Core Insights - Gilead is focusing on its growth story for 2026 and beyond, emphasizing the importance of its recent developments and pipeline [2][3] - The launch of lenacapavir in 2025 was a significant milestone for Gilead, highlighting its commitment to addressing the global HIV epidemic [3] - Gilead's commercial growth has been robust, with a strong and diverse pipeline, marking a significant period of launch activity [4] Company Highlights - Gilead's pipeline is described as the strongest and most diverse in its nearly 40-year history, indicating a promising future for the company [4] - The company distinguishes itself from other big pharma firms by not facing any major loss of exclusivity (LOE) issues, which positions it favorably in the market [4]

Summary of Gilead's Conference Call Company Overview - **Company**: Gilead Sciences - **Industry**: Biotechnology and Pharmaceuticals Key Points 1. Growth and Pipeline - Gilead's growth story is highlighted for 2026 and beyond, with a strong focus on the HIV business and the launch of Lenacapavir, which is crucial for ending the HIV epidemic globally [2][4] - The company has the strongest and most diverse pipeline in its nearly 40-year history, with significant launch activities expected [2][5] - Gilead has no major loss of exclusivity (LOE) for another decade, providing a stable backdrop for growth [3] 2. HIV Business - The HIV revenue growth was reported at 7% through Q3 of the previous year, despite a $900 million headwind from Part D [6] - Gilead plans to launch up to seven HIV prevention and treatment products by the end of 2033, with Biktarvy remaining the standard of care [7][14] - The company is investing in Biktarvy and Lenacapavir, with an FDA decision for a daily oral combination expected in the second half of the year [8][19] 3. Prevention Market - Gilead is the market leader in PrEP (pre-exposure prophylaxis) and has achieved a revenue target of $150 million for the Yes To Go product in 2025 [10][11] - The PrEP market is larger than official estimates, with significant growth potential [11] - Lenacapavir was launched in sub-Saharan Africa, marking a significant milestone in Gilead's efforts to combat HIV globally [13] 4. Treatment Pipeline - Gilead is preparing for the launch of Trodelvy in the first-line setting for triple-negative breast cancer, which could double patient opportunities [16] - Anito-cel, targeting fourth-line multiple myeloma, is expected to launch in the second half of the year, with a strong safety profile [17][45] - The company is confident in its treatment pipeline, with multiple options for patients, including daily, weekly, and monthly therapies [38][41] 5. Financial Management - Gilead has maintained strong financial discipline, with operating margins in the top quartile of peers and a commitment to returning at least 50% of free cash flow to shareholders [23][25] - Since 2020, Gilead has distributed over $22 billion in dividends, with a 16% growth in dividends during that period [24] - The company is actively pursuing bolt-on acquisitions to enhance its portfolio and financial performance [26][55] 6. Regulatory and Market Position - Gilead is focused on addressing affordability issues in the U.S. healthcare system and is engaged in dialogue with the administration regarding pricing and access [59][60] - The company has a robust plan for managing the MFN (Most Favored Nation) agreements, viewing them as manageable for future operations [59][60] 7. Future Expectations - Gilead anticipates continued growth in its base business, with a projected 7% to 8% growth in 2023 and 2024 [25] - The company is committed to maintaining a strong pipeline and optimizing its operations to support long-term shareholder value [27][52] Additional Insights - Gilead's commitment to innovation and addressing unmet medical needs is evident in its diverse pipeline and proactive approach to market challenges [15][26] - The company emphasizes the importance of having multiple treatment options available to cater to different patient needs and preferences [41][44]

Gilead in 2026 J . P. M o r g a n H e a l t h c a r e C o n f e r e n c e 1 2 J a n u a r y 2 0 2 6 Forward-Looking Statements Statements included in this document 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 relati ...

Core Viewpoint - Gilead Sciences, Inc. (NASDAQ:GILD) is considered one of the most undervalued blue chip stocks currently available for investment [1] Analyst Upgrades - UBS analyst Michael Yee upgraded Gilead's stock from 'Neutral' to 'Buy' and raised the price target from $112 to $145, citing strong expectations for HIV pre-exposure prophylaxis sales from Yeztugo [2] - Citi analyst Geoff Meacham also raised the price target from $135 to $140 while maintaining a 'Buy' rating, reflecting growing confidence in Gilead's outlook [3] Strategic Developments - Gilead exercised its option to exclusively license Assembly Biosciences' long-acting HSV helicase-primase inhibitor programs, ABI-1179 and ABI-5366, which aims to expand its antiviral pipeline into areas with significant unmet needs [4] - The licensing deal is supported by positive Phase 1b data and the potential for once-weekly oral dosing, indicating a strategic evolution towards more durable, growth-oriented demand drivers in the antiviral sector [4] Company Focus - Gilead Sciences, Inc. is a biopharmaceutical company that specializes in the development and commercialization of innovative medicines across various therapeutic areas, including HIV, liver disease, oncology, hematology, and inflammatory conditions [5]

Core Viewpoint - Bank of America has raised the price target for Gilead (GILD) to $154 from $144 while maintaining a Buy rating on the shares, indicating confidence in the company's growth potential [1] Summary by Category Price Target Adjustment - The price target for Gilead has been increased to $154 from $144, reflecting a positive outlook on the company's performance [1] Valuation Method Change - The firm has switched its valuation method, which may influence future assessments of the company's stock [1] Growth Drivers - Gilead's "steady" growth in its HIV franchise is considered core to the Buy thesis, with expectations of upside from recent and upcoming product launches [1]

Group 1 - The core issue is the severe shortage of the antiviral drug Oseltamivir (Tamiflu) in the U.S. and globally, particularly in cold regions facing high flu activity [1][2][4] - The American Society of Health-System Pharmacists (ASHP) reported that the demand for Tamiflu has surged, with hospital visits for flu-like symptoms reaching the highest level in over 20 years [1][4] - The shortage of Oseltamivir is compared to the scarcity of DDR memory chips, indicating a critical supply-demand mismatch in the pharmaceutical sector [1][2] Group 2 - CVS Health reported a significant increase in demand for Oseltamivir, although it stated that there is not a widespread shortage across the U.S., with some areas experiencing more severe shortages than others [3] - The flu season has been exacerbated by a new variant of the flu virus, known as subclade K, which has led to a notable increase in hospital visits due to flu symptoms [4][5] - The Centers for Disease Control and Prevention (CDC) noted that only 43% of Americans have received the antiviral vaccine, contributing to the severity of the current flu season [4][6] Group 3 - Oseltamivir is classified as a neuraminidase inhibitor, effective in treating Influenza A and B, and is most effective when administered within 48 hours of symptom onset [5][6] - The FDA has approved Oseltamivir for use in individuals aged 2 weeks and older, with an emphasis on early treatment for high-risk populations [6] - Other antiviral medications listed by the CDC include Zanamivir, Peramivir, and Baloxavir, each with different mechanisms of action [6]

Group 1 - The core issue is the extreme shortage of the antiviral drug Tamiflu (oseltamivir) in the U.S. and globally, particularly in cold regions facing a severe flu season [1][2] - The American Society of Health-System Pharmacists (ASHP) is urgently assessing the shortage, noting that areas with historically high flu activity are experiencing the most severe supply issues [2] - The CDC reports that hospital visits due to flu-like symptoms have reached the highest level since the 1997-98 flu season, attributed to a new, rapidly spreading flu variant known as subclade K [3] Group 2 - Tamiflu is a neuraminidase inhibitor that reduces the spread of the flu virus and is most effective when taken within 48 hours of symptom onset [4] - The FDA has approved Tamiflu for use in individuals aged 2 weeks and older, with an emphasis on early treatment for high-risk populations [5] - Other commonly prescribed antiviral medications for the flu include zanamivir, peramivir, and baloxavir, each with different mechanisms of action [5] Group 3 - UBS forecasts that the supply shortage of DDR memory products will persist until Q1 2027, with contract prices for DDR products expected to rise significantly [1] - The demand for DDR4 and DDR5 memory is projected to outpace supply growth during this period, with contract pricing expected to increase by 35% in Q4 of this year and by 40% in Q1 2026 [1]

Group 1 - The core issue is the severe shortage of the antiviral drug Tamiflu (oseltamivir) in the U.S. and globally, particularly in cold regions facing high flu activity [1][2] - The American Society of Health-System Pharmacists (ASHP) is assessing the shortage, noting that areas with historically high flu activity are experiencing the most severe supply issues [2] - The CDC reported that hospital visits due to flu-like symptoms have reached the highest level since the 1997-98 flu season, with a notable increase in cases attributed to a new variant of the flu virus [3] Group 2 - Tamiflu is a neuraminidase inhibitor that reduces the spread of the flu virus and is most effective when taken within 48 hours of symptom onset [4] - The FDA has approved Tamiflu for use in individuals aged 2 weeks and older, emphasizing early treatment for high-risk populations [5] - Other antiviral medications listed by the CDC include zanamivir, peramivir, and baloxavir, which have different mechanisms of action [5]

Group 1 - UBS raised Gilead Sciences' target price from $112 to $145, indicating a positive outlook for the company [1] - The rating was upgraded from "Neutral" to "Buy," suggesting increased confidence in Gilead's future performance [1]

Group 1 - The first prescription of the innovative drug Seladelpar for the treatment of primary biliary cholangitis was issued in mainland China, marking a significant step in the rare disease treatment field [1] - Approximately 30% to 40% of patients with primary biliary cholangitis do not respond well to current first-line treatments, highlighting the need for more effective innovative therapies [1] - Seladelpar has shown promising results in international clinical studies, effectively improving biochemical indicators in patients and alleviating moderate to severe itching, with good safety profiles [1] Group 2 - The rapid approval of Seladelpar was facilitated by the temporary import policy for urgently needed drugs in Beijing and efficient collaboration with a medical supplies trading company [2] - By September 2025, 48 boxes of Seladelpar were stocked in a bonded area, achieving a "medicine waiting for patients" status, and the drug was delivered to medical institutions within 1.5 hours after customs clearance on January 5, 2026 [2] - The company plans to focus on the medication needs of rare disease patients, leveraging policy advantages in Beijing to enhance international supply chain capabilities and accelerate the introduction of global innovative drugs [2]