Gilead Sciences, Inc. (GILD) Baird Global Healthcare Conference (Transcript)

Core Insights - Gilead Sciences is focusing on expanding its portfolio beyond virology, particularly in oncology and inflammation, while maintaining its leadership in HIV treatment [2][5][42] - The company has a strong market position in HIV treatment, with Biktarvy holding approximately 70% market share and an annual run-rate of about $13 billion [2][7][8] - Lenacapavir, a new molecule for HIV prevention, has shown 100% efficacy in trials, presenting a significant opportunity to transform the PrEP market [3][11][12] HIV Treatment - Gilead holds a 70% share in the HIV treatment market, with Biktarvy growing at approximately 3% year-on-year [2][7] - The company is developing a pipeline that includes weekly and monthly oral treatments, as well as long-acting injectables [2][8] - Lenacapavir is expected to enhance Gilead's position in the PrEP market, targeting a broader demographic beyond the current 400,000 users in the U.S. [11][12][13] Oncology - Gilead is expanding its oncology portfolio with Trodelvy, which is currently used in breast cancer treatment and is being explored for earlier lines of therapy [4][30] - The company is also investigating opportunities in lung cancer and endometrial cancer, with ongoing clinical trials [36][30] - ASCENT-03 and ASCENT-04 trials are expected to provide data that could support the use of Trodelvy in earlier treatment lines [32][30] Inflammation - Livdelzi, recently approved for primary biliary cholangitis (PBC), is positioned as a differentiated product with a focus on alleviating pruritus, a significant symptom for patients [21][22] - The PBC market in the U.S. consists of approximately 130,000 to 140,000 patients, with Livdelzi expected to capture a share of the second-line treatment market [22][24] - Gilead aims to leverage its established liver team to promote Livdelzi effectively among prescribers [21][22] Business Development - Gilead's strategy includes pursuing smaller, bolt-on acquisitions to enhance its oncology and inflammation portfolios, rather than large-scale deals [39][38] - The company is open to exploring opportunities in virology if they align with its strategic goals [39][38] - Gilead's focus remains on building a diversified pipeline while maintaining strong internal capabilities [39][38]