Gilead Sciences (GILD) Jefferies Global Healthcare Conference summary

R&D pipeline and strategic focus

• HIV remains the core business, with a leading pipeline and strong current assets expected to drive growth for the foreseeable future.

• Oncology is a key area of expansion, with a diversified and growing portfolio, including cell therapy and inflammation assets like seladelpar.

• The oncology pipeline is young but progressing, with Trodelvy showing significant impact, especially in triple-negative breast cancer.

• Diversification beyond HIV is a major goal, with early but promising results in oncology and inflammation.

Trodelvy development and competitive landscape

• Trodelvy is the only approved Trop-2 ADC, showing strong activity across studies, including a hazard ratio of 0.51 in triple-negative breast cancer.

• In lung cancer, Trodelvy demonstrated a PFS of over 13 months in combination with pembro, outperforming typical PD-1 or chemo combos.

• The EVOKE-03 frontline lung cancer study is enrolling well, with data expected in 2025 or later, focusing on OS as the primary endpoint.

• In breast cancer, Trodelvy faces competition from drugs like Enhertu, but targets a different antigen and maintains a favorable tolerability profile.

• First-line triple-negative breast cancer data from ASCENT-03 is expected late this year or early next, with potential for regulatory filing.

TIGIT and other oncology programs

• TIGIT is the next most mature oncology program, in phase III for both lung and gastric cancers, with encouraging tolerability and efficacy data.

• The gastric cancer study may allow for a first-in-class filing if results are positive.

• TIGIT's Fc-null design aims for better tolerability, supporting combination strategies within the portfolio.

• Early studies are underway to explore TIGIT and Trodelvy combinations.