Gilead Sciences, Inc. (GILD) RBC Capital Markets Global Healthcare Conference (Transcript)

Summary of Gilead Sciences, Inc. Conference Call Company Overview - Company: Gilead Sciences, Inc. (NASDAQ:GILD) - Event: RBC Capital Markets Global Healthcare Conference - Date: May 15, 2024 - Participants: Johanna Mercier (Chief Commercial Officer), Brian Abrahams (Senior Biotech Analyst at RBC Capital Markets) Key Points on HIV Franchise - Market Leadership: Gilead holds over 70% market share in the HIV treatment market, primarily driven by Biktarvy, which has a 49% share in the daily oral segment [3][4] - Market Growth: The HIV treatment market grows annually by 2-3%, with Gilead's Biktarvy showing a 3% year-on-year market share growth in Q1 [3][4] - Long-Acting Treatments: Gilead is developing long-acting oral treatments and injectables, including lenacapavir, which is expected to enhance adherence and drive growth [4][5][6] - Prevention Market: The HIV prevention market is currently about $3 billion, with Gilead holding over 40% share through Descovy. The market is growing at approximately 11% year-on-year [7][9] - Future Opportunities: Lenacapavir for PrEP (pre-exposure prophylaxis) is anticipated to launch by late 2025, potentially doubling the market size due to its less frequent dosing [8][9][10] Financial Guidance - 2025 Outlook: Gilead expects flat growth for HIV in 2025 due to the impact of the IRA (Inflation Reduction Act) but anticipates a reset to growth in 2026 [12][13] Oncology Insights - Trodelvy Performance: Trodelvy is the leading treatment for second-line metastatic triple-negative breast cancer, with significant room for growth as only 1/3 of eligible patients are currently treated with it [15][16] - Bladder Cancer: Gilead has conditional approval for bladder cancer treatment and is awaiting data from the TROPiCS-04 trial, which could establish a stronger position in the second-line setting [16][17] - Lung Cancer: Gilead is exploring opportunities in lung cancer, with ongoing trials and data expected to be presented at ASCO [18][19] New Product Development - Seladelpar for PBC: Gilead is preparing to launch Seladelpar for primary biliary cholangitis (PBC) in Q3 2024, targeting a market of approximately 130,000 patients in the U.S. [22][24] - Multiple Myeloma: Gilead is collaborating with Arcellx to develop Anito-cel for multiple myeloma, with a market opportunity estimated at $12 billion [27][28] Strategic Focus - Therapeutic Areas: Gilead is focusing on urology, inflammation, and oncology for future growth and potential acquisitions [36][38] - Pipeline Confidence: The company expresses strong confidence in its current pipeline and growth opportunities over the next 5 to 10 years [39] Additional Insights - Market Dynamics: The HIV prevention market is expected to expand significantly with new entrants, increasing awareness and treatment uptake [7][10] - Patient Demographics: Current PrEP treatments primarily serve affluent demographics, indicating a need for broader outreach to underserved populations [9][10] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Gilead's market position, growth opportunities, and future product developments.