Merck & Co., Inc. / Gilead Sciences, Inc.: You win some, you lose some: EVOKE-03 fails (-GILD/+MRK given sac-TMT); HIV weekly switch studies hit (+ for both, but not a NT focus)

Research evidence excerpt

Merck & Co., Inc. / Gilead Sciences, Inc.: You win some, you lose some: EVOKE-03 fails (-GILD/+MRK given sac-TMT); HIV weekly switch studies hit (+ for both, but not a NT focus)

Equity Research

9 June 2026

Merck & Co., Inc. / Gilead Sciences, Inc.

You win some, you lose some:

EVOKE-03 fails (-GILD/+MRK given First Look

GILD EQUAL WEIGHTsac-TMT); HIV weekly switch

U.S. Biopharmaceuticals NEUTRAL

Price Target USD 155.00studies hit (+ for both, but not a NT

Price (09-Jun-26) USD 125.50

Potential Upside/Downside +23.5%focus) Source: Bloomberg, Barclays Research

Discontinuation of GILD's EVOKE-03 trial of Trodelvy in 1L

NSCLC not surprising and expectations were low going into MRK OVERWEIGHT U.S. Biopharmaceuticals NEUTRAL

data. Merck's sac-TMT stands on its own in our view. Near- Price Target USD 140.00

term, key driver for GILD remains HIV commercial business; Price (09-Jun-26) USD 119.60

Potential Upside/Downside +17.1%

positive topline for once-weekly shared oral regimen nice to Source: Bloomberg, Barclays Research

have.

U.S. Biopharmaceuticals

Emily Field, CFA

+1 212 526 4160

emily.field@barclays.com

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Hang Hu, PhD

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hang.hu@barclays.com

Barclays First Take: Discontinuation of Gilead's EVOKE-03 trial of Trodelvy in 1L NSCLC was

not surprising and expectations were low (although we had heard some investors talking

up +r/r); reinforces spotlight on Merck's sac-TMT. HIV remains key driver for GILD; positive

once-weekly HIV data reported, but not a NT focus.