Gilead Sciences is approaching business development with increased confidence following recent advances in its HIV portfolio, including the approval and early uptake of lenacapavir for pre-exposure prophylaxis, marketed as Yeztugo. Speaking around the 2026 J.P. Morgan Healthcare Conference in San Francisco, company executives described a strategy shaped by Gilead’s established strengths in virology and its expanding ambitions in cancer and inflammation.
Chief Executive Officer Daniel O’Day said the company’s recent scientific and commercial achievements have allowed it to be more selective when considering partnerships or acquisitions. Since joining Gilead in 2018 after a career at Roche, O’Day has steered the company toward three core therapeutic areas: virology, oncology, and inflammation.
According to O’Day, progress across these areas has given Gilead both scientific confidence and financial flexibility, enabling it to pursue only those external assets that align closely with its long-term strategy and offer meaningful benefits to patients.
Oncology has been a particular area of emphasis under O’Day’s leadership. One of his earliest major decisions was the $21 billion acquisition of Immunomedics, which brought the antibody-drug conjugate Trodelvy into Gilead’s portfolio. Trodelvy generated $1.3 billion in revenue in 2024 and remains central to the company’s cancer ambitions, despite a recent phase 3 trial in which the drug did not meet its progression-free survival endpoint.
Gilead is still preparing for potential label expansions, including a possible launch in first-line metastatic breast cancer and further development in non-small cell lung cancer, with additional clinical data expected over the next two years.
Chief Medical Officer Dietmar Berger, who joined Gilead about a year ago, said the company is refining its oncology approach by complementing its historical focus on immuno-oncology with more direct tumor-targeting strategies. He highlighted the company’s antibody-drug conjugate capabilities and its collaboration with Kite Pharma, Gilead’s cell therapy subsidiary. Kite is preparing for the anticipated launch of anito-cel, a CAR-T therapy candidate in multiple myeloma.
Inflammation represents a newer growth area for Gilead, but Berger said the company has begun assembling a pipeline that targets key inflammatory pathways. A recent example is a $1.7 billion agreement with Leo Pharma for a STAT6 degrader, aimed at type 2 inflammatory conditions such as asthma and atopic dermatitis. Berger described this program as a significant addition to Gilead’s portfolio.
While cancer and inflammation rely heavily on external innovation, Gilead is also building on its long-standing expertise in virology. Beyond HIV and hepatitis, the company is seeking to broaden the range of viral diseases it can address. In December, Gilead exercised options to license two genital herpes candidates from Assembly Biosciences for $35 million, following an earlier $100 million option payment made in 2023. Berger also pointed to interest in respiratory and emerging viruses that could pose future pandemic risks.
Yeztugo has been a focal point of Gilead’s recent momentum. Approved in June 2025, the drug reached 85% payer coverage within six months, nearing the company’s initial one-year goal of 90%. Gilead reported that Yeztugo met its 2025 revenue guidance of $150 million, and executives said many early users were new to the company’s HIV therapies.
Reflecting on Gilead’s broader position, O’Day said, “We’re in a position of strength.”
Yeztugo’s Success Reinforces Gilead’s Investment in High-Impact Therapies
The commercial and clinical success of Yeztugo has reinforced Gilead’s strategy to prioritize therapies with significant patient impact. Leveraging the momentum from Yeztugo, Gilead is accelerating research and development in virology, oncology, and inflammation, focusing on innovative approaches that address unmet medical needs.
Executives at Gilead note that Yeztugo has not only strengthened their market position but also validated the company’s ability to bring complex therapies from development to commercialization efficiently. By integrating lessons learned from Yeztugo, Gilead plans to streamline future product launches, enhance patient access, and maintain its leadership in specialty pharmaceuticals.
