“Importantly, HIV volumes were in line with our expectations and we are confident in our full-year revenue growth expectations for HIV in 2024.”

In context

“mitment in 2024. And now, I hand the call over to Andy. Andrew Dickinson: Thank you Merdad, and good afternoon, everyone. Starting on Slide 26, we closed the year with total product sales of $26.9 billion, at the top-end of our guidance range due to a strong contribution from Veklury. For the full-year, total product sales, excluding Veklury, grew 7%, driven by growth in both HIV and Oncology. HIV increased 6% year-over-year, driven by Biktarvy, which grew 14% from 2022 to $11.8 billion. And, Oncology grew to $2.9 billion for the full year, an increase of $792 million or 37% from 2022. Altogether, total product sales, excluding Veklury were $24.7 billion, modestly below the lower-end of our full-year guidance range largely due to quarterly pricing variability in HIV in the fourth quarter. Importantly, HIV volumes were in line with our expectations and we are confident in our full-year revenue growth expectations for HIV in 2024. Veklury revenue of $2.2 billion exceeded our guidance of approximately $1.9 billion, and reflected higher hospitalization rates in the latter part of 2023. Compared to 2022, full year Veklury revenue declined as expected, and represented a headwind of more than $1.7 billion to total product sales. This was largely offset by almost $1.7 billion in growth from our base business, resulting in roughly flat total product sales year-over-year. On Slide 27, our non-GAAP results were largely as expected, including gross margin and operating expenses, notably R&D which showed disciplined moderation as we progressed through 2023. Non-GAAP EPS was $6.72, and within our guidance range despite the incremental $0.10 cents of acquired IPR&D associated with the Arcellx and Compugen partnerships that we a”