Slides
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GILEAD Creating Possible Q226 Financial Results August 4 , 2026
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Forward-Looking Statements 2 Statements included in this presentation that are not historical in nature are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Gilead cautions readers that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include those relating to: Gilead’s ability to achieve its full year 2026 financial guidance, including as a result of the uncertainty of the amount and timing of Veklury revenues, the impact from Medicare Part D pricing reform in the Inflation Reduction Act, the expiration of subsidies related to the Affordable Care Act, our most-favored-nation pricing agreement 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 corporate strategy; Gilead’s ability to accelerate or sustain revenues for its virology, oncology, inflammation and other programs; Gilead’s ability to realize the potential benefits of acquisitions, collaborations or licensing arrangements, including the arrangements with Arcellx, Immunomedics, Lakefront, Merck, Ouro Medicines, The World Health Organization, and Tubulis; the risk that Gilead’s U.S. manufacturing and R&D investment may not achieve their intended benefits; patent protection and estimated loss of exclusivity for our products and product candidates; Gilead’s ability to initiate, progress or complete clinical trials within currently anticipated timeframes or at all, the possibility of unfavorable results from ongoing and additional clinical trials, including those involving Livdelzi, Trodelvy, anito-cel, KITE-753, and lenacapavir (such as ASCENT-03, ASCENT-04, ASSURE, IDEAL, ISLEND-1, and ISLEND-2), and the risk that safety and efficacy data from clinical trials may not warrant further development of Gilead’s product candidates or the product candidates of Gilead’s strategic partners; Gilead’s ability to resolve the issues cited by the FDA in pending clinical holds to the satisfaction of the FDA and the risk that FDA may not remove such clinical holds, in whole or in part, in a timely manner or at all; Gilead’s ability to submit new drug applications for new product candidates or expanded indications in the currently anticipated timelines; Gilead’s ability to receive or maintain regulatory approvals in a timely manner or at all, and the risk that any such approvals, if granted, may be subject to significant limitations on use and may be subject to withdrawal or other adverse actions by the applicable regulatory authority, including those involving Hepcludex, Trodelvy, and once-weekly oral Yeztugo; Gilead’s ability to successfully commercialize its products; the risk of potential disruptions to the manufacturing and supply chain of Gilead’s products; pricing and reimbursement pressures from government agencies and other third parties, including required rebates and other discounts; a larger than anticipated shift in payer mix to more highly discounted payer segments; market share and price erosion caused by the introduction of generic versions of Gilead products; the risk that physicians and patients may not see advantages of Gilead’s products over other therapies, including Hepcludex and Trodelvy; Gilead’s ability to effectively manage the access strategy relating to lenacapavir for HIV PrEP, subject to necessary regulatory approvals; and other risks identified from time to time in Gilead’s reports filed with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, Gilead makes estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. Gilead bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. There may be other factors of which Gilead is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ significantly from these estimates. Further, results for the quarter ended June30, 2026 are not necessarily indicative of operating results for any future periods. Gilead directs readers to its press releases, annual reports on Form 10-K, quarterly reports on Form 10-Q and other subsequent disclosure documents filed with the SEC. Gilead claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. Gilead owns or has rights to various trademarks, copyrights and trade names used in its business, including the following: GILEAD®, 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.
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Contents 3 4-5Key Takeaways Commercial Results Pipeline Updates Financial Results Appendix 6-14 15-20 21-27 29-36
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Q226 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
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• Positive P3 ISL/LEN updates at AIDS 2026; potential first weekly oral treatment for VS PWH with launch 2027 • Expect to initiate P3 trial evaluating LEN + T AB + ZAB, potential twice-yearly treatment for VS PWH • GS-8824 (TUB-040) P1 PROC encouraging safety and efficacy data at ASCO 2026 • Positive P3 IDEAL topline results for Livdelzi in 2L PBC patients with ALP 1-1.67x ULN • T otal Q226 Base Business up 10% Y oY ; strongest Q2 growth since 2023, driven by HIV , T rodelvy and Livdelzi • T otal Q226 HIV up 12% Y oY ; PrEP >$1B, up 101% Y oY • Q226 Trodelvy up 26% Y oY; Liver up 10% Y oY , with Livdelzi up 115% • FY26 Base Business expected to grow 6-7% YoY; HIV expected to grow 9-10% Y oY Gilead Q226 - Key Takeaways 5 Business Performance Note: YoY reflects Q226 vs. Q225 or FY26 vs. FY25. Base business refers to Total Product Sales excluding Veklury. U.S. PrEP r efers 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 – weekly, R/R MM – relapsed or refractory multiple myeloma, TAB – teropavimab, ULN – upper limit normal, VS PWH – virally suppressed people with HIV, ZAB - zinlirvimab 1 Clinical Updates Commercial Launches3 • Launch momentum continues with 2 launches in Q226, 2 launches expected in 2H26 • T rodelvy 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-approved HDV treatment • BIC/LEN launch in VS PWH expected in August; anito-cel launch in R/R MM expected in December 2 3
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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 Commercial Results & Market Dynamics
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Strong Base Business Performance in Q226 HIV Product Sales +12% YoY , +13% QoQ Note: YoY reflects Q226 vs. Q225 and QoQ reflects Q226 vs. Q126. Liver Product Sales +10% YoY , +14% QoQ$877M 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 $877M +10% YoY $417M -14% YoY $457M +26% YoY $23M -81% YoY Oncology Product Sales +3% YoY , +8% QoQ$873M $7.6B $5.7B
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Product Sales ($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% Q226 Growth YoY $5.7B Q226 Sales Note: YoY reflects Q226 vs. Q225 and QoQ reflects Q226 vs. Q126.
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HIV Treatment: Leadership in Dynamic Market 9 Note: YoY reflects Q226 vs. Q225 and QoQ reflects Q226 vs. Q126. BIC/LEN is an investigational once daily oral combination of bictegravir and lenacapavir and is not approved for any indication. Biktarvy (bictegravir 50 mg, emtricitabine 200 mg, tenofovir alafenamide 25 mg) tablets. PWH – people with HIV. BIC/LEN Daily Oral Q226 sales: $3.8B; +7% YoY , +12% QoQ PDUFA August 27, 2026 >52% U.S. Treatment Market Share #1 Regimen for naïve & switches across most major markets • YoY driven by higher average realized price due to channel mix, in addition to inventory build and higher demand • QoQ driven by second quarter seasonality, partially offset 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 Annually • Combines bictegravir, the most prescribed integrase inhibitor, with lenacapavir, our breakthrough capsid inhibitor • Potential U.S. launch in virally suppressed people with HIV
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Quarterly HIV PrEP Sales Exceed $1B for First Time 10 *Descovy for PrEP sales are based on internal estimates. Note: HIV Prevention business includes Descovy for PrEP and Yeztugo (Truvada for PrEP is not included). YoY reflects Q226 vs. Q225. QoQ reflects Q226 vs. Q126. Descovy (emtricitabine 200 mg, tenofovir alafenamide 25 mg) tablets. LAI – long-acting injectable. PrEP – pre-exposure prophylaxis. PrEP Q226 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 Q226 sales: $232M; +40% QoQ • Leader in switch across all PrEP options (oral and LAI) • Now leading LAI in naïve segment +101% PrEP Sales YoY ~14% U.S. PrEP Market Growth YoY
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Liver Disease: Livdelzi Leading in 2L PBC 11 • Livdelzi launch momentum continues (+115% Y oY , +26% QoQ) and remains leading 2L PBC regimen • Total Liver +10% YoY driven by higher demand across PBC, HBV and HDV, offset by lower HCV starts • Total Liver +14% QoQ driven by higher demand and inventory build, partially offset by lower average realized price Product Sales ($M) >50% 2L PBC U.S. Market Share $167M Q226 Livdelzi Sales Note: HCV includes Epclusa, the authorized generic version of Epclusa, Harvoni, the authorized generic version of Harvoni, So valdi and Vosevi. HBV includes Hepsera (adefovir dipivoxil), Vemlidy (tenofovir alafenamide), and Viread (tenofovir disoproxil fumarate). HDV includes Hepcludex (bulevirtide). Hepcludex (bulevirtide-gmod) was granted FDA accelerated approval for the treatment of chronic HDV in adults without cirrhosis or with compensated cirrh osis. Note: YoY reflects Q226 vs. Q225 and QoQ reflects Q226 vs. Q126. HBV – hepatitis B virus, HCV – hepatitis C virus, HDV – hepatitis delta virus, PBC – primary biliary cholangitis. $78
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Note: YoY reflects Q226 vs. Q225 and QoQ reflects Q226 vs. Q126. Trodelvy ( sacituzumab govitecan-hziy) for injection. 1. U.S. and EU. Trodelvy is indicated for 1L mTNBC in adult patients with unresectable locally advanced or m etastatic TNBC, as either a single agent for patients who are not candidates for PD -(L)1 inhibitor-based therapy or in combination with pembroli zumab for patients whose tumors express PD-L1 (CPS ≥10). mTNBC – metastatic triple-negative breast cancer. Trodelvy: Strength Across Breast Cancer Portfolio 12 • +26% YoY and +13% QoQ primarily due to increased demand across metastatic breast cancer indications in all regions • Approved in 1L mTNBC across PD -L1 status in U.S. in June 2026 #1 2L mTNBC1 share +26% YoY growth in Q226 Product Sales ($M)
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Cell Therapy: Preparing for Anito-Cel Launch 13 Yescarta (axicabtagene ciloleucel) suspension for IV infusion. Tecartus (brexucabtagene autoleucel) suspension for IV infusion. Note: YoY reflects Q226 vs. Q225 and QoQ reflects Q226 vs Q126. Anito-cel - anitocabtagene autoleucel. ATC- authorized treatment center. • -14% YoY reflecting continued competitive headwinds across regions; +2% QoQ driven by increased U.S. and Rest of World demand for Yescarta, partially offset by Tecartus • Anito-cel PDUFA December 23, 2026, launch preparations well-underway >36K Patients Treated to Date >600 ATCs Globally $417M Q226 Cell Therapy Sales Product Sales ($M)
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Most Robust Launch Pipeline in Gilead’s History 14 Note: This is illustrative and subject to timing of regulatory approvals, which may not reflect actual launch outcomes. Livde lzi was granted FDA accelerated approval in August 2024. Hepcludex (bulevirtide-gmod) was granted FDA accelerated approval for the treatment of chronic HDV in adults without cirrhosis or with compensated cirrhosis. Trodelvy is indicated for 1L mTNBC in adult patients with unresectable locally advanced or metastatic TNBC, as either a single agent for patients who are not candidates for PD -(L)1 inhibitor-based therapy or in combination with pembrolizumab or pem brolizumab and berahyaluronidase alfa-pmph for patients whose tumors express PD -L1 (CPS ≥10). BIC/LEN – bictegravir/lenacapavir, ISL/LEN – islatravir/lenacapavir, MM – multiple myeloma, mTNBC – metastatic triple negative breast cancer, PBC – primary biliary cholangitis, PrEP – pre-exposure prophylaxis, PWH – people with HIV, R/R – relapsed and/or refractory, VS – virally suppressed. Anito-cel - anitocabtagene autoleucel. APPROVED NEWLY APPROVED 2L PBC HIV PrEP Twice-Yearly Inj. HDV 1L PD-L1+ mTNBC 1L PD-L1- mTNBC August 2026 December 2026 February 2027 2027 BIC/LEN Daily VS PWH Anito-cel 4L+ R/R MM HIV PrEP Weekly Oral ISL/LEN Weekly VS PWH
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D i e t m a r B e r g e r, M D , P h D C h i e f M e d i c a l O f f i c e r Pipeline Updates
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Note: All launch dates are subject to regulatory approval. Timeline estimates are as of August 2026 and subject to revision. Planned data readouts and regulatory submissions not necessarily in chronological order. For non -registrational studies, data readouts listed may be interim readouts. The use of lenacapavir as shown on this slide, alone or in combination wi th other antiretroviral candidates, is investigational; the safety and efficacy of these uses have not been established. Islatravir + lenacapavir is being developed in collaboration with our partner, Merck. FPI – first patient in, INSTI – integrase strand transfer inhibitor, PrEP – pre-exposure prophylaxis, TAB – teropavimab, ZAB - zinlirvimab 2026 2027 Daily Oral Weekly Oral Primary Endpoints Met June 2026 Ph2 FPI 2H 2026 and early 2027 Monthly Oral Ph1 GS-3107 Update 2H 2026 2x/Yearly Injectable Ph3 FPI 2H 2026 Ph2 FPI June 2026 Weekly Oral 1x/Yearly Injectable Ph3 PURPOSE 365 Update 2027 Treatment Bictegravir + Lenacapavir Islatravir + Lenacapavir Lenacapavir + GS-3242 Lenacapavir + TAB + ZAB Lenacapavir + GS-3242 GS-3107 + INSTI U.S. Launch August 2026 Launch 2027 Launch 2031 - 2033 Launch 2030 Launch 2031 - 2033 Launch 2030 PrEP Lenacapavir Launch 2028 Lenacapavir Unlocks Broad HIV Pipeline EC Decision 2027 Lenacapavir U.S. Launch February 2027 16 Lenacapavir + GS-1720 New Disclosure
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ALP – alkaline phosphatase, EC – European Commission, HDV – hepatitis delta virus, PBC – primary biliary cholangitis, UDCA – ursodeoxycholic acid, ULN – upper limit of normal. Livdelzi received FDA accelerated approval in August 2024 and EC conditional approval in February 2025. Liver Disease: Advancing Options for High Unmet Need First-and-only FDA & EC approved treatment for chronic HDV infection • EC conditional approval in July 2020 and full EU marketing authorization in July 2023 • FDA accelerated approval in May 2026 Leading FDA & EC approved treatment for 2L PBC in inadequate responders to UDCA • Accelerated Approvals supported by P3 RESPONSE trial in 2L PBC patients with ALP>1.67x ULN • Announced positive P3 IDEAL results in 2L PBC patients with ALP 1-1.67x ULN – detailed data at future medical congress 17
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ADC – antibody drug conjugate, ASCO – American Society of Clinical Oncology, mBC – metastatic breast cancer, mTNBC – metastatic triple negative breast cancer, PROC – platinum resistant ovarian cancer, PSOC – platinum susceptible ovarian cancer. Phase 1 Phase 2 Phase 3 Approved 2L+ mTNBC 1L mTNBC Pre-treated HR+/HER2- mBC 2L+ Advanced or Recurrent Endometrial Cancer 2L Extensive Stage Small Cell Lung Cancer High Risk Early TNBC GS-8824 (Previously TUB-040) FDA Approval in 1L mTNBC P3 ASCENT-GYN Update Expected 2H 2026 2L+ PROC 2-3L PSOC P1/2 NAPISTAR-1-01 ASCO Update in 2L+ PROC Patients Initiated P1 NAPISTAR-1-02 Study in 2L-3L PSOC Patients Registrational Trial Initiation Expected in 2027 Note: GS-8824 also remains under evaluation for lung cancer Oncology: Advancing Leading ADC Pipeline 18
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Note: anitocabtagene autoleucel (anito-cel) is an investigational therapy and is not approved for any indication. Launch of anito -cel is subject to regulatory approval. R/R MM – relapsed and/or refractory multiple myeloma. CARs – chimeric antigen receptors. In Vivo Platform in Development Large Unmet Need in Multiple Myeloma • ~3.5B CAR T Addressable Market in 4L+ R/R MM Best-in-Disease Potential • Observed Deep & Durable Efficacy • Differentiated Safety Profile • Rapid and Reliable Manufacturing 4L R/R Multiple Myeloma FDA Decision Expected by 23 December 2026 Completed Enrollment of P3 iMMagine-3; Filing in 2-4L R/R MM as Early as 2027 Upcoming Anito-Cel Launch Cell Therapy: Upcoming Launch & Long-Term Innovation Differentiated to Address Class Challenges • Arcellx’s small D-Domain binder bypasses payload challenges to target multiple antigens • Plug-and-play modular Interius platform optimizes CARs / vector targets by diseases • Pregene collaboration enables speed to clinic, initial investigator-sponsored studies exploring platform in 2H26 Designed for Scalability and Broad Expansion Across Oncology & Autoimmune Diseases 19
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Key 2026 Milestones 1. Study did not meet primary endpoint and trial was discontinued. Data have been reviewed and will be shared at a scientific conference. Hepcludex (bulevirtide), Livdelzi ( seladelpar), Trodelvy (sacituzumab govitecan-hziy). BIC – bictegravir, HDV – hepatitis delta virus, ISL – islatravir, LEN – lenacapavir, anito-cel (anitocabtagene autoleucel), mNSCLC – metastatic non-small cell lung cancer, mTNBC - metastatic triple-negative breast cancer, PD -L1 - programmed death-ligand 1, QD – daily, QW – weekly, R/R – relapsed or refractory, TPS – tumor proportion score. Program Trial Indication Update Status ISL/LEN ISLEND-1 QW Oral HIV Tx Phase 3 Update ISLEND-2 QW Oral HIV Tx Phase 3 Update Hepcludex MYR301 HDV FDA Decision Program Trial Indication Update Status BIC/LEN ARTISTRY-1 & -2 QD Oral HIV Treatment FDA Decision ◯ Trodelvy ASCENT-03 1L mTNBC (PD-L1-) FDA Decision ASCENT-04 1L mTNBC (PD-L1+) FDA Decision ASCENT-GYN 2L+ Advanced Endometrial Cancer Phase 3 Update ◯ EVOKE-03 1L mNSCLC (PD-L1 High, TPS≥50%) Phase 3 Update1 Anito-cel iMMagine-1 4L+ R/R Multiple Myeloma FDA Decision ◯ Livdelzi IDEAL 2L Primary Biliary Cholangitis Phase 3 Update 20 On TrackCompleted1 1H26 2H26 Completed
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A n d r e w D i c k i n s o n C h i e f F i n a n c i a l O f f i c e r Financial Results
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$121 $23 $6,934 $7,604 Q225 Q226 Q2 2026 Base Business Sales Note: YoY reflects Q226 vs. Q225 and QoQ reflects Q226 vs Q126. Base Business Sales +10% YoY and +12% QoQ • YoY primarily driven by HIV products, Trodelvy and Livdelzi partially offset by lower Cell Therapy and HCV products • QoQ reflects growth across core therapeutic areas • Reflecting lower Veklury sales due to fewer COVID -19 related hospitalizations Product Sales ($M) Total Product Sales +8% YoY and +10% QoQ Veklury -81% Base Business +10% $7,054 $7,627 22
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Q2 2026 Non-GAAP Data In millions, except percentages and per share amounts Q225 Q226 YoY Change COGS $922 $999 8% Product Gross Margin 87% 87% Flat R&D $1,450 $1,429 -1% Acquired IPR&D $61 $11,183 NM SG&A $1,358 $1,521 12% Non-GAAP Operating Expenses $2,869 $14,133 NM Non-GAAP Operating Income $3,290 $(7,329) NM Operating Margin 46% (94)% NM Effective T ax Rate 19% (11)% NM Non-GAAP Net Income $2,521 $(8,391) NM Non-GAAP Diluted EPS $2.01 $(6.75) NM Shares used in per share calculation-diluted 1,255 1,243 Please refer to accompanying press release for disclosures about our use of non -GAAP financial measures and GAAP to non -GAAP reconciliations. Note: YoY reflects Q226 vs. Q225. NM – not meaningful. • R&D relatively flat YoY , reflecting lower Oncology clinical study activity, offset by higher R&D costs associated with our newly acquired entities • Acquired IPR&D primarily reflecting our investments in Arcellx, Tubulis, and Ouro Medicines, net of Lakefront collaboration • SG&A up 12% YoY , primarily due to expected promotional activities related to Yeztugo Non-GAAP Operating Expenses • Non-GAAP EPS lower driven by higher acquired IPR&D, tax, and SG&A expenses, partially offset by higher revenue Non-GAAP EPS 23
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$2.01 $2.27 ~$9.02 $(6.75) Q2 2026 Illustrative Non-GAAP EPS Q226 Illustrative Non-GAAP EPS +13% YoY • Excluding $9.02 per share impact from Q2 acquisitions as well as non-recurring other revenues, illustrative non - GAAP EPS was $2.27 • Illustrative Non-GAAP EPS Y oY primarily driven by higher product sales, partially offset by higher SG&A and tax expenses +13% YoY Note: Illustrative non-GAAP EPS excludes acquired IPR&D expenses and financing costs related to acquisitions of Arcellx, Tubulis , and Ouro Medicines (net of Lakefront collaboration) in Q226, as well as other non -recurring, non-cash other revenues. Q2 acquisitions & other revenues Q225 Non-GAAP Diluted EPS Q226 Non-GAAP Diluted EPS Q226 Illustrative Non-GAAP EPS 24
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10 February 2026 7 May 2026 4 August 2026 Total Product Sales $29.6B - $30.0B $30.0B - $30.4B $30.1B - $30.4B Product Sales ex-Veklury $29.0B - $29.4B $29.4B - $29.8B $29.8B - $30.1B VeklurySales ~ $600M No Change ~ $300M Non-GAAP Product Gross Margin ~ 87.0% No Change No Change R&D Expense Low-single digit % growth Mid-single digit % growth No Change Acquired IPR&D ~ $0.3B ~ $11.8B ~ $11.5B SG&A Expense Mid-single digit % growth No Change No Change Operating Income $13.8B - $14.3B $2.4B - $2.9B $2.9B - $3.3B Effective T ax Rate ~ 20% 190% - 140% 140% - 115% Diluted EPS $8.45 - $8.85 $(1.05) - $(0.65) $(0.65) - $(0.30) GAAP Diluted EPS $6.75 - $7.15 $(3.25) - $(2.85) $(3.75) - $(3.40) This financial guidance excludes the impact of any expenses related to potential acquisitions or business development transac tions that have not been executed, future fair value adjustments of equity securities and discrete tax charges or benefits associated with changes in tax related laws and guidelines as Gilead is unable to project such amounts. This guid ance is subject to a number of risks and uncertainties. See Forward -Looking Statements on page 2. Please refer to the accompanying press release for GAAP to non -GAAP reconciliations. FY2026 Updated Guidance Base Business Guidance +6% to +7% YoY • No change to R&D and SG&A expense guidance • Lowered acquired IPR&D by ~$300M due to revision of the accounting treatment of potential future milestones associated with Tubulis acquisition • Raised Non-GAAP diluted EPS guidance by ~$0.38 at midpoint driven by lower acquired IPR&D and higher revenues Non-GAAP Operating Expenses • Raised Base Business sales guidance by $350M at midpoint compared to May guidance, and by $750M at midpoint compared to February guidance • Expect HIV to grow 9 -10% YoY , including FY26 Yeztugo sales of ~$1B • Cell Therapy expected to decline mid -teens % YoY 25
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Note : Illustrative non-GAAP EPS excludes acquired IPR&D expenses and financing costs related to acquisitions of Arcellx, Tubulis, and Ouro Medicines (net of Lakefront collaboration), as well as other non -recurring, non-cash other revenues. FY2026 Illustrative Non-GAAP EPS Guidance • Raised $0.05 on the bottom end due to higher base business sales, partially offset by lower Veklury compared to Illustrative May guidance ~$9.15 ~$0.20 to $0.25 ~$(0.20) Illustrative May Guidance Illustrative August Guidance May Guidance ~$9.50 August Guidance Q2 acquisitions Q2 acquisitions & other revenues Higher base business sales $(1.05) to $(0.65) $8.45 to $8.85 $8.50 to $8.85 $(0.65) to $(0.30) Lower Veklury sales 26 Illustrative August EPS Guidance
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Ongoing Commitment to Disciplined Capital Deployment 1. Repurchases of common stock under repurchase program. ~$1B Dividends Paid in Q226 $355M In Shares Repurchased in Q2261 2.7M Shares at Average $131.83 Capital Allocation Priorities Continue to invest in our business and R&D pipeline while managing expenses Continue ordinary course partnerships and business development transactions Grow our dividend Repurchase shares to offset dilution and opportunistically reduce share count 27
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Q&A Johanna Mercier Chief Commercial & Corporate Affairs Officer Andrew Dickinson Chief Financial Officer Dietmar Berger, MD, PhD Chief Medical Officer Daniel O’Day Chairman & Chief Executive Officer Cindy Perettie EVP & Head of Kite
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Kite Program Optionable Partner Program 29 Pipeline shown above as of Q2 2026. 1. Program count does not include potential partner opt -in programs or programs that have received both FDA and EC approval. Anito-cel - anitocabtagene autoleucel, Axi-cel - axicabtagene ciloleucel, BIC - bictegravir, FL - follicular lymphoma, HDV – hepatitis delta virus, HIV - human immunodeficiency virus, HR – high risk, ISL - islatravir, LAI – long acting injectable, LAO – long acting oral, LBCL - large B-cell lymphoma, LEN - lenacapavir, mEC – metastatic endometrial cancer, MM – multiple myeloma, mTNBC – metastatic triple-negative breast cancer, PD-L1 – programmed death ligand 1, pembro – pembrolizumab, PrEP - pre-exposure prophylaxis, R/R – relapsed or refractory, SCLC – small cell lung cancer, SG - sacituzumab govitecan-hziy, TNBC – triple-negative breast cancer PHASE 2 PHASE 3, FILED, or APPROVEDPHASE 1 Oncology Inflammatory Disease Viral Disease Hepcludex® HDV SG 1L mTNBC (PD-L1-) Anito-cel 2-4L R/R MM SG + pembro 1L mTNBC (PD-L1+) SG 2L mEC SG + pembro adjuvant TNBC Axi-cel 2L+ HR FL BIC/LEN combo HIV Oral ISL/LEN combo HIV LAO Axi-cel 1L HR LBCL Robust Pipeline with Upcoming Catalysts SG SCLC LEN HIV PrEP LAI Anito-cel 4L R/R MM Clinical programs153 Clinical opt-in assets4 LEN HIV PrEP LAO KITE-753 2L DLBCL
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Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q2’26 Updates HIV Prevention Yeztugo® (lenacapavir) HIV PrEP LAO sNDA Submitted Lenacapavir (PURPOSE 365) HIV PrEP LAI HIV Treatment Bictegravir/lenacapavir oral combination (ARTISTRY -1 & -2) HIV Oral Islatravir/lenacapavir oral combination (ISLEND -1 &-2)1 HIV LAO HIV INSTI/capsid inhibitor (GS -1720/GS-4182) (WONDERS-1)2 HIV LAO Clinical hold lifted GS-1720 HIV capsid inhibitor (GS -3107) HIV LAO HIV INSTI (GS-3242) + lenacapavir HIV LAO P2 Planned 2H26 Lenacapavir + teropavimab + zinlirvimab HIV LAI HIV INSTI (GS-3242) + lenacapavir HIV LAI P2 FPI HIV INSTI (GS-1219)3 HIV LAI HIV Cure Teropavimab + zinlirvimab 4 HIV Cure Vesatolimod HIV Cure HIV bispecific T-cell engager (GS-8588) HIV Cure 30 Clinical hold Breakthrough Therapy Designation PRIME DesignationP New listing in Q2’26 Q2’26 Updates Pipeline shown above as of Q2 2026. 1. Subject to Gilead and Merck co -development and co-commercialization agreement. 2. Program timelines pending resolution of the GS-4182 clinical hold. 3. Development paused. 4. Non -Gilead sponsored trial(s) ongoing. FPI – first patient in, HIV - human immunodeficiency virus, INSTI - integrase strand transfer inhibitor, LAI – long-acting injectable, LAO – long-acting oral, sNDA – supplemental new drug application, PrEP - pre- exposure prophylaxis. Viral Diseases Pipeline 1/2 NDA submitted sNDA submitted
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31 Pipeline shown above as of Q2 2026. BLA – biologics license application, CoV – covid, FDA – food and drug administration, HBV – hepatitis B virus, HDV – hepatitis delta virus, HPI - helicase-primase inhibitor, HSV – herpes simplex virus, MAA - marketing authorization application, NEVPP – neglected and emerging viruses and pandemic preparation. Viral Diseases Pipeline 2/2 Breakthrough Therapy Designation PRIME DesignationP New listing in Q2’26 Q2’26 Updates Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q2’26 Updates HDV Hepcludex® (MYR301) HDV FDA approval granted HDV pre-S1 nAb (GS-4321) HDV HBV Cure HBV therapeutic vaccine (GS -2829 + GS-6779) HBV Cure HSV HSV HPI (GS-1179) HSV Infectious Disease CoV Mpro Inhibitor (GS-1701) NEVPP Opt-ins Assembly Biosciences HDV 1 clinical stage program BLA and MAA ApprovedP
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Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q2’26 Updates Lymphoma Axicabtagene ciloleucel (ZUMA-22) 2L+ HR FL Axicabtagene ciloleucel (ZUMA-23) 1L HR LBCL CD19/CD20 bicistronic (KITE -753) (PALISADES-2)1 2L DLBCL P3 FPI CD19/CD20 bicistronic (KITE -753) (PALISADES-1)1 3L+ R/R DLBCL Brexucabtagene autoleucel (ZUMA-4) Pediatric ALL/NHL Multiple Myeloma Anitocabtagene autoleucel (iMMagine-1) 4L+ R/R MM Anitocabtagene autoleucel (iMMagine-3) 2-4L R/R MM Autoimmune Diseases CD19/CD20 bicistronic (KITE -363) Rheumatology CD19/CD20 bicistronic (KITE -363) Neurology Anitocabtagene autoleucel gMG 32 BLA Filed Pipeline shown above as of Q2 2026. 1. Manufacturing innovation. ALL - acute lymphocytic leukemia, BLA – biological license application, DLBCL – diffuse large B-cell lymphoma, FL - follicular lymphoma, FPI – first patient in, gMG – generalized myasthenia gravis, HR – high risk, LBCL - large B cell lymphoma, MM – multiple myeloma, NHL – non-Hodgkin’s lymphoma, R/R – relapsed or refractory, RMAT – regenerative medicine advanced therapy. Cell Therapy Pipeline Breakthrough Therapy Designation PRIME DesignationP New listing in Q2’26 Q2’26 Updates R RMAT Designation R R
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Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q2’26 Updates Breast Sacituzumab govitecan-hziy (ASCENT-03) 1L mTNBC (PD-L1-) FDA approval granted Sacituzumab govitecan-hziy + pembrolizumab (ASCENT -04)1 1L mTNBC (PD-L1+) FDA approval granted Sacituzumab govitecan-hziy + pembrolizumab (ASCENT -05) High risk adjuvant TNBC Lung & Thoracic Sacituzumab govitecan-hziy (EVOKE-SCLC-04) 2L ES-SCLC Gastric Intestinal Denikitug mCRC P2 FPI Gynecology Sacituzumab govitecan-hziy (ASCENT-GYN-01)2 2L+ mEC NaPi2b ADC (GS-8824) (NAPISTAR 1-01)3 2L+ PROC Acquired from Tubulis NaPi2b ADC (GS-8824) (NAPISTAR 1-02)3 2L+ PSOC Acquired from Tubulis 33 sBLA and MAA approved sBLA approved and MAA submitted Pipeline shown above as of Q2 2026. Removed programs: Phase 3 Sacituzumab govitecan-hziy + pembrolizumab (EVOKE-03) for 1L mNSCLC (PDL1+, TPS > 50%). Phase 2 Lung Cancer Platform (VELOCITY -Lung) for NSCLC. Phase 2 Sacituzumab govitecan-hziy + combinations (TROPHY U-01) in mUC. 1. In collaboration with Merck. 2. In collaboration with the GOG Foundation (GOG) and European Network of Gynecological Oncol ogical Trial Groups (ENGOT). 3. Previously TUB -40. ES-SCLC – extensive stage - small cell lung cancer, FDA – food and drug administration, FPI – first patient in, MAA - marketing authorization application, mCRC – metastatic colorectal cancer, mEC – metastatic endometrial cancer, mTNBC – metastatic triple-negative breast cancer, mUC - metastatic urothelial carcinoma, PD-L1 – programmed death-ligand 1, PROC – platinum-resistant ovarian cancer, PSOC – platinum-sensitive ovarian cancer, sBLA – supplemental biologics license application, TNBC – triple-negative breast cancer. Oncology Pipeline 1/2 Breakthrough Therapy Designation PRIME DesignationP New listing in Q2’26 Q2’26 Updates
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Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q2’26 Updates Advanced Cancers Efarindodekin Alfa1 Advanced Cancers P1 → P2 5T4 ADC (GS-8823)2 Advanced Cancers Acquired from Tubulis Anti -IL-18BP (GS-0321)3 Advanced Cancers Denikitug Advanced Cancers GS-2121 Advanced Cancers GS-2426 Advanced Cancers P1 FPI GS-5319 Advanced Cancers PARP1 inhibitor (GS-0201) Advanced Cancers Opt-ins Arcus Advanced Cancers 2 clinical stage program MacroGenics Advanced Cancers 1 clinical stage program 34 Pipeline shown above as of Q2 2026. 1. Operationalized by Xilio, previously XTX301. 2. Previously TUB -30. 3. Operationalized by Compugen. PARP1 – poly (ADP-ribose) polymerase 1. Oncology Pipeline 2/2 Breakthrough Therapy Designation PRIME DesignationP New listing in Q2’26 Q2’26 Updates
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Clinical Program Indication Phase 1 Phase 2 Phase 3 Filed Q2’26 Updates Lupus Edecesertib (COSMIC) Lupus Inflammatory Bowel Disease Tilpisertib fosmecarbil (PALEKONA) IBD Emvistegrast (SWIFT)1 IBD FXR agonist (GS-8670) IBD Inflammatory Diseases Gamgertamig 2 Inflammatory Diseases Acquired from Ouro Medicines CD200R agonist (GS-5305) Inflammatory Diseases IRAK4 Degrader (GS-6791) Inflammatory Diseases PD1 agonist (GS-0151) Inflammatory Diseases Metabolic Disease GLP-1R agonist (GS-4571) Metabolic Disease 35 Pipeline shown above as of Q2 2026. 1. Previously GS -1427. 2. Gamgertamig is being investigated in autoimmune hemolytic anemia (AIHA), immune thrombocytopenia (ITP), and other inflammatory diseases. GLP-1 – glucagon-like peptide-1, IBD – inflammatory bowel disease, PD1 - programmed cell death protein 1. Inflammatory Diseases Pipeline Breakthrough Therapy Designation PRIME DesignationP New listing in Q2’26 Q2’26 Updates
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As of in billions where applicable June 30, 2025 Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 Jun 30, 2026 Total Debt, net $24.95 $24.94 $24.94 $22.17 $26.25 Debt Discounts, Premiums and Issuance Costs 0.18 0.18 0.17 0.17 0.18 Liability related to sale of future royalties 1 (1.13) (1.12) (1.11) (1.09) (1.08) Total Adjusted Debt 1 $24.00 $24.00 $24.00 $21.25 $25.35 Twelve Months Ended June 30, 2025 Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 Jun 30, 2026 Net Income attributable to Gilead $6.31 $8.11 $8.51 $9.22 (3.24) Add: Interest Expense 2 & Other (Income) expense, net 0.85 0.60 0.23 (0.36) (0.54) Add: Tax 0.89 1.78 1.29 1.51 1.28 Add: Depreciation 0.38 0.38 0.37 0.38 0.37 Add: Amortization 2.39 2.39 2.39 2.39 2.39 Add: Initial costs of externally developed IPR&D projects 3 0.32 0.43 0.81 0.64 11.72 Add: Impairments 1.94 0.19 0.59 0.59 2.15 Adjusted EBITDA 4 $13.08 $13.88 $14.18 $14.37 $14.14 Adjusted Debt to Adjusted EBITDA ratio 4 ~1.83x ~1.73x ~1.69x ~1.48x ~1.79x 1. Adjusted debt excludes a funding agreement with RPI Finance Trust that was assumed as part of our acquisition of Immunomedics under which Immunomedics received cash in exchange for perpetual, tiered royalty payments on worldwide sales of Trodelvy. 2. Total interest expense and amortization from all issued debt is expected to be $1 billion for the full year 2026. We retain the flexibility to refinance or to repay maturing debt. 3. Represents the initial costs of externally developed IPR&D projects with no alternative future use, acquired directly in a transaction other than a business combination, including upfront payments related to various collaborations and the initial costs of rights to IPR&D projects. 4. Adjusted EBITDA and Adjusted Debt to Adjusted EBITDA ratio are non-GAAP performance measures used by our investors and analysts to assess the overall operating performance in the context of financial leverage. GAAP to Non-GAAP Reconciliation of Outstanding Adjusted Debt and Adjusted EBITDA 36