“We are increasing our guidance for product sales, excluding Veklury, by $150 million at the midpoint from the prior range to a new range of $26 billion to $26.3 billion.”

In context

“e same period last year, primarily reflecting higher acquired IPR&D and tax expense, partially offset by higher product sales. As mentioned earlier, the $320 million expense related to buyout of global Livdelzi royalties from Janssen impacted our EPS by $0.20 per share. As highlighted on Slide 28, we had a strong first nine months of the year, with solid performance in each of our core franchises across HIV, Oncology, and Liver Disease, driving base business growth of 7% year-over-year, with Veklury already exceeding our initial full-year guidance of $1.3 billion. Altogether, total product sales for the nine months of 2024 were up 6% year-over-year. Moving to guidance on Slide 29. We are updating much of our guidance to reflect the very strong performance in our business so far this year. We are increasing our guidance for product sales, excluding Veklury, by $150 million at the midpoint from the prior range to a new range of $26 billion to $26.3 billion. In addition to our strong year-to-day performance, this guidance accounts for evolving competition in our cell therapy business. The increased revenue guidance also reflects higher full-year expectations for HIV, now expected to grow approximately 5% from 2023, compared to our prior expectations of 4%. This guidance implies that fourth-quarter HIV could be roughly flat, which we believe is prudent given the strength in the third quarter and the normal variability we can see with HIV pricing. We expect full-year Veklury revenue to be approximately $1.8 billion. We therefore expect full-year 2024 total product sales in the range of $27.8 billion to $28.1 billion, an increase of $650 million at the midpoint compared to the prior range. Turning to the rest of the P&L on a non-GAAP basis, we e”