“Finally, we will continue to utilize share repurchases to offset equity dilution, as well as additional repurchases on an opportunistic basis.”

In context

“024, we expect HIV to decline sequentially in the 10-12% range from Q4 2023, similar to what we saw in the first quarter of 2023, and Cell Therapy to be flat to slightly up from Q4 of 2023. Moving to capital allocation on Slide 31, our priorities have not changed. In 2023, we returned $4.8 billion to shareholders. This included $3.8 billion in dividend payments and $1 billion in share repurchases. Fourth quarter share repurchases were $150 million. For 2024, we announced today a 2.7% increase in our quarterly cash dividend to $0.77 per share and we remain committed to growing our dividend over time, in-line with earnings growth. You can also expect to see continued investments in our business both internally and externally through select partnerships and business development transactions. Finally, we will continue to utilize share repurchases to offset equity dilution, as well as additional repurchases on an opportunistic basis. With that, I’ll invite the Operator to begin the Q&A. Operator: Of course, Andrew. We will now begin the question-and-answer session. [Operator Instructions] Our first question comes from the line of Tyler Van Buren with TD Cowen. Your line is now open. Tyler Van Buren: Hey guys, good afternoon. Regarding the 2024 product sales guidance, I understand you guys are guiding to a near $900 million sales drop-off year over year for Veklury, but the guidance, ex- Veklury looks to be a 5% year-over-year growth at the midpoint versus 7% for this year. So what do you view as some of the levers to ex-Veklury product sales guidance in 2024 where we could see upside? Daniel O’Day: Thanks, Tyler. Welcome. Let's have Andy start, please. Thanks. Andrew Dickinson: Hey, Tyler. It's Andy. Thanks for the qu”