“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.”

In context

“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 expect product gross margin to be approximately 86%, narrowed from our prior 85% to 86% range, and reflecting year-to-date results as well as our expectations for a more favorable product mix in the fourth quarter. We now expect R&D expense to decline a low single-digit percentage as compared to our prior outlook of low-to-mid single-digit growth, reflecting the discontinuation of certain programs and careful expense management. And there is no change to our prior expectations for both acquired IPR&D and SG&A. Reflecting these updates, we now expect operating income in the range of $8 billion to $8.3 billion, up from $7.2 billion to $7.6 billion previously. Full-year tax is expected to be approximately 27%, slightly lower than our pri”