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1、1 0 D ec em b er 2 0 2 4Q125Financial ResultsA p r i l 2 4,2 0 2 5Forward-Looking StatementsStatements included in this press release 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 th

2、at 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:Gileads ability to achieve its full year 2025 financial guidance,including as a result of the uncertainty of the a

3、mount and timing of Veklury revenues,the impact of the Inflation Reduction Act,changes in U.S.regulatory or legislative policies,and changes in U.S.trade policies,including tariffs;Gileads ability to make progress on any of its long-term ambitions or priorities laid out in its corporate strategy;Gil

4、eads ability to accelerate or sustain revenues for its virology,oncology and other programs;Gileads ability to realize the potential benefits of acquisitions,collaborations or licensing arrangements,including the acquisitions of CymaBay,and Immunomedics,and the arrangement with LEO Pharma;patent pro

5、tection and estimated loss of exclusivity for our products and product candidates;Gileads 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 invo

6、lving Biktarvy,Trodelvy,lenacapavir,teropavimab and zinlirvimab,and the risk that safety and efficacy data from clinical trials may not warrant further development of Gileads product candidates or the product candidates of Gileads strategic partners;Gileads ability to submit new drug applications fo

7、r new product candidates or expanded indications in the currently anticipated timelines,including for lenacapavir for HIV PrEP;Gileads ability to receive or maintain regulatory approvals in a timely manner or at all,including for lenacapavir for PrEP,and the risk that any such approvals,if granted,m

8、ay be subject to significant limitations on use and may be subject to withdrawal or other adverse actions by the applicable regulatory authority;Gileads ability to successfully commercialize its products;the risk of potential disruptions to the manufacturing and supply chain of Gileads products;pric

9、ing 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 Gilea

10、d products;the risk that physicians and patients may not see advantages of Gileads products over other therapies and may therefore be reluctant to prescribe the products,including Livdelzi/Lyvdelzi;and other risks identified from time to time in Gileads reports filed with the SEC,including annual re

11、ports 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 o

12、ther 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 wh

13、ich 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 March31,2025 are not necessarily indicative of operating results for any future p

14、eriods.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-lo

15、oking statements.The reader is cautioned that forward-looking statements are not guarantees of future performance and is cautioned not to place undue reliance on these forward-looking statements.All forward-looking statements are based on information currently available to Gilead and Gilead assumes

16、no obligation to update or supplement any such forward-looking statements other than as required by law.Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statements.Gilead owns or has rights to various trademarks,copyrights and trade names used in it

17、s business,including the following:GILEAD,GILEAD SCIENCES,KITETM,AMBISOME,ATRIPLA,BIKTARVY,CAYSTON,COMPLERA,DESCOVY,DESCOVY FOR PREP,EMTRIVA,EPCLUSA,EVIPLERA,GENVOYA,HARVONI,HEPCLUDEX,HEPSERA,JYSELECA,LETAIRIS,LIVDELZI/LYVDELZI,ODEFSEY,SOVALDI,STRIBILD,SUNLENCA,TECARTUS,TRODELVY,TRUVADA,TRUVADA FOR

18、PREP,TYBOST,VEKLURY,VEMLIDY,VIREAD,VOSEVI,YESCARTAand ZYDELIG.This report may also refer to trademarks,service marks and trade names of other companies.2Contents34-5Key TakeawaysCommercial ResultsPipeline UpdatesFinancial ResultsAppendix6-1314-1920-2426-33Q125Key TakeawaysDa n ie l O Da yC ha i r m

19、a n&C hi ef E x ec ut i ve Offi c erGilead Q125-Key Takeaways1Strong Execution32Total Product Sales excluding Veklury up 4%YoY to$6.3B Total HIV up 6%YoY due to pricing and demand;Biktarvy up 7%YoY and Descovy up 38%YoYContinued Livdelzi launch momentum;Trodelvy down 5%YoY due to inventory dynamics

20、and pricingContinued operating expense discipline driving bottom line outperformance5Positive topline Phase 3 ASCENT-04 data evaluating Trodelvy+pembrolizumab in 1L PD-L1+1 mTNBCLivdelzi now approved in EU(Feb 2025)for PBC2,including related pruritusPromising Phase 1 once-yearly lenacapavir data at

21、CROI 2025 supports plans for Phase 3 trial in 2H25Data for next-gen Phase 1 KITE-363 and EGFR/IL13Ra bicistronic CAR Ts expected at ASCO 2025Gilead Well PositionedCommercial team well prepared for imminent potential launch of lenacapavir for PrEP in U.S.Potential launches for anito-cel for multiple

22、myeloma and Trodelvy for 1L PD-L1+mTNBC in 2026No major product LOEs until late 2033;significant majority of IP already in U.S.Gilead has financial discipline and agility to adapt as needed to macro environmentClinical MomentumNote:YoY reflects Q125 vs Q124.1.PDL1+measured as PD-L1 CPS10.2.Received

23、conditional marketing approval from European Commission.ASCO American Society of Clinical Oncology,CROI Conference on Retroviruses and Opportunistic Infections,PBC primary biliary cholangitis,mTNBC metastatic triple-negative breast cancer.J o ha n n a Me rc ie rC hi ef C om m er c i a l Offi c erCom

24、mercial Results&Market DynamicsSolid Base Business Performance in Q125HIV Product Sales+6%YoY,-16%QoQ+6%YoY$4.6BHIV-45%YoY$302MVeklury-7%YoY$209MOther-5%YoY$293MTrodelvy-3%YoY$464MCell Therapy+3%YoY$758MLiver Disease$4.6BNote:YoY reflects Q125 vs Q124 and QoQ reflects Q125 vs Q424.Oncology Product S

25、ales-4%YoY,-10%QoQ$757MTotal Product Sales excluding Veklury +4%YoY,-12%QoQ$6.3BTotal Product Sales-1%YoY,-12%QoQ$6.6B7$3,405$3,821$4,161$4,532$3,664$596$571$570$603$553$342$353$342$317$370$4,342$4,745$5,073$5,452$4,587 Q124Q224Q324Q424Q125U.S.EuropeRest of WorldHIV:Robust Demand Supporting Growth 8

26、 YoY reflects higher average realized price and demand QoQ reflects Q1 seasonality,including lower average realized price and volumeSales QoQ-16%Sales YoY+6%Note:YoY reflects Q125 vs Q124 and QoQ reflects Q125 vs Q424.Product Sales($M)Q125 sales:$3.1B,+7%YoY,-17%QoQU.S.Market Share51%Treatment Marke

27、t Growth YoY2-3%Q125 sales:$586M;+38%YoY,-5%QoQU.S.Market Share40%U.S.PrEP Market Growth YoY16%Remains#1 regimen for new starts and treatment switches across major marketsYoY driven by higher demandQoQ reflects Q1 seasonality,including lower average realized price and volumeDescovy for PrEP maintain

28、ing share despite availability of other regimens,including genericsYoY driven by higher average realized price and higher demandQoQ primarily driven by typical seasonal inventory dynamics,partially offset by higher average realized price and higher demandShare and Market Growth for HIV Treatment&PrE

29、PNote:YoY reflects Q125 vs Q124 and QoQ reflects Q125 vs Q424.Biktarvy(bictegravir 50 mg,emtricitabine 200 mg,tenofovir alafenamide 25 mg)tablets.Descovy(emtricitabine 200 mg,tenofovir alafenamide 25 mg)tablets.PrEP pre-exposure prophylaxis.9$385$431$393$391$335$137$142$132$134$168$215$259$207$194$2

30、56$737$832$733$719$758 Q124Q224Q324Q424Q125U.S.EuropeRest of WorldLiver Disease:Stable Contributor to BusinessHCV includes Epclusa,the authorized generic version of Epclusa,Harvoni,the authorized generic version of Harvoni,Sovaldi and Vosevi.HBV includes Hepsera(adefovir dipivoxil),Vemlidy(tenofovir

31、 alafenamide),and Viread(tenofovir disoproxil fumarate).HDV includes Hepcludex(bulevirtide).Note:Received full marketing authorization from EC for Hepcludex(bulevirtide)for the treatment of adults with chronic HDV and compensated liver disease.Bulevirtide remains the only approved treatment for chro

32、nic hepatitis delta virus(“HDV”)in the EU and is not approved in the U.S.Livdelzi(seladelpar)capsules.Note:YoY reflects Q125 vs Q124 and QoQ reflects Q125 vs Q424.10+3%YoY reflects increased demand across PBC,HBV,and HDV products,partially offset by lower average realized price for HCV products in t

33、he U.S.+5%QoQ reflects increased demand and inventory dynamics,partially offset by lower average realized price Continued momentum for early Livdelzi launch in PBCU.S.HCV market Share60%Q125 Livdelzi sales$40MProduct Sales($M)Veklury:Lower Hospitalizations with Mild WinterVeklury(remdesivir)for inje

34、ction.1.Source:Premier and HealthVerity CDM data.Note:YoY reflects Q125 vs Q124 and QoQ reflects Q125 vs Q424.11$315$76$393$108$199$70$53$81$80$22$169$85$219$150$82$555$214$692$337$302 Q124Q224Q324Q424Q125U.S.EuropeRest of WorldU.S.hospitalized patients treated for COVID-19160%-45%YoY and-10%QoQ ref

35、lects lower rates of COVID-19 related hospitalizations due to a milder winter season Product Sales($M)Trodelvy:Continued Leadership in 2L mTNBCNote:YoY reflects Q125 vs Q124 and QoQ reflects Q125 vs Q424.1.U.S.and EU.Trodelvy(sacituzumab govitecan-hziy)for injection.mTNBC metastatic triple-negative

36、breast cancer.12$206$224$226$247$181$68$69$80$77$75$36$26$26$31$37$309$320$332$355$293 Q124Q224Q324Q424Q125U.S.EuropeRest of WorldProduct Sales($M)-5%YoY reflecting inventory dynamics and lower average realized price,partially offset by higher demand-17%QoQ primarily driven by inventory dynamics and

37、 lower demand Q125 impacted by inventory dynamics,with large drawdown following build in Q424Countries where Trodelvy is approved592L mTNBC1 share#1Cell Therapy:Continued Evolving Landscape$380$414$387$390$386$100$107$98$98$78$480$521$485$488$464 Q124Q224Q324Q424Q125YescartaTecartusYescarta(axicabta

38、gene ciloleucel)suspension for IV infusion.Tecartus(brexucabtagene autoleucel)suspension for IV infusion.Note:YoY reflects Q125 vs Q124 and QoQ reflects Q125 vs Q424.13Product Sales($M)Yescarta+2%YoY,reflecting higher average realized price and increased rest of world demand,partially offset by lowe

39、r demand in the U.S.Tecartus-22%YoY,driven by increased in-and out-of-class competitionPatients treated to date29KATCs Globally555Die t ma r Be rg e r,MD,PhDC hi ef M ed i c a l Offi c erPipeline UpdatesCROI Data Highlight Strength of HIV PipelineXXXXbNAb broadly neutralizing antibody,CROI Conferenc

40、e on Retroviruses and Opportunistic Infections,FPI first patient in,IM intramuscular,TAB teropavimab,ZAB zinlirvimab.1520612HIV Abstracts at CROI 2025Oral PresentationsClinical Programsin HIVPreventionTreatmentPhase 1 Once-Yearly Lenacapavir Published in LancetPhase 2 Twice-Yearly Lenacapavir+bNAbsD

41、ata ReadoutOnce-yearly IM lenacapavir maintained blood concentrations higher than those associated with twice-yearly lenacapavir for PrEP for 1 yearNext StepsFurther PK modeling underwayPhase 3 FPI expected in 2H25Potential regulatory filing in 2028Data ReadoutTwice-yearly lenacapavir+bNAbs(TAB+ZAB)

42、maintained virologic suppression(96%)at Week 26 in people with HIV that are highly susceptible to both bNAbsNext StepsPhase 3 planning in progressPhase 3 FPI expected in 2026+Potential regulatory filings in 2030Expanding Livdelzis Reach161.Livdelzi received accelerated approval for use in combinatio

43、n with UDCA in PBC patients with inadequate response to UDCA or as monotherapy in patients unable to tolerate UDCA.The accelerated approval was based on reduction in ALP.Improvement in survival or prevention of liver decompensation events have not been demonstrated.ALP alkaline phosphatase,PBC prima

44、ry biliary cholangitis,UDCA ursodeoxycholic acidLower ALPLess ItchInadequate Response to UDCA1 ALP 1.67x ULNPartial Response to UDCAALP 1-1.67x ULN;total bilirubin 2x ULNFDA Accelerated ApprovalMid-August 2024Final EC DecisionFebruary 2025U.K.MHRA ApprovalJanuary 2025Ongoing Phase 3 Confirmatory Tri

45、alOngoing Phase 3 Confirmatory Trial1XXXX1.Plus pembrolizumab.Based off the Phase 3 ASCENT-04.Note:Trodelvy plus pembrolizumab has not been approved in 1L mTNBC by any regulatory body.Trodelvy:Delivering Meaningful Outcomes in mTNBC17Only TROP2 ADC to demonstrate statistically significant and clinic

46、ally meaningful PFS benefit in 1L PD-L1+mTNBC1ASCENT-03Trodelvy1L mTNBC not candidate for PD-(L)1 inhibitorsASCENT-04Trodelvy+Pembrolizumab1L mTNBC PD-L1+(CPS10)Completed enrollment in Q324Topline update expected in Q225Clinically meaningful mPFS benefit vs.pembro+chemo comparatorData to be shared a

47、t future medical congress in 2025Advancing Next Wave of CAR T TreatmentsNote:anito-cel(in partnership with Arcellx),KITE-363,EGFR/IL13Ra2 CAR T are investigational cell therapies and are not approved for any indication.18Anito-celNext Generation CAR TiMMagine-14L+R/R MM6 ASCO Abstracts AcceptedTopli

48、ne readout ASH 2024Data update 2H25iMMagine-32-4L R/R MMFirst patient dosedMRD-negativity dual primary endpointNEWKite-363(CD19/CD20)Bicistronic-CARR/R B-cell LymphomaKite Oral PresentationEGFR/IL13Ra2 CAR TBicistronic-CARRecurrent GlioblastomaInvestigator-Sponsored Oral PresentationProgramTrialIndi

49、cationUpdateStatusLenacapavirPURPOSE 1&2 Q6M LAI HIV PrEPEMA DecisionQ12M StudyQ12M LAI HIV PrEPPhase 3 FPIBIC/LENARTISTRY-1QD Oral HIV TxPhase 3 updateAnito-celiMMagine-14L+R/R MMPhase 2 update1H252H25ProgramTrialIndicationUpdateStatusLenacapavirPURPOSE 1&2 Q6M LAI HIV PrEPFDA Decision1GS-1720/GS-4

50、182WONDERS-1QW LAO HIV TxPhase 2 updateLivdelziRESPONSEPrimary Biliary CholangitisEC DecisionTrodelvyASCENT-031L mTNBC(PD-L1-)Phase 3 updateASCENT-041L mTNBC(PD-L1+)Phase 3 updateEVOKE-SCLCES-SCLCPhase 3 FPI19Key 2025 Milestones1.PDUFA date of 19 June 2025.Livdelzi(seladelpar).Trodelvy(sacituzumab g

51、ovitecan-hziy).BIC bictegravir,ES-SCLC extensive-stage small cell lung cancer,FPI first patient in,LAI long-acting injectable,LAO long-acting oral,LEN lenacapavir,mTNBC-metastatic triple-negative breast cancer,PD-L1-programmed death-ligand 1,PrEP-pre-exposure prophylaxis,Q6M twice yearly,Q12M annual

52、,QD daily,QW weekly,R/R MM relapsed or refractory multiple myeloma,Tx treatment.On TrackCompletedAn d re w Dic kin s o nC hi ef F i na nc i a l Offi c erFinancial Results$6,092$6,311$555$302$6,647$6,613Q124Q125Solid Growth Across the Base BusinessYoY growth across HIV and Liver DiseaseQoQ declines p

53、rimarily driven by HIV seasonality,as expectedProduct Sales,excluding Veklury+4%YoY -12%QoQTotal Product Sales-1%YoY -12%QoQLower Veklury sales YoY offsetting growth in the base businessQoQ decline driven by HIV seasonality,as expectedNote:YoY reflects Q125 vs Q124 and QoQ reflects Q125 vs Q424.Prod

54、uct Sales($M)21Veklury-45%BaseBusiness+4%Q125 Non-GAAP DataIn millions,except percentages and per share amountsQ124Q125YoY Change COGS$974$961-1%Product Gross Margin 85%85%12bps R&D$1,403$1,338-5%Acquired IPR&D$4,131$253NM SG&A$1,295$1,222-6%Non-GAAP Operating Expenses$6,829$2,814NMNon-GAAP Operatin

55、g(Loss)/Income$(1,117)$2,893NMOperating Margin(17)%143%NMEffective Tax Rate(30)%16%NMNon-GAAP Net(Loss)/Income attributable to Gilead$(1,644)$2,285NM Non-GAAP Diluted EPS attributable to Gilead$(1.32)$1.81NMShares used in per share calculation-diluted1,2471,259R&D decrease primarily reflects lower c

56、linical manufacturing activitiesAcquired IPR&D primarily reflects LEO Pharma collaboration announced in JanuarySG&A decrease primarily driven by lower corporate expenses,partially offset by incremental S&M spend in the U.S.Q124 CymaBay IPR&D expense of$3.9B obscures YoY comparisonDisciplined Expense

57、 Management1.Q124 operating margin driven by CymaBay acquisition.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 Q125 vs Q124.NM not meaningful,S&M selling and marketing.2211 Feb 202524 Apr

58、il 2025Total Product Sales$28.2B-$28.6BNo Change Product Sales ex-Veklury$26.8B-$27.2BNo Change Veklury Sales$1.4BNo ChangeNon-GAAPProduct Gross Margin85-86%No Change R&D ExpenseFlatNo Change Acquired IPR&D$0.4BNo Change SG&A ExpenseHigh-single digit%declineNo Change Operating Income$12.7B-$13.2BNo

59、Change Effective Tax Rate19%No Change Diluted EPS$7.70-$8.10No ChangeGAAP Diluted EPS$5.95-$6.35$5.65-$6.05This financial guidance excludes the impact of any expenses related to potential acquisitions or business development transactions that have not been executed,fair value adjustments of equity s

60、ecurities and discrete tax charges or benefits associated with changes in tax related laws and guidelines as Gilead is unable to project such amounts.This guidance is subject to a number of risks and uncertainties.See Forward-Looking Statements on page 2.Please refer to the accompanying press releas

61、e for GAAP to non-GAAP reconciliations.2025 Guidance23No change to product sales guidanceDo not expect to update Veklury guidance until Q325Product Sales GuidanceNo change to non-GAAP operating expensesDisciplined approach to operating expense management positions Gilead well to adapt as needed Non-

62、GAAP Operating ExpensesNo changeNon-GAAP Effective Tax Rate and EPS$1.0BDividends Paid in Q125$730MShares Repurchased in Q12517M shares at average$102.46Continue to invest in our business and R&D pipeline while managing expensesContinue ordinary course partnerships and business development transacti

63、onsGrow our dividendRepurchase shares to offset dilution and opportunistically reduce share countCapital Priorities Unchanged:Returned$1.7B in Q1251.Repurchases of common stock under repurchase program.24Q&AJohanna MercierChief Commercial OfficerAndrew DickinsonChief Financial OfficerDietmar Berger,

64、MD,PhDChief Medical OfficerDaniel ODayChairman&Chief Executive OfficerCindy PerettieEVP&Head of KiteClinical stage programs158Potential clinical stage opt-in assets8Kite ProgramOptionable Partner Program26Pipeline shown above as of end of Q125.FDA approved medicines shown:Livdelzi for primary biliar

65、y cholangitis(accelerated approval).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,DOM domvanalimab,FL-follicular lymphoma,GI gastrointestin

66、al,HDV hepatitis delta virus,HIV-human immunodeficiency virus,HER+/HER2-mBC-hormone receptor positive,human epidermal growth factor receptor 2 negative metastatic breast cancer,HR high risk,ISL-islatravir,LAI long acting injectable,LAO long acting oral,LBCL-large B-cell lymphoma,LEN-lenacapavir,mEC

67、metastatic endometrial cancer,MM multiple myeloma,mNSCLC metastatic non-small cell lung cancer,mTNBC metastatic triple-negative breast cancer,PBC-primary biliary cholangitis,pembro pembrolizumab,PrEP-pre-exposure prophylaxis,R/R relapsed/refractory,SG-sacituzumab govitecan-hziy,TNBC triple-negative

68、breast cancer,ZIM zimberelimab.PHASE 2PHASE 3,FILED,or APPROVEDPHASE 1OncologyInflammatory DiseaseViral DiseaseLENHIV PrEP LAIHepcludex HDVSG 1L mTNBC(PD-L1-)DOM+ZIM+chemo 1L mNSCLCAnito-cel2-4L+R/R MMSG+pembro 1L mTNBC(PD-L1+)SG2L mECSG+pembro adjuvant TNBCDOM+ZIM+chemo 1L Upper GISG HR+/HER2-chemo

69、-nave mBCAxi-cel 2L+HR FLBIC/LEN comboHIV OralLEN/ISL comboHIV LAOLivdelzi PBCSG+pembro 1L mNSCLC(PD-L1+TPS50%)Axi-cel 1L HR LBCLRobust Pipeline with Upcoming Catalysts Clinical ProgramIndicationPhase 1Phase 2 Phase 3FiledUpdates since Q424HIV PreventionLenacapavir(PURPOSE 1&2)HIV PrEP LAIMAA filedH

70、IV TreatmentBictegravir/lenacapavir oral combination(ARTISTRY-1&-2)HIV OralLenacapavir/islatravir oral combination(ISLEND-1&-2)1HIV LAOHIV INSTI/capsid inhibitor(WONDERS-1&-2)HIV LAOHIV capsid inhibitor(GS-3107)HIV LAOLenacapavir+teropavimab+zinlirvimab2HIV LAIHIV INSTI(GS-1219)HIV LAIHIV INSTI(GS-3

71、242)HIV LAIHIV NRTTI(GS-1614)1 HIV LAIHIV CureTeropavimab+zinlirvimab2,3HIV CureVesatolimod(FRESH)HIV CureHIV bispecific T-cell engager(GS-8588)HIV Cure27NDA and MAA filed Breakthrough Therapy DesignationPRIME DesignationPNew listing since Q424Change since Q424Pipeline shown above as of end of Q125.

72、1.Subject to Gilead and Merck co-development and co-commercialization agreement.2.Teropavimab and zinlirvimab are broadly neutralizing antibody(bNAbs).3.Non-Gilead sponsored trial(s)ongoing.HIV-human immunodeficiency virus,INSTI-integrase strand transfer inhibitor,LAI long-acting injectable,LAO long

73、-acting oral,MAA-marketing authorization application,NDA new drug application,NRTTI-nucleoside reverse transcriptase translocation inhibitor,PrEP-pre-exposure prophylaxis.Viral Diseases Pipeline 1/2Clinical ProgramIndicationPhase 1Phase 2 Phase 3FiledUpdates since Q424HDV Hepcludex(MYR301)HDVHBV Cur

74、eSelgantolimodHBV CureHBV therapeutic vaccine(GS-2829+GS-6779)HBV CureEmerging VirusesObeldesivirRSVObeldesivirPediatric RSVNewOpt-insAssembly BiosciencesHBV,HDV,HSV4 clinical stage programsHookipaHIV Cure1 clinical stage program28BLA pending;MAA approvedPPipeline shown above as of end of Q125.BLA b

75、iologics license application,HBV hepatitis B virus,HDV hepatitis delta virus,HIV-human immunodeficiency virus,HSV herpes simplex virus,MAA-marketing authorization application,RSV respiratory syncytial virus.Viral Diseases Pipeline 2/2Breakthrough Therapy DesignationPRIME DesignationPNew listing sinc

76、e Q424Change since Q424Clinical ProgramIndicationPhase 1Phase 2 Phase 3FiledUpdates since Q424LymphomaAxicabtagene ciloleucel(ZUMA-22)2L+HR FLAxicabtagene ciloleucel(ZUMA-23)1L HR LBCLBrexucabtagene autoleucel(ZUMA-4)Pediatric ALL/NHLCD19/CD20 bicistronic(KITE-363)R/R DLBCLCD19/CD20 bicistronic(KITE

77、-753)1R/R DLBCLCD19 CAR(KITE-197)1R/R DLBCLMultiple MyelomaAnitocabtagene autoleucel(iMMagine-3)22-4L+R/R MMAnitocabtagene autoleucel(iMMagine-1)24L+R/R MM29Pipeline shown above as of end of Q125.1.Manufacturing innovation.2.Global strategic collaboration to co-develop and co-commercialize with Arce

78、llx.ALL-acute lymphocytic leukemia,DLBCL diffuse large B-cell lymphoma,FL-follicular lymphoma,HR high risk,LBCL-large B cell lymphoma,MM multiple myeloma,NHL non-Hodgkins lymphoma,R/R relapsed/refractory.Cell Therapy PipelineBreakthrough Therapy DesignationPRIME DesignationPNew listing since Q424Cha

79、nge since Q424Clinical ProgramIndicationPhase 1Phase 2 Phase 3FiledUpdates since Q424BreastSacituzumab govitecan-hziy(ASCENT-03)1L mTNBC(PD-L1-)Sacituzumab govitecan-hziy+pembrolizumab(ASCENT-04)11L mTNBC(PD-L1+)Sacituzumab govitecan-hziy+pembrolizumab(ASCENT-05)Adjuvant TNBCSacituzumab govitecan-hz

80、iy(ASCENT-07)HR+/HER2-chemo-nave mBCLung&ThoracicSacituzumab govitecan-hziy+pembrolizumab(EVOKE-03)11L mNSCLC(PD-L1+,TPS50%)Domvanalimab+zimberelimab+chemo(STAR-121)21L mNSCLCSacituzumab govitecan-hziy+pembrolizumab(EVOKE-02)11L mNSCLCLung cancer platform(VELOCITY-Lung3,EDGE-Lung2,4)NSCLCDomvanalima

81、b+zimberelimab+chemo(VELOCITY-HNSCC)21L HNSCCNewGenitourinarySacituzumab govitecan-hziy+combinations(TROPHY U-01)1L mUCGynecologySacituzumab govitecan-hziy(ASCENT-GYN-01)52L mECOther Solid TumorSacituzumab govitecan-hziy(TROPiCS-03)Basket(Solid Tumors)30Pipeline shown above as of end of Q125.1.In co

82、llaboration with Merck.2.In collaboration with Arcus Biosciences.3.VELOCITY-Lung includes combinations of domvanalimab,etrumadenant,zimberelimab,and sacituzumab govitecan-hziy.4.EDGE-Lung includes immunotherapy-based combinations of quemliclustat,domvanalimab,and zimberelimab.5.In collaboration with

83、 the GOG Foundation(GOG)and European Network of Gynecological Oncological Trial Groups(ENGOT).HNSCC-head and neck squamous cell carcinoma,HR+/HER2-mBC-hormone receptor positive,human epidermal growth factor receptor 2 negative metastatic breast cancer,mEC metastatic endometrial cancer,mNSCLC metasta

84、tic non-small cell lung cancer,mTNBC metastatic triple-negative breast cancer,mUC-metastatic urothelial carcinoma,NSCLC non-small cell lung cancer,TNBC triple-negative breast cancer.Oncology Pipeline 1/2Breakthrough Therapy DesignationPRIME DesignationPNew listing since Q424Change since Q424Clinical

85、 ProgramIndicationPhase 1Phase 2 Phase 3FiledUpdates since Q424GastrointestinalDomvanalimab+zimberelimab+chemotherapy(STAR-221)11L Upper GIEtrumadenant+zimberelimab combinations(ARC-9)1mCRCQuemliclustat+/-zimberelimab(ARC-8)1mPDACAdvanced CancersCCR8(GS-1811)Advanced CancersDGK inhibitor(GS-9911)Adv

86、anced CancersGS-2121Advanced CancersIL-2 variant(GS-4528)Advanced CancersIL-18BP(GS-0321)2Advanced CancersMasked IL-12(XTX301)3Advanced CancersMCL1 inhibitor(GS-9716)Advanced CancersPARP1 inhibitor(GS-0201)Advanced CancersOpt-insArcusAdvanced Cancers2 clinical stage programsMacroGenicsAdvanced Cance

87、rs1 clinical stage program31Pipeline shown above as of end of Q125.1.In collaboration with Arcus Biosciences.2.Operationalized by Compugen.3.Operationalized by Xilio.CCR8 chemokine receptor 8,DGK-diacylglycerol kinase alpha,GI gastrointestinal,MCL1 myeloid cell leukemia-1,mCRC metastatic colorectal

88、cancer,mPDAC-metastatic pancreatic ductal adenocarcinoma,PARP1 poly(ADP-ribose)polymerase 1.Oncology Pipeline 2/2Breakthrough Therapy DesignationPRIME DesignationPNew listing since Q424Change since Q424Clinical ProgramIndicationPhase 1Phase 2 Phase 3FiledUpdates since Q424Inflammatory DiseaseLivdelz

89、i(RESPONSE)PBCMAA approvedEdecesertib(COSMIC)LupusTilpisertib fosmecarbil(PALEKONA)IBD47 inhibitor(SWIFT)IBDFXR agonist(GS-8670)IBDNewBTLA agonist(GS-0272)Inflammatory DiseasesCD200R agonist(GS-5305)Inflammatory DiseasesNewPD1 agonist(GS-0151)Inflammatory DiseasesMetabolic DiseaseGLP-1R agonist(GS-4

90、571)Metabolic DiseaseFibrotic DiseaseCilofexor/firsocostat/semaglutide combination(WAYFIND)1NASH32Pipeline shown above as of end of Q125.1.Clinical collaboration with Novo Nordisk.AA accelerated approval,BTLA-B-and T-lymphocyte attenuator,GLP-1 glucagon-like peptide-1,IBD inflammatory bowel disease,

91、MAA marketing authorization application,NASH nonalcoholic steatohepatitis,NDA new drug application,PBC primary biliary cholangitis,PD1-program cell death protein 1.NDA for AA and MAA approvedInflammatory Diseases PipelinePBreakthrough Therapy DesignationPRIME DesignationPNew listing since Q424Change

92、 since Q424As ofin billions where applicableMar 31,2024Jun 30,2024Sep 30,2024Dec 31,2024Mar 31,2025Total Debt,net$25.19$23.35$23.25$26.71$24.95Debt Discounts,Premiums and Issuance Costs0.160.160.160.190.18Liability related to sale of future royalties1(1.36)(1.26)(1.15)(1.15)(1.14)Total Adjusted Debt

93、1,2$24.00$22.25$22.25$25.75$24.00Twelve Months EndedMar 31,2024Jun 30,2024Sep 30,2024Dec 31,2024Mar 31,2025Net Income attributable to Gilead$0.48$1.05$0.13$0.48$5.96Add:Interest Expense3&Other(Income)expense,net0.511.020.650.971.40Add:Tax0.620.500.060.210.86Add:Depreciation0.350.370.380.380.38Add:Am

94、ortization2.392.392.382.392.39Add:Initial costs of externally developed IPR&D projects44.574.394.364.070.31Add:Impairments3.053.054.804.181.75Add:Legal settlements0.530.000.000.000.00Adjusted EBITDA5$12.49$12.77$12.75$12.68$13.05Adjusted Debt to Adjusted EBITDA ratio51.92x1.74x1.75x2.03x1.84x1.Adjus

95、ted Debt excludes funding agreements with:(1)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,and(2)Abingworth LLP that was assumed as part of our acqu

96、isition of CymaBay under which CymaBay received funding in exchange for future regulatory and sales based milestone payments upon regulatory approval of Seladelpar.2.Adjusted Debt,as of March 31,2025,excludes$1.3 billion related to remaining obligations for the deemed one-time repatriation transitio

97、n tax from the Tax Cuts and Jobs Act.Subsequently,in April 2025,we remitted the$1.3 billion final installment of this obligation.3.Total interest expense and amortization from all issued debt is expected to be in the range of$1.0B-$1.1B for the full year 2025.We retain the flexibility to refinance o

98、r to repay maturing debt.4.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.5.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 EBITDA33