80 $48 $68 Q424 Sales: $355M; +19% YoY, +7% QoQ $247 • YoY growth driven by increased demand in all regions
Slide 17: Cell Therapy: Continued Evolving Landscape
Cell Therapy: Continued Evolving Landscape Product Sales ($M) FY24 Growth of 6% YoY $521 $2.0B >27K $480 $485 $488 $466 $107 $100 $98 $98 FY24 sales Patients treated $98 to date Q424 Sales: $488M; +5% YoY, +1% QoQ • YoY reflects higher average realized price and increased $414 $368 $380 $387 $390 de
Slide 18: 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 19: Gilead Achieves Breakthrough in HIV Treatment
Gilead Achieves Breakthrough in HIV Treatment Lenacapavir: U.S. Launch Expected in Summer 2025 and European Launch Expected by YE25 Unprecedented Efficacy Key Updates Granted BTD 100% of lenacapavir participants Filed with FDA did not acquire HIV1 European Filing EU Medicines 4 ALL Filing 99.9% Brea
Slide 20: Lenacapavir Enables Greater Treatment Flexibility
Lenacapavir Enables Greater Treatment Flexibility Developing Up To 7 New Potential Treatment Options By End Of 2033 Treatment Option Value Proposition 2025 Updates Single tablet regimens for treatment-naïve and Phase 3 ARTISTRY-1 Daily Oral virologically suppressed people with HIV Update expected in
Slide 21: Remain Committed to Developing Liver Treatments
Remain Committed to Developing Liver Treatments Expanding Reach of Potentially Transformative Liver Treatments FILED or PHASE 1 or 2 PHASE 3 or 4 APPROVED Inadequate Responders APPROVED1 in U.S. & U.K. (ALP > 1.67xULN) EC Decision in Feb 2025 Open Label Study Evaluating Long-Term Safety & Efficacy C
Slide 22: Expanding Potential to Reach More Patients
Expanding Potential to Reach More Patients TNBC NSCLC Upper GI Endometrial ASCENT-03 EVOKE-03 STAR-221 ASCENT-GYN-01 Oncology 1L PD-L1- mTNBC Trodelvy 1L mNSCLC PD-L1 High Upper GI Cancers 2L+ mEC Trodelvy Trodelvy + Pembro Dom + Zim + Chemo Update in ~1H25 ASCENT-04 STAR-121 8 Ongoing Phase 3 Progr
Slide 23: Anito-cel: Potential Best-in-Class CAR T for MM
Anito-cel: Potential Best-in-Class CAR T for MM BCMA CAR T with Potentially Competitive Efficacy, Safety, and Manufacturing Ph2 iMMagine-1 ASH Update Ph3 iMMagine-3 4L+ R/R MM population 2-4L+ R/R MM population Strong Durable Differentiated of future 2L MM population Efficacy Safety 70% covered by i
Slide 24: Extensive Pipeline Across Core Therapeutic Areas
Extensive Pipeline Across Core Therapeutic Areas >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 DG
Slide 25: Key 2025 Milestones
Key 2025 Milestones 1H25 2H25 On Track Program Trial Indication Update Status Program Trial Indication Update Status Primary Biliary PURPOSE 1 & 2 Q6M LAI HIV PrEP FDA Decision1 Livdelzi RESPONSE EC Decision Cholangitis Lenacapavir PURPOSE 1 & 2 Q6M LAI HIV PrEP EMA Decision ASCENT-03 1L mTNBC (PD-L
Slide 26: 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 27: Base Business FY24 Performance
Base Business FY24 Performance Product Sales ($M) $28,610 $26,934 FY24 Product Sales excluding Veklury up 8% YoY Veklury $1,799 $2,184 -18% • HIV up 8% YoY, driven by Biktarvy and Descovy • Oncology up 12% YoY, driven by Trodelvy and Cell Therapy • Liver up 9% YoY, driven by viral hepatitis and Livd
Slide 28: Full Year Non-GAAP Data
Full Year Non-GAAP Data YoY FY23 FY24 Change In millions, except percentages and per share amounts COGS $3,697 $3,936 6% Disciplined Expense Management Product Gross Margin 86% 86% -3bps • SG&A primarily driven by lower expenses R&D $5,720 $5,732 0% related to legal matters, partially offset by Acqu
Slide 29: Base Business Q424 Performance
Base Business Q424 Performance Product Sales ($M) $7,536 Q424 Product Sales excluding Veklury up 13% YoY $7,070 $337 Veklury -53% • HIV up 16% YoY, driven by Biktarvy and Descovy $720 • Oncology up 10% YoY, driven by Trodelvy and Cell Therapy • Liver up 4% driven by HBV, PBC and HDV, partially offse
Slide 30: Q424 Non-GAAP Data
Q424 Non-GAAP Data YoY Q423 Q424 In millions, except percentages and per share amounts Change COGS $980 $1,002 2% Disciplined Expense Management Product Gross Margin 86% 87% 56bps R&D $1,452 $1,612 • R&D increase primarily due to incremental 11% investments and clinical activities Acquired IPR&D $34
Slide 31: 2025 Guidance Bridge
2025 Guidance Bridge Total Product Sales Headwinds on 2025 Total Product Sales + ~5 to 6% • IRA Part D impact of ~$1.1B on total business, (vs FY24) including ~$900M in HIV, masking robust, demand- led volume growth ~1% +~4% ~1% • Veklury revenue declining ~$400M ~4% • FX impact of ~$250M driven by
Slide 32: 2025 Guidance
2025 Guidance Product Sales Guidance 11 Feb 2025 • FY25 HIV sales expected to be ~flat in 2025 reflecting the Total Product Sales ~$28.2B - $28.6B impact of Part D reform and FX. Excluding this impact, FY25 Product Sales ex-Veklury ~$26.8B - $27.2B HIV revenues would have been expected to grow >5% Y
Slide 33: Capital Priorities Unchanged: Returned $5.1B in 2024
Capital Priorities Unchanged: Returned $5.1B in 2024 $3.9B Continue to invest in our business and R&D pipeline while managing expenses Dividends Paid in FY24 Continue ordinary course partnerships and business development transactions $1.2B Grow our dividend Shares Repurchased in FY241 Repurchase sha
Slide 34: Q&A
Daniel O’Day Johanna Mercier Dietmar Berger, MD, PhD Chairman & Chief Chief Commercial Officer Chief Medical Officer Q&A Executive Officer Andrew Dickinson Cindy Perettie Chief Financial Officer EVP & Head of Kite
Slide 35: Robust Pipeline with Upcoming Catalysts
Robust Pipeline with Upcoming Catalysts 54 Clinical stage programs1 12 Potential clinical stage opt-in assets PHASE 1 PHASE 2 PHASE 3, FILED, or APPROVED sacituzumab govitecan-hziy sacituzumab govitecan-hziy dom + zim + chemo 1L mTNBC (PD-L1-) HR+/HER2- chemo-naïve mBC 1L mNSCLC sacituzumab goviteca
Slide 36: Viral Diseases Pipeline
New listing since Q3’24 Change since Q3’24 Viral Diseases Pipeline Breakthrough Therapy Designation P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q3’24 Lenacapavir (PURPOSE 1 & 2) HIV PrEP LAI NDA submitted NDA submitted Bictegravir/lenacapavir oral comb
Slide 37: Oncology Cell Therapy Pipeline
New listing since Q3’24 Change since Q3’24 Oncology Cell Therapy Pipeline Breakthrough Therapy Designation P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q3’24 Axicabtagene ciloleucel (ZUMA-22) 2L+ HR FL Axicabtagene ciloleucel (ZUMA-23) 1L HR LBCL Anitoc
Slide 38: Oncology Pipeline 1/2
New listing since Q3’24 Change since Q3’24 Oncology Pipeline 1/2 Breakthrough Therapy Designation P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q3’24 Sacituzumab govitecan-hziy (ASCENT-03) 1L mTNBC (PD-L1-) Sacituzumab govitecan-hziy + pembrolizumab (ASC
Slide 39: Oncology Pipeline 2/2
New listing since Q3’24 Change since Q3’24 Oncology Pipeline 2/2 Breakthrough Therapy Designation P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q3’24 Domvanalimab + zimberelimab + chemotherapy (STAR-221)1 1L Upper GI intestinal Gastro- Etrumadenant + zim
Slide 40: Inflammatory Diseases Pipeline
Inflammatory Diseases Pipeline New listing since Q3’24 Breakthrough Therapy Designation Change since Q3’24 P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Updates since Q3’24 Livdelzi ® (RESPONSE) PBC P NDA for AA appr ove d a nd MA A submitted Inflammatory Disease Edec