Efavirenz/Emtricitabine/Tenofovir Disoproxil Fumarate

Product Sales Excluding Veklury Increased 8% Year-Over-Year to $26.8 billion for Full Year 2024 Biktarvy Sales Increased 13% Year-Over-Year to $13.4 billion for Full Year 2024 Oncology Sales Increased 12% Year-Over-Year to $3.3 billion for Full Year 2024 FOSTER CITY, Calif.--(BUSINESS WIRE)-- Gilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the fourth quarter and full year 2024. “Gilead delivered another exceptionally strong full year and fourth quarter, with growth in our base business product sales of 8% for 2024 and 13% year-over-year for the fourth quarter,” said Daniel O’Day, Gilead’s Chairman and Chief Executive Officer. “From this foundation of commercial strength, we are planning for the potential launch of lenacapavir for HIV PrEP in Summer 2025, with its unique opportunity to extend the reach of HIV prevention. This potential in HIV, along with our strong and diverse portfolio, and improved operational efficiencies, positions Gilead to deliver increasing patient impact and compelling shareholder returns in the years ahead.” Fourth Quarter 2024 Financial Results Total fourth quarter 2024 revenue increased 6% to $7.6 billion compared to the same period in 2023, primarily due to higher sales in HIV, as well as in Oncology and Liver Disease, partially offset by lower sales of Veklury® (remdesivir). Diluted Earnings Per Share (“EPS”) increased to $1.42 in the fourth quarter 2024 compared to $1.14 in the same period in 2023, primarily driven by lower costs of goods sold, higher product sales and lower acquired in-process research and development ("IPR&D") expenses, partially offset by higher operating expenses as well as unrealized losses on equity investments in 2024 compared to gains in 2023. Non-GAAP diluted EPS increased to $1.90 in the fourth quarter 2024 compared to $1.72 in the same period in 2023. The increase was primarily driven by higher product sales and lower acquired IPR&D expenses, partially offset by higher operating expenses. As of December 31, 2024, Gilead had $10.0 billion of cash, cash equivalents and marketable debt securities compared to $8.4 billion as of December 31, 2023. During the fourth quarter 2024, Gilead generated $3.0 billion in operating cash flow. During the fourth quarter 2024, Gilead issued senior unsecured notes in an aggregate principal amount of $3.5 billion, paid cash dividends of $973 million and utilized $350 million to repurchase common stock. Fourth Quarter 2024 Product Sales Total fourth quarter 2024 product sales increased 7% to $7.5 billion compared to the same period in 2023. Total product sales excluding Veklury increased 13% to $7.2 billion compared to the same period in 2023, primarily due to higher sales in HIV, as well as in Oncology and Liver Disease. HIV product sales increased 16% to $5.5 billion in the fourth quarter 2024 compared to the same period in 2023, primarily driven by higher demand, higher average realized price and favorable inventory dynamics. Biktarvy® (bictegravir 50mg/emtricitabine (“FTC”) 200mg/tenofovir alafenamide (“TAF”) 25mg) sales increased 21% to $3.8 billion in the fourth quarter 2024 compared to the same period in 2023, primarily driven by higher demand, favorable inventory dynamics and higher average realized price. Descovy® (FTC 200mg/TAF 25mg) sales increased 21% to $616 million in the fourth quarter 2024 compared to the same period in 2023, primarily driven by higher demand, higher average realized price and favorable inventory dynamics. The Liver Disease portfolio sales increased 4% to $719 million in the fourth quarter 2024 compared to the same period in 2023. This was primarily driven by the launch of Livdelzi® (seladelpar) in primary biliary cholangitis (“PBC”), and increased demand in products for chronic hepatitis B virus (“HBV”) and chronic hepatitis delta virus (“HDV”), partially offset by lower demand and average realized price in products for chronic hepatitis C virus (“HCV”). Veklury sales decreased 53% to $337 million in the fourth quarter 2024 compared to the same period in 2023, primarily driven by lower rates of COVID-19 related hospitalizations, particularly in the United States. Cell Therapy product sales increased 5% to $488 million in the fourth quarter 2024 compared to the same period in 2023. Yescarta® (axicabtagene ciloleucel) sales increased 6% to $390 million in the fourth quarter 2024 compared to the same period in 2023, primarily driven by higher average realized price and increased demand outside of the United States, partially offset by lower demand in the United States. Tecartus® (brexucabtagene autoleucel) sales of $98 million in the fourth quarter 2024 were flat compared to the same period in 2023, reflecting increased demand outside of the United States, offset by lower demand in the United States. Trodelvy® (sacituzumab govitecan-hziy) sales increased 19% to $355 million in the fourth quarter 2024 compared to the same period in 2023, primarily driven by increased demand in all regions, as well as higher average realized price. Fourth Quarter 2024 Product Gross Margin, Operating Expenses and Tax Product gross margin was 79.0% in the fourth quarter 2024 compared to 70.4% in the same period in 2023, primarily driven by prior year restructuring expenses related to changes in our manufacturing strategy. Non-GAAP product gross margin was 86.7% in the fourth quarter 2024 compared to 86.1% in the same period in 2023. Research and development (“R&D”) expenses were $1.6 billion in the fourth quarter 2024 compared to $1.4 billion in the same period in 2023, primarily due to incremental investments and clinical activities across our portfolio and the impact of a prior year valuation adjustment to the MYR-related contingent consideration that did not repeat. Non-GAAP R&D expenses were $1.6 billion in the fourth quarter 2024 compared to $1.5 billion in the same period in 2023, primarily due to incremental investments and clinical activities across our portfolio. Acquired IPR&D expenses were $(11) million in the fourth quarter 2024, reflecting expenses related to the Terray Therapeutics, Inc. (“Terray”) and Tubulis GmbH (“Tubulis”) collaborations, offset by a favorable adjustment related to the CymaBay Therapeutics, Inc. (“CymaBay”) acquisition. Selling, general and administrative (“SG&A”) and non-GAAP SG&A expenses were $1.9 billion in the fourth quarter 2024 compared to $1.6 billion in the same period in 2023, primarily driven by a litigation accrual and higher sales and marketing spending, including launch preparation activities for lenacapavir for the investigational use of HIV pre-exposure prophylaxis (“PrEP”) as well as for Livdelzi. The effective tax rate (“ETR”) was 17.8% in the fourth quarter 2024 compared to 14.3% in the same period in 2023, primarily due to prior year settlements with tax authorities and non-taxable unrealized gains and losses on equity investments. Non-GAAP ETR was 19.2% in the fourth quarter 2024 compared to 17.1% in the same period in 2023, primarily due to prior year settlements with tax authorities. Full Year 2024 Financial Results Total full year 2024 revenue increased 6% to $28.8 billion compared to 2023, primarily due to higher sales in HIV, Oncology and Liver Disease, partially offset by lower sales of Veklury. Diluted EPS decreased to $0.38 in the full year 2024 compared to $4.50 in 2023. The decrease was primarily driven by a pre-tax IPR&D impairment charge of $4.2 billion, or $2.49 per share net of tax impact, related to assets acquired by Gilead from Immunomedics, Inc. (“Immunomedics”) in 2020, and acquired IPR&D charges of $3.9 billion, or $3.14 per share, in the first quarter 2024 related to the acquisition of CymaBay, partially offset by higher product sales. Non-GAAP diluted EPS decreased to $4.62 in the full year 2024 compared to $6.72 in 2023. This was primarily driven by higher acquired IPR&D expenses related to the CymaBay acquisition and higher income tax expense, partially offset by higher product sales. Full Year 2024 Product Sales Total full year 2024 product sales increased 6% to $28.6 billion compared to 2023. Total product sales excluding Veklury increased 8% to $26.8 billion in the full year 2024 compared to 2023, primarily driven by higher sales in HIV, Oncology and Liver Disease. HIV product sales increased 8% to $19.6 billion in the full year 2024 compared to 2023, primarily driven by higher demand, as well as the impact of higher average realized price. Biktarvy sales increased 13% to $13.4 billion in the full year 2024 compared to 2023, primarily driven by higher demand. Descovy sales increased 6% to $2.1 billion in the full year 2024 compared to 2023, primarily driven by higher demand, partially offset by lower average realized price. The Liver Disease portfolio sales increased 9% to $3.0 billion in the full year 2024 compared to 2023. The increase was primarily due to higher demand across all liver diseases. Veklury sales decreased 18% to $1.8 billion in the full year 2024 compared to 2023, primarily driven by lower rates of COVID-19 related hospitalizations. Cell Therapy product sales increased 6% to $2.0 billion in the full year 2024 compared to 2023. Yescarta sales increased 5% to $1.6 billion in the full year 2024 compared to 2023, primarily driven by increased demand outside of the United States and higher average realized price, partially offset by lower demand in the United States. Tecartus sales increased 9% to $403 million in the full year 2024 compared to 2023, primarily driven by increased demand outside of the United States, partially offset by lower demand in the United States. Trodelvy sales increased 24% to $1.3 billion in the full year 2024 compared to 2023, primarily driven by increased demand in all regions. Full Year 2024 Product Gross Margin, Operating Expenses and Tax Product gross margin was 78.2% in the full year 2024 compared to 75.9% in 2023, primarily driven by prior year restructuring expenses related to changes in our manufacturing strategy. Non-GAAP product gross margin was 86.2% in the full year 2024 compared to 86.3% in 2023. R&D expenses were $5.9 billion in the full year 2024 compared to $5.7 billion in 2023, primarily driven by restructuring costs and integration expenses related to the CymaBay acquisition. Non-GAAP R&D expenses of $5.7 billion in the full year 2024 were flat compared to 2023. Acquired IPR&D expenses were $4.7 billion in the full year 2024 compared to $1.2 billion in 2023, primarily reflecting the acquisition of CymaBay. SG&A expenses of $6.1 billion in the full year 2024 were flat compared to 2023, reflecting higher sales and marketing spending, including launch preparation activities for lenacapavir for the investigational use of HIV PrEP as well as for Livdelzi, integration costs related to the acquisition of CymaBay, and restructuring expenses, offset by lower expenses related to legal matters. Non-GAAP SG&A expenses were $5.9 billion in the full year 2024 compared to $6.1 billion in 2023, primarily driven by lower expenses related to legal matters, partially offset by higher sales and marketing spending, including launch preparation activities for lenacapavir for the investigational use of HIV PrEP as well as for Livdelzi. The ETR was 30.5% in the full year 2024 compared to 18.2% in 2023, primarily driven by the non-deductible acquired IPR&D charge for CymaBay and prior year decrease in tax reserves that did not repeat, partially offset by the tax impact of a legal entity restructuring and Immunomedics IPR&D impairment expense, as well as current year settlements with tax authorities and remeasurement of certain deferred tax liabilities. Non-GAAP ETR was 25.9% in the full year 2024 compared to 15.2% in 2023, primarily due to the non-deductible acquired IPR&D charge for CymaBay and a prior year decrease in tax reserves that did not repeat, partially offset by current year settlements with tax authorities. Guidance and Outlook For the full-year 2025, Gilead expects: (in millions, except per share amounts) February 11, 2025 Guidance Low End High End Product sales $ 28,200 $ 28,600 Product sales excluding Veklury $ 26,800 $ 27,200 Veklury $ 1,400 $ 1,400 Diluted EPS $ 5.95 $ 6.35 Non-GAAP diluted EPS $ 7.70 $ 8.10 Additional information and a reconciliation between GAAP and non-GAAP financial information for the 2025 guidance is provided in the accompanying tables. The financial guidance is subject to a number of risks and uncertainties. See the Forward-Looking Statements section below. Key Updates Since Our Last Quarterly Release Virology Presented new HIV data at the International Congress on Drug Therapy in HIV Infection (“HIV Glasgow 2024”). This included full results from the Phase 3 PURPOSE 2 trial evaluating investigational twice-yearly lenacapavir for HIV prevention among cisgender men and gender-diverse people, with data published in theNew England Journal of Medicine. Additionally at HIV Glasgow 2024, presented new HIV treatment research data from Biktarvy, as well as for investigational regimens with once-daily, once-weekly and twice-yearly dosing frequencies. Completed the New Drug Application submissions to U.S. Food and Drug Administration (“FDA”), as well as a marketing authorization application and an EU-Medicines for All application to the European Medicines Agency (“EMA”), for twice-yearly lenacapavir for HIV prevention. Lenacapavir named by Science Magazine as its 2024 “Breakthrough of the Year,” based in part on the PURPOSE 1 and PURPOSE 2 trial results. Oncology Our partner, Arcellx, Inc. (“Arcellx”), presented new data evaluating investigational anitocabtagene autoleucel (“anito-cel”) in relapsed or refractory (“R/R”) multiple myeloma at the American Society of Hematology 2024 Annual Meeting (“ASH 2024”). This included preliminary data from the registrational Phase 2 iMMagine-1 trial, as well as updated Phase 1 data. Presented new data at ASH 2024 including long-term follow-up of Yescarta in R/R non-Hodgkin’s lymphoma and Tecartus in R/R mantle cell lymphoma, as well as real world data for Yescarta in R/R large B-cell lymphoma and Tecartus in B-cell precursor adult acute lymphoblastic leukemia. Granted Breakthrough Therapy Designation by FDA to Trodelvy for the treatment of adult patients with extensive-stage small cell lung cancer (“ES-SCLC”) whose disease has progressed on or after platinum-based chemotherapy. The use of Trodelvy in ES-SCLC is investigational. Entered into a single-asset focused collaboration, license, and option agreement with Tubulis to develop an antibody-drug conjugate candidate for a solid tumor target using Tubulis’ Tubutecan and Alco5 platforms. Inflammation Received a positive opinion from the EMA’s Committee for Medicinal Products for Human Use recommending seladelpar for the treatment of PBC in combination with ursodeoxycholic acid (“UDCA”) in adults who have an inadequate response to UDCA alone, or as monotherapy in those unable to tolerate UDCA. Received marketing authorization from the Medicines and Healthcare products Regulatory Agency in the UK for seladelpar for treatment of PBC, including pruritus, in adults in combination with UDCA who have an inadequate response to UDCA alone, or as monotherapy in those unable to tolerate UDCA. Presented new data evaluating seladelpar in PBC at the American Association for the Study of Liver Diseases’ The Liver Meeting. This included longer-term follow-up data from the ASSURE trial, as well as additional analyses from the RESPONSE trial. Announced a strategic partnership to develop and commercialize the pre-clinical oral STAT6 program of LEO Pharma A/S (“LEO Pharma”) for the potential treatment of inflammatory diseases. Corporate Appointed Dietmar Berger, MD, PhD, as Chief Medical Officer effective January 2025. Entered into a strategic research collaboration with Terray to discover and develop novel, small molecule therapies across multiple targets using Terray’s artificial intelligence tNOVA platform. Reached a final settlement agreement with the U.S. Department of Justice and the U.S. Department of Health and Human Services on patents that the government alleged covered Truvada® (FTC 200mg/tenofovir disoproxil fumarate (“TDF”) 300mg) and Descovy for HIV PrEP. Issued $3.5 billion aggregate principal amount of senior unsecured notes in a registered offering. The Board declared a quarterly dividend of $0.79 per share of common stock for the first quarter of 2025. The dividend is payable on March 28, 2025, to stockholders of record at the close of business on March 14, 2025. Future dividends will be subject to Board approval. Certain amounts and percentages in this press release may not sum or recalculate due to rounding. Conference Call At 1:30 p.m. Pacific Time today, Gilead will host a conference call to discuss Gilead’s results. A live webcast will be available on http://investors.gilead.com and will be archived on www.gilead.com for one year. Non-GAAP Financial Information The information presented in this document has been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), unless otherwise noted as non-GAAP. Management believes non-GAAP information is useful for investors, when considered in conjunction with Gilead’s GAAP financial information, because management uses such information internally for its operating, budgeting and financial planning purposes. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Gilead’s operating results as reported under GAAP. Non-GAAP financial information generally excludes acquisition-related expenses including amortization of acquired intangible assets and other items that are considered unusual or not representative of underlying trends of Gilead’s business, fair value adjustments of equity securities and discrete and related tax charges or benefits associated with such exclusions as well as changes in tax-related laws and guidelines, transfers of intangible assets between certain legal entities, and legal entity restructurings. Although Gilead consistently excludes the amortization of acquired intangible assets from the non-GAAP financial information, management believes that it is important for investors to understand that such intangible assets were recorded as part of acquisitions and contribute to ongoing revenue generation. Non-GAAP measures may be defined and calculated differently by other companies in the same industry. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the accompanying tables. About Gilead Sciences Gilead Sciences, Inc. is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. The company is committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, COVID-19, cancer and inflammation. Gilead operates in more than 35 countries worldwide, with headquarters in Foster City, California. Forward-Looking Statements Statements included in this press release 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 relating to: Gilead’s ability to achieve its full year 2025 financial guidance, including as a result of the uncertainty of the amount and timing of Veklury revenues; Gilead’s ability to make progress on any of its long-term ambitions or priorities laid out in its corporate strategy; Gilead’s ability to accelerate or sustain revenues for its virology, oncology and other programs; Gilead’s ability to realize the potential benefits of acquisitions, collaborations or licensing arrangements, including the arrangements with Arcellx, LEO Pharma, Terray and Tubulis; patent protection and estimated loss of exclusivity for our products and product candidates; Gilead’s ability to initiate, progress or complete clinical trials within currently anticipated timeframes or at all, the possibility of unfavorable results from ongoing and additional clinical trials, including those involving Biktarvy, Tecartus, Trodelvy, Yescarta, anito-cel, lenacapavir and seladelpar (such as the ASSURE, iMMagine-1, PURPOSE 1 and 2, and RESPONSE studies), and the risk that safety and efficacy data from clinical trials may not warrant further development of Gilead’s product candidates or the product candidates of Gilead’s strategic partners; Gilead’s ability to submit new drug applications for new product candidates or expanded indications in the currently anticipated timelines, including for lenacapavir for HIV PrEP and seladelpar for PBC; Gilead’s ability to receive or maintain regulatory approvals in a timely manner or at all, and the risk that any such approvals, if granted, may be subject to significant limitations on use and may be subject to withdrawal or other adverse actions by the applicable regulatory authority; Gilead’s ability to successfully commercialize its products; the risk of potential disruptions to the manufacturing and supply chain of Gilead’s products; pricing and reimbursement pressures from government agencies and other third parties, including required rebates and other discounts; a larger than anticipated shift in payer mix to more highly discounted payer segments; market share and price erosion caused by the introduction of generic versions of Gilead products; the risk that physicians and patients may not see advantages of Gilead’s products over other therapies and may therefore be reluctant to prescribe the products, including Livdelzi; and other risks identified from time to time in Gilead’s reports filed with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, Gilead makes estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. Gilead bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. There may be other factors of which Gilead is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ significantly from these estimates. Further, results for the quarter ended December 31, 2024 are not necessarily indicative of operating results for any future periods. Gilead directs readers to its press releases, annual reports on Form 10-K, quarterly reports on Form 10-Q and other subsequent disclosure documents filed with the SEC. Gilead claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. The reader is cautioned that forward-looking statements are not guarantees of future performance and is cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements are based on information currently available to Gilead and Gilead assumes no obligation to update or supplement any such forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statements. Gilead owns or has rights to various trademarks, copyrights and trade names used in its business, including the following: GILEAD®, GILEAD SCIENCES®, KITETM , AMBISOME®, ATRIPLA®, BIKTARVY®, CAYSTON®, COMPLERA®, DESCOVY®, DESCOVY FOR PREP®, EMTRIVA®, EPCLUSA®, EVIPLERA®, GENVOYA®, HARVONI®, HEPCLUDEX®, HEPSERA®, JYSELECA®, LIVDELZI®, LETAIRIS®, ODEFSEY®, SOVALDI®, STRIBILD®, SUNLENCA® , TECARTUS®, TRODELVY®, TRUVADA®, TRUVADA FOR PREP®, TYBOST®, VEKLURY®, VEMLIDY®, VIREAD®, VOSEVI®, YESCARTA® and ZYDELIG®. For more information on Gilead Sciences, Inc., please visit www.gilead.com or call the Gilead Public Affairs Department at 1-800-GILEAD-5 (1-800-445-3235). GILEAD SCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millions, except per share amounts) 2024 2023 2024 2023 Revenues: Product sales $ 7,536 $ 7,070 $ 28,610 $ 26,934 Royalty, contract and other revenues 33 45 144 182 Total revenues 7,569 7,115 28,754 27,116 Costs and expenses: Cost of goods sold 1,581 2,090 6,251 6,498 Research and development expenses 1,641 1,408 5,907 5,718 Acquired in-process research and development expenses (11 ) 347 4,663 1,155 In-process research and development impairments — 50 4,180 50 Selling, general and administrative expenses 1,906 1,608 6,091 6,090 Total costs and expenses 5,118 5,503 27,092 19,511 Operating income 2,451 1,612 1,662 7,605 Interest expense 248 252 977 944 Other (income) expense, net 35 (293 ) (6 ) (198 ) Income before income taxes 2,168 1,653 690 6,859 Income tax expense 385 236 211 1,247 Net income 1,783 1,417 480 5,613 Net loss attributable to noncontrolling interest — (12 ) — (52 ) Net income attributable to Gilead $ 1,783 $ 1,429 $ 480 $ 5,665 Basic earnings per share attributable to Gilead $ 1.43 $ 1.15 $ 0.38 $ 4.54 Shares used in basic earnings per share attributable to Gilead calculation 1,248 1,248 1,247 1,248 Diluted earnings per share attributable to Gilead $ 1.42 $ 1.14 $ 0.38 $ 4.50 Shares used in diluted earnings per share attributable to Gilead calculation 1,259 1,256 1,255 1,258 Supplemental Information: Cash dividends declared per share $ 0.77 $ 0.75 $ 3.08 $ 3.00 Product gross margin 79.0 % 70.4 % 78.2 % 75.9 % Research and development expenses as a % of revenues 21.7 % 19.8 % 20.5 % 21.1 % Selling, general and administrative expenses as a % of revenues 25.2 % 22.6 % 21.2 % 22.5 % Operating margin 32.4 % 22.7 % 5.8 % 28.0 % Effective tax rate 17.8 % 14.3 % 30.5 % 18.2 % GILEAD SCIENCES, INC. TOTAL REVENUE SUMMARY (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millions, except percentages) 2024 2023 Change 2024 2023 Change Product sales: HIV $ 5,452 $ 4,693 16% $ 19,612 $ 18,175 8% Liver Disease 719 691 4% 3,021 2,784 9% Oncology 843 765 10% 3,289 2,932 12% Other 184 201 (8)% 889 859 3% Total product sales excluding Veklury 7,198 6,350 13% 26,811 24,750 8% Veklury 337 720 (53)% 1,799 2,184 (18)% Total product sales 7,536 7,070 7% 28,610 26,934 6% Royalty, contract and other revenues 33 45 (26)% 144 182 (21)% Total revenues $ 7,569 $ 7,115 6% $ 28,754 $ 27,116 6% GILEAD SCIENCES, INC. NON-GAAP FINANCIAL INFORMATION(1) (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millions, except percentages) 2024 2023 Change 2024 2023 Change Non-GAAP: Cost of goods sold $ 1,002 $ 980 2% $ 3,936 $ 3,697 6% Research and development expenses $ 1,612 $ 1,452 11% $ 5,732 $ 5,720 —% Acquired IPR&D expenses(2) $ (11 ) $ 347 NM $ 4,663 $ 1,155 NM Selling, general and administrative expenses $ 1,852 $ 1,597 16% $ 5,903 $ 6,060 (3)% Other (income) expense, net $ (91 ) $ (104 ) (13)% $ (279 ) $ (365 ) (24)% Diluted EPS $ 1.90 $ 1.72 10% $ 4.62 $ 6.72 (31)% Shares used in non-GAAP diluted earnings per share attributable to Gilead calculation 1,259 1,256 —% 1,255 1,258 —% Product gross margin 86.7 % 86.1 % 56 bps 86.2 % 86.3 % -3 bps Research and development expenses as a % of revenues 21.3 % 20.4 % 89 bps 19.9 % 21.1 % -116 bps Selling, general and administrative expenses as a % of revenues 24.5 % 22.4 % 203 bps 20.5 % 22.3 % -182 bps Operating margin 41.1 % 38.5 % 265 bps 29.6 % 38.7 % -903 bps Effective tax rate 19.2 % 17.1 % 210 bps 25.9 % 15.2 % 1075 bps NM - Not Meaningful (1) Refer to Non-GAAP Financial Information section above for further disclosures on non-GAAP financial measures. A reconciliation between GAAP and non-GAAP financial information is provided in the tables below. (2) Equal to GAAP financial information. GILEAD SCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millions, except percentages and per share amounts) 2024 2023 2024 2023 Cost of goods sold reconciliation: GAAP cost of goods sold $ 1,581 $ 2,090 $ 6,251 $ 6,498 Acquisition-related – amortization(1) (579 ) (580 ) (2,316 ) (2,271 ) Restructuring — (479 ) — (479 ) Other(2) — (51 ) — (51 ) Non-GAAP cost of goods sold $ 1,002 $ 980 $ 3,936 $ 3,697 Product gross margin reconciliation: GAAP product gross margin 79.0 % 70.4 % 78.2 % 75.9 % Acquisition-related – amortization(1) 7.7 % 8.2 % 8.1 % 8.4 % Restructuring — % 6.8 % (— )% 1.8 % Other(2) — % 0.7 % — % 0.2 % Non-GAAP product gross margin 86.7 % 86.1 % 86.2 % 86.3 % Research and development expenses reconciliation: GAAP research and development expenses $ 1,641 $ 1,408 $ 5,907 $ 5,718 Acquisition-related – other costs(3) — 59 (78 ) 22 Restructuring (30 ) (15 ) (98 ) (20 ) Non-GAAP research and development expenses $ 1,612 $ 1,452 $ 5,732 $ 5,720 IPR&D impairment reconciliation: GAAP IPR&D impairment $ — $ 50 $ 4,180 $ 50 IPR&D impairment — (50 ) (4,180 ) (50 ) Non-GAAP IPR&D impairment $ — $ — $ — $ — Selling, general and administrative expenses reconciliation: GAAP selling, general and administrative expenses $ 1,906 $ 1,608 $ 6,091 $ 6,090 Acquisition-related – other costs(3) (8 ) — (97 ) (2 ) Restructuring (46 ) (11 ) (91 ) (28 ) Non-GAAP selling, general and administrative expenses $ 1,852 $ 1,597 $ 5,903 $ 6,060 Operating income reconciliation: GAAP operating income $ 2,451 $ 1,612 $ 1,662 $ 7,605 Acquisition-related – amortization(1) 579 580 2,316 2,271 Acquisition-related – other costs(3) 8 (59 ) 174 (20 ) Restructuring 76 505 188 527 IPR&D impairment — 50 4,180 50 Other(2) — 51 — 51 Non-GAAP operating income $ 3,114 $ 2,739 $ 8,520 $ 10,484 Operating margin reconciliation: GAAP operating margin 32.4 % 22.7 % 5.8 % 28.0 % Acquisition-related – amortization(1) 7.6 % 8.1 % 8.1 % 8.4 % Acquisition-related – other costs(3) 0.1 % (0.8 )% 0.6 % (0.1 )% Restructuring 1.0 % 7.1 % 0.7 % 1.9 % IPR&D impairment — % 0.7 % 14.5 % 0.2 % Other(2) — % 0.7 % — % 0.2 % Non-GAAP operating margin 41.1 % 38.5 % 29.6 % 38.7 % Other (income) expense, net reconciliation: GAAP other (income) expense, net $ 35 $ (293 ) $ (6 ) $ (198 ) (Loss) gain from equity securities, net (126 ) 189 (274 ) (167 ) Non-GAAP other (income) expense, net $ (91 ) $ (104 ) $ (279 ) $ (365 ) GILEAD SCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION - (Continued) (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millions, except percentages and per share amounts) 2024 2023 2024 2023 Income before income taxes reconciliation: GAAP income before income taxes $ 2,168 $ 1,653 $ 690 $ 6,859 Acquisition-related – amortization(1) 579 580 2,316 2,271 Acquisition-related – other costs(3) 8 (59 ) 174 (20 ) Restructuring 76 505 188 527 IPR&D impairment — 50 4,180 50 Loss (gain) from equity securities, net 126 (189 ) 274 167 Other(2) — 51 — 51 Non-GAAP income before income taxes $ 2,956 $ 2,591 $ 7,822 $ 9,905 Income tax expense reconciliation: GAAP income tax (benefit) expense $ 385 $ 236 $ 211 $ 1,247 Income tax effect of non-GAAP adjustments: Acquisition-related – amortization(1) 121 119 484 466 Acquisition-related – other costs(3) 2 1 41 9 Restructuring 16 90 37 95 IPR&D impairment — 15 1,051 15 Loss (gain) from equity securities, net 13 (18 ) (39 ) (14 ) Discrete and related tax charges(4) 29 (12 ) 243 (326 ) Other(2) — 11 — 11 Non-GAAP income tax expense $ 566 $ 442 $ 2,028 $ 1,503 Effective tax rate reconciliation: GAAP effective tax rate 17.8 % 14.3 % 30.5 % 18.2 % Income tax effect of above non-GAAP adjustments and discrete and related tax adjustments(4) 1.4 % 2.8 % (4.6 )% (3.0 )% Non-GAAP effective tax rate 19.2 % 17.1 % 25.9 % 15.2 % Net income attributable to Gilead reconciliation: GAAP net income attributable to Gilead $ 1,783 $ 1,429 $ 480 $ 5,665 Acquisition-related – amortization(1) 458 460 1,832 1,805 Acquisition-related – other costs(3) 6 (59 ) 134 (29 ) Restructuring 59 414 151 431 IPR&D impairment — 35 3,129 35 Loss (gain) from equity securities, net 113 (171 ) 313 180 Discrete and related tax charges(4) (29 ) 12 (243 ) 326 Other(2) — 40 — 40 Non-GAAP net income attributable to Gilead $ 2,390 $ 2,161 $ 5,795 $ 8,454 Diluted earnings per share reconciliation: GAAP diluted earnings per share $ 1.42 $ 1.14 $ 0.38 $ 4.50 Acquisition-related – amortization(1) 0.36 0.37 1.46 1.43 Acquisition-related – other costs(3) — (0.05 ) 0.11 (0.02 ) Restructuring 0.05 0.33 0.12 0.34 IPR&D impairment — 0.03 2.49 0.03 Loss (gain) from equity securities, net 0.09 (0.14 ) 0.25 0.14 Discrete and related tax charges(4) (0.02 ) 0.01 (0.19 ) 0.26 Other(2) — 0.03 — 0.03 Non-GAAP diluted earnings per share $ 1.90 $ 1.72 $ 4.62 $ 6.72 Three Months Ended Twelve Months Ended December 31, December 31, (in millions, except percentages and per share amounts) 2024 2023 2024 2023 Non-GAAP adjustment summary: Cost of goods sold adjustments $ 579 $ 1,110 $ 2,315 $ 2,801 Research and development expenses adjustments 29 (44 ) 176 (2 ) IPR&D impairment adjustments — 50 4,180 50 Selling, general and administrative expenses adjustments 54 11 188 30 Total non-GAAP adjustments to costs and expenses 663 1,127 6,858 2,879 Other (income) expense, net, adjustments 126 (189 ) 274 167 Total non-GAAP adjustments before income taxes 789 938 7,132 3,046 Income tax effect of non-GAAP adjustments above (152 ) (218 ) (1,574 ) (583 ) Discrete and related tax charges(4) (29 ) 12 (243 ) 326 Total non-GAAP adjustments to net income attributable to Gilead $ 607 $ 732 $ 5,315 $ 2,789 (1) Relates to amortization of acquired intangibles. (2) Relates to a write-off of an intangible asset related to the restructuring of our collaboration with Galapagos NV during the fourth quarter of 2023. (3) Adjustments include integration expenses, contingent consideration fair value adjustments and other expenses associated with Gilead’s recent acquisitions. (4) Represents discrete and related deferred tax charges or benefits primarily associated with acquired intangible assets and in-process research and development, transfers of intangible assets from a foreign subsidiary to Ireland and the United States, and legal entity restructurings. GILEAD SCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP 2025 FULL YEAR GUIDANCE(1) (unaudited) (in millions, except percentages and per share amounts) Provided February 11, 2025 Projected product gross margin GAAP to non-GAAP reconciliation: GAAP projected product gross margin 77.0% - 78.0% Acquisition-related expenses ~ 8.0% Non-GAAP projected product gross margin 85.0% - 86.0% Projected operating income GAAP to non-GAAP reconciliation: GAAP projected operating income $10,200 - $10,700 Acquisition-related and restructuring expenses ~ 2,500 Non-GAAP projected operating income $12,700 - $13,200 Projected effective tax rate GAAP to non-GAAP reconciliation: GAAP projected effective tax rate ~ 20% Income tax effect of above non-GAAP adjustments, and discrete and related tax adjustments (~ 1%) Non-GAAP projected effective tax rate ~ 19% Projected diluted EPS GAAP to non-GAAP reconciliation: GAAP projected diluted EPS $5.95 - $6.35 Acquisition-related and restructuring expenses, and discrete and related tax adjustments ~ 1.75 Non-GAAP projected diluted EPS $7.70 - $8.10 (1) Our full-year guidance excludes the potential impact of any (i) acquisitions or business development transactions that have not been executed, (ii) future fair value adjustments of equity securities and (iii) discrete tax charges or benefits associated with changes in tax related laws and guidelines that have not been enacted, as Gilead is unable to project such amounts. The non-GAAP full-year guidance includes non-GAAP adjustments to actual current period results as well as adjustments for the known future impact associated with events that have already occurred, such as future amortization of our intangible assets and the future impact of discrete and related deferred tax charges or benefits primarily associated with acquired intangible assets and in-process research and development, transfers of intangible assets from a foreign subsidiary to Ireland and the United States, and legal entity restructurings. GILEAD SCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) December 31, (in millions) 2024 2023 Assets Cash, cash equivalents and marketable debt securities $ 9,991 $ 8,428 Accounts receivable, net 4,420 4,660 Inventories 3,589 3,366 Property, plant and equipment, net 5,414 5,317 Intangible assets, net 19,948 26,454 Goodwill 8,314 8,314 Other assets 7,319 5,586 Total assets $ 58,995 $ 62,125 Liabilities and Stockholders’ Equity Current liabilities $ 12,004 $ 11,280 Long-term liabilities 27,744 28,096 Stockholders’ equity(1) 19,246 22,749 Total liabilities and stockholders’ equity $ 58,995 $ 62,125 (1) As of December 31, 2024 and 2023, there were 1,246 shares of common stock issued and outstanding. GILEAD SCIENCES, INC. SELECTED CASH FLOW INFORMATION (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millions) 2024 2023 2024 2023 Net cash provided by operating activities $ 2,975 $ 2,168 $ 10,828 $ 8,006 Net cash used in investing activities (225 ) (726 ) (3,449 ) (2,265 ) Net cash used in financing activities 2,260 (1,100 ) (3,433 ) (5,125 ) Effect of exchange rate changes on cash and cash equivalents (55 ) 37 (40 ) 57 Net change in cash and cash equivalents 4,954 380 3,906 673 Cash and cash equivalents at beginning of period 5,037 5,705 6,085 5,412 Cash and cash equivalents at end of period $ 9,991 $ 6,085 $ 9,991 $ 6,085 Three Months Ended Twelve Months Ended December 31, December 31, (in millions) 2024 2023 2024 2023 Net cash provided by operating activities $ 2,975 $ 2,168 $ 10,828 $ 8,006 Capital expenditures (147 ) (214 ) (523 ) (585 ) Free cash flow(1) $ 2,828 $ 1,954 $ 10,305 $ 7,421 (1) Free cash flow is a non-GAAP liquidity measure. Please refer to our disclosures in the Non-GAAP Financial Information section above. GILEAD SCIENCES, INC. PRODUCT SALES SUMMARY (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millions) 2024 2023 2024 2023 HIV Biktarvy – U.S. $ 3,129 $ 2,588 $ 10,855 $ 9,692 Biktarvy – Europe 400 333 1,509 1,253 Biktarvy – Rest of World 246 188 1,060 905 3,774 3,109 13,423 11,850 Descovy – U.S. 563 457 1,902 1,771 Descovy – Europe 25 25 100 100 Descovy – Rest of World 28 28 110 114 616 509 2,113 1,985 Genvoya – U.S. 410 447 1,498 1,752 Genvoya – Europe 42 48 180 205 Genvoya – Rest of World 18 22 84 103 470 517 1,762 2,060 Odefsey – U.S. 252 258 957 1,012 Odefsey – Europe 74 71 290 294 Odefsey – Rest of World 11 11 41 44 336 340 1,288 1,350 Symtuza - Revenue share(1) – U.S. 112 104 450 382 Symtuza - Revenue share(1) – Europe 30 32 130 133 Symtuza - Revenue share(1) – Rest of World 3 3 12 13 144 139 592 529 Other HIV(2) – U.S. 67 46 257 238 Other HIV(2) – Europe 33 25 129 116 Other HIV(2) – Rest of World 11 9 48 47 111 79 434 401 Total HIV – U.S. 4,532 3,899 15,918 14,848 Total HIV – Europe 603 533 2,339 2,102 Total HIV – Rest of World 317 261 1,355 1,226 5,452 4,693 19,612 18,175 Liver Disease Sofosbuvir / Velpatasvir(3) – U.S. 185 216 922 859 Sofosbuvir / Velpatasvir(3) – Europe 69 74 299 323 Sofosbuvir / Velpatasvir(3) – Rest of World 75 89 374 355 330 378 1,596 1,537 Vemlidy – U.S. 148 115 486 410 Vemlidy – Europe 11 10 44 38 Vemlidy – Rest of World 100 92 428 414 260 217 959 862 Other Liver Disease(4) – U.S. 58 39 192 152 Other Liver Disease(4) – Europe 54 38 202 150 Other Liver Disease(4) – Rest of World 18 19 73 83 130 96 467 385 Total Liver Disease – U.S. 391 370 1,601 1,421 Total Liver Disease – Europe 134 121 545 511 Total Liver Disease – Rest of World 194 200 876 852 719 691 3,021 2,784 Veklury Veklury – U.S. 108 364 892 972 Veklury – Europe 80 181 284 408 Veklury – Rest of World 150 175 623 805 337 720 1,799 2,184 GILEAD SCIENCES, INC. PRODUCT SALES SUMMARY - (Continued) (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millions) 2024 2023 2024 2023 Oncology Cell Therapy Tecartus – U.S. 53 66 234 245 Tecartus – Europe 36 27 138 110 Tecartus – Rest of World 10 5 31 15 98 98 403 370 Yescarta – U.S. 161 187 662 811 Yescarta – Europe 156 140 666 547 Yescarta – Rest of World 72 42 242 140 390 368 1,570 1,498 Total Cell Therapy – U.S. 213 253 896 1,055 Total Cell Therapy – Europe 193 167 804 658 Total Cell Therapy – Rest of World 82 46 274 156 488 466 1,973 1,869 Trodelvy Trodelvy – U.S. 247 226 902 777 Trodelvy – Europe 77 48 294 217 Trodelvy – Rest of World 31 24 119 68 355 299 1,315 1,063 Total Oncology – U.S. 461 479 1,798 1,833 Total Oncology – Europe 269 216 1,098 875 Total Oncology – Rest of World 113 70 393 224 843 765 3,289 2,932 Other AmBisome – U.S. 7 4 44 43 AmBisome – Europe 66 68 276 260 AmBisome – Rest of World 36 39 212 189 109 111 533 492 Other(5) – U.S. 51 64 255 261 Other(5) – Europe 8 9 34 40 Other(5) – Rest of World 16 17 68 66 76 90 356 367 Total Other – U.S. 59 68 299 304 Total Other – Europe 74 77 310 301 Total Other – Rest of World 52 56 280 255 184 201 889 859 Total product sales – U.S. 5,550 5,180 20,508 19,377 Total product sales – Europe 1,160 1,128 4,576 4,197 Total product sales – Rest of World 826 762 3,526 3,361 $ 7,536 $ 7,070 $ 28,610 $ 26,934 (1) Represents Gilead’s revenue from cobicistat (“C”), FTC and TAF in Symtuza (darunavir/C/FTC/TAF), a fixed dose combination product commercialized by Janssen Sciences Ireland Unlimited Company. (2) Includes Atripla, Complera/Eviplera, Emtriva, Stribild, Sunlenca, Truvada and Tybost. (3) Includes Epclusa and the authorized generic version of Epclusa sold by Gilead’s separate subsidiary, Asegua Therapeutics LLC (“Asegua”). (4) Includes ledipasvir/sofosbuvir (Harvoni and the authorized generic version of Harvoni sold by Asegua), Hepcludex, Hepsera, Livdelzi, Sovaldi, Viread and Vosevi. (5) Includes Cayston, Jyseleca, Letairis, Ranexa and Zydelig. Investors: Jacquie Ross, CFA investor_relations@gilead.com Media: Ashleigh Koss public_affairs@gilead.com

为什么世界上有的国家长期陷入不发达状态，总是走不出经济落后、制度低效的怪圈？ 对于这个困扰了无数学者的世界性问题，美国经济学家道格拉斯·诺斯用“路径依赖”理论很好地找出了答案，并因此获得了1993年获得诺贝尔经济学奖。 所谓“路径依赖”，指的是事物一旦进入某一路径，就可能对这种路径产生依赖。因为经济生活与物理世界一样，存在着报酬递增和自我强化的机制。这种机制使人们一旦选择走上某一路径，就会在以后的发展中得到不断地自我强化。 “路径依赖”理论被总结出来后，很快就被应用于各个方面，尤其是很多成功企业都曾因“路径依赖”而遭遇重创。在医药行业中，吉利德就被认为是深陷“路径依赖”无法自拔的代表。 回溯吉利德发展历程，主要可以分为四大阶段：序幕（1987年—2000年）、前章（2001年—2013年）、后章（2014年—2018年）、落幕（2019年至今）。每一个阶段的转换都伴随着大额并购的推进，以及核心战略的转移。 图：吉利德历史产品营收及增速，来源：锦缎研究院 大众的传统印象中，吉利德从一家寂寂无闻的创业公司，发展壮大成国际制药巨头，核心关键就在于依靠激进的并购策略屡次突破发展瓶颈。可水能载舟，亦能覆舟。恰恰也正是因为激进的并购策略，导致吉利德连续大手笔并购抗癌企业，但收效甚微，渐渐在肿瘤赛道迷失。 然而，通过复盘吉利德的发展之路，我们发现真正导致吉利德迷失，并不是“并购”这个动作，而是“灵魂人物”的缺失。它不是因为太依赖成功路径了，而是之前的路径已经走不通了。 1 序幕：传奇的开端 20世纪80年代，生物技术全面兴起，引发了美国第一次Biotech浪潮。 1984年初的时候，美国Biotech企业数量不足200家，而十年后的1995年，全美Biotech企业暴增至1300家，仅1991年就有121家Biotech完成上市。美国Biotech的“黄金十年”中，吉利德于1987年正式成立。 能够取得今天这样的成绩，吉利德最该感谢的就是当时美国Biotech泡沫时代。吉利德的创始人叫迈克·奥丹（Michael L. Riordan），虽然是约翰·霍普金斯大学医学院毕业生，但年仅29岁的他还是太嫩了一些。 奥丹成立吉利德时，除了致力于抗病毒目标外，几乎没有任何其他资源，只有6位员工，而且没有一名是顶级科学家。迫于生存压力，吉利德早期只能接一些药企外包的研发工作，直到1990年约翰·马丁（John C. Martin）的到来，才使得吉利德有了将想法落地的方法。 不同于吉利德早期的草台班子，马丁是真正意义上的行业大拿。曾在当时著名的MNC公司BMS进行多年抗病毒研发，后因业务调整而离职。为了能够吸引马丁加入，奥丹几乎将吉利德的一切拱手相让，不仅将研发主导权完全交给马丁，而且还在1996年把吉利德CEO的位置让给了马丁。 马丁之于吉利德，就好像诸葛亮之于蜀汉。正是他倾尽全力的投入，吉利德才能成长为全球一流药企，从这可以看出奥丹“以退为进”的放权激活了吉利德的价值。 在马丁入职后，很快就在1991年主导了与捷克科学院生物化学研究所的合作，获得了一系列核苷酸化合物的权益。虽然这些化合物在当时并不起眼，但却是吉利德崛起的核心根本。 1996年，马丁正式出任吉利德CEO，并立马进行第一次战略转型。虽然吉利德上市的第一款产品Vistide（治疗HIV患者CMV视网膜炎）销售惨淡，但马丁却并未动摇公司在抗病毒领域的信念。随着1997年美国加州大学的一份研究数据的流出，马丁决定全面聚焦HIV药物，为此他分别将研发多年的反义治疗药物出售给Ionis Pharma，将初期的肿瘤产品线出售给OSI Pharma。 美国加州大学流出的这份研究数据，证实了替诺福韦通过皮下注射给药对人具有抗HIV作用。替诺福韦正是当年捷克科学院生物化学研究所研发的化合物，也是马丁主导的第一份对外合作。 尽管替诺福韦被证实对HIV病毒有效，但该化合物却并不稳定，口服吸收较差。为了真正将这款化合物产业化落地，吉利德将替诺福韦分子酯化为替诺福韦二吡呋酯，促使其口服吸收率明显增加，并能提高细胞对其摄取能力。 正是基于这一突破性的研究，吉利德在2001年推出了自己的第一款抗HIV药物Viread，并很快成为爆款药物。上市第一个完整年，就取得2.26亿美元营收，上市头四年总销售额就超过20亿美元。 就当所有人认为吉利德已经达到巅峰时，却并没有想到这仅是一切的开始。 2 前章：HIV的持续迭代 自Viread之后，吉利德依靠鸡尾酒疗法的方式持续迭代了多代HIV疗法，正是不断更新迭代，帮助吉利德确立了抗HIV药物的王者地位。但鲜有人知，吉利德为了建立这套鸡尾酒疗法，曾不惜重注堵上几乎全部身家。 2002年是Viread上市的第一个完整年，得益于Viread的销售爆发及其他药物的增长，吉利德当年现金资产由1.23亿美元增长至6.17亿美元。但这些资金还没有捂热，吉利德就拿出4.64亿美元去收购了Triangle公司，并获得了它的抗艾药物恩曲他滨。 这笔收购的重要意义在于，Viread与恩曲他滨之间能形成良好的协同作用。基于此，吉利德在2004年将Viread与恩曲他滨组合成了鸡尾酒疗法Truvada，该产品不仅能够降低人体内的病毒量，而且还能一定程度上预防健康人群感染HIV，并于2012年被正式批准用于预防艾滋病感染。此后，Truvada完全垄断了艾滋病预防药物市场，2016年年销售额突破35亿美元。 Truvada的成功经验，让吉利德放心大胆地干。2006年，吉利德鸡尾酒疗法再次升级，将依非韦仑、恩曲他滨、替诺福韦“三合一”药物Atripla获批上市。每日只需口服1次，迅速成为畅销药物，2013年达到36亿美元的巅峰销售额。 此后吉利德持续推出“替诺福韦”为基底的HIV迭代鸡尾酒疗法，包括Complera（2011年）、Stribild（2012年）、Tybost（2014年）、Descovy（2015年）、Genvoya（2015年）、Odefsey（2016年）、Biktarvy（2018年）。凭借这些药物组合，吉利德成功在2013年将产品营收额提升至108亿美元，跻身世界一流制药企业梯队。 图：吉利德HIV药物营收一览，来源：锦缎研究院 其中，2018年上市的全新一代“三合一”复方抗艾滋病药物必妥维（Biktarvy），属于72小时艾滋病紧急阻断药，适用于艾滋病初期、急性期、恢复期的治疗。获批上市后不到2年时间，就迅速成为全球处方量最大的艾滋病治疗药物。2023年销售额达到118亿美元，占吉利德总收入的近四成；2024年前三季度 Biktarvy继续保持10%的增速，销售额达到了96.49亿美元。 纵观吉利德的艾滋病治疗药物管线，后一代产品出现基本是在前一代产品专利即将到期，并在仿制药上市前，大力推动患者处方从旧产品转向新产品，新旧产品完美交接。在这种研发战略下，艾滋病治疗药物成为吉利德最重要的收入来源。2023年，吉利德全年产品销售收入269亿美元，其中艾滋病治疗药物的销售额达到182亿美元，占比达到67.7%。 回过头看，正是因为当初4.64亿美元的豪赌，才奠定了后续HIV鸡尾酒疗法持续迭代的基调，这一切均源于当初马丁主导的大手笔并购。 3 后章：又一座金矿 在HIV药物大获全胜的吉利德，并没有停止发展的脚步，而是在抗HIV病毒的基础上进一步延伸至更广阔的抗病毒市场。 Viread既是吉利德HIV药物的基石，同时也是其肝病市场的敲门砖。在获批HIV适应症的6年后，Viread再度获批了慢性乙型肝炎适应症。虽然乙肝适应症仅延续了Viread的销售巅峰，但让吉利德看到了HIV药物与抗病毒药物之间的协同性。 真正让吉利德一战封神的，依然来自一次“豪赌”式并购。2011年吉利德耗资110亿美元收购了Pharmasset公司，获得了其在研的丙肝资产。虽然当时吉利德已经依靠HIV的积累如日中天，但账面现在资产也只有99亿美元。对于收购Pharmasset公司，很多投资者坚决反对，但公司CEO马丁依然力排众议，坚定不移地完成了这笔收购。 姜还是老的辣。吉利德收购Pharmasset公司的交易很快就收到了回报。凭借出色的临床数据，Sovaldi在2013年就开始全面上升，并迅速成为现象级爆款，上市后的第一个完整年，Sovaldi的营收就突破了102亿美元，成为全球放量速度最快的药物之一。凭借Sovaldi的成功，马丁荣获晨星2014年最佳CEO的荣誉。 丙肝主要由丙肝病毒引起，全球共有6个基因型，用数字1-6表示，而Sovaldi能够治疗1-4基因型的丙肝疾病。为了能够全面覆盖丙肝患者，吉利德在Sovaldi的基础上再度应用鸡尾酒疗法，在随后三年中分别推出了第二代产品Harvoni，以及第三代产品Epclusa。其中，Harvoni对1、4、5、6基因型有效，很好地弥补了Sovaldi的不足，而Epclusa更是对全部丙肝基因型均有效。 图：吉利德丙肝药物营收趋势，来源：锦缎研究院 在吉利德布局丙肝药物之前，丙肝药物的治愈率只有60%左右，且有严重的副作用；吉利德布局丙肝药物后，直接将治愈率提升至接近100%。也正是因为疗效太过于出色，使得丙肝患者数量骤减，从而导致公司丙肝营收由峰值的166.4亿美元降至如今的15.37亿美元。 尽管吉利德丙肝业务的营收峰值并不长，但依然是一次值得称道的胜利。这是一次典型“路径依赖”所取得的成功，基于在HIV药物上的经验，吉利德迅速将丙肝市场吃透。 4 尾声：一个时代的落幕 就在吉利德最光辉的时候，传奇缔造者马丁却悄然功成身退。2016年马丁卸任吉利德CEO，2019年马丁卸任公司董事长，从而全面退出了公司的管理工作。 后马丁时代，吉利德管理层看到了企业发展瓶颈，决定全力切入市场更加宽广的抗肿瘤赛道，这一次他们依然延续了曾经的“胜利方针”，继续大手笔地进行并购。 2017年，吉利德耗资110亿美元并购Kite Pharma，将后者CAR-T平台纳入囊肿；2020年3月，吉利德49亿美元收购Forty Seven公司，获得后者CD47单抗药物Magrolimab；2020年9月，吉利德再次豪掷210亿美元并购Immunomedics公司，获得了后者的ADC平台。 然而，一番并购后，吉利德并没有取得理想中的成绩。 并购Kite算是最成功的交易，已经孵化了Yescarta和Tecartus这两款CAR-T产品，然而两款产品2023年的销售分别为14.98亿美元和3.7亿美元，与110亿美元的天价相比并不算成功；Magrolimab更是一个大坑，所有临床都因为副作用而终止，49亿美元几乎打了水漂；Immunomedics公司虽然也给吉利德带来了10亿美元级别产品Trodelvy，却用了四年时间，与210亿美元的并购价格严重不符。 整体来看，吉利德肿瘤赛道的并购就算不是一败涂地，也应属于元气大伤。很多投资者将吉利德的失败归结为“常在河边站哪有不湿鞋”，但实际上吉利德真正的问题是因为“灵魂”马丁的缺失。 无论是最初于捷克科学院生物化学研究所合作，还是两次“豪赌”式并购Triangle公司和Pharmasset公司，都是由马丁所主导，这不是天马行空的随意并购，而是多年来深耕抗病毒赛道的专注带来的成功。马丁离开后，吉利德没有再遵守企业护城河理念，而是想当然地进入到肿瘤赛道的争夺中，要知道当年马丁掌权公司的第一件事就是剥离肿瘤赛道，这些年来吉利德在肿瘤赛道也并没有太多的根基。 从表面上看，吉利德在肿瘤赛道的迷失是因为沉迷于大手笔“并购”；但实质上，真正让吉利德迷失的并非并购这个动作，而是失去了“战略灵魂”约翰·马丁。吉利德真正依赖的成功路径，不是所谓的“并购”，而是马丁。 随着马丁2021年的离世，吉利德的前路又在何方呢？ 同写意媒体矩阵，欢迎关注↓↓↓