Gilead Sciences (GILD) Goldman Sachs 45th Annual Global Healthcare Conference summary

Business overview and strategic direction

• Transformation journey continues, focusing on sustainable and diversified growth, with strong commercial performance and virology as a cornerstone.

• Clinical portfolio expanded to 54 programs, 16 in phase III, with no major patent expiries until 2033.

• Recent CymaBay acquisition adds inflammation to the portfolio, with seladelpar PDUFA date in August.

• Oncology sales now exceed $3 billion annually, representing over 13% of total revenue.

• Cell therapy leadership continues, with over 50,000 patients treated and new phase III designs in multiple myeloma.

HIV franchise and long-acting strategy

• HIV business expects 4% growth in 2024, flat in 2025 due to Part D redesign, with growth resuming in 2026.

• Lenacapavir launch anticipated as early as late 2025, with phase III PURPOSE 1 and 2 trials as key regulatory milestones.

• Long-acting PrEP seen as transformational, aiming to expand market penetration from 33% to 50-60% by 2030.

• Strategy targets broader at-risk populations, especially underserved communities, through a stepwise approach.

• Additional long-acting treatment updates include twice-yearly infusions and weekly oral regimens in collaboration with Merck.

Oncology ambitions and portfolio development

• Goal to achieve 1/3 of revenue from oncology by 2030 remains, with current oncology sales at 13% of total.

• Trodelvy shows strong activity in combination with pembrolizumab, with ongoing phase III studies in lung cancer.

• Consistent efficacy and safety observed for Trodelvy across multiple tumor types and lines of therapy.

• Arcus partnership progressing, with phase II gastric cancer trial enrollment complete and first-to-market potential.

• Kite cell therapy focus on expanding CAR T access, improving manufacturing turnaround, and developing next-gen pipelines.