Gilead Sciences (GILD) UBS Global Healthcare Conference 2025 summary

Policy and regulatory environment

• Ongoing, constructive discussions with US administration and Congress regarding policy changes, with a focus on maintaining sector innovation and addressing US-Europe price disparities.

• Majority of intellectual property, R&D, and tax payments are US-based, with a $32 billion commitment to US R&D and manufacturing over five years.

HIV business and product launches

• HIV business projected to grow 5% in 2023 despite Medicare Part D headwinds; underlying growth would be 10% without these impacts.

• Yeztugo, a long-acting HIV prevention injection, launched with strong uptake, $39 million in Q3 sales, and expected $150 million for the year.

• Achieved over 75% US access for Yeztugo, ahead of schedule, with a goal of 90% by mid-next year.

• HIV prevention franchise grew 42% year over year, driven by Yeztugo and Descovy.

• Biktarvy maintains over 52% US market share in HIV treatment, with the treatment market growing 2-3% annually.

Pipeline and future opportunities

• Broad HIV pipeline with more than 10 programs, including long-acting injectables and new oral regimens; key data readouts expected over the next 24 months.

• ARTISTRY-1 and ARTISTRY-2 studies to provide data on Bictegravir and Lenacapavir combo, targeting both resistant and switch patient segments.

• Partnership with Merck on a once-weekly pill, with updates expected next year.