Gilead Sciences, Inc.

Ladies and gentlemen, thank you for standing by, and welcome to the second quarter 2020 Gilead Sciences Earnings Conference Call. At this time, all participant lines are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star, then 1 on your telephone keypad. Please be advised that today's conference may be recorded. If you require any further assistance, please press star, then 0 to reach an operator. I'd now like to hand the conference over to your host today, Mr. Douglas Maffei. Senior Director of Investor Relations. Please go ahead.

Thank you, Liz, and good afternoon, everyone. Just after market closed today, we issued a press release with earnings results for the first half and second quarter of 2020. The press release and detailed slides are available on the investor section of the Gilead website. The speakers on today's call will be Daniel O'Day, Chairman and Chief Executive Officer, Joanna Mercier, Chief Commercial Officer, Murdad Parsi, Chief Medical Officer, and Andrew Dickinson, Chief Financial Officer. Also on the call and available for Q&A will be Christy Shaw, Chief Executive Officer of KITE, and Diana Brainard, SVP and Head of our Virology Therapeutic Area. Before we begin with our prepared remarks, let me remind you that we will be making forward-looking statements. including risks and uncertainties related to the impact of the COVID-19 pandemic on Gilead's business, financial condition, and the results of operations, plans and expectations with respect to products, product candidates, corporate strategy, financial projections, and the use of capital, and 2020 financial guidance, all of which involve certain assumptions, risks, and uncertainties that are beyond our control and could cause actual results to differ materially from these statements. A description of these risks can be found in the earnings press release and our latest SEC disclosure documents. All forward-looking statements are based on information currently available to Gilead, and Gilead assumes no obligation to update any such forward-looking statements. Non-GAAP financial measures will be used to help you understand the company's underlying business performance. The gap to non-gap reconciliations are provided in the earnings press release as well as on the Gilead website. I will now turn the call over to Dan.

Thank you, Doug, and good afternoon, everyone. I'd like to start by thanking our Gilead employees worldwide who, along with our partners, continue to go above and beyond to meet our many responsibilities at this time. Those responsibilities include advancing Remdesivir, supporting work across our other medicines that are helping patients today, and building our pipeline of future therapies. We'll cover each of those during today's call. I'm pleased to have the team with me here to provide an overview, and we all look forward to answering your questions. I'll start things off with some of my perspectives. The first thing I want to comment on is the continued strength and durability of our core HIV business. We've grown market share even as we navigated the expected impact of the COVID-19 pandemic, and we're already seeing early signs of recovery from that impact in some markets. We are confident in our long-term leadership in HIV. People living with HIV depend on innovative therapies that meet their needs, and Gilead is and has always been focused on meeting those needs. Victarvy has become the gold standard in HIV treatment, and we're on track with our conversion to the SCOBY for PrEP treatment. The principles that have driven our HRV growth to date still apply and will continue to drive our growth in the future. The second area I want to comment on is our role in fighting the pandemic with remdesivir. There's a growing body of clinical and real-world data that continues to shape our understanding of the medicine. The data tell a consistent story of clinical benefit for patients suffering from COVID-19 across our simple studies, the NIAID data, the compassionate use data, and more recently, the comparative analysis that use real-world data. I'd also like to highlight some details in our efforts to ensure broad access to remdesivir in the second half of the year and beyond. As we discussed last time, we feel the full weight of our responsibilities with remdesivir And that applies to the price we set following the donation period. We priced Remdesivir well below the value it provides to enable access at this critical time and ensure that we continue to meet our responsibilities in the future with further investment in Remdesivir and in research that will help us to prepare for any future pandemics. The extensive clinical development work continues. on remdesivir so that we can potentially extend the treatment to many more patient groups. We've begun clinical work on an inhaled solution that could be used outside the hospital, and we'll also conduct clinical trials using the intravenous formulation in the outpatient setting, such as nursing homes. Murdad will talk more about the development program later. As you know, we've agreed to the U.S. government request following discussions about the significant rise of COVID-19 infections in the United States that U.S. patients will receive 500 million treatment courses of our supply until the end of September when we expect to have enough remdesivir to meet real-time global demand. As announced yesterday, we're pleased to have reached an agreement with the European Commission where they will centrally purchase remdesivir for patients in the European Union and the U.K. The European Commission will be responsible for all decisions regarding allocation among member states. The remaining supply of remdesivir will be allocated to other countries with significant rates of COVID-19 infection. We will see a significant increase in supplies in October as expected. The third theme I want to touch on is the progress we're making in shaping Gilead's growth story. You may recall that we previously shared a framework outlining the three pillars that will shape Gilead's next chapter. And you'll see these in the slides on our website today as well. I've already touched on the first pillar, which is our durable core business. And Joanna will describe our achievements on this front in more detail in a moment. Pillar two is our pipeline. And we made important progress across several potentially transformational assets in a relatively short period of time. with a balance of both internal innovation and acquired investigational compounds. Pillar three is our strategy to drive future growth by accessing the highest quality external innovation in order to serve more patients. The pace of our corporate development activities has not slowed down a bit during this pandemic time. I'd like to highlight the progress we made this year on executing on our immuno-oncology strategy. Our goal is to grow our immuno-oncology pipeline and our expertise, both through external opportunities and by advancing our internal efforts. The range of immuno-oncology deals we've announced this year represent significant progress towards this goal. These deals bring complementary scientific approaches and provide access to clinical and preclinical assets with a view to both mid- and long-term growth. Before I hand over to the team for the detailed comments on our progress, I want to briefly mention something that we see as another key area of responsibility for the company, the work against racial injustice. We are passionately committed to using Gilead's platform for what we see as a global issue that calls on everyone to play a role. The leadership team and I have spent the past weeks listening carefully to black employees as they've started to share with us how they, their families, and their communities experience racial injustice in various forms. Gillian is committed to both immediate and long-term actions that will have a lasting impact for our employees and the communities that we serve. Let me now hand the call off to Joanna, who will walk us through some of the key details related to our business performance. Over to you, Joanna.