Gilead Sciences, Inc.

Good afternoon, everyone, and welcome to Gilead's third quarter 2026 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, please press star 1. And to withdraw your question, press star 1 again. Now, I'll hand the call over to Jacquie Ross, Senior Vice President, Treasurer, and Head of Investor Relations.

Thank you, Rebecca. Just after market closed today, we issued a press release with earnings results for the third quarter of 2026. The press release slides and supplementary data are available on the investors 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 and Corporate Affairs Officer, Johanna Mercier, our Chief Medical Officer, Dietmar Berger, and our Chief Financial Officer, Andrew Dickinson. After 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 2 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 thanks everyone for joining us on today's call. Gilead delivered an exceptional third quarter that highlights the strength, breadth, and durability of the business. Third quarter base business sales were up 16% year-over-year, Gilead's strongest growth in more than a decade, driven by Bictarvy, Descovy, and Yastugo in HIV, Tordelvi in metastatic breast cancer, and Livdelzi in PBC. At the same time, we continue to advance our diverse pipeline as we prepare for the next phase of launches. In HIV, we continue to lead across treatment and prevention. In the third quarter, HIV sales grew 18% year-over-year. Victarvy achieved an all-time high U.S. market share, and we had a modest initial contribution from VixLenvo, which launched in August. HIV prevention sales nearly doubled year-over-year. As expected, Yes2Go has rapidly established itself as the leading long-acting injectable option for HIV prevention. Yes, Tugo and Descovy for PrEP combined have 50% market share today and a $4 billion annual run rate. As Dietmar will cover later, we believe we have the most comprehensive and diverse HIV pipeline in the industry as well as in Gilead's history. Across daily and long-acting dosing, we are advancing a portfolio that will deliver new options for many years to come. The most near-term example is Islatravir plus Lenacapavir. We expect to file this year, and if approved, this would be the first once-weekly oral treatment regimen for virally suppressed people with HIV. In oncology, Tredelvi delivered another very strong quarter. Sales were up 42% year-over-year, and with growing demand across triple-negative and HR-positive HER2-negative metastatic breast cancer, Tredelvi reached an approximately $2 billion annual run rate. In the third quarter, we received European approval of Trodelvi in combination with Pembro for first-line PD-L1 positive metastatic triple negative breast cancer, extending Trodelvi's benefits to patients earlier in treatment. Beyond Trodelvi and metastatic breast cancer, we now have seven clinical stage antibody drug conjugate programs in oncology. In cell therapy, we are approaching an important catalyst with the potential approval of a needle cell toward the end of the year. This would bring our total number of approvals to four in 2026 alone. In inflammation, our third strategic area of focus, we are advancing and expanding our broad and differentiated pipeline that we believe will establish a durable new growth area for the company. We recently shared promising 12-week data for Invistagrast and inflammatory bowel disease, and we expect to advance the program into Phase III studies in ulcerative colitis in 2027. Invistagrast has the potential to be a backbone therapy for inflammatory bowel diseases as a monotherapy or in combination with other mechanisms, including the oral IL-23 receptor inhibitor we recently agreed to acquire. Beyond IBD, we have our RAK4 inhibitor, for which we plan to share data at the upcoming ACR meeting, as well as gemgirtamig, which represents a promising approach to B-cell-driven autoimmune diseases, with additional data expected later this year. Overall, our inflammation pipeline now includes 13 clinical programs, giving us multiple opportunities to deliver meaningful advances for patients. In summary, the third quarter continues what is proving to be a stellar year of execution and performance. This has enabled us to raise our 2026 base business revenue guidance by $1.6 billion over the course of the year while advancing a robust pipeline and preparing for the next wave of potential launches. This fundamental strength in our business means we are well-placed to adapt to potential policy headwinds. As you know, Bictarvy was selected for the maximum fair price determination process. That process is now complete and CMS have informed us of the price they have set. As we have previously shared, this will have an impact on Bictarvy revenues in 2028. will share details in his section of the call. And as this third quarter has reinforced again, our strategy of diversification has reshaped our business and is expected to continue to drive sustainable growth. Looking forward, the multiple opportunities to drive growth across all three of our therapeutic areas, the strength and diversity of our pipeline within and beyond HIV, and a disciplined operating model all give us confidence in the trajectory of the company. With that, I'll hand it over to Johanna.