Gilead Sciences, Inc.

Strong Q2 performance + raised HIV growth outlook (good/surprising) - Base business sales grew 10% YoY to ~$7.6B; total product sales ~ $7.6B (+8% YoY) (excluding Veklury, excluding COVID-related factors). - HIV sales $5.7B (+12% YoY) driven by Biktarvy and PrEP (Descovy + Yeztugo); sequential growth was helped by typical Q2 inventory dynamics. - Trodelvy sales $457M (+26% YoY) and Livdelzi $167M (>>2x YoY) were key oncology and liver disease growth drivers. - Management raised full-year 2026 HIV growth expectations to 9%–10% YoY (from 8%), citing ongoing strength in Biktarvy, Yeztugo, and Descovy.

PrEP momentum: Yeztugo rapid adoption; ~$1B quarter run-rate (good) - Yeztugo PrEP doubled YoY; first time Yeztugo/PrEP exceeded $1B in quarterly sales (portfolio-level). - Yeztugo launch progress: described as the leading long-acting PrEP option for new starts; PrEP market grew ~14% YoY in the U.S. - Persistency (important metric): >70% of users returned for reinjection at 6 months, with protection extending to a full year—management believes this is above available options. - Full-year Yeztugo expectation remains ~ $1B sales (and PrEP business is cited as a $4B annual run-rate).

Key upcoming catalysts/decisions (opportunity) - FDA decision expected later this month for once-daily bictegravir + lenacapavir (BIC/LEN) (priority review). Potential to be a leading switch regimen. - ISLEND-1/2 Phase III data supported; expected to enable filing and potential launch of once-weekly islatravir + lenacapavir (ISL/LEN) in 2027. - Liver disease: Hepcludex launched in the U.S. (first/only FDA-approved chronic HDV treatment) and IDEAL Phase III top-line results for Livdelzi may expand the eligible PBC population (potentially “as early as next year” per remarks). - Oncology: Trodelvy received additional approvals for first-line metastatic TNBC (across PD-L1 status), increasing addressable population.