Gilead Sciences (NASDAQ:GILD) Chief Financial Officer Andrew Dickinson told investors at the Barclays conference that the company is entering what he described as “the beginning of a long cycle,” supported by recent launches, a broadening pipeline, and continued operating discipline.
Dickinson said Gilead had an “extraordinary 2025” across its base business, clinical results and commercial execution, highlighting two major product launches: YEZTUGO, its once-every-six-month subcutaneous HIV prevention medicine, and LIVDELZI, which is in its first full year on the market for primary biliary cholangitis (PBC). He emphasized “very strong operating expense control,” “significant growth in EPS,” and what he called the strongest pipeline in the company’s history.
Arcellx acquisition: “best-in-class” BCMA cell therapy
He framed the deal as driven primarily by commercial opportunity and Gilead’s view of anito-cel’s profile. Dickinson said the total multiple myeloma market for cell therapy is estimated by the company and competitors to be greater than $20 billion. He also pointed to what he characterized as differentiated safety data, stating that across “hundreds of patients” in studies, Gilead has not seen neurotoxicity with anito-cel, unlike at least one competitor that observes neurotoxicity in about 10% of patients.
In addition to full economics, Dickinson cited operational and strategic benefits from moving beyond a partnership structure, including more streamlined decision-making in a competitive launch environment. He also said the transaction expands Gilead’s rights to pursue anito-cel in additional indications and gives the company access to Arcellx platform technology and binders—specifically noting that the BCMA binder used in anito-cel can be used in Gilead’s in vivo CAR T efforts.
Oncology: building from “zero” to about $3 billion in revenue
Addressing Gilead’s longer-term oncology strategy, Dickinson said the company is “really pleased” with progress across Gilead and Kite. He noted oncology generated approximately $3 billion in revenue last year—about 12% of total revenue—up from “zero” seven or eight years ago.
He outlined a view of multiple growth engines operating in parallel: the core HIV franchise, oncology growth from assets including TRODELVY and cell therapy (including anito-cel), and liver disease growth led by LIVDELZI alongside the company’s viral hepatitis products. Dickinson said he expects the non-HIV portion of the company to grow “consistently” and “steadily” over time, contributing to diversification without coming “at the expense” of the HIV business.
YEZTUGO: early launch signals and the $800 million outlook
Investors have focused closely on YEZTUGO, including the company’s $800 million sales guidance for the year, and Dickinson said the launch is “off to a great start.” He referenced data from the PURPOSE 1 and PURPOSE 2 studies, describing one study showing 100% prevention of HIV transmission in a high-risk population and another showing 99.9% effectiveness.
He said YEZTUGO launched at the end of the second quarter of last year and recorded $150 million in sales for the year, which he said was tracking to expectations. Among launch indicators, Dickinson highlighted payer access progress:
- Greater than 90% payer coverage, which he said came earlier than expected
- Within that coverage, about 90% of patients face no step edits or prior authorization, which he described as largely unrestricted access
- He said access was achieved without leveraging discounts
Dickinson also said Gilead is seeing more YEZTUGO starts from people who are new to HIV prevention than expected, and that among switchers from existing prevention options, the mix of patients coming from an every-two-month intramuscular competitor, generic Truvada and Gilead’s branded daily oral DESCOVY is “equal.”
On the $800 million outlook, Dickinson said a key variable is persistence—how frequently people return for subsequent injections. He said early data is encouraging but still limited due to the recency of launch. He added that for an “injectable” comparator, Gilead’s data suggests persistence is about 50%, and said that would be a minimum target for YEZTUGO as the company gathers more data over coming quarters.
He also said the overall HIV prevention market is showing “extraordinary growth,” noting that Gilead’s HIV prevention business—DESCOVY and YEZTUGO—grew roughly 50% from 2024 to 2025, with much of that growth attributed to DESCOVY. Dickinson said the company expects “steady, durable, consistent growth quarter after quarter, year after year” across YEZTUGO, LIVDELZI and the broader prevention franchise.
HIV treatment: shift toward long-acting options and market access commentary
In HIV treatment, Dickinson said Gilead expects the market to move predominantly to long-acting modalities over time, including weekly oral combinations, monthly oral combinations, and longer-acting injectables administered every three to six months. He said Gilead has programs and backup programs across those areas.
He also emphasized an unmet need beyond product switching: Dickinson said roughly 44% of people with HIV in the U.S. are either not diagnosed, not drug-treated or not virally suppressed, including about 13% who are not diagnosed. He argued long-acting therapy could help serve not only the 56%–60% of patients who are treated and virally suppressed, but also a sizable segment that is not well-served by daily oral pills.
On coverage concerns, Dickinson said Gilead is “really not seeing restrictions that are impacting our business” and pointed to broad uptake of HIV prevention medicines by state Medicaid agencies, including in large states. He addressed headlines around the AIDS Drug Assistance Program (ADAP), noting that Florida removed BIKTARVY and DESCOVY from formulary amid funding issues. Dickinson said ADAP therapies are heavily discounted and he does not expect a material financial impact, while adding that reduced safety nets could increase infections and healthcare costs over time.
Closing his remarks, Dickinson reiterated that Gilead has “up to eight additional product launches coming this year and next year,” with two in HIV and six outside HIV, including TRODELVY in first-line metastatic triple-negative breast cancer and anito-cel. He said the company faces “no major patent cliffs until 2036 at the earliest,” and argued that expense discipline following investment in research is now supporting “strong EPS growth.”
About Gilead Sciences (NASDAQ:GILD)
Gilead Sciences, Inc, founded in 1987 and headquartered in Foster City, California, is a biopharmaceutical company focused on the discovery, development and commercialization of medicines in areas of high unmet medical need. The company initially built its reputation in antiviral therapies and has since expanded into oncology, cell therapy and inflammatory diseases. Gilead operates a global research and commercial organization, conducting clinical development and selling medicines in markets around the world.
Gilead’s product portfolio is anchored by antiviral therapies for HIV and viral hepatitis.
