“In the meantime, we continue to expect robust demand-led volume growth for the full year. Though, as shared back in February, this will be obscured this year due to Part D headwinds resulting in flat reported HIV sales overall for 2025, with a return to growth in 2026.”

In context

“olume following a particularly strong fourth quarter, as well as the impact of Medicare Part D redesign. As a reminder, quarterly HIV growth is generally more variable and less indicative of overall trends than full-year results. With normal first-quarter impacts, including inventory drawdown following a build in the fourth quarter, and channel dynamics, including the resetting of patient copays and deductibles, which result in lower average realized price. Beyond these typical first-quarter dynamics, HIV revenues were also impacted by Medicare Part D redesign in the first quarter of 2025. This increase in manufacturer contribution includes individuals on low-income subsidy for the first time. While we are still in the early stages of this implementation, our assumptions remain unchanged. In the meantime, we continue to expect robust demand-led volume growth for the full year. Though, as shared back in February, this will be obscured this year due to Part D headwinds resulting in flat reported HIV sales overall for 2025, with a return to growth in 2026. On slide nine, in HIV treatment, Biktarvy sales of $3.1 billion were up 7% year over year, primarily driven by higher demand. Sequentially, sales were down 17% as we expected, reflecting first-quarter seasonality, including lower average realized price and volume. Biktarvy once again increased US market share in the first quarter to 51%, outpacing the growth of alternative regimens and remains the regimen of choice across G9 markets. Overall, the HIV treatment market continues to grow in line with our expectations, of 23% annually. Descovy sales of $586 million increased 38% year over year, primarily driven by higher average realized price and higher demand. HIV prevention continues to represent the significant majority of Descovy sales, and growth this quarter was driven by broader aware”