Gilead Sciences (GILD) This fall 2024 Earnings Name Transcript

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Gilead Sciences (GILD 0.69%)
This fall 2024 Earnings Name
Feb 11, 2025, 4:30 p.m. ET

Contents:

• Ready Remarks
• Questions and Solutions
• Name Members

Ready Remarks:

Operator

Good afternoon, everybody, and welcome to Gilead’s fourth quarter and full 12 months 2024 earnings convention name. My title is Rebecca, and I will be right this moment’s host. In a second, we’ll start our ready remarks, adopted by our Q&A session. [Operator instructions] Now, I am going to hand the decision over to Jacquie Ross, senior vice chairman of treasury and investor relations.

Jacquie Ross — Vice President, Investor Relations

Thanks, Rebecca. Simply after market closed right this moment, we issued a press launch with earnings outcomes for the fourth quarter and full 12 months of 2024. The press launch, slides, and supplementary knowledge can be found on the traders part of our web site at gilead.com. The audio system on right this moment’s name will probably be our chairman and chief govt officer, Daniel O’Day; our chief business officer, Johanna Mercier; our chief medical officer, Dietmar Berger; and our chief monetary officer, Andrew Dickinson.

After that, we’ll open the decision to Q&A, the place the group will probably be joined by Cindy Perettie, the chief vice chairman of Kite. Let me remind you that we are going to be making forward-looking statements. Please discuss with Slide 2 concerning the dangers and uncertainties referring to forward-looking statements that might trigger precise outcomes to vary materially. With that, I am going to flip the decision over to Dan.

Daniel O’Day — Chairman and Chief Government Officer

Thanks, Jackie, and good afternoon, everybody. I am happy to share Gilead’s very sturdy fourth quarter and full 12 months outcomes, which spotlight rising revenues and distinctive bottom-line development. Beginning with our full 12 months efficiency, complete product gross sales, excluding Veklury, elevated 8% 12 months over 12 months to $26.8 billion, and fourth quarter 2024 complete product gross sales, excluding Veklury, elevated 13% 12 months over 12 months to $7.2 billion. Full 12 months HIV gross sales grew 8% in 2024 to $19.6 billion, considerably forward of our expectation to develop HIV 5% in 2024.

Full 12 months gross sales for Biktarvy, the usual of look after HIV therapy, grew 13%. Lately, our HIV enterprise has established a observe document of constantly sturdy development with 5% development in 2022, 6% in 2023, and now 8% in 2024. That is pushed by the energy of our innovation and by the constantly sturdy execution of our group. In 2025, whereas quantity and demand development will proceed, we are able to anticipate to see a brief masking of the development with the anticipated affect of Medicare Half D reform on income development.

This may successfully reset the bottom from which our HIV enterprise will proceed to develop from 2025. We absolutely anticipate to see our management in HIV proceed and prolong past the 2030s primarily based on our long-acting portfolio, of which lenacapavir is the muse. In December, we filed for approval of lenacapavir for twice-yearly HIV prevention within the U.S., the place it has breakthrough remedy designation, and we proceed to make progress on our world filings. On the finish of January, we filed for approval with the European Medicines Company, and our submission will probably be assessed below an accelerated evaluate timeline.

Given the unprecedented efficacy within the part 3 PURPOSE 1 and PURPOSE 2 trials and the numerous potential that exists in HIV prevention, we’re trying ahead to delivering on this world alternative in 2025 and past. As we shared at our HIV analyst day in December, we’ve got a broad and unmatched scientific program for each HIV therapy and prevention that builds on what we at present provide with Biktarvy and Descovy. We anticipate to ship as much as seven potential new HIV therapy choices and two prevention choices earlier than the tip of 2033, together with new day by day, weekly, and month-to-month orals, in addition to quarterly and twice-yearly injectables. We stay up for sharing quite a few HIV scientific updates this 12 months, together with updates from ARTISTRY-1 in individuals with HIV on advanced regimens and the part 2 portion of our WONDERS-1 trial, evaluating a possible once-weekly HIV therapy choice.

Shifting to irritation, the fourth quarter of 2024 was the primary full quarter since business launch for Livdelzi in america, and we’re extraordinarily happy with the outcomes. The sturdy gross sales of roughly $30 million for the quarter underscore the necessary differentiation that Livdelzi brings to individuals with main biliary cholangitis. And we anticipate a European Fee resolution later this month following the CHMP suggestion for Livdelzi in December. Our liver portfolio, which quantities to a $3 billion enterprise right this moment, is a gentle contributor for Gilead, and we stay up for seeing it evolve with the brand new impetus of Livdelzi.

We additionally proceed to make progress throughout our early and promising irritation pipeline. This consists of the latest addition of our STAT6 program from LEO Pharma and the development of our bicistronic CAR T concentrating on CD19 and CD20 for autoimmune ailments. In oncology, we proceed to make progress on increasing the attain of our cell therapies to the various further sufferers who may benefit from a one-time remedy in these difficult hematological malignancies. And on the identical time, our collaboration with Arcellx on anito-cel continues to yield promising outcomes.

Information from the registrational part 2 iMMagine-1 trial had been shared on the ASH assembly in December, the place anito-cel demonstrated its potential to be a best-in-class BCMA CAR T remedy. We proceed to focus on business launch in 2026 and have individually dosed our first affected person within the Section 3 iMMagine-3 trial within the second to fourth line setting. Trodelvy, in the meantime, stays the one accredited Trop-2 ADC to reveal total survival profit in pre-treated HR-positive, HER2-negative metastatic breast most cancers and in second-line metastatic triple-negative breast most cancers. Moreover, Trodelvy has six ongoing part 3 trials with updates from the ASCENT-03 and ASCENT-04 trials in first-line metastatic triple-negative breast most cancers anticipated this 12 months.

We additionally anticipate initiating one other part 3 trial for Trodelvy in extensive-stage small cell lung most cancers sufferers later this 12 months. Our many near-term alternatives throughout HIV, oncology, and irritation will assist to drive the following wave of development for Gilead. We have now no main lack of exclusivity till late 2033, and we’ve got important potential throughout your entire portfolio. With that in thoughts, I am delighted to introduce our new chief medical officer, Dietmar Berger, who joined us in early January.

Dietmar’s distinctive management in world drug improvement, his observe document in delivering transformational therapies, and the breadth and depth of his expertise make him a really perfect chief for taking us by means of the following chapter for Gilead. And I do know you’ll all get pleasure from attending to know him within the months forward. I’d additionally wish to thank Merdad Parsey for his contributions to Gilead during the last 5 years and want him the perfect for his retirement. Amongst his many achievements, Merdad developed a world-class group that has helped to construct probably the most strong and diversified pipeline in Gilead’s historical past, now with 54 ongoing scientific packages, up from simply 32 scientific packages in 2019.

With that, I am going to hand it over to Johanna.

Johanna Mercier — Chief Industrial Officer

Thanks, Dan, and good afternoon, everybody. 2024 was one other distinctive 12 months of business execution for Gilead, marking the third consecutive 12 months of excessive single-digit share development in our base enterprise, with gross sales up 8% 12 months over 12 months. Gilead’s business success underscores the dedication of so many groups throughout the corporate, and I would like to acknowledge all of them for contributing to a different excellent quarter and shutting out a really profitable 12 months. Starting on Slide 7, with our fourth quarter outcomes, complete product gross sales, excluding Veklury, had been $7.2 billion, a rise of 13% 12 months over 12 months, pushed by greater HIV product gross sales, in addition to development in our oncology and liver illness portfolios.

Together with Veklury, complete product gross sales grew 7% 12 months over 12 months, reflecting the affect of decrease COVID-related hospitalizations on the Veklury gross sales. Turning to the complete 12 months on Slide 8, complete product gross sales, excluding Veklury, had been $26.8 billion, properly above the excessive finish of our 5% to six% development steering vary, reflecting sturdy efficiency in every of our core therapeutic areas. Together with Veklury, complete product gross sales had been $28.6 billion, a 6% development charge in comparison with 2023. Shifting to Slide 9, our HIV enterprise as soon as once more delivered very sturdy outcomes for the fourth quarter with gross sales of $5.5 billion up 16% 12 months over 12 months, primarily pushed by demand, in addition to greater common realized worth and favorable stock dynamics.

Sequentially, HIV gross sales had been up 7%, reflecting typical seasonal stock dynamics and better demand, partially offset by decrease common realized worth. In therapy, Biktarvy continues to go from energy to energy with 21% year-over-year gross sales development. Biktarvy now instructions over 50% share within the U.S. market and maintains its place because the routine of alternative throughout different main G9 markets.

Descovy additionally delivered 21% year-over-year development and maintained over 40% U.S. market share in PrEP regardless of the provision of different regimens, together with generics. As a reminder, PrEP accounts for almost all of Descovy revenues. We’re happy to see payers proceed to acknowledge the advantages of PeEP as boundaries to Descovy protection are eliminated, with over 85% of lives now lined with out the necessity for step edits or prior authorization.

On Slide 10, full 12 months gross sales of $19.6 billion had been up 8% 12 months over 12 months, with the vast majority of the expansion pushed by greater demand, in addition to greater common realized worth. Extra broadly, the HIV therapy market grew round 3% in 2024, per our expectations of two% to three% market development yearly. In prevention, market development accelerated and elevated over 16% 12 months over 12 months within the fourth quarter, highlighting rising demand for HIV prevention choices, which is especially thrilling to see forward of our potential launch of lenacapavir for prevention in the summertime. Preparation actions for the U.S.

launch are properly underway, and we’ve got additionally not too long ago submitted advertising authorization functions to the European Medicines Company for lenacapavir for PrEP throughout the EU. We will not wait to make this distinctive prevention choice accessible as we glance to redefine the PrEP market within the years forward. On Slide 11, we spotlight the affect of the 2025 transition to the brand new Medicare Half D mannequin. As a reminder, the modifications embody: first, the requirement that producers present reductions towards the price of medicine for Medicare sufferers through the preliminary protection and catastrophic phases; and second, the introduction of producer reductions for individuals who qualify for the Low Earnings Subsidy program, or LIS.

This inhabitants is disproportionately impacted by HIV, therefore, this affect on our enterprise because of the bigger value sharing obligations. As these modifications are carried out, our 2025 income will probably be impacted by roughly $1.1 billion, of which nearly $900 million is in HIV. In consequence, and per prior updates, we anticipate HIV income to be roughly flat in 2025, masking the strong demand-led quantity development that we have seen constantly during the last a number of years in HIV and anticipate to proceed by means of 2025 and into 2026 and past. Excluding this Medicare transition and FX headwinds, our anticipated HIV income development in 2025 would have been at the least 5%, reflecting our continued expectations for sturdy, demand-led quantity development, however offset partly by much less favorable pricing assumptions resulting from channel combine.

As regards to the primary quarter of 2025 particularly, we’ll remind you to anticipate the conventional HIV seasonal stock drawdown, in addition to the affect of the reset of affected person copays and deductibles on common realized worth and market development. Mixed with the projected IRA affect, we anticipate HIV income to say no within the mid-teen share vary quarter over quarter in comparison with the very sturdy income delivered within the fourth quarter. Total, efficiency of each Biktarvy and Descovy for each the quarter and full 12 months highlights Gilead’s unparalleled place within the HIV market, each when it comes to the scientific profile of our therapies, in addition to our best-in-class HIV commercialization group. Shifting to liver illness on Slide 12, fourth quarter gross sales of $719 million had been up 4% 12 months over 12 months, reflecting our sturdy launch of Livdelzi in PBC and elevated demand for HBV and HDV merchandise, partially offset by decrease HCV gross sales resulting from fewer affected person begins.

Sequentially, gross sales had been down 2%, primarily pushed by decrease HCV gross sales resulting from decrease common realized worth and the timing of purchases, partially offset by greater gross sales in PBC and HBV. Full 12 months gross sales of $3 billion had been up 9% 12 months over 12 months, primarily pushed by greater demand throughout our liver illness portfolio. Viral hepatitis stays an necessary, regular contributor to Gilead’s income with our merchandise sustaining main share throughout main markets. I am additionally happy to supply an replace on the early launch progress of Livdelzi on Slide 13, which acquired accelerated approval within the U.S.

in August for the therapy of PBC. In its first full quarter of business availability, Livdelzi gross sales had been $30 million, with demand outpacing our expectations and robust early model share. As the one accredited remedy with statistically important enhancements in each ALP and pruritus, in addition to a demonstrated security profile, we’re excited to see how this optimistic launch momentum evolves in 2025. Exterior of the U.S., final month, the MHRA within the U.Okay.

accredited Livdelzi for the therapy of PBC, together with pruritus. Livdelzi additionally acquired a optimistic CHMP opinion in December, and we anticipate a remaining resolution from the European Fee later this month. We’re excited for these optimistic steps in Livdelzi’s improvement to deliver this necessary therapy to sufferers globally. Shifting to Slide 14, Veklury’s fourth quarter gross sales of $337 million had been down 53% 12 months over 12 months and 51% sequentially, primarily resulting from decrease charges of COVID-19 hospitalizations and typical of the quarterly variability we have seen with COVID-19.

Full 12 months gross sales had been $1.8 billion, down 18% from 2023 and in step with our expectations. Shifting to oncology on Slide 15, full 12 months gross sales of $3.3 billion elevated 12% 12 months over 12 months, reflecting our rising presence on this space of excessive unmet want, and we’re proud to have handled over 80,000 sufferers to this point throughout Trodelvy and our cell therapies. On Slide 16, fourth quarter Trodelvy gross sales of $355 million elevated 19% 12 months over 12 months and seven% sequentially, with full 12 months gross sales rising 24% 12 months over 12 months to $1.3 billion. Yr-over-year development for each intervals mirrored greater demand in all areas, highlighting the necessary position of Trodelvy in metastatic breast cancers, together with in second-line metastatic triple-negative breast most cancers, the place it is a normal of care.

Specifically, Trodelvy continues to take care of market management within the metastatic triple-negative breast most cancers setting throughout each the U.S. and Europe, and is accredited in 55 markets. Mixed with ongoing adoption within the pre-treated HR-positive HER2 adverse metastatic breast most cancers setting, we’re happy to see continued rising demand for Trodelvy. Shifting to cell remedy on Slide 17.

And on behalf of Cindy and the Kite group, full 12 months gross sales of $2 billion and over 7,000 sufferers handled in 2024 reveal Kite’s continued management in CAR T. As anticipated, the fourth quarter cell remedy gross sales of $488 million had been flat on a sequential foundation and up 5% 12 months over 12 months, reflecting the continued difficult aggressive dynamics within the U.S. and in Europe. These headwinds embody quite a few new cell remedy launches throughout indications, each within the U.S.

and outdoors the U.S., along with a slower-than-targeted uptake of cell remedy as a category. We anticipate continued aggressive headwinds in 2025. We’re making progress on our objective to make cell therapies accessible to massive built-in neighborhood oncology practices within the U.S. This includes addressing a few of the hurdles for these networks to start CAR T remedies, together with that CAR T websites typically should be accredited by the muse for the accreditation of mobile remedy, or FACT, typically enabling wider business reimbursement.

We’re working with trade teams and different producers to deal with boundaries by means of coverage reform and exploring accreditation with teams like FACT. We stay up for sharing our progress with you in future quarters. Wrapping up 2024, I am happy with the optimistic affect of Gilead’s compelling portfolio of medicines on hundreds of thousands of individuals around the globe. As we glance to 2025, the commercialization groups are invigorated to increase the attain of our doubtlessly transformative medicines to much more sufferers.

And we stay centered on launch actions, together with for the potential launch of lenacapavir for PrEP this summer season. And with that, I am going to hand the decision over to Dietmar.

Dietmar Berger — Chief Medical Officer

Thanks, Johanna, and good afternoon, everybody. I am now in my sixth week as Gilead’s chief medical officer, and I’ve been impressed with the excellent expertise we’ve got throughout therapeutic areas right here at Gilead and the depth of innovation throughout our 54 scientific packages. I am deeply dedicated to working alongside my colleagues to proceed executing on these doubtlessly life-changing medicines. Let me begin on Slide 19 by recognizing our analysis and improvement groups for his or her unbelievable work on lenacapavir, a first-in-class capsid inhibitor that was not too long ago acknowledged by science as 2024’s breakthrough of the 12 months.

To place this in context, science’s prior HIV breakthroughs have included the invention of HAART in 1996 and, later, the invention of HIV therapy as prevention in 2011. This achievement highlights the transformative potential of lenacapavir and Gilead’s dedication to assist finish the HIV epidemic for everybody, all over the place. Lenacapavir for prevention was granted the FDA’s breakthrough remedy designation in October, and we subsequently accomplished our new drug software on December nineteenth, suggesting a doable regulatory resolution in the summertime. As a part of our dedication to world well being fairness, we’ve got filed with the EMA and are collaborating within the EU-Medicines for All initiative.

This collaboration combines EMA’s scientific evaluate capabilities and native experience from regulatory businesses in low- and lower-middle-income international locations to deliver medicines vital to public well being to communities around the globe. This course of may speed up the evaluate course of for lenacapavir in as much as 138 international locations worldwide. The advertising authorization and EU-M4all functions with the EMA will endure parallel assessments below an accelerated evaluate timeline, and we anticipate a European Fee regulatory resolution within the second half of this 12 months. Lenacapavir’s distinctive profile may equally remodel HIV therapy.

On Slide 20, I spotlight that we’re growing seven potential new remedies utilizing lenacapavir or lenacapavir pro-drug-based combos for brand spanking new day by day, weekly, month-to-month, quarterly, and twice-yearly therapy choices. In 2025, we anticipate to share an replace from the part 2 WONDERS-1 trial, evaluating the mixture of GS-1720 and GS-4182 as a once-weekly therapy routine for virologically suppressed individuals with HIV and an replace from our part 3 ARTISTRY-1 trial, evaluating one state of bictegravir together with lenacapavir for virologically suppressed therapy expertise individuals with HIV. This drugs may function the primary single-tablet routine for the 6% to eight% of individuals with HIV on advanced regimens, or in different phrases, for individuals whose HIV can’t be adequately suppressed on single-tablet regimens accessible right this moment. Shifting to liver illness on Slide 21, the MHRA not too long ago granted Livdelzi advertising authorization within the U.Okay.

as a therapy for main biliary cholangitis, or PBC, together with associated pruritus. In December, we acquired a optimistic CHMP opinion for seladelpar, and we’re excited to doubtlessly deliver the primary and solely PBC therapy proven to considerably scale back alkaline phosphatase, or ALP, and PBC-related itch to the remainder of Europe. With that mentioned, seladelpar’s scientific improvement is way from full. We proceed to make progress on the confirmatory part 3b/4 AFFIRM trial designed to assist a full FDA approval.

Additional, many PBC sufferers on erythrodioxicolic acid have ALP enchancment however don’t normalize ALP, which is more and more appreciated as a therapy objective. Sufferers with a persistent elevation of ALP however whose ALP ranges are usually not above the brink of 1.67 occasions the higher restrict of regular have traditionally not been studied in scientific trials of recent second-line brokers. We’re enrolling these sufferers into our part 3 IDEAL trial with the hopes of demonstrating seladelpar’s capability to normalize biochemical markers of illness exercise on this beforehand understudied affected person inhabitants with incomplete management of ALP ranges. Shifting to oncology on Slide 22, we stay centered on scientific execution of our eight ongoing part 3 packages for Trodelvy and Domvanalimab throughout 5 tumor sorts.

This 12 months, we anticipate offering updates from the part 3 ASCENT-03 trial, evaluating Trodelvy in first-line metastatic triple-negative breast most cancers sufferers who are usually not candidates for anti-PD-1 remedy within the first half of 2025 and from the part 3 ASCEND-04 trial, evaluating Trodelvy together with Merck’s pembrolizumab in first-line PD-L1 optimistic metastatic triple-negative breast most cancers sufferers within the second half of 2025. These trials may present Trodelvy the chance to advance into the first-line setting for metastatic triple-negative breast most cancers as early as 2026. Moreover, we’ve got the part 3 ASCEND-07 trial in chemotherapy naive hormone receptor-positive HER2-negative metastatic breast most cancers that accomplished enrollment in August of final 12 months. In lung most cancers, Trodelvy continues to be evaluated together with pembro in first-line PD-L1 excessive metastatic nonsmall cell lung most cancers within the part 3 EVOKE-03 examine.

Additional, FDA has granted Trodelvy breakthrough remedy designation for extensive-stage small cell lung most cancers sufferers whose illness progressed on or after platinum-based chemotherapy. Sadly, most small cell lung most cancers instances are identified in in depth stage given the aggressive nature of the illness, and median total survival usually is between eight and 12 months. Within the small cell lung most cancers cohort of the part 2 TROPiCS-03 trial shared at World Lung final 12 months, Trodelvy demonstrated a promising 13.6 month median total survival. We plan to provoke the part 3 EVOKE SCLC trial within the first half of 2025.

Shifting to Slide 23 and on behalf of Cindy and the Kite group, we shared a number of thrilling updates through the ASH Congress in December. Specifically, we introduced preliminary outcomes from the registration part 2 iMMagine-1 trial evaluating anito-cel in fourth-line or later-relapsed or refractory a number of myeloma, which we consider demonstrated aggressive efficacy and security knowledge. Notably, in 86 efficacy evaluable sufferers with a median follow-up of 9.5 months, anito-cel demonstrated an total response charge of 97% with full response of 62%. And we anticipate that the responses will probably deepen over time.

Minimal residual illness negativity was achieved in 93% of evaluable sufferers. Anito-cel’s security profile was usually manageable. And as of the ASH presentation, no delayed neurotoxicities have been noticed throughout the greater than 150 sufferers dosed in anito-cel trials, together with no Parkinsonism, no cranial nerve palsies, and no Guillain-Barre syndrome. We stay assured within the potential for anito-cel to ship a best-in-class profile, supported by the efficacy and security knowledge seen to this point, in addition to Kite’s globally main manufacturing capabilities, and proceed to focus on 2026 for a business launch.

We anticipate to supply additional knowledge from iMMagine-1 through the course of 2025. As we introduced in December, the part 3 iMMagine-3 trial in second- to fourth-line relapsed or refractory a number of myeloma has dosed its first sufferers. And we stay up for offering an replace on anito-cel’s progress in the end. Moreover, we shared updates on Yescarta and Tecartus, which included follow-up from the ZUMA-5 trial evaluating Yescarta in relapse or refractory non-Hodgkin lymphoma, demonstrating a 69% total survival charge at 5 years of follow-up.

Yescarta and Tecartus proceed to reveal sturdy responses and long-term total survival that assist their healing potential. We’re additionally happy to announce that Kite has now filed an IND software with FDA to judge KITE-363 in autoimmune situations. As a reminder, Kite-363 is a bicistronic CAR T product that targets each CD19 and CD20, and every CAR has its personal distinct co-stimulatory area. We consider cell remedy has nice potential in assembly the substantial unmet wants of this huge affected person inhabitants, and we’re excited to start our scientific work.

We are going to share extra info when accessible. Becoming a member of Gilead, I stay up for working with Flavius Martin, our govt vice chairman of analysis, on a few of the most enjoyable science within the biopharma trade. On Slide 24, you’ll be able to see a few of the early stage targets Gilead is engaged on amongst an in depth pipeline of over 100 progressive pre-IND and scientific stage packages. Lastly, on Slide 25, we’ve got a number of fascinating milestones this 12 months, together with regulatory choices on lenacapavir and seladelpar, part 3 updates for our bictegravir and lenacapavir mixture, in addition to Trodelvy, and part 2 updates for anito-cel in fourth-line plus a number of myeloma, and for our weekly oral HIV therapy.

We’re additionally initiating new part 3 trials, together with in extensive-stage small cell lung most cancers and throughout our long-acting HIV prevention packages, that ought to deliver forth new thrilling updates within the years to come back. And now, I am going to hand the decision over to Andy.

Andrew D. Dickinson — Chief Monetary Officer

Thanks, Dietmar, and good afternoon, everybody. Beginning on Slide 27, we closed the 12 months with complete product gross sales of $28.6 billion, up 6% from 2023, and properly above our $27.8 billion to $28.1 billion steering vary resulting from stronger than anticipated contributions from HIV. For the complete 12 months, complete product gross sales, excluding Veklury, grew greater than $2 billion or 8% from 2023, exceeding our 5% to six% steering vary, and pushed by development in HIV, oncology, and liver. HIV elevated 8%, or $1.4 billion, to $19.6 billion, pushed by Biktarvy, which grew 13% from 2023.

Oncology elevated 12% to $3.3 billion, primarily pushed by development in Trodelvy and with a extra modest development contribution from cell remedy. And liver elevated 9% to $3 billion with development throughout our portfolio of liver remedies. Full 12 months of Veklury income of $1.8 billion was proper in step with our expectations and declined 18% from 2023, per pandemic and hospitalization traits. Shifting to Slide 28, our full 12 months non-GAAP outcomes spotlight constant expense self-discipline in 2024.

R&D of $5.7 billion was flat with 2023. IPR&D of $4.7 billion included $3.9 billion related to the CymaBay acquisition within the first quarter, along with our regular course IPR&D bills. And SG&A of $5.9 billion was down 3% from 2023. Total, 2024 working earnings was $8.5 billion, forward of our steering vary of $8 billion to $8.3 billion.

Notice full 12 months working margin of 30% displays the primary quarter 2024 acquisition of CymaBay. Excluding this transaction, our working margin would have been 43% for the complete 12 months. Equally, non-GAAP EPS of $4.62 displays the $3.14 per share affect of this transaction. Excluding this, our non-GAAP EPS would have been $7.75, up 15% from the $6.72 reported in 2023.

Shifting to our fourth quarter outcomes beginning on Slide 29, complete product gross sales, excluding Veklury, had been $7.2 billion, up 13% from the identical quarter in 2023. Together with Veklury, complete product gross sales of $7.5 billion had been up 7% from 2023, with greater base enterprise development partially offset by a decline in Veklury gross sales. On Slide 30, you’ll be able to see that on a non-GAAP foundation, product gross margin was roughly 87% in comparison with 86% in the identical interval in 2023. R&D bills had been $1.6 billion, up from $1.5 billion in the identical interval in 2023, reflecting incremental investments and scientific actions throughout our portfolio.

Acquired IPR&D was adverse $11 million, reflecting bills associated to the Terray and Tubulis collaborations, offset by a good adjustment associated to the CymaBay acquisition. Notice that the acquisition of sure rights from LEO’s STAT6 program will probably be mirrored in our first quarter 2025 outcomes. SG&A was $1.9 billion, up 16% from the identical interval within the prior 12 months, partially pushed by a litigation accrual for a possible settlement with the U.S. Legal professional’s Workplace for the Southern District of New York referring to our promotional speaker packages for HIV medicines.

Moreover, there was greater gross sales and advertising spending, together with launch preparation actions for lenacapavir for HIV prevention, in addition to for Livdelzi for PBC. Working margin was 41%, up from 39% within the fourth quarter of 2023. And the efficient tax charge within the fourth quarter was 19.2% in comparison with 17.1% in the identical interval in 2023, primarily resulting from prior-year settlements with tax authorities. Total, our non-GAAP diluted earnings per share was $1.90 within the fourth quarter in comparison with $1.72 within the fourth quarter of 2023.

Shifting to Slide 31 and earlier than I get into steering, I wish to remind you of sure elements which might be impacting our income expectations for 2025 and masking the underlying energy of our enterprise. As beforehand mentioned, Medicare Half D reform is predicted to affect our income by roughly $1.1 billion, together with $900 million in HIV. For this 12 months solely, this transition masks the strong demand-led quantity development that we’ve got seen during the last a number of years and that we anticipate to proceed by means of 2025 and into 2026 and past. Throughout our complete enterprise, this represents a few 4% affect on income development in 2025.

Second, you’ll be able to see that our Veklury expectations are about $400 million, decrease in 2025 versus 2024, representing a further development headwind of roughly 1%. And eventually, our steering displays a $250 million headwind from FX, given the U.S. greenback has strengthened in opposition to main foreign currency echange, offsetting one other roughly 1% of anticipated development. You possibly can see that, excluding the IRA, FX, and Veklury headwinds, our steering right this moment would have been for complete product income development of roughly 5% to six%.

On Slide 32, you’ll be able to see our steering for 2025, which assumes a usually steady macro surroundings, together with FX at present charges. For the complete 12 months 2025, we anticipate complete product gross sales of roughly $28.2 billion to $28.6 billion. We anticipate complete product gross sales, excluding Veklury, of roughly $26.8 billion to $27.2 billion. We anticipate Veklury gross sales of roughly $1.4 billion, though, as all the time, there may be higher variability on this estimate.

Just like final 12 months, we don’t anticipate to replace our Veklury steering till our third quarter earnings name, absent a really clear development in COVID-19 infections. Shifting to the remainder of the P&L and on a non-GAAP foundation, we anticipate product gross margin to vary between 85% and 86%. We anticipate R&D to be roughly flat from 2024, highlighting that we consider we now have the suitable scale of funding to assist our numerous pipeline. We anticipate acquired IPR&D to be roughly $400 million and consists of roughly $250 million related to the acquisition of LEO Pharma’s STAT6 program introduced in January.

The remaining $150 million we’re guiding to right this moment displays identified commitments and anticipated milestone funds. In step with our strategy during the last two years, we’ll spotlight incremental acquired IPR&D bills as we announce new transactions and replace our steering every quarter. And eventually, we anticipate SG&A to say no by a excessive single-digit share in comparison with 2024. Excluding the litigation accrual in 2024, our SG&A would decline a mid single-digit share in 2025, reflecting our ongoing dedication to working expense self-discipline.

In consequence, we anticipate our working earnings for 2025 to be between $12.7 billion and $13.2 billion. We anticipate our efficient tax charge to be roughly 19%. And eventually, we anticipate our non-GAAP diluted EPS to be between $7.70 and $8.10 for the complete 12 months and GAAP diluted EPS to be between $5.95 and $6.35. As a reminder, for the primary quarter of 2025, we anticipate HIV income to say no within the mid-teen share vary in comparison with the very sturdy income delivered within the fourth quarter, resulting from each regular stock drawdown within the first quarter, coupled with the IRA headwind.

Shifting to capital allocation on Slide 33, our priorities haven’t modified. In 2024, we returned $5.1 billion to shareholders. This included $3.9 billion in dividend funds and $1.2 billion in share repurchases. For 2025, we introduced right this moment a 2.6% improve in our quarterly money dividend to $0.79 per share, and we stay dedicated to rising our dividend over time.

You can too anticipate to see continued investments in our enterprise each internally and externally by means of choose partnerships and enterprise improvement transactions. Lastly, we’ll proceed to make the most of share repurchases to offset fairness dilution, in addition to further repurchases on an opportunistic foundation. With that, I am going to invite Rebecca to start the Q&A.

Questions & Solutions:

Operator

Thanks, Andy. At the moment, we’ll invite your questions. [Operator instructions] Our first query comes from Geoff Meacham at Citigroup. Geoff, go forward, your line is open.

Geoff Meacham — Analyst

Nice. Thanks. Afternoon, guys. In HIV, I do know you guys are len and PReP to be a giant development driver over time, however I needed to ask concerning the HIV therapy setting.

I assume the query is, do you guys view all of the totally different len therapy choices that you just detailed on Slide 20 as finally changing Biktarvy? You understand, I wasn’t positive the way you’re fascinated about what the perfect strategy is for lifecycle administration and even previous to the Biktarvy LOE? Thanks.

Daniel O’Day — Chairman and Chief Government Officer

Geoff, let me simply welcome all people to the decision once more. I am going to simply flip it over to Johanna, and I am going to simply ask the audio system as they reply to questions to simply introduce themselves. So, Johanna, over to you.

Johanna Mercier — Chief Industrial Officer

Hello. It is Johanna.

Daniel O’Day — Chairman and Chief Government Officer

Properly, you do not have to do it on that.

Johanna Mercier — Chief Industrial Officer

OK. Hello, Geoff. Thanks for the query. Hear, completely, our technique is unquestionably a chance to simply be sure that we meet the affected person wants.

And that’s actually now that Biktarvy set the usual of look after HIV therapy, we consider that, you realize, the one factor that is left is long-acting orals or long-acting injectables. And so, we could have a chance as we take into consideration the Bik-len day by day oral to a weekly week — truly two weekly orals, after which doubtlessly even a bit bit long term with the six month layers or whatnot, have a chance to take a look at {the marketplace} and it mechanically will erode a few of the Biktarvy shares, proper? As you consider a share of over 50% because the market chief, there will probably be alternatives for us to consider as a complete Gilead portfolio, properly previous to the LOE in late 2033 of Biktarvy. So, there’s lots of optionality right here as we take into consideration what’s to come back. And there will probably be alternatives so long as it — for us, it hits the usual of care that Biktarvy set, plus brings optionality for sufferers with the long-acting administration.

Operator

Our subsequent query comes from Terence Flynn at Morgan Stanley. Terence, go forward. Your line is open.

Terence Flynn — Analyst

Nice. Thanks a lot for taking the query. Only a two-part on steering. I simply needed to know what’s included, if something in any respect for len for PReP within the ’25 income information? After which, you realize, it is nice to see the margin enlargement coming by means of once more in ’25 right here.

And primarily based in your feedback, Andy, I am assuming we must always assume that that is type of the steady-state degree as we take into consideration the ahead into ’26 as properly, however simply needed to test there. However thanks a lot.

Andrew D. Dickinson — Chief Monetary Officer

Yeah, Terence. It is Andy. Thanks for the query. Look, when it comes to lenacapavir, we’re assuming a launch midyear.

As we mentioned, Johanna mentioned constantly that we’ll — we anticipate to have, you realize, significant entry, and entry will construct over time. Clearly, at launch, you are engaged on including to your entry as shortly as doable. So, I believe after six months, we anticipate to have 75% entry within the U.S. and properly north of that after 9 months after which a 12 months.

However we’re assuming a launch in the course of the 12 months. So, that — however past that, I do not assume there’s a lot that we are able to say at this time limit. When it comes to the bills, you are completely proper. I imply, we noticed very sturdy expense management in 2024.

Regardless of — I may even spotlight, once you have a look at ’24, there have been a few surprising gadgets at first of the 12 months that truly elevated our bills. Considered one of them is the litigation reserve that I highlighted in our ready remarks that you just noticed within the fourth quarter. The second, in fact, are all of the working bills for — that associated to the Livdelzi acquisition that we absorbed all year long. So, even with that, you noticed extremely sturdy expense management all year long.

And also you see in our steering that we anticipate to hold that ahead in ’25. So, the very last thing I am going to say to your query is that we’ve got mentioned, we’re concentrating on — holding our bills comparatively flat for the foreseeable future and letting the leverage in our mannequin drop to the underside line, and that has not modified. We, in fact, will present extra particular steering on what meaning for ’26 and ’27 once we get there. Nevertheless it’s an awesome begin to the 12 months and stay up for updating you as we progress.

Operator

Our subsequent query comes from Tim Anderson at Financial institution of America. Tim, go forward. Your line is open.

Tim Anderson — Financial institution of America Merrill Lynch — Analyst

Thanks for the query. Lenacapavir and PReP, in order we strategy launch considerations typically begin to construct whether or not consensus may very well be too excessive relative to what the product may truly ship of their preliminary few quarters after launch. So, in as a lot as you’ve got checked out consensus, any touch upon what you see? Or, maybe, you’ll be able to simply refresh us on the ramp dynamics we have to take into account. I do know you simply talked about entry as a type of.

And can this be a quick or gradual, a medium-paced launch? Any benchmarks for related launches you’d wish to level us to?

Johanna Mercier — Chief Industrial Officer

Positive. It is Johanna. I am going to take that query, Tim. So, as you realize, we’re very excited concerning the potential launch of lenacapavir this summer season.

It is — we do not give product-specific steering, so I am unable to enable you there. What I can inform you is, in step with what Andy was saying about entry, we do assume entry will ramp up, nevertheless it doesn’t suggest there will not be entry till six months, proper? Entry will play out over the following few months of the launch. We’re assuming about 75% or so entry by six months, possibly about 90% by 12 months. We additionally assume the administration as a result of that is an injectable, it’ll must undergo specialty pharmacy or a buy-and-bill mannequin.

So, which may simply, you realize, take a bit little bit of time within the first early months to verify we ramp up for that administration. However we really feel extremely assured that lenacapavir goes to have an effect in our communities in 2025 and, clearly, much more significant in ’26 and past.

Operator

Our subsequent query comes from Umer Raffat at Evercore ISI. Go forward, your line is open.

Umer Raffat — Analyst

Hello, guys. Thanks for taking my query, and large congratulations to Dietmar on becoming a member of. I needed to focus very briefly on a few of the anito-cel knowledge you guys have shared. Clearly, a ton of excellent colour on the non-ICANS facet.

I assumed I’d focus for a fast second on ICANS extra particularly, the 9 instances of ICANS that occurred within the iMMagine-1 trial. And my query is, what number of of these 9 instances had — of ICANS had tremors, bradykinesia, or every other motor dysfunction? And did any of the instances occur greater than a few weeks after the administration? Thanks.

Cindy Perettie — Government Vice President, Kite

Thanks, Umer, that is Cindy Perettie, for the query. I am not going to have the ability to reply most likely on the degree of element you are searching for every a type of ICANS, however I do know we are able to come again with you. However we didn’t see — we didn’t see instances of tremors in these sufferers, and I can come again on the opposite two.

Operator

Our subsequent query comes from Michael Yee at Jefferies. Go forward, your line is open.

Michael Yee — Analyst

Nice. Thanks. Waiting for the approval of len for PReP, are you able to simply remark about your latest interactions with the FDA and the attitude of the FDA and HHS with the incoming administration with the U.S. and that there needs to be no points with a quick approval? And concurrently, in Europe, that has by no means actually gained important income.

So, you spotlight that as an approval. And do you in some way see that reimbursement goes to be totally different there? Thanks.

Daniel O’Day — Chairman and Chief Government Officer

I am going to simply begin and hand it over to both Johanna or Dietmar. Thanks, Michael, for the query. Every part is on observe for the lenacapavir for PReP interactions with the company and HHS. So, we’re persevering with all preparation accordingly and preparing for the approval this summer season as we mentioned earlier than.

On Europe, I do not know, is {that a} market query —

Johanna Mercier — Chief Industrial Officer

Yeah, extra of a business query. I’d simply add, we additionally bought breakthrough designation from the FDA within the U.S. for lenacapavir. And so, we’re excited concerning the potential for this launch this summer season, and every little thing is on observe for that.

And our plans are — clearly, all of the groups are working by means of to verify we’re prepared for that launch. In Europe, two issues. One is the approval for Europe — the potential approval, I ought to say, for Europe is one which we discover thrilling and one which we understand that prevention in Europe is de facto particular to sure markets extra so than others. We’re clearly going to do this in a tiered strategy and be sure that we’re actually concentrating on each all key stakeholders.

That features authorities well being ministers, authorities stakeholders, KOLs, investigators with the PURPOSE 5 trial that we’ve got operating proper now within the U.Okay. and in France and ensuring that we work collectively actually throughout totally different stakeholder teams to be sure that there is a chance for lenacapavir to have entry in these international locations and actually make a distinction for these markets. So, extra to come back on that. We additionally assume that the UA — the EU submitting is a vital one due to EU for All.

And that basically is round offering entry to these over 138 international locations for low- and lower-middle-income international locations as properly. And so, that is in step with the work that we’re doing to make sure entry all over the place around the globe. So, extra to come back on that as we progress.

Operator

Our subsequent query comes from Daina Graybosch at Leerink Companions. Daina, go forward. Your line is open.

Daina Graybosch — Leerink Companions — Analyst

Hello. Thanks for the query. That is for Dietmar. I ponder as you’ve got are available in new to the group, for those who may give us your reflections on the competitiveness of the late-stage oncology portfolio, notably what you consider TIGIT and Dom and Trodelvy as we come down extra part 3 readouts.

Thanks.

Dietmar Berger — Chief Medical Officer

Yeah. Thanks, Daina, for the query, all proper? As I be a part of Gilead, proper, Gilead is in a singular scenario at this level with a really well-diversified scientific pipeline, no main LOEs earlier than 2033, actually upcoming key launches and robust information circulation that I am trying ahead to and an thrilling analysis portfolio and actually deep scientific experience that I take into account vital, proper, in these areas, whether or not it is virology, whether or not it is a long-standing historical past, or whether or not it is immunology and oncology. Your particular query on the subject of the later-stage portfolio, look, Trodelvy, the important thing research are arrange at this level. And we’re trying ahead to seeing the ASCENT-03 and ASCENT-04 research in triple-negative breast most cancers, you realize, arising throughout this 12 months mainly.

So, that query will probably be answered very quickly. We even have the lung most cancers research within the first-line setting, you realize, actually arrange at this level. And let me simply remind you that Trodelvy is the one Trop-2 ADC that has demonstrated total survival in a few of these research, proper? So, I believe it is a actually differentiated molecule, and lots of it is going to uncover itself within the very close to future. For TIGIT, I’ve all the time believed TIGIT is an fascinating immuno-oncology goal.

There may be potential for differentiation given the truth that Domvanalimab has the FC silent design. There have been some encouraging early part 2 knowledge just like the ARC-7, the ARC-10 examine, the EDGE-Gastric examine. However these had been, in fact, small early dataset. So, once more, we’re awaiting the information.

There are two ongoing part 3 research, STAR-121 and STAR-221, which actually will outline our path ahead there.

Operator

Our subsequent query comes from Mohit at Wells Fargo. Mohit Bansal, your line is open.

Mohit Bansal — Analyst

Nice. Thanks very a lot for taking my query, and welcome Dietmar to Gilead. So, my query is concerning the gross sales development for HIV quarter over quarter. It looks as if you are calling out favorable stock dynamics 12 months over 12 months as properly.

So, simply needed to know, did you see a more-than-normal stock buildup in fourth quarter since you’re calling out 12 months over 12 months as properly? Thanks.

Johanna Mercier — Chief Industrial Officer

Thanks, Mohit. It is Johanna. So, what we did see is clearly actually sturdy demand in each the quarter over quarter, in addition to the complete year-on-year This fall over This fall of the prior 12 months. We additionally did see seasonal stock dynamics, and we see that on a quarter-on-quarter foundation, but in addition a bit bit 12 months on 12 months.

And what we had seen in 2023 is definitely that stock construct throughout Q3 and This fall. In 2024, we noticed it closely in This fall as a substitute of throughout two quarters. And so, that is most likely the most important distinction that we have seen from a year-on-year foundation. However actually, the No 1 driver throughout the board for HIV, at the start, has been that demand that has come by means of, particularly on Biktarvy but in addition Descovy.

Operator

Our subsequent query comes from Brian Abrahams at RBC Capital Markets. Brian, go forward, your line is open.

Brian Abrahams — Analyst

Hey, guys. Congratulations on the quarter. Thanks for taking my query. Perhaps shifting gears to Livdelzi.

Curious for those who may elaborate a bit bit extra on what you are observing when it comes to simply use sample prescriber base, the forms of sufferers the place this early uptake is coming from. And possibly how we must always at the least qualitatively be fascinated about the trajectory this 12 months, simply given the excessive demand you are seeing off of that. Thanks.

Johanna Mercier — Chief Industrial Officer

Positive. Thanks for the query, Brian. It is Johanna. Yeah, so with Livdelzi, we’re actually enthusiastic about how not solely are we seeing the development, nevertheless it’s positively exceeding our inside expectations.

We have heard some actually optimistic suggestions on the differentiation of efficacy, but in addition security, not simply the ALP, but in addition simply the general biochemical response, the ALP normalization and, in fact, the pruritus and the security parts to this. We’re seeing sturdy steady week-over-week development. And in order that — you realize, that is creating momentum as we go into 2025. So, we’re very a lot trying ahead to that.

And I believe it has loads to do with the expertise, the heritage that we’ve got in liver, the credibility that we deliver with key stakeholders. So, very happy about that. The payer entry we’re seeing can be in step with our expectations. For uncommon illness, we’re not seeing any main boundaries to getting entry for acceptable sufferers.

To your query about what sort of sufferers. Clearly, these are second-line sufferers in step with our indication. Typically talking, these are naive to second line. And what I imply by that’s, clearly, they’re insufficient responders to UDCA and transferring into the second-line setting, nevertheless it’s not — we’re not seeing a lot of a shift between second-line setting at this time limit, if that is what you had been referring to.

So, we predict Livdelzi’s trajectory is extremely sturdy, and we consider 2025 goes to be the place it actually comes by means of from a momentum standpoint. So, we’re excited to see what the longer term holds.

Operator

Our subsequent query comes from Tyler Van Buren. Tyler, go forward, your line is open.

Tyler Van Buren — Analyst

Thanks very a lot. Good quarterly outcomes. Johanna, I’ve one other one for you. Simply what led to the 16% year-over-year PrEP market development and acceleration for 2024 that you just highlighted? Particularly, are you able to elaborate on a few of these elements and whether or not you assume these may function lasting tailwinds for the upcoming lenacapavir launch?

Johanna Mercier — Chief Industrial Officer

Yeah. Thanks for the query, Tyler. Yeah, we had been excited to see, proper? We closed out the quarter at about 16% market development. That displays a few issues.

Primary, simply the worth and the noise round PURPOSE 1 and PURPOSE 2, I believe, is giving some momentum to this market in prevention and what’s to come back. However I’d additionally say, we doubled down from a market improvement standpoint. So, the group has actually centered throughout many features on this — in our group to actually be sure that we had been growing the prevention market and ensuring it was arrange for fulfillment, not solely with the present brokers right this moment within the market, however as a setup as you consider the potential launch for lenacapavir. So, we do assume that’s one thing that may carry by means of for the launch of lenacapavir and will truly speed up it as properly.

Operator

Our subsequent query comes from Ellie Merle at UBS. Ellie, go forward. Your line is open.

Ellie Merle — Analyst

Hey, guys. So, for Livdelzi, how is the enrollment within the IDEAL examine within the partial UDCA responders going? And I assume, how are you fascinated about how this examine within the context of a possible label enlargement and what this might imply for the scale of the eligible affected person inhabitants long run? Thanks.

Dietmar Berger — Chief Medical Officer

Yeah. Thanks, Ellie, for the query. That is Dietmar. For the best examine, you realize, it is on observe at this level, so no additional feedback on that.

It does assess a separate second-line inhabitants to these sufferers partially aware of UDCA, mainly, the ALP 1 to 1.67, which then would clearly prolong Livdelzi’s attain to a further affected person inhabitants, particularly within the U.S. right here. So, we’re actually trying ahead to seeing these knowledge.

Johanna Mercier — Chief Industrial Officer

Yeah. Perhaps simply so as to add to Dietmar’s feedback, a 3rd of the sufferers right this moment are literally partial responders, so mainly in step with what Dietmar was suggesting. And that quantity is about 20,000 to 25,000 individuals within the U.S. and about the identical quantity in Europe.

So, we’re excited concerning the alternative to increase our attain past second line.

Operator

Our final query comes from Courtney Breen at Bernstein. Courtney, go forward. Your line is open.

Courtney Breen — Bernstein — Analyst

Hello, all. Thanks a lot for taking my query right this moment. What I actually needed to deal with was small cell lung most cancers. Clearly, you spoke concerning the Trodelvy examine that you just’re initiating right here.

And, Dietmar, I’d love your ideas on type of the way you assume type of Trop-2, DLL3, B7-H3, and all the opposite type of targets which might be being chased after on this area may stack up relative to at least one one other and the way you assume this market may shake out over the long run.

Dietmar Berger — Chief Medical Officer

Thanks for the query, Courtney. Yeah, I imply, initially, I am actually glad to see progress in small cell lung most cancers. You understand, for greater than 30 years, these sufferers had been handled with chemotherapy with much less developments, mainly. Now, we do have these totally different instruments accessible.

Trop-2, once you have a look at the part 2 knowledge, that is truly been actually spectacular. There’s clear Trop-2 expression. We have acquired breakthrough remedy designation from the FDA. We’re planning to begin the examine through the first half of the 12 months.

And I believe this will probably be a extremely significant further therapy choice with the ADC with Trop-2 concentrating on. While you have a look at a few of the different targets, I imply, clearly, these are aggressive. I hope they are going to be mainly including extra additionally to the profit for sufferers. I believe Trop-2 has the potential to be foundational within the second-line setting right here, after which we’ll must see the information there.

There have been combined knowledge on B7-H3, and DLL3 is actually an fascinating goal additionally on this area.

Operator

That completes the time that we’ve got for questions. I am going to now invite Dan to share any closing remarks.

Daniel O’Day — Chairman and Chief Government Officer

Thanks, Rebecca. I admire all of you becoming a member of right this moment. Let me shut by thanking the Gilead groups for an additional exceptionally sturdy quarter and for driving the momentum that we’re carrying into 2025. You understand, the constant income we have seen quarter-after-quarter and the sturdy demand throughout all three of our therapeutic areas is the muse we’re constructing from as we ship on our potential within the months and years forward.

The potential comes from having probably the most strong and numerous pipeline in Gilead’s historical past. And with latest and imminent launches throughout our therapeutic areas, no main LOEs on the horizon and disciplined expense administration. We’re set to deepen affect for sufferers that we serve and ship compelling returns for our shareholders. We stay up for updating you on our progress within the months forward.

And with that, I am going to flip it again over to Jacquie.

Jacquie Ross — Vice President, Investor Relations

Thanks, Dan, and thanks all for becoming a member of us right this moment. One remaining housekeeping merchandise, I can share that we’re tentatively planning to launch our first quarter 2025 earnings outcomes on April 24, 2025. Please be aware that this date is provisional and may very well be modified to accommodate scheduling conflicts that come up between from time to time. As all the time, we’ll announce our confirmed date following the shut of the quarter.

We admire your continued curiosity in Gilead and stay up for updating you on our progress all through 2025. Thanks.

Length: 0 minutes

Name members:

Jacquie Ross — Vice President, Investor Relations

Daniel O’Day — Chairman and Chief Government Officer

Johanna Mercier — Chief Industrial Officer

Dietmar Berger — Chief Medical Officer

Andrew D. Dickinson — Chief Monetary Officer

Geoff Meacham — Analyst

Dan O’Day — Chairman and Chief Government Officer

Terence Flynn — Analyst

Andy Dickinson — Chief Monetary Officer

Tim Anderson — Financial institution of America Merrill Lynch — Analyst

Umer Raffat — Analyst

Cindy Perettie — Government Vice President, Kite

Michael Yee — Analyst

Daina Graybosch — Leerink Companions — Analyst

Mohit Bansal — Analyst

Brian Abrahams — Analyst

Tyler Van Buren — Analyst

Ellie Merle — Analyst

Courtney Breen — Bernstein — Analyst

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