Gilead Sciences Inc Morgan Stanley 24th Annual Global Healthcare Conference

Thank you for having me.

Sure. Thank you, Terence, for having us. Delighted to be here with Johanna. Look, first of all, maybe just to set the table for Gilead. We are at, I think, a really important point in our journey. We, I think, are at another inflection point in value, and let me just explain why I believe that. First of all, we have the most robust portfolio, I think, in our history, certainly since I've been here in the past seven and a half years. This cadence of launches that we have right now is really going across all therapeutic areas, and we'll talk about that a bit. But the setup is such that we're a bit unique in the sector in that we don't have any significant major patent expiries until 2036, with a very strong plan on how to handle that patent expiry in 2036.

But let me just break it down into a couple of components. I think about our portfolio from strength, but also diversification. I think there's two different ways to look at diversification. One is the diversification that we're going through right now within our core business, our HIV business, which is in the past and currently still largely based on BIKTARVY. But we're in the middle of transitioning the entirety of our HIV franchise across both treatment and prevention. I know we'll talk a lot about both of those, and particularly prevention. But it's important to note on the treatment side, we just recently launched a new daily oral called Bixlenvo. I'm so used to BIKTARVY.

Rolls right off. It rolls off. I know, it's so close to the other name. I should be a little bit better at that. Which is an important addition to the treatment landscape. In particular, the fact that it allows us to participate in the switch market, which, in the past, we haven't been as participative. About 20% of patients on HIV treatment do two switches a year. Then we have an expected launch of the first weekly oral treatment with Yfellen next year as well. Beyond that, and we'll continue to update you, a really robust portfolio of weekly and monthly orals, and once every six month injectable, including lenacapavir as the backbone.

A really strong capsid inhibitor, the first capsid inhibitor, combined with a variety of different medicines, including GS-3242, which is an interesting INSTI that we are currently in the clinic on for every four months. PK data suggests we may be able to take that to six months, so stay tuned for that, because that trial is ongoing. So there's just a tremendous optionality within the treatment landscape that will evolve that whole treatment landscape over the course of the coming years. Secondarily, PrEP. The number of users on PrEP has more than doubled since 2022, so in the past four years, driven by DESCOVY, but also with line of sight towards two new launches in the next couple of years. Weekly oral PrEP, first quarter of next year, and then in 2028, a one-year injectable version of DESCOVY.

We think about diversification across that broad spectrum of HIV, in both treatment and prevention, for a growing durable business well into the end of the next decade. Combined upon that strength, the work we are doing on oncology and I&I. Just briefly on oncology, we will get back into this, but anito-cel is the most eminent launch in oncology of a new molecular entity in fourth line plus multiple myeloma. We are really excited about that being a best in disease profile, a one and done type of opportunity for people with multiple myeloma. We are fully enrolled in the second line plus study. Expect that data to read out next year. Moving that up in lines of therapy, allowing people to achieve treatment-free durations is really what we are focused on in multiple myeloma.

Then a broader cell therapy approach with bicistronics and lymphoma, in vivo constructs and autoimmune. Combine that with the work we are doing in ADCs, both with TRODELVY and first line triple-negative breast cancer, as well as the acquisition of Tubulis, which we really are excited about as a novel ADC platform, starting first in platinum-resistant ovarian cancer. But then many indications with that platform as well. That is our oncology base, which is really just beginning to shape and form and grow. Then I&I at an earlier stage, you are going to hear more on that later this year. But I would just point your attention to what our chemists have been working on for the past six or seven years. There is a couple of small molecules that we intend to read out phase II results later this year with alpha-4 beta-7 and IRAK4.

We also have a STAT6 program, as well as an acquisition we did earlier this year on a BCMA T-cell engager for B-cell depletion. All this to say that this is a special time at Gilead. I think we are in a unique position to drive value and growth, and that all against an operating model that we are committed to, which includes top industry quartile margins, strong cash flows, and ability to deliver to shareholders and to patients.