Gilead Sciences (GILD) TD Cowen 46th Annual Health Care Conference summary

2026 financial guidance and growth drivers

• Base business guidance for 2026 is mid-single digit growth (4%-5%), with HIV-specific growth at 6% year-over-year, driven by Biktarvy and offset by legacy product erosion.

• ACA and MFN impacts reduce overall growth by about 2 percentage points; excluding these, growth would be higher.

• HIV prevention franchise, led by Descovy and Yeztugo, is expected to continue strong growth through 2026, with PrEP franchise growing 55% last year.

• Trodelvy and cell therapy are on growth trajectories, with cell therapy expected to decline 10% year-over-year before rebounding in 2027 with anito-cel launch.

• Four product launches are anticipated this year, contributing to guidance.

HIV franchise and lifecycle management

• Biktarvy remains the standard of care in HIV treatment, leading both naive and switch patient populations globally, with continued growth expected.

• Lifecycle management includes the BIC/LEN launch in H2 2024 for virologically suppressed patients and ISLAND 1/2 data for a weekly oral in collaboration with Merck, targeting a 2027 launch.

• Long-acting treatment options (Q6M) are a strategic goal, aiming for greater patient-centricity and adherence.

• Biktarvy's loss of exclusivity is projected for 2036, providing a long runway for the franchise.

HIV prevention (PrEP) and Yeztugo/Descovy outlook

• Yeztugo, a Q6M injectable, is seeing steady, durable growth, supported by >90% access and a new DTC campaign, with guidance of $800 million for 2025.

• Buy-and-bill channel uptake is increasing, though specialty pharmacy remains important.

• Descovy benefited from removal of step edits/prior auths and increased awareness, with national share rising to mid-40s.

• PrEP market is growing 12%-13% annually, with over 500,000 users and double-digit growth expected to continue.

• Over time, Descovy is expected to erode as Yeztugo Q6M and Q12M expand, with Q12M launch targeted for 2028.