Core Insights - Gilead Sciences is experiencing significant growth in its oncology segment, generating approximately $3 billion in revenue last year, which accounts for about 12% of total revenue, a notable increase from "zero" revenue seven or eight years ago [1][3] Gilead's Oncology Strategy - The company is pleased with its progress in oncology and cell therapy, particularly with the acquisition of Arcellx for approximately $8 billion, which enhances Gilead's rights to pursue anito-cel in additional indications [2][4] - The total multiple myeloma market for cell therapy is estimated to exceed $20 billion, with Gilead's anito-cel showing differentiated safety data, as it has not observed neurotoxicity in studies involving hundreds of patients [3] Product Launches and Financial Performance - Gilead had an "extraordinary 2025," highlighted by the successful launches of YEZTUGO and LIVDELZI, with strong operating expense control and significant growth in earnings per share (EPS) [5][6] - YEZTUGO, an HIV prevention medicine, is projected to achieve $800 million in sales, with early data indicating a successful launch and high effectiveness rates in preventing HIV transmission [7][8] Market Access and Coverage - Gilead has achieved greater than 90% payer coverage for YEZTUGO, with about 90% of patients facing no step edits or prior authorization, indicating largely unrestricted access [9] - The HIV prevention business, including DESCOVY and YEZTUGO, grew roughly 50% from 2024 to 2025, with expectations for steady growth in the coming quarters [11] Long-Acting Treatment Options - The market for HIV treatment is shifting towards long-acting modalities, and Gilead is developing programs across various long-acting options to address unmet needs in the patient population [12][13] - Approximately 44% of people with HIV in the U.S. are either not diagnosed, not drug-treated, or not virally suppressed, indicating a significant opportunity for long-acting therapies [13] Future Outlook - Gilead anticipates up to eight additional product launches in the next two years, with no major patent cliffs until 2036, supporting a strong growth outlook [15]