Slide 1: Q4 & FY25 Financial Results
Q425 & FY25 Financial Results F eb ru a r y 10 , 20 26 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 6-16 Pipeline Updates 17-23 Financial Results 24-31 Appendix 32-40 3
Slide 4: Q4 & FY25 Key Takeaways
Q4 & FY25 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 Q4 & FY25 - Key Takeaways
Gilead Q4 & FY25 - Key Takeaways • FY25 Base Business up 4% YoY to $28B; excluding Part D redesign, up 8% YoY Business • FY25 Total HIV up 6% YoY; excluding Part D redesign, up 10% YoY and the highest growth since 2019 1 Performance • FY25 Liver up 6% YoY to $3.2B, reflecting strong Livdelzi launch
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 & Co rpora te Af fai rs O ffi cer
Slide 7: Solid Base Business Performance in Q425
Solid Base Business Performance in Q425 $5.8B +6% YoY $7.7B Total Product Sales excluding Veklury +7% YoY, +9% QoQ Total Product Sales $7.9B $212M -37% YoY +5% YoY, +8% QoQ $384M +8% YoY HIV Product Sales $458M $5.8B +6% YoY, +10% QoQ -6% YoY Liver Product Sales $844M +17% YoY $844M +17% YoY, +3% Qo
Slide 8: Strong Full Year Business Growth
Strong Full Year Business Growth $20.8B +6% YoY $28.0B Total Product Sales excluding Veklury +4% YoY; +8% excluding Part D redesign Total Product Sales $28.9B $911M -49% YoY +1% YoY; +5% excluding Part D redesign $1.4B +6% YoY HIV Product Sales $1.8B -7% YoY $20.8B +6% YoY, +10% excluding Part D red
Slide 9: HIV: Demand-Driven Growth Exceeds Expectations
HIV: Demand–Driven Growth Exceeds Expectations Product Sales ($M) Q425 and FY25 Growth of 6% YoY $20.8B +$1.1B FY25 Sales FY25 Growth YoY • FY25 +6% YoY due to strong demand growth • Excluding the headwind from Medicare Part D redesign, FY25 HIV sales was +10% YoY 9 Note: YoY reflects FY25 vs. FY24
Slide 10: HIV Treatment: Expanding Leadership
HIV Treatment: Expanding Leadership BIC/LEN Q425 sales: $4.0B; +5% YoY, +8% QoQ Targeting Launch in 2H 2026 • Combines bictegravir, the most 2-3% • FY25 and Q425 YoY driven by higher 5-6% prescribed integrase inhibitor, with lenacapavir, our breakthrough demand resulting from strong U.S. Treatment P
Slide 11: HIV Prevention: Impressive Growth Driver
HIV Prevention: Impressive Growth Driver Q425 sales: $819M; +33% YoY, +17% QoQ Q425 sales: $96M; FY25 sales: $150M • FY25 sales of $2.8B, up 31% YoY • Launched Yeztugo DTC marketing driven by increased demand for campaign across TV, digital, and >45% HIV prevention and higher average realized price
Slide 12: FY26 HIV Guidance: Durable Demand-Driven Growth
FY26 HIV Guidance: Durable Demand-Driven Growth Product Sales ($M) Lower Policy Headwinds on 2026 HIV Sales ~2% +8% • Estimated policy impact of ~2% on HIV, primarily related to expiry of ACA subsidies +6% and drug pricing agreement HIV FY26 Expectations • Expect FY26 HIV sales to grow +6% versus FY
Slide 13: Liver Disease: Livdelzi Growth Pulled Forward
Liver Disease: Livdelzi Growth Pulled Forward Product Sales ($M) $150M >50% Q425 Livdelzi Sales 2L PBC U.S. Market Share • Total Q425 Liver +17% YoY and +3% QoQ primarily driven by Livdelzi • Accelerating patient demand for Livdelzi in Q425 and driven by withdrawal of a competitor product in U.S. No
Slide 14: Trodelvy: Growing Leadership in mTNBC
Trodelvy: Growing Leadership in mTNBC Product Sales ($M) >60 #1 Countries Approved 2L mTNBC1 share • Q425 +8% YoY and QoQ primarily due to higher demand in breast cancer treatment • NCCN Category 1 recommendation in 1L PD-L1- mTNBC and Category 2A recommendation in 1L PD-L1+ mTNBC • FDA regulatory d
Slide 15: Cell Therapy: Strong Execution Despite Competition
Cell Therapy: Strong Execution Despite Competition Product Sales ($M) $1.8B FY25 Cell Therapy Sales >33K 587 Patients treated to date ATCs Globally • Q425 -6% YoY based on continued competitive headwinds in the U.S. • Q425 +6% QoQ mainly driven by higher demand 15 Yescarta (axicabtagene ciloleucel)
Slide 16: Most Robust Launch Pipeline in Gilead's History
Most Robust Launch Pipeline in Gilead’s History 2L PBC HIV PrEP HDV 1L PD-L1+ mTNBC 10 APPROVED APPROVED 1H26 2H26 Up to Ongoing and Near-Term Potential Launches Anito-cel BIC/LEN 3+ Additional 1L PD-L1- mTNBC 4L+ R/R MM QD VS PWH Potential Launches 2H26 2H26 2H26 2027 Note: This is illustrative and
Slide 17: 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 18: Execution Across 2025 Milestones
Execution Across 2025 Milestones 1H25 2H25 Completed Clinical Hold On Track 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 Tx Phase 2
Slide 19: Lenacapavir Unlocks Broad HIV Pipeline
Lenacapavir Unlocks Broad HIV Pipeline 2026 2027 Launch Daily Oral Bictegravir + Lenacapavir 2H 2026 Ph3 ISLEND-1 & -2 Update Launch Lenacapavir + Islatravir1 1H 2026 2027 Weekly Oral Clinical Hold Launch Treatment GS-17202 + GS-41823 3Q-6Q Delay 2030 Monthly Ph1 GS-3107 Update Launch GS-3107 + INST
Slide 20: Livdelzi: New Expansion Opportunities
Livdelzi: New Expansion Opportunities RESPONSE Reduction in Biochemical Markers & Pruritus Inadequate Responders (ALP >1.67x) NEJM 2024 ASSURE Efficacy in Patients Who Switch from OCA Inadequate Responders AASLD 2025 (ALP >1.67x) IDEAL Phase 3 Update Incomplete Responders Estimated 2H 2026 (ALP 1 –
Slide 21: Trodelvy: Extending to New Tumor Types
Trodelvy: Extending to New Tumor Types 2L mTNBC 1L PD-L1- mTNBC 1L PD-L1+ mTNBC ASCENT ASCENT-03 ASCENT-04 4 Approved in 2021 FDA Decision Est. 2H 2026 FDA Decision Est. 2H 2026 Positive Phase 3s in Breast Cancer 2L+ HR+/HER2- mBC 1L mNSCLC 2L mEC 4 TROPiCS-02 EVOKE-03 ASCENT-GYN Ongoing Phase 3 Tri
Slide 22: Anito-cel: Well-Positioned in Multiple Myeloma
Anito-cel: Well-Positioned in Multiple Myeloma iMMagine-1 iMMagine-3 Pivotal Program 4L+ R/R MM 2-4L R/R MM Newly Diagnosed MM FDA Filing Enrolling in Record Time GEM-AnitoFIRST Acceptance Expected Q1 2026 First Patient Dosed 2H 2024 Safety Lead-in Initiated FDA Decision FDA Filing Study Initiation
Slide 23: Key 2026 Milestones
Key 2026 Milestones Completed On Track 1H26 Program Trial Indication Update Status ISLEND -1 QW Oral HIV Tx Phase 3 Update ◯ ISL/LEN ISLEND -2 QW Oral HIV Tx Phase 3 Update ◯ Hepcludex MYR301 HDV FDA Decision ◯ 2H26 Program Trial Indication Update Status BIC/LEN ARTISTRY-1 & -2 QD Oral HIV Treatment
Slide 24: 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 25: Full Year 2025 Base Business Performance
Full Year 2025 Base Business Performance Total Product Sales ($M) +5% Base Business Veklury ~$1,100 vs. 2024 Base Business Sales +4% YoY $28,115 $28,610 Veklury $911 • Primarily driven by demand-led HIV and Livdelzi sales $1,799 -49% • Exceeded $27.4B to $27.7B guidance range by $300M • Excluding Pa
Slide 26: Full Year 2025 Non-GAAP Data
Full Year 2025 Non-GAAP Data YoY In millions, except percentages and per share amounts FY24 FY25 Change Disciplined Expense Management COGS $3,936 $3,919 —% • R&D in-line with FY25 guidance of flat on Product Gross Margin 86% 86% 20 bps dollar basis R&D $5,732 $5,687 -1% • Acquired IPR&D in-line wit
Slide 27: Q4 2025 Continued Strength Across the Base Business
Q4 2025 Continued Strength Across the Base Business Total Product Sales ($M) $7,903 $7,536 Veklury $212 Base Business Sales +7% YoY and +9% QoQ $337 -37% • YoY and QoQ primarily driven by higher HIV product and Livdelzi sales Product Sales +5% YoY and +8% QoQ Base $7,198 • Reflecting lower Veklury s
Slide 28: Q4 2025 Non-GAAP Data
Q4 2025 Non-GAAP Data Q424 Q425 YoY Change Disciplined Expense Management In millions, except percentages and per share amounts • R&D relatively flat compared to Q424 COGS $1,002 $1,044 4% Product Gross Margin 87% 87% 9 bps • Acquired IPR&D primarily reflects Interius R&D $1,612 $1,565 -3% acquisiti
Slide 29: 2026 Guidance
2026 Guidance 10 February 2026 Base Business Guidance +4% to +5% YoY Total Product Sales $29.6B - $30.0B • Expect HIV to grow 6% YoY, with FY26 Yeztugo sales Product Sales ex-Veklury $29.0B - $29.4B expected to be $800M Veklury Sales ~$0.6B Non-GAAP • Expect Cell Therapy to decline 10% YoY, reflecti
Slide 30: 2026 Base Business Guidance, Excluding Policy Impact
2026 Base Business Guidance, Excluding Policy Impact Total Product Sales ($M) ~2% +6% to +7% Policy Impact on FY26 Growth +4% to +5% • Estimated policy impact of ~2%, primarily related to the impact of the drug pricing agreement and the expected impact of updates to the Affordable Care Act • Base bu
Slide 31: Ongoing Commitment to Disciplined Capital Deployment
Ongoing Commitment to Disciplined Capital Deployment FY25 Shareholder Returns Invest in our business to support commercial launches and 63% R&D pipeline while managing expenses Free Cash Flow Returned Proactive and disciplined approach to later-stage acquisitions along with ordinary course business
Slide 32: Q&A
Daniel O’Day Johanna Mercier Dietmar Berger, MD, PhD Chairman & Chief Commercial and Chief Medical Officer Q&A Chief Executive Officer Corporate Affairs Officer Andrew Dickinson Cindy Perettie Chief Financial Officer EVP & Head of Kite
Slide 33: Robust Pipeline with Upcoming Catalysts
Robust Pipeline with Upcoming Catalysts 53 Clinical stage programs1 5 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 SG + pembro 1L mNSCLC DOM + ZIM + chemo 2L mEC (PD-L1+ TPS>50%) 1L
Slide 34: Viral Diseases Pipeline 1/2
Viral Diseases Pipeline 1/2 New listing in Q4’25 Breakthrough Therapy Designation Q4’25 Updates P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q4’25 Updates HIV Prevention Lenacapavir (PURPOSE 365) HIV PrEP LAI HIV Treatment Bictegravir/lenacapavir oral combination (AR
Slide 35: Viral Diseases Pipeline 2/2
Viral Diseases Pipeline 2/2 New listing in Q4’25 Breakthrough Therapy Designation Q4’25 Updates P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q4’25 Updates HDV Hepcludex® (MYR301) HDV P BLA sub mitted ; MAA app roved HDV pre-S1 nAb (GS-4321) HDV HBV Cure Selgantolimod
Slide 36: Cell Therapy Pipeline
Cell Therapy Pipeline New listing in Q4’25 Breakthrough Therapy Designation Q4’25 Updates P PRIME Designation R RMAT Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q4’25 Updates Lymphoma Axicabtagene ciloleucel (ZUMA-22) 2L+ HR FL Axicabtagene ciloleucel (ZUMA-23) 1L HR LBCL B
Slide 37: Oncology Pipeline 1/2
Oncology Pipeline 1/2 New listing in Q4’25 Breakthrough Therapy Designation Q4’25 Updates P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q4’25 Updates Breast Sacituzumab govitecan-hziy (ASCENT-03) 1L mTNBC (PD-L1-) sBLA filed sBLA Filed Sacituzumab govitecan-hziy + pem
Slide 38: Oncology Pipeline 2/2
Oncology Pipeline 2/2 New listing in Q4’25 Breakthrough Therapy Designation Q4’25 Updates P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q4’25 Updates Other Solid Tumor Sacituzumab govitecan-hziy (TROPiCS-03) Basket (Solid Tumors) Advanced Cancers Denikitug (GS-1811) A
Slide 39: Inflammatory Diseases Pipeline
Inflammatory Diseases Pipeline New listing in Q4’25 Breakthrough Therapy Designation Q4’25 Updates P PRIME Designation Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q4’25 Updates Inflammatory Disease Edecesertib (COSMIC) Lupus Tilpisertib fosmecarbil (PALEKONA) IBD α4β7 inhibitor (SWIFT)
Slide 40: 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 Dec 31, 2024 Mar 31, 2025 June 30, 2025 Sep 30, 2025 Dec 31, 2025 Total Debt, net $26.71 $24.95 $24.95 $24.94 $24.94 Debt Discounts, Premiums and Issuance Costs 0.19 0.18 0.18 0.18 0.1