Gilead Sciences, Inc. · NASDAQ:GILD
Gilead Sciences — J.P. Morgan Healthcare Conference 2026
24 slides from Gilead Sciences's conference presentation, Jan 12, 2026
Slide 1: Gilead in 2026
Gilead in 2026 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 12 January 202 6
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: Gilead in 2026
Gilead in 2026 HIV Treatment & Most Robust Clinical Proactive & Prevention & Launch Pipeline Disciplined Approach Leadership into 2040s in Our History to OpEx & M&A 3
Slide 4: Gilead in 2026
Gilead in 2026 HIV Treatment & Most Robust Clinical Proactive & Prevention & Launch Pipeline Disciplined Approach Leadership into 2040s in Our History to OpEx & M&A 4
Slide 5: HIV Leadership Extends & Diversifies into 2040s
Su sta in ab le HIV Lea dersh ip HIV Leadership Extends & Diversifies into 2040s >$20B ~6% Up to 7 FY25E HIV Revenue 2021 – 2025E CAGR Additional Launches by End 2033 >$10B Biktarvy Q125 through Q325 sales (+7%) Biktarvy U.S. LOE secured through April 2036 ~$2B Descovy for PrEP & Yeztugo Q125 throug
Slide 6: Biktarvy Sets the Bar for HIV Treatment
Su sta in ab le HIV Lea dersh ip Biktarvy Sets the Bar for HIV Treatment Broadest Adoption Market Performance APPROVED – Feb 2018 >1 Million >$10B Q1-Q325 Revenue PWH worldwide using Biktarvy +7% YoY growth #1 U.S. HIV Therapy 29 Consecutive Quarters New starts & switches in the U.S. YoY share growt
Slide 7: Lenacapavir Unlocks Broad HIV Treatment Pipeline
Su sta in ab le HIV Lea dersh ip Lenacapavir Unlocks Broad HIV Treatment Pipeline 2026 2027 Launch Daily Oral Bictegravir + Lenacapavir 2H 2026 Ph3 ISLEND-1 & -2 Update Launch Islatravir + Lenacapavir 1H 2026 2027 Weekly Oral Clinical Hold Launch Treatment GS-1720 + GS-4182 3Q-6Q Delay 2030 Monthly
Slide 8: Gilead Leads Innovation in HIV Prevention (PrEP)
Su sta in ab le HIV Lea dersh ip Gilead Leads Innovation in HIV Prevention (PrEP) +51% HIV Prevention YTD YoY Growth • Gilead PrEP brands ~45% market share today • Total adoption growing rapidly; from ~300K in U.S. in 2022 to >500K today +45% For PrEP YTD YoY Growth • CDC estimates ~2.2M people in t
Slide 9: Transformative Opportunity to End HIV
Su sta in ab le HIV Lea dersh ip Transformative Opportunity to End HIV Strong Launch Unmatched Data APPROVED – June 2025 >85% Payer Coverage >9,000 Now includes CVS Health Study participants on 5 continents $0 Copay ≥99.9% For ~90% of covered lives Did not acquire HIV on Yeztugo $150M FY25 Revenue >
Slide 10: Potential HIV Product Launches Ahead of Biktarvy LOE
Su sta in ab le HIV Lea dersh ip Potential HIV Product Launches Ahead of Biktarvy LOE GS-3107 + INSTI Monthly Oral Lenacapavir + GS-3242 GS-4182 + Twice-Yearly GS-1720 Injectable Biktarvy Weekly Oral Projected LOE 2036 Descovy Lenacapavir + Projected Lenacapavir TAB + ZAB LOE 2031 Bictegravir + Lena
Slide 11: Gilead in 2026
Gilead in 2026 HIV Treatment & Most Robust Clinical Proactive & Prevention & Launch Pipeline Disciplined Approach Leadership into 2040s in Our History to OpEx & M&A 11
Slide 12: Most Robust Launch Pipeline in Gilead's History
Robust Cli nic al and Launc h P ipe lin e 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 2H2
Slide 13: Trodelvy: Potential New Standard of Care in 1L mTNBC
Robust Cli nic al and Launc h P ipe lin e Trodelvy: Potential New Standard of Care in 1L mTNBC MEDIAN PROGRESSION- 1L POPULATION DURATION OF RESPONSE FREE SURVIVAL (mPFS) Targeting 1L Launch in 2H 2026 not candidate 9.7 months 12.2 months ASCENT-03 for PD-(L)1 vs. 6.9 months for vs. 7.2 months for S
Slide 14: Anito-cel: Exciting Potential Option in R/R MM
Robust Cli nic al and Launc h P ipe lin e Anito-cel: Exciting Potential Option in R/R MM iMMagine-1 iMMagine-3 4L+ R/R Multiple Myeloma 2-4L R/R Multiple Myeloma Anito-cel Targeting Launch in 2H 2026 Strong Efficacy First Patient Dosed 96% ORR & 95% MRD-negativity 2H 2024 Differentiated Safety Large
Slide 15: Potential New Option for Switch & Complex Regimens
Robust Cli nic al and Launc h P ipe lin e Potential New Option for Switch & Complex Regimens ARTISTRY-1 ARTISTRY-2 VS PWH on Complex Regimens VS PWH for Switch BIC/LEN Targeting Launch in 2H 2026 Positive Topline Readout Positive Topline Readout November 2025 December 2025 Option for ~5-6% of PWH Op
Slide 16: Meaningful Portfolio Expansion Since 2019
Robust Cli nic al and Launc h P ipe lin e Meaningful Portfolio Expansion Since 2019 15 Capsid, INSTI, bNAbs Virology 12 CD19xCD20 CAR T, Inflammation GLP1, α4β7, IRAK4 8 12 TROP2, CCR8, PARP1, 28 BCMA CAR T, Oncology CD19xCD20 CAR T 12 Examples 2019 2025 Portfolio of 52 Clinical Programs Across our
Slide 17: Preliminary Key 2026 Milestones
Robust Cli nic al and Launc h P ipe lin e Preliminary 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 Updat
Slide 18: Gilead in 2026
Gilead in 2026 HIV Treatment & Most Robust Clinical Proactive & Prevention & Launch Pipeline Disciplined Approach Leadership into 2040s in Our History to OpEx & M&A 18
Slide 19: Operating Margin in Top Quartile of Peers
Discipl ined OpEx and M&A Operating Margin in Top Quartile of Peers Investment Period Optimization 50% 47% 46% 42% 43% 41% • Committed to top quartile operating Adjusted Operating Margin (%) margins over time • Disciplined operating expense management prioritizing Research & Development and Selling
Slide 20: Established Track Record of Dividend Growth
Discipl ined OpEx and M&A Established Track Record of Dividend Growth $3.16 $3.08 $3.00 $2.92 • Dividend has grown 16% since 2020 $2.84 $2.72 • Dividend has averaged ~>40% of Free Cash Flow since 2020 • >$22B in dividends since 2020 • Current dividend yield is ~2.6% 2020 2021 2022 2023 2024 2025 Gil
Slide 21: Committed to Shareholder Return >50% FCF Over Time
Discipl ined OpEx and M&A Committed to Shareholder Return >50% FCF Over Time $ in billions Repurchases Dividends $5.9 $5.1 $5.1 • Shareholder Returns have averaged 56% $5.0 $4.8 $1.9 of Free Cash Flow since 2020 $4.2 $1.4 $1.0 $1.2 $1.6 $0.5 • ~$30B returned since 2020 • Share repurchases offset equ
Slide 22: Proactive Engagement within Disciplined Framework
Discipl ined OpEx and M&A Proactive Engagement within Disciplined Framework 2022 – 2026+ Earlier stage investments totaling ~$1B annually (licensing, partnerships & acquisitions) Proactive pursuit of bolt-on, value-creating acquisitions with strong portfolio fit that further accelerate financial per
Slide 23: Gilead in 2026
Gilead in 2026 HIV Treatment & Most Robust Clinical Proactive & Prevention & Launch Pipeline Disciplined Approach Leadership into 2040s in Our History to OpEx & M&A 23
Slide 24: Gilead in 2026
Gilead in 2026 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 12 January 202 6
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