Maintain GILD with a hedged posture through the H2 2026 Trodelvy monotherapy readout, executing a protective put at the $125 strike (3-month, ~1.5-2% of position cost) as the core risk management action to cap tail risk on this binary catalyst. Permit a modest tactical add (25-40% of standard tranche) only if the stock defends the 200 SMA at $130.87 with MACD histogram turning positive and stable volume — the defined re-engagement trigger that prevents inert patience from forfeiting tactical opportunities.