Gilead at Global Life Sciences Conference: Strategic Growth Insights

On Wednesday, June 4, 2025, Gilead Sciences (NASDAQ:GILD) presented its strategic initiatives at the Global Life Sciences Conference. The company outlined a robust pipeline with a focus on virology, oncology, and immunology, highlighting both promising developments and competitive challenges. While optimistic about new launches and growth, Gilead acknowledged headwinds in some areas.

Key Takeaways

• Gilead is preparing for the launch of Lenacapavir for HIV prevention, with a potential PDUFA date on June 19.
• The company reported positive data for Trodelvy in first-line triple-negative breast cancer.
• Gilead is advancing its CAR-T therapy programs, with a focus on Arcellx’s BCMA CAR-T.
• Yescarta and Tecartus face competition, but Gilead is developing next-generation constructs.
• The company is expanding its immunology portfolio with new therapeutic approaches.

Financial Results

• Yescarta and Tecartus are experiencing competitive pressures, with sales expected to remain flat this year.
• Despite challenges, Yescarta maintains a $2 billion franchise.

Operational Updates

• Gilead is building capabilities for the Lenacapavir launch, aiming for access to 75% of sites within six months.
• Kite’s Maryland facility supports clinical trials with a 96% reliability rate and turnaround times of 14-17 days.
• The company boasts the largest network of authorized treatment centers, with 60 in the US and 550 globally.
• Gilead revised the primary endpoint of the Imagine 3 study, incorporating minimal residual disease.

Future Outlook

• Gilead plans up to nine additional launches in virology by 1933.
• A phase three trial for a once-a-year Lenacapavir injection is scheduled for later this year.
• The company is developing various treatment schedules for HIV, including daily and monthly options.
• Filing for Arcellx BCMA CAR-T therapy is anticipated this year, with a potential launch in 2026.
• Decisions on next-generation CAR-T constructs for pivotal studies are expected within two months.

Q&A Highlights

• FDA interactions on Lenacapavir have proceeded smoothly, with no surprises.
• Gilead is confident in Lenacapavir’s approval potential.
• Discussions with the FDA continue regarding study designs for the once-a-year injection.
• Gilead sees no change in the FDA’s regulatory stance on CAR-T therapies.
• Trodelvy is viewed as a potential new standard of care for first-line triple-negative breast cancer.

Readers are encouraged to refer to the full transcript for more detailed insights.

Full transcript - Global Life Sciences Conference:

Unidentified speaker, Moderator: Good morning everyone. Welcome to our next panel discussion with Gilead Sciences. We have a couple of important members of the executive team from Gilead here up with us. To my left, Dietmar Berger, who’s the new CMO, and I like to say running the hot seat of R and D in front of Wall Street to talk about obviously everything going on in the pipeline. As well as Cindy Paretti.

She’s Executive Vice President of Kite and runs everything at Cell Therapy, which is obviously a very important part of Gilead as well. So we’re going to talk about both of those organizations. And maybe I just first thought we could start with, DeMar, you know, you’ve now been at the role for six months. I’d like to think at this other broker conference in January in San Francisco, where we first got introduced to you. And, know, it’s an important role at Gilead to oversee everything in the pipeline.

So maybe you could just tell us a little bit about, in your first six months, how you’re thinking about Gilead’s pipeline in the near and the midterm. Obviously HIV is a part of that, but also non HIV. So how should we think about Gilead’s R and D pipeline, now that you’ve been in this seat?

Dietmar Berger, CMO, Gilead Sciences: Yeah, great. Thanks a lot for having us, and really happy to be here, and to speak about the pipeline. And what I’ve seen over the last six months is really the story is coming together very nicely. The focus is on virology, oncology, and immunology. Those are the key therapeutic areas that are at the center of what we’re doing.

I very much agree to that focus. This is really where we want to double down. And in all of those areas, you see the pipeline nicely progressing, right? On the virology side, we have lanacapavir as kind of the biggest event coming, especially in prevention for HIV. The PDUFA date for that is June 19.

So we’re really looking looking forward to that.

Unidentified speaker, Moderator: Yeah, you said it’s a holiday, so maybe June 18.

Dietmar Berger, CMO, Gilead Sciences: Yeah, maybe June 18, but let’s see how this turns out exactly. June 18 is a Then we’ve got on the on oncology side, most recently we had positive data with Trodelvy in the first line setting for triple negative breast cancer. That of course gives us really good validation on oncology side. The first line triple negative setting is a setting of large unmet medical need. This is the most severe setting of breast cancer.

And going from second line to first line really gives us access to about double the patient population, really gives us a possibility to serve those patients in need, duration of therapy is also longer in the first line. So that gives us a real opportunity, and we have other studies coming for Trodelvy, so that story is also nicely coming together. On the oncology side also, you’ve got a needle cell, right, and we can talk more about that from the KITE perspective in myeloma. And then we have an emerging, and I believe really interesting immunology portfolio with an oral alpha four beta seven, with an IRAK four, with a stat six degrader. So I believe that’s also a really important piece of the portfolio.

So overall, if you look at the portfolio, in my view there’s a lot of opportunity. The focus on virology, immunology, oncology is the right focus for us. And you’ll see us build and grow in all of those three areas.

Unidentified speaker, Moderator: Perfect. Okay. So with HIV, since that is, as you said, quite timely, counting on the days to June 19, Marty Makary will be here later this afternoon. Maybe you could just talk to the audience about how FDA interactions are going on Lenacaprevir. You have breakthrough therapy on this program, but it’s been a review process certainly over the last few months during the new administration, and people are a little bit nervous about reviews.

So maybe just us a little bit about how that’s been going and you fully expected an approval in just a few weeks?

Dietmar Berger, CMO, Gilead Sciences: Yeah. The interactions that we had with FDA on Lanacapavir have been going absolutely as planned. No surprises, no irregularities or concerns. So we are reassured, right? We’re sticking with the PDUFA date at this time.

We have no other information. Really looking forward to bring that opportunity to the prevention setting, to the community. We are ready for that launch. And it’s a really important component also of our overall approach to virology where we have the potential to have up to nine additional launches before 02/1933, which really is an important piece of the portfolio, adding more optionality both on the prevention side and on the treatment side. So really think from a longer term perspective, there’s a lot of opportunity there.

Talking about that broader interaction also from a development perspective, also when we think about clinical trials and clinical trial interactions, all of those with FDA have been going well.

Unidentified speaker, Moderator: Okay. Okay. Well, we’ll find out in a few weeks, and hopefully that’s all settled away. Now, to just add on that, obviously again very important this year, is that Gilead and Joanna have been quite bullish, at least that’s our perception of the potential launch of this drug post June 19. So what should the messaging be for, you know, investors in terms of how you think, how Gilead is expecting the launch of this important new prep drug to be?

Dietmar Berger, CMO, Gilead Sciences: Yeah, are ready. We worked a lot on that launch and obviously Johanna would be much better to answer those questions. But we are approaching the launch in a very cross functional way as well. So we’re really building capabilities around the prescribers and the sites. So all the way from coming from a sales perspective, from a medical perspective, reimbursement, nurse coordinators.

Really thinking about the different aspects that are necessary to have a successful launch with a once every six month subcutaneous prevention approach. The feedback that we’re getting from the community, from both the people who received the prevention, but then also the prescribers has been really positive, both with regards to the data, but then also with regards you know, how we are approaching this space. So we feel we’re ready.

Unidentified speaker, Moderator: And that actually leads to a second question, which you’re overseeing, which is the other developments within PrEP. So if the once every six month injection is successful, then you are still working on actually broader portfolio in PrEP, and we get to treatment in a second, which includes a once every year injection. It’s not once every six months, now you’ve once every year injection. And that actually, learned recently has already started phase three. So is that another plan to start?

You tell me, I don’t know.

Dietmar Berger, CMO, Gilead Sciences: Hasn’t started yet. Hasn’t started yet. Haven’t to be very clear, right? For the current launch, what’s important to also note is, I mean it will of course take some time, just to be clear about that, right. Because you will need reimbursement and you will need to reach out to all of those different sites.

So we’re basically saying within the six month period, we’re going to have access then to roughly about 75% of the sites. I think that will take some time, just to be very clear about that. But talking about the broader prevention space, we had at CROI, that’s the big retroviral conference in San Francisco earlier this year, we had data with a once every year injection of lanacapavir. That’s an intramuscular injection. The study that we presented, the data that we presented is largely pharmacokinetic data, but it shows us that coverage at that level from a PK perspective is actually even stronger than what we’ve seen with the six monthly subcutaneous injections.

So we’re very confident that we can offer the same prevention benefit with a once every year intramuscular injection. And again, hearing back from the community, hearing from prescribers, having a once and done shot once a year is actually what people are really waiting for. And that would be an additional option that we bring to that community.

Unidentified speaker, Moderator: It’s all about adding more options.

Dietmar Berger, CMO, Gilead Sciences: And the phase three will start later this

Unidentified speaker, Moderator: We’ll start. Okay, we’ll start. Teaser. Okay. And how interesting about that one, too, is because as I think back at the development of PrEP programs, even going back to Descovy, that was interesting because the endpoint on Descovy was obviously infections.

But it’s unique because these are prevention. So you have to look for HIV cases. And then with lenacaprevir, that it was also a unique trial design, and it was comparing to expected natural case history as well. So without getting into all the details here, they can take years. It can take years from starting enrollment and then finishing that.

Now, this a program that you could actually bridge PK data to the Atlantic Capriver once every six months? Or you need to have FDA discussions, but that’s not completely out of the line. It could be quicker than

Dietmar Berger, CMO, Gilead Sciences: You’re absolutely right. There are opportunities for different types of study design, especially in a case where you have lanacapavir, we know lanacapavir, we know the efficacy, we know the pharmacokinetics. And we are of course in discussions around, you know, what’s the right study design and the possibility of a PK bridging design is there. And we’re going to communicate that as we start the phase three, really what type of design we’ve chosen.

Unidentified speaker, Moderator: Last question on HIV before we get to oncology, is the idea that you are, the company is quite bullish on the new opportunity for treatment. Now just to be clear, treatment of HIV is the vast majority of the HIV commercial market. My estimate is 80% of the business, certainly for you guys as well. And you guys are trying to transition to also offering options that are coming soon for longer acting treatment options, not PrEP, treatment. And tell us about your, maybe, top two or three most important ones that starts with a pill, long acting pill, but you also have longer acting injections that could be for the treatment of HIV.

Dietmar Berger, CMO, Gilead Sciences: Yeah, we think also in treatment, optionality will be really important. We have efficacy at this point, we have safety. Optionality for the community is really important with regards to dosing frequency, with regards to what kind of tablet or what kind of approach do they have. And we’re working on basically daily, weekly, monthly, and every six month approaches. And that’s just four different types of patient populations, right?

Different types of people with HIV. For example, also at CROI, we had data with a combination of lanacapavir plus two broadly neutralizing antibodies that would be a once every six month therapy. And we will not compromise on the quality of the response. Biktarvy is really the measure that we have to live up to, with no resistance development, etcetera. So we want to see that type of efficacy, we’ve presented the data, and that’s another program that we will move forward, obviously, into later stage studies.

That would be for those people, just to give you that example, for those people who want to come to a site once every six months. There’s still a lot of stigma associated with the pills, with carrying the pills around, with going to the physician frequently, etcetera, etcetera. So having a once every six month possibility, go to the site, get your infusions, be done with it, is really attractive for part of the population, right? But we’re working on these other possibilities as well. We’re working, for example, on an oral combination of bictegravir and lenacapavir, two drug combination for people who are currently on really complex regimens where they already developed some resistance and they need different drugs in combination.

And we believe that has the possibility to give them a much simpler regimen, and again to make therapy better for them basically. And we’re working on the weekly, we’re working on the monthly, and we feel moving that forward is really going to be important for

Unidentified speaker, Moderator: the I’m particularly excited about the once every three month and once every six month injection with the longer acting integrase to go along with your capsid. And that’s a real big development if you can get it in long acting integrase Exactly. With that. So those are more earlier, but they are in the clinic.

Dietmar Berger, CMO, Gilead Sciences: They are

Unidentified speaker, Moderator: in the clinic. And so we’ll track that. Okay. So that would bridge us then to if you’re excited about the potential blockbuster of PrEP that’s coming, hopefully after June 19, and that launch goes well. Then you’ve got treatment options that you guys are working on.

And then we have oncology. So let’s talk about oncology near term, medium term. So first, I’m going to give Cindy an opportunity to talk about this before I get to Trodelvy, because we were both at ASCO. But obviously, in a couple weeks, you are going to have new updated data for Anita cells. So this is the Arcellx BCMA CAR T.

It looks as compelling more compelling than Carvicti from Legend. But they’re ahead. So tell us about your view of Arcellx and Edacil BCMA program. What data is coming at EHA in a couple of weeks? And is this a compelling option versus Carvicti?

Cindy Paretti, Executive Vice President of Kite, Gilead Sciences: Thanks for the question. So maybe I’ll start with the data and then I’ll talk about our market preparation. With the data that we’re going to share next Saturday it is, think, yep.

Unidentified speaker, Moderator: Next Saturday?

Cindy Paretti, Executive Vice President of Kite, Gilead Sciences: Yeah. At EHA, what we’ve been able to show is an improvement on our complete response rate. So the last data cut we shared was at ASH, of last year. And so this data cut is about six months more mature. We have a ninety seven percent overall response rate.

And we’re seeing sixty eight percent of patients having a complete response rate, which is maturing over time, and we expect that that will continue to mature. We have a 93% minimal residual disease. And so we’re excited about the data. We’re slightly better than what we saw with Carvicti at the exact same time point. And from a safety perspective, we continue to see a differentiated safety profile.

So for grade three and above, CRS or ICANS were at one percent for both. And then below that, we’re in the low single and double digits, which is perfectly leaning itself towards an outpatient therapy. We don’t see the onset of CRS and ICANS until day four. And as I think we’ve shared previously, that seventy two hour window in which patients can remain out of the hospital, so those patients who end up having a CRS event or an ICAN event that would need to go to the hospital, we’re not observing that for four days. And so it lends to a really nice therapy that could be delivered in the community.

We’ve not seen any of the long term or delayed neurotoxicity. So no Parkinsonism, no Guillain Barre, no cranial nerve palsy. And the other piece that we haven’t observed, which is now something that’s being looked at a little more closely from regulators is enterocolitis. And so those are the differentiators as I think about the safety profile overall. Safer product, no long term delayed neurotoxicities in that later onset onset of the CRS and ICANS allows us to think about this therapy as an outpatient therapy.

As we move forward, we are getting ready for launch just as we talked about lencapavir as well. So today the KITE footprint around the globe is in 30 markets. And in The US, as an example, we have a 60 authorized treatment centers, and we continue to grow that number every year. Globally, we have 550 authorized treatment centers, and, again, we would continue to grow that between now and launch. So we have the largest footprint of centers that can deliver CAR T.

Unidentified speaker, Moderator: Is that is that significantly greater than J and J Carvictee footprint?

Cindy Paretti, Executive Vice President of Kite, Gilead Sciences: We don’t comment on that, but I’d encourage you to look at it. Okay. Okay.

Unidentified speaker, Moderator: It’s bigger. The

Cindy Paretti, Executive Vice President of Kite, Gilead Sciences: the second component is as it relates to our manufacturing. So we have begun manufacturing. We completed the tech transfer late last year. We’re now manufacturing out of our Maryland facility for the clinical trials. So for the material necessary for Imagine three, as an example, it’s coming out of our Maryland production facility.

And what we’re observing in that is that we have turnaround times that are equivalent to what we see with our commercial products today in lymphoma and leukemia. So that fourteen to seventeen day turnaround time globally. We also it’s early days and we’ll continue to

Unidentified speaker, Moderator: monitor Which which you think is faster than the competitor.

Cindy Paretti, Executive Vice President of Kite, Gilead Sciences: Which is faster than the competitors. And we also have a higher reliability rate. Of course, it’s early days for us, so we’ll continue to look at that, but we’re again on par with what we see in leukemia lymphoma, which is that 96% reliability in our manufacturing. So coupling the the manufacturing efficiency and our ability to serve a number of markets and our footprint, we feel really great about the launch coming up. We’re really excited about the data that we’re going to share at and stay tuned.

Unidentified speaker, Moderator: So when are you filing or what’s the timing of the next steps if this data at EHA is good?

Cindy Paretti, Executive Vice President of Kite, Gilead Sciences: So we are continuing to monitor those patients on Imagine One, and we will do one more final data cut before filing, and we’ll share that data at a congress later this year. But our goal is to file this year and to launch in 2026.

Unidentified speaker, Moderator: And how should we think about the regulatory endpoints for that? What is the hurdle for approval given what has been seen as a precedent, obviously, to Carvicti, and also, I guess, bispecifics as well? But then on the other hand, FDA, or specifically, Prasad, has commented about BCMA CAR T and MRD negativity. So how does that commentary align with your confidence on being able to get approved? Because the head of CBER has made comments in the past.

Cindy Paretti, Executive Vice President of Kite, Gilead Sciences: Yeah. So obviously many of us have taken the time to read the, publications. I think we did on Trodelvy as well, as well as listen to the podcast. I think what we’re observing from the FDA is honestly no change interactions that we continue to have with them. So we did just recently change our primary endpoint to a co primary endpoint on the Imagine three study incorporating minimal residual disease and received FDA and global approval on that dual endpoint.

So we’ll continue to move forward with that. And with the IMGIGINE one study, of course, we’ll have progression free survival so we can we’ll have a different set of data that we file on. The minimal residual disease becomes really important in IMGINE-three and as we move into the newly diagnosed population, because as you know, in multiple myeloma, what we’re seeing from CAR T is that those patients can actually have a single dose of CAR t and not progress for, let’s say, seven or eight years. So progression free survival, you wouldn’t want to wait that seven or eight years to have the data to file. So minimal residual disease is really important as an endpoint, and I believe the agency recognizes that.

And there’s been comments, as you know, in the public domain from interviews on how how the regulators are thinking about that. We have a chance in a week or so to have informal interactions with the agency per the industry. I forgot what he’s calling it, but the

Unidentified speaker, Moderator: The listening

Cindy Paretti, Executive Vice President of Kite, Gilead Sciences: tour. Listening

Unidentified speaker, Moderator: tour. Okay. Okay. Okay. So, yeah.

So in other words, you believe that there’s been no change and that ultimately a lot of the provocative stuff in the past, you know, needs to ultimately be more pragmatic now that they’re in the seat. So, you know, you’re confident about no major changes.

Cindy Paretti, Executive Vice President of Kite, Gilead Sciences: We haven’t observed any is what I want to share. We’ll obviously continue to have dialogue with the agencies.

Unidentified speaker, Moderator: Okay. Can we talk also about your $2,000,000,000 Yescarta franchise? So if you are going to be bullish on Anita cell and launching, and you think there’s differentiation there, you are currently the leader in CD19 CAR T. But the products have actually been, as I’m a financial analyst, declining either sequentially or year over year. So why would that be?

And are you are these going to grow? Because consensus numbers have these at billions of dollars, Yeah. But they’re declining, they were declining.

Cindy Paretti, Executive Vice President of Kite, Gilead Sciences: So what we’ve shared is that we continue to face headwinds in the, with Yescarta and Takarta’s, and that’s from both in class and out of class competition. There was a number of new approvals last year, the second half of last year, for both for both Yescarta and Takarta’s in class competition. And then certainly the bispecifics is out of class. And so the piece that we’re looking at with Yescarta and Takarta is not that different from what I described with Anita cell. It’s about how do we get into the community.

Today we know in lymphomas one or two out of ten patients are seen in the community. In myeloma it’s greater. It’s sorry, eight out of ten patients are seen in the community. In myeloma it’s nine out of ten patients. And so our ability to unlock the community is something we’ve been really focused on.

But we’ve continued to message that with the in class and out of class competition, this year we we think we’ll be roughly flat. Think the piece we’re pretty excited about is we’ve just shared data at ASCO this year one of our three next generation constructs for lymphoma and leukemia, which is the KITE three sixty three K. Where we’ve been able to show, much improved in a phase one So these are very late stage and aggressive patients. But we were able to show a seventy eight percent complete response rate in that study, and we’re showing safety that we believe will be in line with, being able to move therapies like this closer to where patients are in the community.

So we’re excited about what’s coming. We have three different constructs. We’re going be making a decision on which one we advance into pivotal studies in the next two months. And so we look forward to sharing more of that data at a Congress later this year.

Unidentified speaker, Moderator: All right. So flattish, but can resume growth after that based on getting more into the community. Okay. What about let’s shift to Trodelvy. So we’re at ASCO.

I think it’s safe to say that one of the more consensus positive presentations was a lot of the commentary in the presentation, but the commentary and discussion around the ASCENT-four study with first line triple negative breast cancer with Trodelvy. A very strong survival benefit. They called it potential standard of care now. And then you’ve also announced in a press release that the PD L1 negative population also read out positive. That’s going be presented.

So you basically have covered the space here. So what does that mean for Trudelvy growth? Because Trudelvy also has had some slowing, but you have a new opportunity for growth here with triple negative. But then there’s also competition coming. So what do you see are the push pulls for Trodelvy in triple negative breast cancer and in HR positive breast cancer too?

Want me to throw that Yeah.

Dietmar Berger, CMO, Gilead Sciences: So let’s first talk about the triple negative breast cancer setting, which is where we have the data exactly as you said, right. Ascento IV was here, Ascento III is going to be at the meeting later this year. This gives us access to the entire first line triple negative breast cancer setting, right? And this is a setting of high unmet medical need. Not a lot of change over the last twenty years, this was very clearly voiced as a potential new standard of care in that setting.

What that does for us is the patient number between second line going to first line roughly doubles. About half of the patients who are treated in the first line never get to second line because the disease is so progressive, rapidly progressive, and because patients are doing really poorly. So moving into first line roughly doubles the number of patients. It also leads to a longer duration of therapy, which then further adds to the opportunity. Also we have additional studies coming for Trudelvy in breast cancer.

As you said, we have a study in first line hormone receptor positive breast cancer coming, and that’s ASCENT-seven, and we also have a study that’s in the adjuvant setting, ASCENT-five, in the adjuvant setting of triple negative breast cancer. So overall we feel we are well set up for more growth in the breast cancer setting. In addition to that, we have a study in non small cell lung cancer, the first line setting, PD L1 high. We have a study in small cell lung cancer, where based on strong phase two data, we’ve received breakthrough therapy designation from the FDA. And we have a study in endometrial.

So overall, the program for Trodelvy should enable additional growth, and in the near term, clearly in the

Unidentified speaker, Moderator: first half. Is dado DXT a competitor in triple negative? Because they are coming as well, and they have a trope two construct from AstraZeneca and they’re also approved in HR, breast cancer. Their triple negative data is coming. Are

Dietmar Berger, CMO, Gilead Sciences: you using the Yes, they have studies coming. That’s very true. At this point in time, it’s important to think about differences between the molecules. So we, for example, we have overall survival benefit, significant overall survival benefit in the second line setting, which Datadxd has not demonstrated. So we believe the molecule is differentiated.

And we believe the data that we have demonstrated, and you’ve seen a cent of four really clinically meaningful progression free survival benefit, and a trend also in overall survival. I think that sets up really well for that.

Unidentified speaker, Moderator: In the last two minutes, maybe just two more R and D questions. So inflammation. You mentioned inflammation at the beginning of this talk. You mentioned stat six. I believe you have an IRAC4 as well.

You have an alpha four beta seven, sorry for the alphabet soup. These are psoriasis and atopic derm products, potential orals. Chimera had some data this week in STAT6. Where is your STAT6? What are the inflammation programs that you guys have that pretty much nobody is talking about right now?

But you have been building and brewing in that space.

Dietmar Berger, CMO, Gilead Sciences: I know, inflammation portfolio is earlier, very clearly. But it’s important for me to mention because it’s one of our focus areas, and it’s an area where I believe we’re making good progress building it, right? The alpha four beta seven, the oral is currently in phase two, so that’s the one that’s furthest ahead.

Unidentified speaker, Moderator: When will we get data on that one? Sorry? When could we get data on that one? Alpha four beta seven oral lily bomborphic?

Dietmar Berger, CMO, Gilead Sciences: It’s currently in phase two, right? So it will take a little bit of time to see the data. But having an oral alpha four beta seven, the pathway is de risked. It can be a really good basis for combinations in inflammatory bowel disease, and that’s where we are moving to combinations. There are other orals that would be good combination partners.

Then you’ve the IRAK4, there’s an inhibitor and a degrader. The inhibitor is in the clinic at this point in time. The IRAK4 degrader is moving into the clinic, and the STAT6 is also moving into the clinic. We’re not in the clinic yet, but we feel we have announced the deal earlier this year around JTM. For STAT6.

It’s for STAT6. It’s basically with Leopharma and we believe the molecule has really good preclinical profile and we’re currently preparing it to enter into the clinic. And that of course gives us a strong opportunity in type two inflammation, which at this point is I would argue partially de risked based on the

Unidentified speaker, Moderator: data What was it specifically? You see a greater potency, just a greater molecule than the chimaera program?

Dietmar Berger, CMO, Gilead Sciences: We looked very carefully at the different programs and we feel this is a program that from a potency perspective and from what we’ve seen as preclinical characteristics is differentiated program.

Unidentified speaker, Moderator: Chimera’s is still, I think, wholly owned. So you looked at all these programs. We did. Very good.

Cindy Paretti, Executive Vice President of Kite, Gilead Sciences: We’re also moving our CAR T363, our bispecific Oh, absolutely inflammation. Have filed rheumatology, and we’ll be filing in neurology.

Unidentified speaker, Moderator: I I CAR T for lupus, etcetera.

Cindy Paretti, Executive Vice President of Kite, Gilead Sciences: Lupus, myositis, scleroderma on the rheumatology side.

Unidentified speaker, Moderator: Fantastic. Guys, thank you guys very much for the time together. Great

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