Gilead Sciences Inc.: Takeaways from our group dinner with GILD at our Healthcare Conference

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Gilead Sciences Inc.: Takeaways from our group dinner with GILD at our Healthcare Conference

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Gilead Sciences Inc.

Takeaways from our group dinner with

GILD at our Healthcare Conference

Maintain Rating: BUY | PO: 162.00 USD | Price: 134.94 USD

Recent M&A driven by conviction, not necessity 13 May 2026

We hosted Gilead Sciences (GILD) CCO, Johanna Mercier, for a group dinner and fireside Equity

chat at our Healthcare Conference. Mercier emphasized the recent cluster of M&A

Tazeen Ahmad

activity should not be interpreted as a shift toward aggressive dealmaking but more Research Analyst

reflective of opportunistic timing. She highlighted GILD was under no need to transact BofAS +1 646 855 4236

given no near-term LOEs and strength of the underlying business. Importantly, each tazeen.ahmad@bofa.com

transaction was based on high conviction and strategic fit as she reiterated company Daniel Giraldo

focus on 3 core pillars: maintaining leadership in virology with ongoing and upcoming Research Analyst BofAS

product launches in HIV, building on initial experiences in oncology with Arcellx and daniel.giraldoperez@bofa.com

Tubulis acquisitions, and establishing a clear presence in I&I as supplemented by the Jeremiah Lorentz

Ouro acquisition. We remain encouraged by GILD’s long-term outlook, supported by ResearchBofAS Analyst

continued base business growth via ongoing and upcoming product launches and jeremiah.lorentz@bofa.com

multiple near-term value-driving pipeline catalysts. We maintain our Buy with $162 PO. Wesley Yon

Research Analyst

Yeztugo emerging as a key growth pillar BofASwesley.yon@bofa.com

On Yeztugo, mgmt reiterated early launch dynamics are trending well as reflected in the

recently increased FY26 guidance of ~$1bn.