Gilead Sciences (GILD) Wells Fargo 20th Annual Healthcare Conference 2025 summary

Business performance and product launches

• Achieved strong Q2 results with increased annual guidance and robust growth in HIV prevention, highlighted by the launch of Sunlenca, a transformational HIV prevention therapy.

• Sunlenca launch execution is considered the strongest among recent launches, with high unaided awareness and significant early commercial wins, including rapid formulary adoption in major Medicaid states.

• HIV prevention business saw Descovy sales rise 37% quarter over quarter, driven by heightened awareness and new therapy options.

• Coverage goals for Sunlenca are on track, aiming for 75% by year-end and 90% by the end of year one, supported by early J-code reimbursement approval.

• HIV treatment business is outperforming expectations, with 3% growth despite Part D headwinds, and Biktarvy continues to gain market share.

Market dynamics and future outlook

• HIV prevention market remains underpenetrated, with significant opportunity for growth as more at-risk populations are targeted and new therapies like Sunlenca gain traction.

• Long-acting therapies are expected to drive future growth in both prevention and treatment, with multiple programs in development for monthly oral and six-month injectable options.

• Biktarvy is expected to maintain its gold standard status in HIV treatment, with modest rebate pressure and limited risk from competitor patent expirations.

• Macro headwinds such as potential Medicaid funding cuts and drug pricing reforms are being actively managed, with confidence in the resilience of the portfolio.

Oncology and pipeline development

• Oncology pipeline is advancing, with anito-cel (BCMA cell therapy for multiple myeloma) expected to file by year-end and seen as a potential best-in-class CAR T opportunity.

• Trodelvy is poised for significant growth, especially with new data in first-line triple-negative breast cancer, and label expansions are underway.

• Seladelpar launch exceeded expectations, nearly doubling Wall Street forecasts, and is viewed as a best-in-class therapy in a competitive market.

• Four major launches, including Sunlenca, seladelpar, anito-cel, and Trodelvy expansions, are expected to drive near-term growth.