A：The estimated $900 million headwind in 2025 associated with the Medicare Part D redesign reduced the growth of Gilead's HIV business by 1 percentage point, which would have been 10% instead of 9% if not for the redesign.

A：Gilead has several catalysts, including phase updates from one and two trials evaluating Alan as a potential first once weekly oral treatment for people with virologically suppressed HIV, two phase 3 uptakes for trudel V in metastatic non-s small cell lung cancer, and the Ascent 0 1 trial in endometrial cancer. Additionally, there is an expectation for an update on the phase 3 ideal study evaluating Del in second line primary biliary colitis with incomplete response to ursodiol.

A：Gilead is targeting four commercial launches in the current year, including trudel V for first line metastatic triple negative breast cancer, a new daily oral combination of bictegravir and lenacapavir for HIV treatment, a BCMA car T for fourth line or later relapsed or refractory multiple myeloma, and bruvatin in the US following approval in the EU for treatment of chronic hepatitis delta.

A：In the fourth quarter, total product sales excluding Vl were $7.7 billion, up 7% year over year and 9% sequentially. This performance drove total product sales of $28.9 billion in 2025, which were more than $300 million above the high end of Gilead's full year guidance range, primarily due to outperformance in the HIV business and partially offset by lower cell therapies.

A：Gilead's HIV business had record sales of $5.8 billion in the fourth quarter, up 6% year over year, driven by higher demand for Viretra and Dolutegravir as well as the launch of Bictegravir. Full year sales were $20.8 billion, up 6% year over year, primarily driven by strong underlying demand growth and the continued market share gains of the Gilead HIV franchise.

A：The HIV prevention business grew 53% year over year and continues to exceed expectations, with a record US market share greater than 45%. Yes Togo sales are performing strongly, with a 33% year over year increase in the fourth quarter and expectations to achieve blockbuster status. The goal for 2026 is to continue driving rapid adoption of HIV prevention, which is expected to demonstrate robust growth, and total HIV sales (treatment and prevention) to grow approximately 6% compared to 2025. However, there are headwinds from the Affordable Care Act changes and a drug pricing agreement with the US government, which are expected to impact HIV growth by about 2% in 2026 compared to 2025.

A：Gilead expects full year 2026 revenue from its HIV prevention business, specifically Yes Togo, to be approximately $800 million, a significant increase from the $150 million in 2025, indicating a durable and long-term build in sales.

A：The phase 3 clinical trial results for Tridel B demonstrated a progression-free survival benefit over the standard of care, leading to the publication in the New England Journal of Medicine and inclusion in updated NCCN guidelines. This has helped to drive demand growth for the drug.

A：The expected revenue decline for cell therapy in 2026 is approximately 10% compared to 2025. This decline is attributed to ongoing competitive headwinds, pricing pressures, and the impact of growing clinical trials in the industry.

A：Future developments for cell therapy include the potential launch of cell therapies in line with Rela or Ryl, which has a best-in-class profile combined with Kite's manufacturing capabilities and industry-leading turnaround times. Additionally, new clinical trial updates are expected to be shared, further emphasizing the growing clinical trials in the industry.

A：Lodygova was shown to be an effective and well-tolerated alternative for PBC patients switching from obeticholic acid, based on late-breaking real-world data presented at a meeting in November. A positive result from the Phase 3 IDEAL study could lead to expanded use for even more second-line PBC patients.

A：An FDA decision for trodelvy in first-line metastatic triple negative breast cancer patients who are not candidates for PDR inhibitors is expected in the second half of 2026. The NCCN guidelines have already been updated to reflect the practice-changing nature of these results.

A：Key milestones for 2026 include five Phase 3 readouts and five FDA decisions for various Gilead programs. These include big V for chronic hepatitis delta, TRODELVY in first-line PDL one positive and negative metastatic triple negative breast cancer, and A-N-CD19-CD20 by STROPHiCAR T for third-line large B cell lymphoma.

A：The full year 2025 non-GAAP operating margin was 45%. Excluding acquired IP and D expenses and a non-recurring other revenue item related to the IP asset sale, the operating margin was roughly flat for the full year.

A：The company expects total product sales between $29.6 and $30 billion in 2026, with R&D expenses to increase by a low single-digit percentage, and SGA expenses to increase by a mid-single-digit percentage compared to 2025.

A：The company expects HIV segment revenues to grow approximately 8% in 2026, with an anticipated $800 million in revenue for the cell therapy. Yes to Go is expected to grow durable, sustained, and long-term, continuing the momentum beyond 2026.

A：The company returned $5.9 billion to shareholders in 2025 and is committed to returning at least 50% of its free cash flow. This includes $1.9 billion of share repurchases and maintaining a disciplined approach to investing about $5 billion in smaller licensing deals, partnerships, and acquisitions.

A：The company is tracking key launch indicators favorably for Yes to Go, with about 90% of payers covered and high coverage with no copay. They have a comprehensive campaign to increase awareness and are focused on durable, sustained long-term growth. Early data on persistency is encouraging, and they are working on ensuring patients receive their second dose and continue to do so over time.

A：Gilead's expectation for share gains for a new cell therapy in the fourth-line setting is not explicitly stated in the provided transcript content. However, Cindy, who was present during the call, would likely be able to provide further insight into this matter.

A：The company expects to launch the second half of the year and turn on qualified, authorized treatment centers to begin treating patients. The market for fourth line multiple myeloma is valued at $3.5 billion. While modest contribution from treatment centers is expected in 2026, full sales are projected for 2027 due to a full year of operations. Over time, the company aims to become the market leader in this space.

A：The company anticipates strong growth in 2026 with Q1 starting with modest growth and building up throughout the year. This growth is expected due to various factors including access, a DTC awareness campaign, and field work to promote Yes 2 Go awareness. Additionally, market expansion strategies with targeted communities are part of the plan.

A：In 2025, the company's product has seen the highest performance share for dyscola driven by commercial execution, a strong market, and improved access. The factors contributing to this performance are anticipated to continue contributing to growth through 2026.

A：The company's long-acting Q 6 month treatment drug is in phase 2 and represents a potential breakthrough as a once-every-six-months treatment. The company is excited about the potential of this drug, which includes an option for a weekly treatment with Latro Via and Cavia. The drug is compared favorably to competitors in that it only requires a combination treatment, while competitors need a combination on multiple products. The firm believes an integrase inhibitor is important in this combination and that it has benefits such as tolerability and resistance profile.

A：The company's injectable product for PrEP is part of the Study 365, which is a PK-based study focused on demonstrating target coverage and pharmacokinetics. The study is expected to recruit well and quickly. The company hopes to demonstrate effective prevention through the study and is confident in the product's potential to broaden the addressable population, especially for those with unstable housing situations. The product could be available as early as 2028.

A：The company is conducting a phase 3 trial for trudel V in endometrial cancer, guided by data from earlier studies showing a median OS of 12 months in the population. This has led to high intrigue for the potential of trudel V as a second-line treatment for endometrial cancer. The study is anticipated to provide data later in the year. The addressable population for this treatment is estimated to be about 5,000 patients in the US. Furthermore, the company is also excited about potential indications for trudel V in PDL-1 high non-small cell lung cancer, which could represent a much larger market expansion.

A：Specific developments at Gilead that could impact their growth trajectory include the anticipated launches and additional launches over the coming years, the robustness of their internal portfolio, the contributions from corporate development activities, and the ongoing efforts to supplement early-stage, late preclinical, and early clinical pipelines with ordinary course deals. Gilead aims to identify and acquire synergistic, de-risk late-stage assets to enhance their top line growth and profitability.

A：Gilead is focusing on further diversification through original research, early-stage partnership collaboration, and M&A. They plan to stay active in early-stage transactions, referred to as 'normal course,' investing roughly around a billion dollars every year, being agnostic to the specific therapeutic areas and pursuing the most interesting science to build their robust internal portfolio.

A：Gilead's partnership and M&A strategies involve staying active in early-stage transactions and pursuing a robust M&A approach, including synergistic, de-risk late-stage assets to enhance top line growth and improve profitability. Gilead is uniquely positioned with their strong clinical and launch pipeline and aim to be proactive and disciplined in their approach to these strategies.

A：Gilead is managing its M&A approach by focusing on earlier stage transactions and being proactive and disciplined, although they may not have the urgency like other companies in the sector. They plan to continue adding to their pipeline with appropriate M&A deals over the coming year, targeting synergistic, de-risk late-stage assets to turbocharge top line growth and drive more outsized bottom line growth.

A：Gilead cannot confirm today whether they will have priority review for the second half launch, but they have confidence in their ongoing conversations with the agency regarding the filing. They are also confident in the dual endpoint (MRD and PFS) of the Imagine 3 study, which aligns with FDA guidance. An announcement will be made as soon as the decision is available.

A：Tridelbe has started showing a bit more spontaneous use in the frontline setting for the treatment of metastatic breast cancer, which is an aggressive form of the disease. It is now recommended by the NCCN guidelines for both first line PDL1 positive and PDL1 negative metastatic TNBC as well as the second line setting. The opportunity for tridelbe in the frontline setting is significant, offering hope to thousands of women and potentially impacting patient care significantly.

A：Gilead believes in the strong momentum for Yes to Go and sees an acceleration of growth into 2026. They are focused on adding new patients to Yes to Go and ensuring monthly growth. The 2026 guidance is predicated on continued strong performance of Yes to Go, with a focus on new patient starts and patients continuing their treatment. The guidance includes the impact of access and patient navigation, and Gilead is confident in the team's ability to achieve strong, consistent, and durable growth for Yes to Go in the long term.