“And the final thing I'd say is you're already seeing the benefits of those investments and the commercial performance that we've talked about for the last two years. So we expect that you will continue to see those benefits in our commercial performance across the entire business, and you're going to see a moderation of expense growth.”

In context

“t that you will see more moderate growth in expenses over time. We're doing a lot to manage our expenses, as you heard on the last couple of quarters. Maybe the best evidence of that, Terrence, is if you look at our first quarter R&D expenses, our third quarter R&D expenses are essentially flat. So you saw a little bit of a step down from the first quarter. In the second quarter, in the third quarter, we're flat. So you already see that we're kind of, as we said, we're approaching kind of the peak spend, recognizing that we have 60 different clinical programs. If I remember correctly, we have 27 programs in phase, 219 programs in Phase 3. That is very different than the Gilead of prior years that you remember. And it's part of what makes it so excited about where we're going as a company. And the final thing I'd say is you're already seeing the benefits of those investments and the commercial performance that we've talked about for the last two years. So we expect that you will continue to see those benefits in our commercial performance across the entire business, and you're going to see a moderation of expense growth. And again, we'll provide much more specific detail early next year and look forward to talking about this further. Thank you. Jacquie Ross: Nadia. Our next caller, please? Operator: Our next question goes to Evan Seigerman of BMO Capital Markets. Evan, please go ahead. Your line is open. Evan Seigerman: Hi, guys. Thank you so much for taking my question. I want one on kind of capital allocation as a function of competitiveness in your respective markets. For example, you have a great moat in virology. How do you think about investment there, say versus oncology, where it's a more competitive marketplace and where we're seeing incremental kind of benefit over time? Maybe some thoughts there. Thank you so much. Andrew Dickinson: Hey, Evan, it's Andy. I'll start. And others may want to jump”