Big Pharma Embraces Multiple Myeloma CAR-T: Accepting Short-Term Losses for $10 Billion Acquisition

Gilead Sciences, Inc. (GILD) on April 28 completed its roughly $7.8 billion (about ₩10 trillion) acquisition of partner Aselex to secure full rights to the BCMA-targeting CAR-T therapy “Anitocel” for multiple myeloma and announced plans to delist from the Nasdaq exchange.

In the first quarter, the company reported revenue of $7.0 billion—a 4% increase year-over-year—equivalent to about ₩9 trillion. Driven by strong sales of HIV treatments, Trodelvy and the new HIV prevention therapy Yeztugo, Gilead raised its full-year product revenue outlook. However, after reflecting approximately $11.5 billion (₩15 trillion) of upfront R&D expenses related to the Aselex, Ouro Medicines and Tubulis acquisitions, the company now expects a net loss per share under both GAAP and non-GAAP accounting for 2026.

Gilead also disclosed that Johanna Mercier, its Chief Commercial and External Affairs Officer, exercised stock options and sold a portion of her shares, generating roughly $3.5 million (around ₩5 billion) in cash.

Meanwhile, the U.S. Food and Drug Administration has granted priority review to Gilead’s once-daily oral HIV candidate BIC/LEN as a single-tablet regimen, accelerating expansion of its HIV portfolio. And sister company Kite’s CAR-T therapy Tecartus was converted in April from accelerated to full approval for relapsed or refractory mantle cell lymphoma, further bolstering Gilead’s blood-cancer cell-therapy business.

Headquartered in California, Gilead began as an antiviral specialist for HIV and hepatitis and has since broadened into oncology, inflammation and cell therapies. Recently, through Kite, it has actively acquired CAR-T platforms and antibody–drug conjugate assets, strengthening its position in the highly competitive global cell and gene therapy market—particularly in high-value oncology pipelines such as multiple myeloma.