Gilead Sciences, Inc.

Good afternoon, everyone, and welcome to Gilead's third quarter 2025 earnings conference call. My name is Rebecca, and I'll be today's host. In a moment, we'll begin our prepared remarks, followed by our Q&A session. To ask a question, press star one. To withdraw your question, press star two. Now, I'll hand the call over to Jackie Ross, Senior Vice President of Treasury and Investor Relations.

Thank you, Rebecca. Just after market closed today, we issued a press release with earnings results for the third quarter of 2025. The press release, slides, and supplementary data are available on the investor section of our website at Gilead.com. The speakers on today's call will be our Chairman and Chief Executive Officer, Daniel O'Day, our Chief Commercial Officer, Joanna Mercier, our Chief Medical Officer, Dietmar Berger, and our Chief Financial Officer, Andrew Dickinson. to that, we'll open the call to Q&A, where the team will be joined by Cindy Peretti, the Executive Vice President of KITE. Let me remind you that we will be making forward-looking statements. Please refer to slide two regarding the risks and uncertainties relating to forward-looking statements that could cause actual results to differ materially. With that, I'll turn the call over to Dan.

Thank you, Jackie, and good afternoon, everyone. We appreciate you joining today as we take you through another very strong set of quarterly results. Our third quarter earnings underscore the growing momentum you're seeing from Gilead today, which is driven by our strong portfolio and the impressive execution of our teams. As you'll hear during the call, our progress is visible in both our quarterly results and in our strong clinical pipeline. Highlights of our third quarter include commercial outperformance across our HIV therapies and LIDLZ. This resulted in 6% year-over-year growth for Bictarvy, 20% year-over-year growth for Descovy, and 35% sequential growth for Liddellsey. Disciplined operating expense management contributed to 22% year-over-year growth in non-GAAP EPS. Even excluding a 25-cent benefit from a non-recurring accounting item, non-GAAP EPS grew 10% compared to 4% base business growth year-over-year, highlighting the leverage in our business model. As a reflection of our strong performance year to date, we are increasing our full year HIV revenue growth expectations to approximately 5%. This is despite the $900 million headwind for our HIV business in 2025 associated with the Medicare Part D redesign. Our newest addition to the HIV portfolio, Yes2Go for HIV prevention, delivered third quarter sales of $39 million or $54 million, including the first few weeks of launch in June. Of course, our initial priority has been securing payer coverage, and I'm very pleased to share that we've already achieved our 75% coverage goal, nearly three months ahead of our target. This sets a strong foundation for continued growth in 2026. Our confidence in our HIV business comes from both our existing on-market product leadership and our innovative pipelines. We look forward to sharing progress on one of our next-generation HIV treatments before the end of the year with an update on the Artistry I and Artistry II studies. These Phase III programs are evaluating an investigational single-tablet regimen of Bicagravir and Lenacapavir, and we continue to target a product launch in early 2027. As I mentioned, LibDELSI was a standout of the quarter, contributing to 12% year-over-year growth in our liver portfolio. Livdelzy exceeded $100 million in quarterly sales for the first time and is already the number one treatment for second-line PBC in the U.S. We're also pleased to share that we have filed for FDA approval of Bulabratide for the treatment of chronic hepatitis delta virus. This therapy has been available in Europe since 2020 under the brand name of Hepcludex, and we expect to bring it to patients in the U.S. in 2026. Turning to oncology, we continue to make significant clinical progress, most recently with the presentation of our ASCENT-03 detailed data at ESMO and simultaneous publication in the New England Journal of Medicine. Given the particularly aggressive nature of this disease, we are moving as quickly as we can to bring Tredelvi to first-line metastatic triple negative breast cancer patients. We have submitted SBLAs with the FDA and are targeting a potential commercial launch in 2026. that could extend Trodelvy's leadership in breast cancer. We also continue to target commercial launch for a NIDA cell for multiple myeloma in 2026, and look forward to sharing an update from the pivotal IMAGINE ONE study before the end of this year. In summary, we are very pleased with our performance in the third quarter, building on a very strong 2025 overall, and just as importantly, we have significant potential ahead. The quality, breadth, and diversity we built into the portfolio over the past years is now presenting us with multiple opportunities to drive benefits for patients. With several just launched or soon to be launched products across HIV, oncology, and liver disease, and clinical readouts on the horizon with further commercial potential, this continues to be an exciting phase of growth. The fact that we now have no major LOEs until 2036 reinforces our strong position. My thanks as always to the Gilead team for their incredible work this quarter and their continued dedication to doing more for the communities we serve. With that, I'll hand it over to Joanna.