“We continue to expect robust full year growth for Descovy, driven by pricing favorability as well as demand growth and an expanding U.S. PrEP market.”

In context

“Johanna Mercier (Chief Commercial and Corporate Affairs Officer): Thanks, Dan, and good afternoon, everyone. This was another exceptional quarter of commercial execution across our core therapeutic areas. Starting on Slide 7. Total product sales, excluding Veklury, of $7.6 billion increased 10% year-over-year, driven by strong growth in Biktarvy, Descovy and Yeztugo in HIV, Trodelvy in oncology and Livdelzi in liver disease. Sequentially, base business sales were up 12%, driven by strength across each of our therapeutic areas. Including Veklury, second quarter total product sales were $7.6 billion, up 8% year-over-year and 10% sequentially. Moving to HIV on Slide 8. Second quarter HIV sales of $5.7 billion were up 12% year-over-year with strong performance for Biktarvy in treatment as well as Descovy and Yeztugo in PrEP, driven by higher average realized price and higher demand. Sequentially, HIV sales increased 13%, primarily driven by inventory build and higher average realized price, both typical in the second quarter following first quarter seasonal dynamics. Given the strong performance in the first half of the year, we now expect full year 2026 HIV sales to grow between 9% and 10% compared to 2025, up from our prior expectation of 8% and driven by continued strong growth in Biktarvy, Yeztugo and Descovy. Looking at HIV treatment in more detail on Slide 9. Biktarvy sales of $3.8 billion were up 7% year-over-year, driven by higher average realized price due to channel mix in addition to inventory build and higher demand. Sequentially, Biktarvy sales increased 12%, driven by typical seasonality, partially offset by lower demand due to market dynamics, including a greater-than-expected impact associated with changes in the Affordable Care Act. As people with HIV navigate these changes, we did see a slowing in HIV treatment market growth in the second quarter, although we expect to see this trend back to the typical 2% to 3% rate of annual growth. Biktarvy continues to lead as the regimen of choice for both naive and switch patients across major markets and once again increased share year-over-year in the second quarter. We're excited to bring new potentially highly effective and differentiated therapies to further expand Gilead's leadership in the switch market. U.S. launch preparations are currently underway for bictegravir plus lenacapavir, our once-daily single-tablet regimen, where we expect an FDA priority review decision later this month. We're also anticipating islatravir plus lenacapavir, the potential first once-weekly single-tablet regimen to launch next year, continuing to build on Gilead's HIV leadership. Moving to Slide 10. Our HIV prevention or PrEP business doubled year-over-year in the second quarter and for the first time, exceeded $1 billion in quarterly sales. With our expanding portfolio of PrEP options, Gilead continues to gain market share in a rapidly growing market. The U.S. PrEP market grew approximately 14% year-over-year, marking another quarter of double-digit percentage growth on an increasingly larger base of users. Gilead PrEP sales growth of over 100% has once again significantly outpaced the market, driven by strong commercial execution. Yeztugo has already established itself as the leading long-acting injectable for PrEP-naive individuals. In the PrEP switch market, Yeztugo is now the overall leader across oral and injectable options, an impressive achievement after only 4 full quarters of launch. Now with 12 months of data, we are pleased to share Yeztugo's persistency rate. More than 70% of users so far have returned for reinjection at 6 months and extended their protection against HIV to a full year. We're very excited to see such a high level of persistency at a rate that we believe is well above available PrEP options. Overall, we continue to be very pleased with the progress of the launch and with second quarter sales of $232 million, up 40% sequentially and continue to target full year 2026 sales of approximately $1 billion. Moving to Descovy. PrEP sales of approximately $801 million, which accounts for around 80% of total Descovy sales were up 60% year-over-year, driven by higher average realized price due to channel mix and demand growth. Sequentially, Descovy for PrEP sales were up 23%, driven by second quarter seasonality and higher demand. We continue to expect robust full year growth for Descovy, driven by pricing favorability as well as demand growth and an expanding U.S. PrEP market. Our total PrEP business is already operating at an annual run rate of $4 billion. And with our diverse pipeline of new prevention options in development and a growing PrEP market, Gilead is well positioned for significant long-term growth. Moving to Livdelzi on Slide 11. Sales of $167 million more than doubled year-over-year, primarily driven by increased U.S. demand as well as continued uptake in Europe. Sequentially, Livdelzi sales grew 26%, driven by increased demand, partially offset by lower average realized price. Livdelzi continues to be the leading second-line PBC regimen, driving encouraging second quarter market growth as we move beyond first quarter seasonality. We also announced new positive results from the Phase III IDEAL study, evaluating Livdelzi in patients with inadequately controlled disease and ALP between 1 and 1.67x the upper limit of normal. We look forward to potentially expanding Livdelzi's leadership in the second-line PBC population as early as next year. More broadly, in liver disease, sales of $877 million were up 10% year-over-year, reflecting increased demand across PBC, HBV and HDV, partially offset by lower HCV starts. Sequentially, sales were up 14%, reflecting increased demand and inventory build, partially offset by lower average realized price. In the U.S., Hepcludex was granted FDA accelerated approval in May, becoming the first and only treatment for chronic HDV. We look forward to bringing Hepcludex into the small but deeply underserved patient population, and it is expected to be a modest growth contributor in our liver disease business. Moving to Slide 12. Trodelvy delivered an exceptional quarter of growth with sales of $457 million, up 26% year-over-year and 13% sequentially, driven by strong demand across both triple-negative and pretreated HR-positive/HER2-negative metastatic breast cancer. Building on Trodelvy's success in second-line plus metastatic TNBC, we were thrilled to receive back-to-back FDA approvals of Trodelvy in first-line metastatic TNBC across PD-L1 status. With an addressable population almost double that of the second-line setting and a longer median duration of treatment, this represents an opportunity to further extend Trodelvy's reach and benefit for patients. Following NCCN guideline updates earlier this year and our recent approvals in first-line metastatic TNBC, we have seen increasing breadth and depth in the adoption of Trodelvy. We look forward to further cementing Trodelvy as the backbone of treatment in metastatic TNBC through our ongoing launch while continuing to strengthen our position in later-line HR-positive/HER2-negative metastatic breast cancer. Moving to Slide 13 and on behalf of Cindy and the Kite team, second quarter cell therapy sales of $417 million were down 14% year-over-year, reflecting the expected ongoing in and out-of-class competition across regions. Sequentially, sales were up 2%, reflecting increased Yescarta demand in the U.S. and internationally, partially offset by increased competitive pressures for Tecartus. In preparation for anito-cel's December 23 PDUFA date in fourth-line plus relapsed or refractory multiple myeloma, we have already begun extensive launch readiness activities. This includes optimizing and mobilizing our sales, medical and access teams, conducting pre-activation work, including initiating contractual reviews and quality training at the majority of our authorized treatment centers, building momentum with KOLs around unmet medical needs and engaging with a range of payers to ensure broad and timely access. We are confident in the profile of anito-cel, which we believe is a compelling and differentiated option in multiple myeloma, and we are very encouraged by the strong interest we have received ahead of the potential launch. Building on momentum of the launches of Yeztugo and Livdelzi, this continues to be an exciting and unprecedented period for Gilead's commercial organization. In 2026 to date, the launches of Trodelvy in first-line metastatic TNBC and Hepcludex in HDV are already underway, and we expect potential launches for BIC/LEN in HIV treatment and anito-cel in multiple myeloma before year-end. With additional anticipated launches in 2027 and beyond, the teams are energized and focused on delivering continued commercial excellence. And with that, I'll hand the call over to Dietmar.”