“To that end, for the fourth quarter in particular, we expect HIV sales to be roughly flat, quarter-over-quarter, with continued demand growth and modest seasonal inventory builds, offset by the third quarter pricing dynamics discussed earlier that are not expected to repeat.”

In context

“es were $7.5 billion, up 7% year-over-year. Starting with HIV on Slide 9, sales of $5.1 billion were up 9% year-over-year and 7% sequentially, primarily driven by higher average realized price due to shifts in channel mix and higher demand across treatment and PrEP. The third quarter once again demonstrated the quarterly pricing variability we see in HIV. Specifically, we saw adjustments to government channels where there's a multi-quarter lag for certain claims data. As a result, the quarter reflected more favorable average realized pricing. Year-to-date, HIV sales have grown 5%, well above our prior full-year growth target of 4%. With that outperformance in mind, we're increasing our full-year HIV growth expectation to 5%, and we remind you to focus on full-year versus quarterly trends. To that end, for the fourth quarter in particular, we expect HIV sales to be roughly flat, quarter-over-quarter, with continued demand growth and modest seasonal inventory builds, offset by the third quarter pricing dynamics discussed earlier that are not expected to repeat. Turning to Slide 10, Biktarvy third quarter sales of $3.5 billion increased 13% year-over-year, driven by higher demand as well as higher average realized price due to shifts in channel mix, partially offset by inventory dynamics. Sequentially, sales were up 7%, primarily driven by channel mix and higher demand. In the U.S. and across major markets, Biktarvy continues to be the regimen of choice for those starting treatment and switching therapies, and has grown for 25 consecutive quarters. In the U.S., Biktarvy's share grew to over 49%, up more than 2% year-over-year, and remains the leading regimen for HIV treatment. Gilead is well-positioned to maintain its leadership in the HIV treatment market with four new regimens by the end of 2030. Overall, the HIV treatment market continues to g”