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Gilead Sciences — Q2 2026 Earnings Presentation Slideshow
Gilead Sciences (GILD) · 36 slides · Filed Aug 4, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All GILD deck slides
Slide 1 — Q26
1 0 D e c e m b e r 2 0 2 4 Q26 Financial Results A u g u s t 4 , 2 0 2 6
Slide 2 — Forward
Forward - Loking Statements 2 Statements inclu ded in this presentation that are not historical in nature are forward - loking statements within the meaning of the Private Secu rities Litigation Reform Act of 195. Gilead cautions readers that forward - loking statements are subject to certain risks and uncertainties that could cause actual results to difer materialy. These risks and uncertainties include its ful year 2026 financial guidance, including as a result of the uncertainty of th th e impact from Medicare Part D pricing reform in the Inflation Reduction Act, the expiration of subsidies related to the Afordable Care Act, our most - favored - nation pricing agrement with the U.S. government, changes in U.S. regulatory or legislative policies, and changes in U.S. trade policies, including tariffs; Gilead’s ability to make progress on any of its long - term ambitions or priorities laid out in its c orporate strategy; Gilead’s ability to a oncology, inflammation and other programs; Gilead’s ability to realize the potential bene or licensing arangements, including the arangements with Arcelx, Imunomedics, Lakefront, Merck, Ouro Medicines, The World Health Organization, and Tubulis; the risk th &D investment may not achieve their intended benefits; patent protection and estimated loss of exclusivity for our products and product candidates; Gilead’s ability t nic al trials within curently anticipated timeframes or at al, the posibility of unfavorable results from ongoing and aditional clinical trials, including those inv - cel, KITE - 7 53, and lenacapavir (such as ASCENT - 03, ASCENT - 04, ASURE, IDEAL, ISLEND - 1, and ISLEND - 2), and the risk that safety and efficacy data from clinical trials may not warrant fu ct candidates or the product candida ability to resolve the isues cited by the FDA in pending clinical holds to the satisf ma y not remove such clinical holds, in whole or in part, in a timely maner or at al; Gilead’s ability to submit new drug applications for new product candidates or expanded i ted timelines; Gilead’s ability to rece timely maner or at al, and the risk that any such aprovals, if granted, may be s nd may be subject to withdrawal or other adverse actions by the aplicable regulatory authority, including those involving Hepcludex, Trodelvy, and once - weekly oral Yeztugo; Gilead’s ability to successfully commerc ialize its products; the risk of potential disruptions to the manufacturing and supply chain of Gilead’s products; pricing and reimbursement pressures from government ag udi ng required rebates and other discounts; a larger than anticipated shift in payer mix to more highly discounted payer segments; market share and price erosion ion s of Gilead products; the risk that physicians and patients may not se advantages of Gilead’s products over other therapies, including Hepcludex and Trodelvy; G e t he aces strategy relating to lenacapavir for HIV PrEP, subject to necesary regulatory approvals; and other risks identified from time to time in Gilead’s reports fi epo rts on Form 10 - K, quarterly reports on Form 10 - Q and curent reports on Form 8 - K. In adition, Gilead makes estimates and judgments that affect the reported amounts o ses and related disclosures. Gilead bases its estimates on historical experience and on various other market specific and other relevant asumptions that it believe , t he results of which form the basis for making judgments about the carying values of asets and liabilities that are not readily aparent from other sources. T is not curently aware that may afect maters discused in the forward - loking statements and may also cause actual results to difer significantly from these est nde d June 30, 2026 are not necesarily indicative of operating results for any future periods. Gilead directs readers to its pres releases, anual reports on Form 10 - K, quarterly reports on Form 10 - Q and other sub sequent disclosure documents filed with the SEC. Gilead claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 195 f - loking statements. Gilead owns or has rights to various trademarks, copyrights and trade names used in LEA D ® , GILEAD SCIENCES ® , KITE ® , AMBISOME ® , ATRIPLA ® , BIKTARVY ® , CAYSTON ® , COMPLERA ® , DESCOVY ® , DESCOVY FOR PREP ® , EMTRIVA ® , EPCLUSA ® , EVIPLERA ® , GENVOYA ® , HARVONI ® , HEPCLUDEX ® , JYSELECA ® , LETAIRIS ® , LIVDELZI ® /LYVDELZI ® , ODEFSEY ® , SOVALDI ® , STRIBILD ® , SUNLENCA ® ,TECARTUS ® , TRODELVY ® , TRUVADA ® , TRUVADA FOR PREP ® , TYBOST ® , VEKLURY ® , VEMLIDY ® , VIREAD ® , VOSEVI ® , YESCARTA ® , YEZTUGO ® / YEYTUO ® and ZYDELIG ® . This presentation may also refer to trademarks, service marks and trade names of other companies.
Slide 3 — Contents
Contents 3 4 - 5 Key Takeaways Comercial Results Pipeline Updates Financial Results Apendix 6 - 14 15 - 20 21 - 27 29 - 36
Slide 4 — Q26
Q26 Key Takeaways D a n i e l O ’ D a y C h a i r m a n & C h i e f E x e c u t i v e O f f i c e r
Slide 5 — Gilead
• Positive P3 ISL/LEN updates at AIDS 2026; potential first wekly oral treatment for VS PWH with launch 2027 • Expect to initiate P3 trial evaluating LEN + TAB + ZAB, potential twice - yearly treatment for VS PWH • GS - 824 (TUB - 040) P1 PROC encouraging safety and eficacy data at ASCO 2026 • Positive P3 IDEAL topline results for Livdelzi in 2L PBC patients with ALP 1 - 1.67x ULN • Total Q26 Base Busines up 10% YoY; strongest Q2 growth since 2023, driven by HIV, Trodelvy and Livdelzi • Total Q26 HIV up 12% YoY; PrEP >$1B, up 101% YoY • Q26 Trodelvy up 26% YoY; Liver up 10% YoY, with Livdelzi up 15% • FY26 Base Busines expected to grow 6 - 7% YoY; HIV expected to grow 9 - 10% YoY Gilead Q26 - Key Takeaways 5 Busines Performance Note: YoY reflects Q26 vs. Q25 or FY26 vs. FY25. Base busines refers to Total Product Sales excluding Veklury. U.S. PrEP r efe rs to Yeztugo and Descovy for PrEP sales. ALP – alkaline phosphatase, BIC/LEN – bictegravir/lenacapavir, HDV – hepatitis delta virus, ISL/LEN – islatravir/lenacapavir, mTNBC – metastatic triple negative breast cancer, PBC – primary biliary cholangitis, PROC – platinum resistant ovarian cancer, QW – wekly, R/R M – relapsed or refractory multiple myeloma, TAB – teropavimab , ULN – uper limit normal, VS PWH – viraly supresed people with HIV, ZAB - zinlirvimab 1 Clinical Updates Comercial Launches 3 • Launch momentum continues with 2 launches in Q26, 2 launches expected in 2H26 • Trodelvy launched in 1L PD - L1+ and PD - L1 - mTNBC in the U.S. • Hepcludex launched for chronic HDV in the U.S.; first and only FDA - aproved HDV treatment • BIC/LEN launch in VS PWH expected in August; anito - cel launch in R/R M expected in December 2 3
Slide 6 — & Market Dynamics
J o h a n n a M e r c i e r C h i e f C o m m e r c i a l & C o r p o r a t e A f f a i r s O f f i c e r Comercial Results & Market Dynamics
Slide 7 — Strong Base Busines Performance in Q26
Strong Base Busines Performance in Q26 HIV Product Sales +12% YoY, +13% QoQ Note: YoY reflects Q 2 2 6 vs. Q 25 and QoQ reflects Q 26 vs . Q 126 . Liver Product Sales +10% YoY, +14 % QoQ $ 87 M Total Product Sales excluding Veklury +10% YoY, +12% QoQ $7.6B Total Product Sales +8% YoY, +10% QoQ 7 $5.7B +12% YoY $161M - 20% YoY $87M +10% YoY $417M - 14% YoY $457M +26% YoY $23M - 81% YoY Oncology Product Sales +3% YoY, +8% QoQ $873M $7.6B $5.7B
Slide 8 — HIV: Poised for Strongest Growth Since 2019
Product Sales ($M) HIV: Poised for Strongest Growth Since 2019 8 •YoY driven by higher average realized price and higher demand •QoQ driven by inventory build and higher average realized price •2026 HIV growth expectations increased to 9 - 10% YoY, from +8% YoY previously + 12% Q26 Growth YoY $ 5.7B Q26 Sales Note: YoY reflects Q 2 2 6 vs. Q 25 and QoQ reflects Q 26 vs . Q 126 .
Slide 9 — HIV Treatment: Leadership in Dynamic Market
HIV Treatment: Leadership in Dynamic Market 9 Note: YoY reflects Q26 vs. Q25 and QoQ reflects Q26 vs. Q126. BIC/LEN is an investigational once daily oral combination of bi ctegravir and lenacapavir and is not aproved for any indication. Biktarvy (bictegravir 50 mg, emtricitabine 20 mg, tenofovir alafenamide 25 mg) tablets. PWH – people with HIV. BIC/LEN Daily Oral Q 2 2 6 sales: $3.8B; +7% YoY, +12% QoQ PDUFA August 27, 2026 >52% U.S. Treatment Market Share #1 Regimen for naïve & switches acros most major markets •YoY driven by higher average realized price due to chanel mix, in adition to inventory build and higher demand •QoQ driven by second quarter seasonality, partialy ofset by lower demand due to market dynamics •Continues to increase share YoY 5 - 6% PWH on Complex Regimens Up to 20% PWH Switch HIV Therapies Anualy •Combines bictegravir , the most prescribed integrase inhibitor, with lenacapavir , our breakthrough capsid inhibitor •Potential U.S. launch in viraly supresed people with HIV
Slide 10 — +101%
Quarterly HIV PrEP Sales Exced $1B for First Time 10 *Descovy for PrEP sales are based on internal estimates. Note: HIV Prevention busines includes Descovy for PrEP and Yeztugo (Tr uvada for PrEP is not included). YoY reflects Q26 vs. Q25. QoQ reflects Q26 vs. Q126. Descovy (emtricitabine 20 mg, tenofovir alafenamide 25 mg) tablets. LAI – long - acting injectable. PrEP – pre - exposure prophylaxis. PrEP Q26 sales*: $801M; +60% YoY, +23% QoQ •YoY driven by higher average realized price and higher demand •QoQ driven by typical second quarter seasonality and higher demand Q26 sales: $232M; +40% QoQ •Leader in switch acros al PrEP options (oral and LAI) •Now leading LAI in naïve segment +101% PrEP Sales YoY ~14% U.S. PrEP Market Growth YoY