Good afternoon, everyone, and welcome to Gilead's fourth quarter and full year 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, please press star 1. To withdraw your question, press star 2. Now, I'll hand the call over to Jackie Ross, Senior Vice President of Treasury and Investor Relations. Thank you, Rebecca. Just after market close today,

we issued a press release with earnings results for the fourth quarter and full year 2025. 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, Joanna 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 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. I'm pleased to share another very strong set of results for Gilead, closing out a remarkable year for the company with clinical, commercial, and operational achievements that set the stage for a very promising 2026. Starting with our full-year results, our HIV business grew 6% year-over-year, driven by 7% growth in Big Tarby and 47% growth in our HIV prevention portfolio. This was despite an estimated $900 million headwind in 2025 associated with the Part D redesign. Absent this headwind, our HIV business growth was 10% in 2025. Yes2Go, our twice yearly HIV prevention injectable, has already exceeded our coverage goals and is rapidly gaining market share in addition to expanding the reach of HIV prevention to new users. With its unique potential to bend the curve of the HIV epidemic, Yes2Go is a transformative medicine that we expect to drive durable, steady, and long-term growth in our HIV prevention business in the coming quarters and years. Our liver business grew 6% in 2025 compared to 2024, largely driven by the rapid adoption of Levdelzi for primary biliary cholangitis. And in oncology, Tredelvi also grew 6% in 2025, driven by momentum in metastatic triple-negative breast cancer following positive phase 3 updates. And cell therapy was down about 7% year-over-year, largely in line with our expectations and reflecting continuing competitive headwinds. Moving to clinical progress, following a very productive year in 2025. We have a catalyst-rich year ahead, including phase three updates from ILIN-1 and 2 trials evaluating islatravir plus lanacapavir, the potential first once-weekly oral treatment for people with virologically suppressed HIV, two phase three updates for Tredelvi, including the EVOKE-03 trial and metastatic non-small cell lung cancer and the ASCENT-GYNE-01 trial and advanced endometrial cancer. Lastly, we expect an update on the Phase III IDEAL study evaluating LVDELZE in second-line primary biliary cholangitis patients with only incomplete response to UDCA. The strength and the pace of progress in our clinical pipeline is driving a steady cadence of product launches. And on the heels of Livedelzi in 2024 and Yes to Go in 2025, we are targeting four commercial launches this year, including Trodelvi for first-line metastatic triple-negative breast cancer, extending beyond second-line treatment for which Trodelvi is a standard of care, following positive results from the Phase III Ascent 03 and Ascent 04 studies, a new daily oral combination of Bictegravir and Lenacapavir for HIV treatment following positive updates from the Phase III Artistry I and Artistry II trials, Aneedocel or potential best-in-disease BCMA CAR-T for fourth-line or later relapsed or refractory multiple myeloma, and Bulabritide in the U.S. following approval in the EU for treatment of chronic hepatitis These commercial and clinical milestones reflect the success of our diversification strategy that has been shaping Gilead over the last six years. We have up to 10 ongoing and potential new launches through 2027, and the strongest pipeline in our almost 40-year history. At the same time, we remain committed to operating expense and M&A discipline, continued delivery of exceptional operating results and growing returns to shareholders. With many of the policy-related uncertainties behind us and no major product LOEs until 2036, Gilead is entering 2026 in a position of strength. With that, I will hand it over to Joanna. Thanks, Dan, and good afternoon, everyone.

2025 was another strong year of commercial execution, with base business sales up 4% compared to 2024, or nearly 8% excluding impact from Medicare Part D redesign. This underscores the durability of our base business and our sustained launch momentum with up to 10 ongoing and potential new launches through 2027. Beginning on slide 7, fourth quarter total product sales, excluding Vicluri, were $7.7 billion, up 7% year-over-year and 9% sequentially, primarily driven by higher sales across HIV and Livedelsea. Including Vicluri sales of $212 million, fourth quarter total product sales were $7.9 billion, up 5% year-over-year and 8% sequentially. Turning to the full year on slide 8, total product sales, excluding Viclury, were $28 billion in 2025, more than $300 million above the high end of our full year guidance range, driven by outperformance in our HIV business and partially offset by lower cell therapy Including Viclury, total product sales were $28.9 billion, up 1% compared to 2024, or 5%, excluding Medicare Part D redesign impact, highlighting the strength of our overall business. Moving to slide 9, our HIV business delivered record sales of $5.8 billion for the fourth quarter, up 6% year-over-year, driven by higher demand for Biktarvi and Descovi, as well as the launch of Yes2Go. Sequentially, HIV sales were up 10%, primarily driven by seasonal inventory dynamics and higher average realized price due to favorable channel mix in addition to demand. For the full year, HIV sales of $20.8 billion were up 6% year-over-year, driven by strong underlying demand growth. Our exceptional commercial performance and higher-than-expected average realized price exceeded our updated guidance of 5% growth. Excluding the estimated a $900 million headwind associated with the Medicare Part D redesign, our HIV business grew 10% year-over-year. Looking at HIV treatment in more detail on slide 10, Big Tarby fourth-quarter sales were $4 billion, up 5% year-over-year, and full-year sales were $14.3 billion, up 7% year-over-year, both driven by higher demand, partially offset by lower average realized price. This demand-led growth reflects 2% to 3% treatment market growth annually and continued BICTARVI share gains. In the U.S., for example, BICTARVI's share is more than 52%, with year-over-year gains every quarter since launch. It's clear BICTARVI continues to set the bar for HIV treatment and remains the number one prescribed regimen for both treatment-naive and switch across major markets. We are rapidly advancing towards the launch of BicLen, our investigational once-daily oral combining BicTecravir, the most prescribed integrase inhibitor, with our breakthrough capsid inhibitor lenacapavir in virologically suppressed people with HIV, including those on complex regimens. BicLen could further expand our lead in the switch market following potential launch in the second half of this year. This regimen represents the first of up to seven potential HIV product launches through 2033. Now moving to slide 11, we've had another exceptional quarter for our HIV prevention business, which grew 53% year over year, driven by favorable access, strong commercial execution, and continued U.S. market growth of approximately 13% year over year. Our fourth quarter sales of Descovy were up an impressive 33% year over year. For the full year, Dyscovy's sales were $2.8 billion, up 31% year-over-year, driven by increased demand in HIV prevention and higher average realized price. Dyscovy's performance in HIV prevention, which accounts for roughly 80% of its sales, continues to exceed expectations with record U.S. market share greater than 45%. Similarly, Yes2Go continues to perform strongly across several key launch indicators. Yes2Go fourth quarter sales were $96 million, and full-year Yes2Go sales were $150 million in line with our guidance we shared in the third quarter. Building upon this early success, we recently launched our Yes2Go branded direct-to-consumer campaign, highlighting Yes2Go's dosing schedule and efficacy, and reflecting the broad diversity represented in our purpose trials. sales. We expect this DTC campaign to broaden awareness of Yes2Go and contribute to a consistent build in Yes2Go sales in the coming quarters. Coverage for Yes2Go continues to grow and I'm thrilled to share that we have achieved our goal of 90% coverage well ahead of our one-year target. This includes all major payers. Additionally, approximately 90% of covered individuals can access Yes2Go with zero-dollar copay. We continue to work on an account-by-account basis to support pull-through as quickly as possible. While we have more to do, we are making great progress here as we support clinicians and their offices navigate the new logistics associated with a twice-yearly injectable regimen. Given our expectations for a steady, durable, and long-term build and sales, we expect full year 2026 Yes2Go revenue of approximately $800 million compared to $150 million in 2025, highlighting that Yes2Go is well on its way to achieving blockbuster status. We continue to offer the most compelling HIV prevention portfolio available, including the six-monthly Yes2Go injectable with its transformative potential on the HIV epidemic, in addition to Descovy for PrEP, the current market-leading branded oral. Our goal this year is to continue to drive rapid adoption of HIV prevention, and we expect both brands to demonstrate robust growth in 2026. For 2026, we expect total HIV sales, including both treatment and prevention, to grow approximately 6% compared to 2025, as shown on slide 12. Looking at quarterly trends, and as a reminder, we expect our normal HIV seasonal inventory drawdown in the first quarter of 2026. As announced in December, there are manageable headwinds associated with the drug pricing agreement with the U.S. government to lower Medicaid pricing for some of our products, including GenVoia and Odefsi. Additionally, our guidance reflects some potential shifts into lower price channels associated with proposed changes to the Affordable Care Act. In total, these headwinds are expected to impact HIV growth by about 2% in 2026 compared to 2025. Absent these headwinds, our HIV business is expected to grow 8% in 2026, highlighting the underlying strength of our HIV business. Turning to liver disease on slide 13, full year sales of $3.2 billion were up 6% year over year, primarily driven by higher demand and partially offset by lower average realized price. In the fourth quarter, liver sales were $844 million, up 17% year over year and 3% sequentially, driven by another quarter of continued strength for Livdelzi in primary biliary cholangitis or PBC. Live Delvey grew a remarkable 42% sequentially to $150 million, driven by strong patient demand, further accelerated by the withdrawal of a competitor product in the U.S. With much of this switching activity now behind us, we are pleased to start 2026 as the U.S. market share leader with more than 50% in second-line PBC. Moving to Delvey on slide 14, full-year 2025 sales increased 6% to $1.4 billion, primarily driven by higher demand in metastatic breast cancer treatment, which more than offset the expected impact from the bladder cancer withdrawal in the U.S. at the end of 2024. In the fourth quarter, Tridelvy sales were $384 million, up 8% both year-over-year and sequentially, driven by higher demand. Building on Tridelvy's strong 2025 performance, we shared back-to-back positive Phase III Acento III and Acento IV readouts. These results contribute to the strong body of evidence for Tredelvi across lines of therapy in metastatic triple-negative breast cancer and continue to drive demand growth. In both these studies, the investigational Tredelvi regimens demonstrated a highly statistically significant and clinically meaningful progression-free survival benefit over the standard of care. These potentially practice-changing data have now been published in the New England Journal of Medicine and have been recognized by the NCCN in their updated breast cancer guidelines. Trudelvie is now the only antibody drug conjugate to be recommended by the NCCN for first-line PD-L1 positive and PD-L1 negative, as well as second-line metastatic triple-negative breast cancer. As the leading regimen in second-line, Trudelvie is already well-established with oncologists, and these updates build momentum for Tredelvi ahead of potential first-line launches expected later this year. Moving to cell therapy on slide 15, and on behalf of Cindy and the Kite team, full-year cell therapy sales were $1.8 billion, down 7% year-over-year, reflecting ongoing in-and-out-of-class competition. For the fourth quarter, cell therapy sales were $458 million, up 6% sequentially, due to higher-than-expected patient treatments in advance of holidays, in addition to one-time pricing adjustments. Year-over-year, fourth-quarter cell therapy sales were down 6%, consistent with the trends we have discussed throughout 2025. For 2026, we continue to expect these competitive headwinds, including in several countries outside the U.S., where we expect new entrants this year. Additionally, cell therapy volumes are being impacted by a growing number of clinical trials which is exciting for our industry and for the patients who could benefit from innovative new therapies from Kite and others. That said, this represents another near-term headwind. Overall, we expect Kite revenue to decline approximately 10% in 2026 compared to 2025. Looking to the second half of the year, the team is preparing for the potential launch of AneedoCell in fourth line and later relapsed or refractory multiple myeloma. We believe AneedoCell's potential best-in-disease profile, combined with Kite's exceptional manufacturing capabilities and industry-leading turnaround times, puts us in a favorable position ahead of a potential commercial launch. Wrapping up our fourth quarter and 2025 on slide 16, I'd like to highlight the exceptional strength of our existing commercial portfolio, as well as our robust launch pipeline with the potential for four launches later this year. We are committed to remaining focused on our ongoing launches of LivDelzy and Yastugo, in addition to ensuring that we are prepared to have an immediate impact with the potential launches of Aneedocel in multiple myeloma, Tredelvy in first-line metastatic triple-negative breast cancer, BicLen in HIV treatment, and blevertide in chronic hepatitis D. The addition of these potentially transformative therapies to our portfolio is incredibly energizing for our teams. We look forward to extending the reach of Gilead therapies to many more patients who can benefit from them in 2026. And with that, I'll hand the call over to Dietmar. Thank you, Joanna, and good afternoon,

everyone. I'd like to start by reflecting on 2025 and thanking the research and development teams and partners for an exceptional year of clinical execution. As shown in our 2025 milestones on slide 18, we received regulatory approvals for lanacapavir, our first-in-class capsid inhibitor for HIV prevention in the U.S., EU, and 12 other countries. Additionally, we provided updates on seven phase three or pivotal phase two trials, including positive updates for bigtegravir plus lanacapivir, chodelvi, and anidocell. Looking ahead to 2026 and beyond, we are well positioned to progress our clinical programs across our three core therapeutic areas. Starting with HIV on slide 19, we continue to advance a comprehensive pipeline with lanacapivir as the backbone. Our HIV pipeline could support up to seven additional daily, weekly, monthly, twice-yearly or yearly HIV product launches by the end of 2033. In the fourth quarter, we announced positive top-line results from Artistry 1 and 2, evaluating once-daily Biccagravir, the most prescribed integrase inhibitor, with Lenacapavir, our breakthrough capsid inhibitor. We expect to share detailed results from our positive Phase III trials at the CROI meeting in February with a potential FDA decision by the end of the year. Looking at our long-acting programs, we plan to share Phase III updates from our Island I and Island II trials, evaluating Islatravir plus Lanacapavir in the first half of 2026. And for our twice-yearly treatment program, we plan to initiate our Phase III trial evaluating lanacapavir plus broadly neutralizing antibodies in the second half of the year. Further, we have now completed our evaluation of the Phase I data for our long-acting INSTiC candidates GS3242 and GS11219, as well as GS1614 and Islatravir prodrug. Consistent with the timeline shared during our HIV Analyst event in December 2024, we have identified GS3242 as the most promising program with lenacapavir and prioritized its development as a potential twice-yearly HIV treatment. As a result, and as a reminder, we have discontinued the development of a twice-yearly regimen with GS1219 and a quarterly regimen with GS1614. Turning to liver disease on slide 20, we remain committed to further evaluating Livedelsea to potentially improve the standard of care for more patients with PBC. At the liver meeting in November, we presented late-breaking real-world data showing that Livedelzi is an effective and well-tolerated alternative for PBC patients switching from obedicolic acid. Later this year, we expect to provide an update from our Phase III IDEAL study evaluating Livedelzi in PBC patients with ALP levels between 1 and 1.67 times the upper limit of patients typically excluded from Phase III studies. If positive, these data could support the expansion of Livedelzi to incomplete responders to UDCA and potentially enable even more second-line PVC patients to achieve better biochemical and symptomatic control of their PVC. Moving to oncology on slide 21, Trudelvi has demonstrated clinically meaningful survival benefit in two phase three trials, establishing it as a leading regimen in its approved indications. Most recently, Trudelvi has demonstrated highly statistically significant and clinically meaningful progression-free survival benefit across first-line metastatic triple-negative

breast cancer patients.

Full data from the Phase III, ASCENT-03, and ASCENT-04 trials were published in the New England Journal of Medicine in October 2025 and January 2026. We expect FDA decisions for Trodelvi in first-line metastatic TNBC patients who are not candidates for PD-1 inhibitors and for Trodelvi plus Pembrolizumab in first-line PD-L1 positive metastatic TNBC in the second half of 2026. Ahead of the FDA decisions, the NCCN updated their breast cancer guidelines to reflect the practice-changing nature of these results, reinforcing our confidence in Trodelvis clinical profile. We also have four Phase III studies that continue to evaluate Trodelvis potential in additional tumor types. Notably, we expect updates from two of the Phase III trials this year, including ASCENT-GYN-01, evaluating Trodelvi in second-line metastatic endometrial cancer in the second half of this year, as well as Evoke-03, exploring Trodelvi plus PEMBRO in first-line metastatic PD-L1-high non-small cell lung cancer. Moving to cell therapy on slide 22, and on behalf of Cindy and the KITE team, I will touch upon some of our updates on our AneedoCell program. Notably, we have filed AneedoCell based on our update from the Phase 2 Imagine 1 trial in fourth line or later relapsed or refractory multiple myeloma at ASH in December. AneedoCell demonstrated clinically meaningful efficacy with 96% overall response, including 74% complete response and 95% measurable residual disease negativity. Additionally, AnidoCell demonstrated a predictable and manageable safety profile with no delayed or non-ICANs neurotoxicities and no immune effector cell-associated enterocolitis. Based on these exciting data, we are energized to potentially bring AnidoCell to patients in the second half of this year. Longer term, we see additional opportunity for a needle cell with our Phase III, Imagine III study in second, third, and fourth line relapsed or refractory multiple myeloma and rolling in record time. We are also planning a pivotal program in newly diagnosed multiple myeloma. With our broader and rapidly advancing clinical development program, we expect a needle cell to potentially reach more patients earlier in the treatment paradigm. Wrapping up on slide 23, our key milestones for 2026 include five phase three readouts, as well as five FDA decisions for bulevertide for chronic hepatitis delta, Big Len for virologically suppressed people with HIV, Joe Delvey in first line PD-L1 positive and negative metastatic triple negative breast cancer and a needle cell in fourth line and later relapsed or refractory multiple myeloma. While these pipeline milestones reflect some of our later stage catalysts, I would like to remind you we have 53 ongoing clinical programs and will continue our progress across our portfolio, including KITE-753, our next generation CD19, CD20, Bicistronic CAR-T, enrolling for its pivotal trial for third-line large B-cell lymphoma, GS1427, a once-daily oral alpha-4 beta-7 inhibitor for inflammatory bowel disease, and it is a CERTIP, our IREC-4 inhibitor for cutaneous lupus erythematosus. And with that, I'll turn over the call to Andy.

Thank you, Dietmar, and good afternoon, everyone. Starting on slide 25, full year 2025 total product sales of $28.9 billion were up 1% from 2024 and above our $28.4 billion to $28.7 billion guidance range driven by demand-led HIV sales growth that more than offset the 1.1 billion dollar headwind related to Part D redesign and 900 million lower Vecluri revenue. Excluding the Part D redesign impact, our total product sales grew nearly five percent. Based business revenue, which reflects total product sales excluding Vecluri, was twenty eight billion dollars up nearly 1.2 billion dollars or four percent from 2024 exceeding our 27.4 billion to 27.7 billion guidance range excluding the impact of the Part D redesign our base business grew eight percent our strong revenue results reflected HIV growth of six percent or 1.1 billion dollars to $20.8 billion, driven by strong growth for Biktarvi and Descovi, which grew 7% and 31% respectively from 2024, as well as the launch of Yes2Go. And our liver business grew 6% to $3.2 billion, reflecting growing demand primarily driven by Livedelze. Full-year 2025 Vecluri revenue was $911 million, a decline of $900 million or 49% from 2024, and mostly in line with our expectations given lower COVID-19-related hospitalization trends. Moving to our full-year non-GAAP results on slide 26, product gross margin was 86.4%, in line with our guidance of 86%. R&D expenses of $5.7 billion were down 1% compared to 2024, and in line with our guidance of R&D flat on a dollar basis for 2025. Acquired IPR&D expenses were approximately $1 billion, in line with our expected annual investment in earlier stage opportunities that are part of our normal course of business development. And SG&A expenses of $5.6 billion were down 5% compared to 2024 within our guidance range, reflecting lower general and administrative expenses, partially offset by sales and marketing investments to support Yes2Go's launch. overall our operating margin for full year 2025 was 45 percent excluding acquired ipr and d and the 400 million non-recurring other revenue related to the ip asset sale in the third quarter our operating margin was roughly 48 for the full year this underscores our ability to continue expense discipline while increasing investment in new and ongoing launches the non-gap effective tax rate was 18.3 percent roughly in line with our guidance of approximately 19 percent and down from 25.9 percent in 2024 primarily driven by the prior year non-deductible acquired ipr and d charge for the acquisition of simma bay and finally non-gap diluted eps was eight dollars and fifteen cents in line with our 2025 guidance of $8.05 to $8.25, and driven by lower acquired IPR&D expenses, higher revenues, and lower SG&A expenses. Excluding the approximately $3.14 per share impact related to the Sima Bay transaction, non-GAAP diluted EPS increased by $0.40 compared to 2024 to quickly recap the fourth quarter on slide 27 total product sales were seven point nine billion dollars up five percent year-over-year with base business growth partially offset by the expected decline in veclory sales excluding veclory total product sales were seven point seven billion dollars up seven percent from the same period in 2024 primarily driven by higher sales for our HIV and liver disease products moving to the fourth quarter P&L on slide 28 R&D expenses were 1.6 billion dollars down three percent relative to the same period in 2024 and SG&A expenses were 1.7 billion dollars down nine percent year over year primarily due to lower gna expenses overall our non-gap diluted earnings per share was one dollar and 86 cents in the fourth quarter of 2025 compared to one dollar and 90 cents in the same period 2024 primarily due to higher acquired ipr and d expenses partially offset by higher product sales and lower sgna expenses looking at our full year guidance on slide 29 we expect 2026 total product sales between $29.6 and $30 billion. We expect total Vecluri sales of approximately $600 million, highlighting a $300 million headwind that we expect to more than offset in our base business. We therefore expect base business sales between $29 and $29.4 billion, dollars growth of four to five percent compared to 2025 moving to the non-gap p l for the full year 2026 we expect product gross margin of approximately 87 percent r d expenses to increase a low single digit percentage from 2025 acquired ip r d investments of approximately 300 million dollars reflecting known commitments associated with prior collaborations and partnerships Consistent with our approach in 2025, we will highlight incremental acquired IPR&D expenses as we announce new transactions throughout the year. And SG&A expenses to increase by a mid-single-digit percentage relative to 2025, reflecting higher investments in sales and marketing to support our commercial launches, offset in part by lower G&A expenses. We expect full-year 2026 non-GAAP operating income of between $13.8 billion and $14.3 billion, a tax rate of approximately 20%, and non-GAAP diluted EPS in the range of $8.45 and $8.85 per share. As Joanna mentioned and is shown on slide 30, we expect an approximate 2% headwind to growth in 2026, primarily associated with the impact of the drug pricing agreement announced in December 2025 and the expected impact of updates to the Affordable Care Act. I'll note that, absent these updates, our full-year growth would be in the range of 6 to 7 percent. Additionally, we expect HIV to grow approximately 6 percent in 2026, and within HIV, we expect 2026 yes to go revenue of approximately 800 million dollars in cell therapy we expect full year 2026 revenues to decline approximately 10 compared to 2025 reflecting continued competitive headwinds related to our kite portfolio on slide 31 we returned 5.9 billion dollars to shareholders in 2025 and we remain committed to returning on average at least 50 of our free cash flow to shareholders in 2025 this included 1.9 billion dollars of share repurchases primarily intended to offset equity dilution at a minimum in addition to opportunistic repurchases combined with our dividend we returned approximately 63 percent of our free cash flow to shareholders in 2025. in terms of business development we are confident that we have built a robust and diverse portfolio that can support Gilead's growth at the same time we are carefully strengthening our early stage pipeline to position Gilead well for the long term typically investing about 1 billion dollars annually in smaller licensing deals partnerships and acquisitions additionally we are proactive and disciplined in our approach to later stage acquisitions that support our strategic goals and add new growth opportunities overall we are pleased with Gilead's consistent strong performance, highlighted by our clinical and commercial execution, and supported by our disciplined operating model. We continue to be well-positioned for near-term and long-term growth, and we remain focused on delivering on our strategic commitments. With that, I'll invite Rebecca to begin the Q&A.

REBECCA GARCIA Thank you, Andy. At this time, we'll invite your questions. Please be courteous and limit yourself to one question so we can get to as many analysts as possible during today's call. Again, to ask a question, press star 1. And to withdraw your question, press star 2. Our first question comes from Chris Schott at JPM. Chris, go ahead. Your line is open.

Thanks so much. Just wanted to kick off with a question on Yes2Go. Could you just elaborate a little bit more on the assumptions driving the $800 million guidance, and maybe as part of this now needing to be redosed on the drug, what type of refill rates are you at?

Thanks, Chris. Welcome to the call. I'd invite Joanna to cover that point.

Thanks, Dan. Thanks, Chris, for the question. So, yeah. So, one, let me start with how excited we are with Yes2Go. I think as we closed out 2025 and really building momentum coming into 2026, all of our key launch indicators are basically tracking or exceeding our expectation. And that includes, of course, access, which is where it starts, with about 90% payer coverage, So all major payers are now covering Yes2Go, about 90% of those with $0 copay. So that's really important for people that want to have access to this medicine. I would just remind everyone that, you know, as we pull through this great access, it takes a little bit of time, right, because you do it by account by account, and you're basically navigating logistics for HCPs and their clinics around an injectable versus a very oral market to begin with, so that scheduling, coordination, administration, so that just takes a little bit of time, and the teams are working diligently to make sure that happens as quickly as possible. We also launched, you might have seen, a very recent DTC campaign. Our whole campaign is 1-2-PREP campaign, which is really meant to increase awareness for HIV prevention and, of course, brand recognition for Yes2Go as it really differentiates itself both from its efficacy as well as its dosing and really intended to appeal to a much broader audience than past HIV prevention campaigns and hopefully folks are seeing that. It's a very consumer-friendly campaign and we expect that to kind of pull through as well and make sure that people are talking to their physicians about the potential opportunities of Yes2Go. So all of our indicators, intakes, access, HCP awareness, conversion rates are all tracking in the right direction. So we're excited about that. And looking ahead, we really expect to drive very durable, sustained, long-term growth of yes-to-go. So that's not just 2026 continued growth, and Momentum's quarter-on-quarter will build on that, but also well beyond 2026 as we expand the HIV and normalize HIV prevention for everyone. To your point around persistency, we don't have an assumption at this point in time because it's still really quite early. As you think about a late launch in June of last year with very little access as we launched and building access into Q3, there's really only a small number of individuals that are eligible for that second dose or second injection, but we're really quite encouraged by early We're tracking it closely and continue to focus on ensuring that individuals return for their second injection and then well beyond that we have a lot of activities planned um that are ongoing and have started ever since we started the launch of yet to go around making sure hcps are thinking about um that auto refill script making sure that our specialty pharmacy partners are reaching out proactively to all of their individuals that are on prep and making sure they're reminding them as well as the work that we do here at gilead um both with digital um reminders, as well as proactive outreach with our access programs. So more to come on that, but we're excited about what Yes2Go has to offer for individuals looking or wanting to need and need HIV PrEP, so more to come.

Our next question comes from Louise Chen at Scotiabank. Louise, go ahead. Your line is open.

Hi. Thank you for taking my question. I wanted to ask you what type of share gains you expect for a neonatal in the fourth-line setting if you're approved especially in light of competition from entrenched players thank you

thanks louise dan here i'll turn it over to uh cindy who's with us here thanks louise um

just as a reminder our expectation is that we would be launching this second half of next of this year and once we have approval there's a period of time where we turn on our qualified authorized treatment centers so that they're able to treat so there's there's that component right after approval. The market for fourth line multiple myeloma is a $3.5 billion market. We expect because the launch is the second half of the year and we need to turn on our authorized treatment center's modest contributions in 2026. However, in 2027, we will have a full year of sales. We expect over time to become the market leader given our excellent efficacy profile and differentiated safety profile, in particular with the delayed neurotoxicity disease and enter colitis. I think the last piece I would add is that we're bringing forward our world-class manufacturing, and so we are ready for launch. We will have the ability to serve the market at launch with 99% reliability and 16-day turnaround time, which again is very differentiated from the existing products on the market today.

Our next question comes from Tazeen Ahmad at Bank of America. Tazeen, go ahead. Your line is open.

Okay, great. Thanks for taking my questions. On Yes2Go, how should we be thinking about the growth outlook? Are you expecting to begin to see cannibalization of the SCOVI prep sales as early as this year? And then connected to that, how should we be thinking about the evolution of net price for Yes2Go throughout the launch? Should we expect to see a decay over time like we've being with other HIV therapies? Thanks.

Hi, it's Joanna again. Thanks, Duzene, for the question. So we do expect as we come into 2026, we have strong growth momentum already. So Q1 will start with modest growth and then kind of build on that quarter after quarter in light of all the different pieces, including access, including the DTC awareness campaign, including a lot of the work that we're doing in the field to drive Yes2Go awareness. So all of that will build on that growth momentum, and in addition to that, we're also doing market expansion strategies as well with very targeted communities. And so we do believe that Yes2Go is going to be the strong performance, and over time, we believe that Yes2Go will be the market leader in HIV prevention just because of the incredible profile that it offers for folks. Having said that, in 2026, we believe that Descovy continues to grow through in 2026. As you saw, in 2025, we had the highest performance share for Descovy we've ever seen. This is driven by many factors, namely commercial execution, really strong market, of course, but also unrestricted access. So all the pieces are coming together and all the boats are rising, and it has a lot to do with the awareness in HIV PrEP because of the Purpose 1 and Purpose 2 trials for for Yes2Go, really building up the market. So we believe Dyskovi will continue to grow through 2026, and over time, of course, that will erode as Yes2Go takes the leading share in HIV prevention. I think the final point you were asking about was growth to nets. We obviously don't discuss growth to nets for our products, but I would say that Yes2Go's value proposition is quite differentiated, and we feel strongly that that is being recognized, and that's in line with the 90% access in less than six months that we've been able to achieve. So really pleased so far with what we've been seeing and making sure that value continues to get recognized for HIV PrEP users. Thank you.

Our next question comes from Michael Yee at UBS. Michael, go ahead. Your line is open.

Thank you, guys. Maybe a question for DiMar or the team. Your long-acting Q6-month treatment drug, which I guess could be a super big tegravir, long-acting 3242, I think you said entered Phase 2. Can you tell us a little bit about the profile of that drug and what you're seeing in Phase 1 to get you excited? Is that going to be a glory, I guess, coming up in a week or two, and how do you compare that to, I think, Shionogi's product, which uh or their investment into vive and i'm sure you're aware that they're also as well so maybe compare and contrast and and what gets you excited about your yeah uh thank you michael for

for the question i mean first of all i i really want to say that you know i'm excited about the reps of the program that we have right not only the the q6 month also the the upcoming for example weekly treatment that we have with with isletravir and then a capivir um and really the options you know, between the daily, weekly, monthly, and then every six months treatments that we're developing. Specifically for the ones every six months, I also want to point out that we have two programs in development. One is for lenacapivir plus broadly neutralizing antibodies. Obviously, that is an infusion and comes with everything that you need to do from an infusion perspective. However, there's a real unmet need, and the interest in the study is really high. So we feel that will be an important addition, and that will come even a little earlier than the 3242-based combination. Now, 3242 is obviously a long-acting INSEE. we firmly believe that an integrase inhibitor is important in this combination. And I think that also sets it apart from some of the other options that are out there. And you know all the benefits of the INSTIs, you know, starting with, for example, the tolerability, but then also really the resistance profile and the forgiveness. And then we feel that that translates also into the once every six months treatment. And then obviously the combination with the anacapivir, So you have the INSTI, again, plus the capsid inhibitor, which we feel is a really important combination. So, yes, you will see more data, more information about 3242 during the year. And we're really looking forward to detail that. I don't want to go too much into the comparison to the competitors. But please keep in mind that, you know, they cannot base once every six months treatment on one product only. They also need a combination. So we need to look at the overall development program that they have and that they'll put together to then really bring their products forward as compared to the two options that I've laid out that we have in development.

Our next question comes from Brian Abrams at RBC Capital Markets. Brian, go ahead.

your line is open hey guys congrats on the quarter and thanks thanks for taking my question we noticed a little bit more detail on your once yearly injectable and a cap of your for prep on the slides today and I was wondering if you could maybe just talk about what you need to show out of purpose 365 in order to support approval and how you planning to position that in the market if

successful thanks thanks Brian go back to deeper yeah I'll start with a profile And really what is so great about lenacapivir is that it's such a versatile product, right? And we do understand the pharmacokinetics and the target coverage and some of the scientific underpinnings of lenacapivir for prevention really well. So the study, Purpose 365, is a PK-based study. It's a smaller study. Obviously, it has been recruiting very well and continues to recruit very well. but it's a smaller study where we basically need to demonstrate target coverage and the right pharmacokinetic thing, peak levels, trough levels, et cetera, so that we can demonstrate effective prevention. That's how the study has been designed. Obviously, we're looking forward to see the data. By looking at PK, looking at safety, it will be an intramuscular injection, which is also an important differentiation that we're looking forward to demonstrate. But we feel it can really bring in a very important benefit with a longer-term interval to patients. I'll hand over to Joanna for the market.

Yeah, thanks, Brian. I would just add to what DMR was saying is the fact that it's 12 months, We've been very clear with the market research that we've seen that frequency or less frequency in the HIV PrEP setting specifically is the most important, and that's why Yes2Go being such an important innovation to this marketplace every six months, let alone the potential of going to every 12 months, really would potentially attract a larger population if you were thinking that you just had to go to the physician's office once a year for that injection. So I think there's an opportunity to broaden the addressable population, as well as there are some folks as well that might have unstable housing or situations that once a year would also be ideal for them. So it's a real market expansion opportunity for us as we see this with that potential with 365.

And Brian, I would just remind what we've already stated, which is this could be available as early as 2028. The trial is recruiting well. Thank you.

Our next question comes from Umar Rafat at Evercore. Umar, go ahead. Your line is open.

Hi, guys. Thanks for taking my question. I was quite intrigued by your mention of the Tridelby phase during endometrial, perhaps in second half of this year, which makes me wonder. It's probably an interim analysis you're effectively guiding to. Can you speak to your confidence overall heading into this interim? And is it fair to say that the size of the indication is generally similar to triple negative breast? Thank

you. So let me just talk about the study and then later on Johanna can can chime in. Thanks for the question, Umar. Obviously we are primarily intrigued about about endometrial because of the earlier study, right, because of the phase two tropics O3 study that the basket trials that we did where we saw median OS of 15 months in that population that data was was published at ESMO 2024 we feel you know with with data like that this would be a really important addition to the treatment options for for second-line endometrial cancer patients we're not providing details regarding the exact evaluation that we're going to do, but we're really looking forward to seeing the data later this year. I want to say second-line endometrial cancer is, of course, more of an incremental opportunity, but I'll hand over to Johanna if she wants to comment on that further.

Yeah, sure. So I think you're right, Umar. It's basically in line with second-line metastatic TNBC, so more or less about 5,000 or so addressable population in the U.S. So, small opportunity, but very important unmet medical need as well for us. So, this is where the focus and just the breadth of data for Tridelby just expands. In addition to a SENT guide that Dietmar was talking about, we also have a potential with Evoco3 earlier this year in our PD-L1 high non-small cell lung cancer setting as well, which would be a much larger market expansion for Tridelby as well if that was to play out.

so we're excited about what's to come richard alvey next we have jeff meacham at citibank jeff go

ahead your line is open oh great uh hey guys afternoon thanks so much for the question i had a bigger picture one for for andy or dan you guys have done a ton of phase three cards of turnover this year and also some launches you know you haven't done a larger scale deal in a while so i guess i wanted to get a sense from you guys as to what voids you think you need to fill. Is it further diversification of safe therapeutic areas? Is it a new product cycle looking to the maybe mid-2030s? Or is there no real BD urgency from you guys at this point? Thank

you. Thanks a lot, Jeff. I'll start and certainly invite Andy to add. You know, I think we've all been reflecting here at Gilead about the progress that's made over the past five or six years. And I think some of the greatest evidence of that is the fact that, you know, we have up to 10 launches is now, either ongoing or to be introduced between now and 2027. That includes four additional launches this year that have already been articulated and five phase three readouts. And importantly, back to your question, Jeff, that's across really all therapeutic areas, which is exactly the design. So we're building this very robust internal portfolio that's been built through original research, early-stage partnerships and collaborations, and M&A. So what I would say is that as we approach additional partnerships and M&As, there's two pieces to that, of course. The first one is that we have to stay active in what we call kind of earlier-stage transactions, sometimes referred to as normal course, and we spend roughly around a billion dollars every year on that. Again, we can be agnostic to the three therapeutic areas and go for the most interesting science, and that's what we've been doing to build this portfolio that is now coming through to us. And as we approach later stage acquisitions, we do it in the context of the fact that we have the most robust clinical and launch pipeline in our company's history with no major LOEs until 2026. So, we're uniquely positioned. We're very ready. We're very proactive and disciplined, but we may not have the urgency of other companies in the sector, so we're going to be disciplined around that, but I would say that we very much want to continue to add to our pipeline with appropriate M&A over the course of the coming years as well. And if I haven't said everything, Andy, would you like to add anything to that?

I think you covered it well. I mean, if you look at the growth that's ahead of us and the cycle that we're entering with all of the launches that are underway or the additional launches that are coming, you know, a reasonable portion of that is driven by our corporate development activities historically. And we continue to want to supplement both, as Dan said, the early stage, late preclinical, early clinical pipeline through more of the ordinary course deals. And we would like to add synergistic, de-risk, late stage assets that will further, you know, I define it as turbocharge our top line growth and drive even more outsized bottom line growth. And, you know, and we will be disciplined in that. But we've been very active in this space. We'll continue to be active, and I'm confident that we'll add exciting new products over time when we find the right ones.

Our next question comes from Dana Graybosch at Lee Rink Partners. Dana, go ahead. Your line is open.

Yeah. I went on a NIDO cell for me. I wonder, and maybe I'm being presumptuous, but what gives you confidence in a second half launch? Does that assume priority review for FDA for a NIDO cell? And then for your 2027 filing from IMAGINE-3, is that going to be on the MRD endpoint or on a survival endpoint? Thank you.

Thanks, Dana, Cindy. So for the confidence in AnitaCell second half launch, we can't say today if we have priority review or not. Obviously, that would come with the BLA acceptance, and we'll be sure to let you know as soon as we can on that. But we have confidence in our conversations with the agency around the filing and look forward to being able to share more soon. The second component you asked about around IMAGINE 3, we have a dual endpoint, which is both MRD and PFS on the IMAGINE 3 study. And that's in line with the guidance that you heard from the FDA

not too long ago. Our next question comes from Tyler Van Buren. Tyler at TD Cowen. Tyler, go ahead. Your line is open.

Great. Thanks so much. For Tro Delby, are you guys starting to see off-label use in the front line in advance of formal approval, given the very positive readouts and the NCCN recommendation in particular? And what do you expect the opportunity on the front line to be versus the current indication?

Yeah, sure, Tyler. I'll take that one. It's Joanna. Yeah, so post Ascento 4 presentation at ASCO last June, that's when we started actually seeing a little bit more spontaneous use of Tridelby, both in the first-line setting, but also strengthening our position, our leadership position in the second-line setting as well. So that's been kind of building. Obviously, that spontaneous use, there's no promotion against first line. There's only education from our medical team, field teams, around the data publications in the New England Journal of Medicine, and you highlighted as well the NCCN guidelines. We are, Tredelby is now the only ADC that is recommended both in first-line PD-L1 positive and PD-L1 negative metastatic TNDC, as well as second-line setting. So we're excited about that and the impact it can have on patients because this disease is such an aggressive form of breast cancer. To your market opportunity, it's about double or so. If you think about the second line setting into the first line setting, there's about 10,000 or so women in the first line setting that are looking for care and really an opportunity for Tredelby to have an impact here, both in PD-1 negative and PD-1 positive with Pembro. The other opportunity, of course, if you think about it, is DOT. Your duration of treatment basically doubles, right? Second line setting because of the aggressiveness of this disease, it's four to five months. And so, therefore, as you think about first line, it's about double. It's nine to ten months, which gives a little bit more hope to these women. So, definitely an important advancement in triple negative breast cancer with trigelvia at the lead.

Our last question comes from Courtney Breen at Bernstein. Courtney, go ahead. Your line is open.

Hi, Gilead team. Thanks so much for squeezing me in at the end. I'm going to point us back to years two again and just kind of really trying to get our arms around the 2026 guide. By our calculations, you have to believe that there's no growth in new patient starts compared to what we've seen kind of through January for the rest of this year. and a more than 10% price cut year-on-year to kind of get to that $800 million guide for 2026. Given that, should we be thinking about the $800 million as a floor or as kind of a guide for 2026? Thanks so much.

Thanks, Courtney, for your question. I'm not sure I'm tracking your modeling because we are definitely assuming continued strong momentum for Yes2Go. I know all of you are looking at weeklies, we're obviously looking at weeklies, but we're also looking at monthlies and making sure that we're creating new growth numbers month to month, and so we do see that as an acceleration of our growth as we go in 2026. A lot of those pieces are supported by making sure that we're adding new patients on Yes2Go, new individuals on Yes2Go, and also bringing back people for their second injection. So those two pieces are considered in that guidance, and I think we're excited thus far about where we stand today with Yes2Go and all the pieces are coming together. We are just making sure that as much as the access is strong right now, and I'm really proud of the team that pulled that through, we also need to pull it through at an account level. So we're doing that account by account and making sure people are navigating the logistics of an injectable in an oral market, and all of that takes a little bit of time, but the intent is we expect strong, consistent, durable growth for the long term for Yes2Go. So we're excited about what's to come, and I guess DTC will also have a pretty big impact, we believe, to bring people in asking and talking about Yes2Go.

That completes the time that we have for questions. I'll now invite Dan to share any closing remarks.

Thanks, everybody. First of all, let me thank the Gilead teams again. And it's such a pleasure to work with them and to see them deliver these really strong full-year performance measures and reinforcing that this is a time of impact and growth for the company. You know, our performance from last year gives us a really strong foundation for the coming year, where we have a lot to deliver for the patients and communities we serve. Coming off of a year where we had just, you know, a really strong, yes, to-go launch, as Joanna mentioned, several key launch indicators have exceeded our expectations. We're firmly committed to continuing to drive that launch, but in addition, we have four potential launches this year and five pivotal phase three readouts across all three therapeutic areas, HIV, oncology, liver disease. So you can expect us to show the same strong commercial and clinical execution you've seen in the past and disciplined focus on expense management, as you've seen from us quarter after quarter. and with no major LOEs until 2036, the next 10 years, and a really proactive approach to business development, Gilead's business is secure, growing, and with the potential for much more to come. So thanks again for your time today. We look forward to keeping you informed on our progress, and as usual, if you have any follow-up questions, our investor relations team is very happy to support you with the answers to your questions. Thank you, everybody. Have a good rest of your day.