Gilead Sciences (GILD) Bernstein 42nd Annual Strategic Decisions Conference summary

Strategic positioning and growth outlook

• Positioned for robust, sustainable growth with the strongest portfolio in company history after seven years of diversification and strategic focus.

• Up to 10 launches expected by end of 2027 across all therapeutic areas, with four potential approvals and five phase III readouts in the current year.

• Maintains top quartile industry margins through disciplined operating expenditure and a strong balance sheet.

• Greater policy certainty in 2026 compared to 2025, with business resilience to weather regulatory headwinds.

• No major HIV patent expirations until 2036, allowing time for further diversification.

HIV and PrEP innovation

• HIV treatment market grows 2-3% annually, with BIKTARVY holding over 50% market share and continued innovation in long-acting and oral regimens.

• PrEP market is rapidly expanding, with CDC estimates rising from 1.2M to 2.2M eligible individuals; current PrEP business grew 87% in Q1, and market expected to reach 1M by mid-2030s.

• Long-acting PrEP (lenacapavir) and future once-yearly options aim to improve adherence and expand access, especially in underserved populations.

• Commitment to global access, with rapid rollout of lenacapavir in sub-Saharan Africa and partnerships for affordable distribution.

Portfolio diversification and recent acquisitions

• Oncology and inflammation are key diversification areas, with recent acquisitions of Tubulis (ADC platform), Ouro Medicines (immunology), and Arcellx (CAR T, anito-cel) to strengthen pipeline.

• TRODELVY pending first-line triple-negative breast cancer approval, and anito-cel launch expected with a PDUFA date in December.

• Acquisitions driven by strategic fit, transformational potential, and disciplined valuation; integration of new assets is a current focus.

• M&A strategy includes $1B annually for early-stage assets and larger deals every few years, maintaining strong cash flow and firepower.