“And as we look ahead, while the transaction will be dilutive to our EPS this year, we expect the deal to be breakeven to earnings in 2025, and significantly accretive in 2026 onwards.”

In context

“ntinue to be disciplined in our use of capital. And while we will continue to be flexible and opportunistic–, it is unlikely that Gilead will be engaging in any sizeable M&A transactions in the near-term. Before I wrap it up, on Slide 29, a quick note on our expectations now that the CymaBay transaction has closed. Pending regulatory approval, we expect to launch seladelpar in the U.S. before the end of 2024, as Johanna highlighted earlier, with a modest revenue contribution expected this year. Additionally, we have shared that the transaction is expected to add to operating expenses this year as we make incremental investments to support the launch as well as other R&D efforts, all of which we are able to manage within the window of the previously-issued operating expense guidance. And as we look ahead, while the transaction will be dilutive to our EPS this year, we expect the deal to be breakeven to earnings in 2025, and significantly accretive in 2026 onwards. And now, I’'ll invite Rebecca to begin the Q&A. Operator: [Operator Instructions] Our first question comes from Chris Schott at JPMorgan. Christopher Schott: Just had a question on the HIV franchise and the impact from the Medicare redesign as we think about 2025, I know this is coming from more and more conversations. Can you just talk a little bit about how you're thinking about that impact to your franchise? And maybe just more broadly, can we directionally still think about top line growth and margin expansion for Gilead next year despite this headwind? So any color you can provide there would be appreciated. Daniel O'Day: Great, Chris. Welcome, everybody. This is Dan. I'm going to have Johanna cover this question. Thank you. Johanna Mercier: Thanks, Chris, for the question. S”