Gilead Sciences (GILD) Barclays 28th Annual Global Healthcare Conference summary

Financial performance and business outlook

• Achieved extraordinary 2025 results with strong base business, clinical outcomes, and major product launches, including YEZTUGO and LIVDELZI, driving significant EPS growth and disciplined operating expenses.

• Positioned at the start of a long growth cycle with multiple product launches and the strongest pipeline in company history.

• No major patent cliffs expected until 2036, supporting a sustained period of growth and diversification.

• Expense discipline following research investment phase is contributing to robust EPS growth.

Strategic acquisitions and pipeline expansion

• Acquired remaining stake in Arcellx for ~$8 billion, securing full control of anito-cel, a best-in-class BCMA cell therapy for multiple myeloma with a differentiated safety profile and blockbuster potential.

• The acquisition enables streamlined launch, expanded use in other indications, and access to Arcellx's platform technology and binders for future pipeline development.

• Approach mirrors previous CymaBay acquisition, leveraging deep market knowledge and a differentiated view of peak sales potential.

Oncology and diversification strategy

• Oncology revenues reached ~$3 billion, about 12% of total, with rapid growth from zero in seven years, driven by products like TRODELVY and upcoming launches including anito-cel.

• Non-HIV segments, including oncology and liver disease, are expected to grow steadily, further diversifying revenue streams.

• Up to eight additional product launches are planned over the next two years, with six outside HIV, including key assets in oncology and inflammation.