Gilead Sciences Inc. Management Meeting Strategy Update

Goldman Sachs hosted a meeting with Gilead management, focusing on the growth potential of their HIV prevention portfolio, the underappreciated launch of anito-cel in cell therapy, and progress in oncology and immunology programs.

Key Takeaways

• 1.Management reiterated a strong outlook for the HIV business, focusing on the switch market and upcoming launches like daily oral Bic/Len and weekly oral Len/ISL.
• 2.Gilead believes the market underappreciates the opportunity for anito-cel in multiple myeloma, anticipating physician preference due to a differentiated safety profile vs. Carvykti.
• 3.The oncology portfolio (Trodelvy) is tracking toward an annualized run rate of $3-4bn, supported by NCCN guideline updates and planned label expansions.

Table of Contents

• Gilead Sciences Inc. (GILD): Management meeting frames strategy across pipeline portfolio
• Valuation and risks
• Disclosure Appendix

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