Gilead Sciences, Inc. Q1 FY2026 earnings call

Good afternoon, everyone, and welcome to Gilead's first quarter 2026 earnings conference call. Jackie Ross hands over to Dan O'Day who shares highlights from Gilead's first quarter. Joanna Mercier discusses commercial performance. Deepar talks about research and clinical programs. Andy Dickinson covers financial results. Gilead's HIV business grew, with various products showing growth. Oncology, liver disease, and inflammation segments also have updates. The company is executing on a strong pipeline and making strategic acquisitions.

HIV business grew 10% year-over-year, with Biktarvy up 7% and U.S. PrEP business up 87%. First quarter total product sales, excluding Vecluri, were $6.8 billion, up 8% year over year. Including Vecluri, it was $6.9 billion, up 5% year-over-year. HIV commercial teams drove first quarter sales of $5 billion, up 10% year-over-year. Livdelzy's sales of $133 million more than tripled year over year. Tredelvi sales were up 37% year-over-year. First quarter cell therapy sales were $407 million, down 12% year over year.

Increasing revenue ranges by $400 million for 2026. Expecting 2026 HIV sales to grow 8% year over year. Adjusting R&D and SG&A expenses guidance. Full-year 2026 non-GAAP loss per share in the range of $1.05 to $0.65 per share. Excluding transaction impacts, non-GAAP diluted EPS would be $8.45 to $8.85. Returned greater than $1.4 billion to shareholders in the first quarter of 2026.

Q: Talk a bit more about the tubular seal, A: Tubulus has value in ovarian cancer and other programs.

Q: On the IS2GO launch, provide latest mix of switch versus naive, etc., A: Discusses access, market share, persistency.

Q: Users who haven't yet returned for second dose, A: Tracks claims data, DTC efforts.

Q: Attractiveness of VicLend treatment, A: Talks about opportunities in complex regimens and switch market.

Q: US2GO adherence, A: Discusses adherence and persistency.

Q: Need to sell, A: Talks about safety advantage in earlier lines.

Q: Margins in near and long term, A: Discusses margin expansion potential.

Q: Phase two ulcerative colitis trial update, A: Says will update in due course.

Q: US2GO uptake regions, A: Talks about regions with greatest uptake.

Q: GS3242 timing, A: Talks about timing and trial designs.

Q: Impact to Tredelvi sales with AstraZeneca's approval, A: Talks about Tredelvi's performance and potential.

Q: AnitaCell launch dynamics, A: Talks about enrollment and authorized treatment centers activation