吉利德科學 (GILD) 2019 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Gilead Sciences Fourth Quarter 2019 Earnings Conference Call. My name is Liz, and I will be your operator today. (Operator Instructions) And as a reminder, this conference call is being recorded.

女士們、先生們，感謝各位的耐心等待，歡迎參加吉利德科學公司2019年第四季財報電話會議。我叫莉茲，今天由我來為您接聽電話。（操作員說明）再次提醒，本次電話會議正在錄音。

I would now like to turn the call over to Douglas Maffei from Investor Relations. Please go ahead.

現在我將把電話轉交給投資者關係部的道格拉斯·馬菲。請繼續。

Thank you, Liz, and good afternoon, everyone. Just after market close today, we issued a press release with earnings results for fourth quarter and full year 2019. The press release and detailed slides are available on the Investor Relations website.

謝謝你，莉茲，大家午安。今天股市收盤後不久，我們發布了一份新聞稿，公佈了 2019 年第四季和全年的獲利結果。新聞稿和詳細投影片可在投資者關係網站上查閱。

Speakers on today's call will be Daniel O'Day, Chairman and Chief Executive Officer; Andrew Dickinson, Chief Financial Officer; Johanna Mercier, Chief Commercial Officer; and Merdad Parsey, Chief Medical Officer. Also in the room are Christi Shaw, Chief Executive Officer of Kite; and Diana Brainard, Senior Vice President and Head of our HIV and Emerging Virus Therapeutic Area.

今天電話會議的發言人有：董事長兼執行長 Daniel O'Day；財務長 Andrew Dickinson；商務長 Johanna Mercier；以及首席醫療官 Merdad Parsey。房間裡還有 Kite 的執行長 Christi Shaw；以及高級副總裁兼 HIV 和新興病毒治療領域負責人 Diana Brainard。

Before we begin with our prepared comments, let me remind you that we will be making forward-looking statements, including plans and expectations with respect to products, product candidates, financial projections and the use of capital and 2020 financial guidance. All of which involve certain assumptions, risks and uncertainties that are beyond our control and could cause actual results to differ materially from these statements. A description of these risks can be found in the earnings press release and our latest SEC disclosure documents. In addition, Gilead does not undertake any obligation to update any forward-looking statements made during the call.

在我們開始發表準備好的評論之前，請允許我提醒各位，我們將發表一些前瞻性聲明，包括有關產品、候選產品、財務預測和資本使用以及 2020 年財務指導的計劃和預期。所有這些都涉及某些我們無法控制的假設、風險和不確定性，並可能導致實際結果與這些聲明有重大差異。有關這些風險的描述可以在獲利新聞稿和我們最新的美國證券交易委員會披露文件中找到。此外，吉利德不承擔更新電話會議期間所作任何前瞻性陳述的義務。

Non-GAAP financial measures will be used to help you understand the company's underlying business performance. Starting in 2020, Gilead will no longer regularly exclude stock-based compensation expense from its non-GAAP financial information. The GAAP to non-GAAP reconciliations are provided in the earnings press release as well as on our website.

我們將使用非公認會計準則財務指標來幫助您了解公司的基本業務表現。從 2020 年開始，吉利德將不再定期從其非 GAAP 財務資訊中排除股票選擇權費用。GAAP 與非 GAAP 的調整表已在盈利新聞稿和我們的網站上提供。

I will now turn the call over to Dan.

現在我將把通話交給丹。

Thank you, Doug, and good afternoon, everyone. I'll share a few opening comments before I turn the call over to Andy. And then Johanna will take you through the commercial highlights of the quarter and Merdad Parsey, whom, as you know, joined us as Chief Medical Officer in November, will offer a few remarks before we open up the call to questions.

謝謝你，道格，大家下午好。在把電話交給安迪之前，我先說幾句開場白。接下來，Johanna 將帶您回顧本季的商業亮點，而 Merdad Parsey（您也知道，他於 11 月加入我們擔任首席醫療官）將在我們開放提問環節之前發表一些講話。

We had a very strong quarter, capping a solid year for Gilead. Our financial results in 2019 were driven in large part by the outstanding performance of our HIV franchise. It's now been almost a year since I arrived at Gilead. We made key decisions and changes that have positioned us for success. Over the past decade, the company has set a high bar and we hope to raise that high bar over the decades to come.

我們本季業績非常強勁，為吉利德穩健的一年畫下了圓滿的句點。2019 年，我們的財務表現很大程度上得益於 HIV 業務的優異表現。我來到基列已經快一年了。我們做出了一些關鍵決策和改變，這些決策和改變為我們成功奠定了基礎。過去十年，公司樹立了很高的標準，我們希望在未來的幾十年中持續提高這個標準。

Today, I'm going to focus my comments on 3 areas: one, our strong base business; two, the existing pipeline opportunities; and three, our new strategy to drive innovation and growth.

今天，我將重點談談以下三個面向：第一，我們強大的業務基礎；第二，現有的專案機會；第三，我們推動創新和成長的新策略。

So I'll begin by saying a few words about the strength of our core business, starting with HIV, where we, again, achieved record revenue for both the quarter and the year. Today, approximately 80% of people living with HIV who are on therapy in the U.S. are on a Gilead-based regimen. Across the franchise, we've seen durability and sustainability of the business, which we expect to continue in 2020 and beyond. Much of the strength is being driven by Biktarvy.

首先，我想簡單談談我們核心業務的優勢，首先是 HIV 領域，我們再次實現了季度和年度收入的創紀錄成長。目前，美國約有 80% 的 HIV 感染者正在接受治療，他們使用的是吉利德公司的藥物方案。在整個特許經營體系中，我們看到了業務的持久性和可持續性，我們預計這種情況將在 2020 年及以後繼續保持。大部分實力都來自 Biktarvy。

Today, in the U.S., approximately 1 in 2 patients who are new to therapy and patients who are switching therapy are initiating on Biktarvy. We're also very pleased with the early progress with Descovy for PrEP, the strength of the launch and the positive response we are seeing from patients and providers. Johanna will share more details shortly on that.

如今，在美國，大約每 2 名新接受治療的患者和正在更換治療方案的患者中就有 1 名開始使用 Biktarvy。我們對 Descovy 在 PrEP 方面的早期進展、上市的強勁勢頭以及我們從患者和醫療服務提供者那裡看到的積極反響感到非常滿意。喬安娜稍後會分享更多細節。

Looking to the future, we're focused on the potential of our capsid inhibitor as the anchor molecule for multiple long-acting HIV options. We may be able to dose as infrequently as twice a year, and we're working rapidly to progress this medicine for both HIV prevention and treatment.

展望未來，我們專注於將衣殼抑制劑作為多種長效 HIV 治療藥物的錨定分子。我們或許可以一年只用藥兩次，我們正在快速推進這種藥物在愛滋病毒預防和治療方面的應用。

Rounding out the antiviral picture, we continue to see sustained revenue from our HCV business. Since the introduction of authorized generics in the U.S., we've regained market share and now hold around 60% share through Asegua and Gilead, up 18 points from the beginning of last year.

從抗病毒業務來看，我們的丙型肝炎業務收入持續穩定成長。自從美國引入授權仿製藥以來，我們已重新奪回市場份額，目前透過 Asegua 和 Gilead 佔據了約 60% 的市場份額，比去年年初增長了 18 個百分點。

Finally, as we look across our core business, I'd like to highlight the geographic expansion. And in particular, China. During the fourth quarter, we had 4 medicines, Vemlidy, Epclusa, Harvoni and Genvoya included in China's national reimbursement drug list. This is a significant accomplishment that will enable much broader access to these medicines in the region.

最後，當我們審視我們的核心業務時，我想專注於地域擴張。尤其是中國。第四季度，我們有 4 種藥品，分別是 Vemlidy、Epclusa、Harvoni 和 Genvoya，被納入中國國家健保藥品目錄。這是一項意義重大的成就，將使該地區更多人能夠獲得這些藥物。

So beyond our core business, our current pipeline includes several important opportunities that I'd like to cover. We have 14 late-stage studies underway, 4 of which have received breakthrough therapy designation from the FDA.

除了我們的核心業務之外，我們目前的業務拓展計劃還包括幾個重要的機遇，我想就此介紹。我們有 14 項後期研究正在進行中，其中 4 項已獲得 FDA 的突破性療法認定。

During the fourth quarter, we submitted a regulatory filing for filgotinib to the FDA, and it's now under priority review for rheumatoid arthritis. Filgotinib is also under review in Japan and the EU. We're actively preparing for competitive launches globally, which Johanna will talk more about later. I'm encouraged about the potential of filgotinib to be best-in-class among the JAK inhibitors and the strength of the team we have in place to market the medicine following approval.

第四季度，我們向 FDA 提交了 filgotinib 的監管申請，目前該藥物正在接受治療類風濕性關節炎的優先審查。Filgotinib 目前也正在日本和歐盟接受審查。我們正在積極準備在全球範圍內進行競爭性產品發布，Johanna 稍後會詳細介紹。我對filgotinib有望成為JAK抑制劑中的佼佼者以及我們擁有的強大團隊充滿信心，相信該藥物獲批後，我們能夠將其推向市場。

Beyond filgotinib, we are pleased with what we see in the Galapagos pipeline, and believe that the partnership has the potential to drive significant future growth. We are looking forward to the ulcerative colitis data this year, and we remain very optimistic about both our partnership with Galapagos as well as a promising inflammation pipeline we have in hand.

除了 filgotinib 之外，我們對 Galapagos 的產品線感到滿意，並相信此次合作有潛力推動未來顯著成長。我們期待今年的潰瘍性結腸炎數據，並且我們對與 Galapagos 的合作以及我們手頭上有前景的發炎治療產品線仍然非常樂觀。

In cell therapy, we have a pioneering platform that is enabling us to advance new therapies with the goal of driving long-term innovation and growth. To that end, our second cell therapy treatment Kite X19 is now under review in the U.S. and Europe as a treatment for relapsed/refractory mantle cell lymphoma. This follows the presentation of positive data at the American Society of Hematology meeting in the fourth quarter of this year.

在細胞療法領域，我們擁有一個開創性的平台，使我們能夠推進新的療法，以推動長期創新和成長。為此，我們的第二款細胞療法 Kite X19 目前正在美國和歐洲接受審查，作為復發/難治性套細胞淋巴瘤的治療方法。此前，該公司在今年第四季舉行的美國血液學會會議上公佈了積極的數據。

We also presented data at ASH, showing the approximately half of patients treated with Yescarta for relapsed/refractory large B-cell lymphoma were still alive after 3 years of treatment in the ZUMA-1 study, confirming Yescarta's benefit risk profile in the real-world setting. These long-term data speak to the durability of Yescarta's treatment.

我們也在 ASH 上展示了數據，顯示在 ZUMA-1 研究中，接受 Yescarta 治療的複發/難治性大 B 細胞淋巴瘤患者中約有一半在治療 3 年後仍然存活，證實了 Yescarta 在真實世界中的獲益風險比。這些長期數據顯示 Yescarta 治療效果的持久性。

Finally, in cell therapy. We look forward to sharing results from our Yescarta Phase III second line DLBCL trial in the second half of this year. Merdad will offer some more color on our pipeline in just a few minutes.

最後，在細胞療法領域。我們期待在今年下半年分享 Yescarta III 期二線治療瀰漫性大B細胞淋巴瘤 (DLBCL) 試驗的結果。Merdad 將在幾分鐘後為大家詳細介紹我們的管道狀況。

In addition to the programs I've described that we have in hand, I introduced our new corporate strategy last month. This strategy will guide our work as we seek to drive innovation and growth over the next decade. Over the next 10 years, we aim to introduce 10 new transformative therapies. To help us achieve that ambition, we will expand our access to internal and external innovation. We've already been very active in business development with around 33 strategic partnerships and investment transactions since January 2018. We'll continue to pursue a broad range of opportunities with a clear focus on our core scientific areas of strength. Specifically, we will continue to make investments in our external pipeline, including transformative partnerships such as Galapagos and small to medium-sized bolt-on acquisitions.

除了我剛才介紹的我們正在實施的專案之外，上個月我還推出了我們新的公司策略。這項策略將指導我們在未來十年推動創新和成長的工作。未來十年，我們的目標是推出 10 種新的變革性療法。為了幫助我們實現這一目標，我們將擴大獲取內部和外部創新的管道。自 2018 年 1 月以來，我們在業務發展方面一直非常活躍，已經達成了約 33 項策略合作和投資交易。我們將繼續尋求各種機會，並明確聚焦於我們的核心科學優勢領域。具體而言，我們將繼續投資於我們的外部專案儲備，包括像 Galapagos 這樣的變革性合作夥伴關係以及中小型的補充收購。

Andy will talk more in a few minutes about our capital allocation priorities, including today's announcement of a further increase in our dividend and an additional share repurchase authorization and our strong financial position, which gives us the opportunity to look externally as we strengthen our pipeline.

安迪將在幾分鐘後詳細談談我們的資本配置重點，包括今天宣布的進一步提高股息和額外股票回購授權，以及我們強勁的財務狀況，這使我們有機會在加強產品線的同時尋求外部機會。

Before I hand off to Andy, who will delve into a more detailed financial review, I'd like to say just a few words about the broadening outbreak of coronavirus. As an organization, Gilead is committed to collaborating with global health organizations to support pandemic responses, including this one. Our investigational compound, remdesivir, has demonstrated in vitro and in vivo activity in animal models against the viral pathogens, MERs and SARS, which are structurally similar to the current strain of the coronavirus. However, there are no antiviral data that show activity against this strain. We're working with the government and nongovernment organizations and regulatory authorities to develop a strategy to provide remdesivir to patients with coronavirus for emergency treatment in the absence of any approved treatment options and to support clinical trials to determine whether it can safely and effectively be used to treat the current strain of the coronavirus. As a reminder, remdesivir is an investigational agent. It has not approved anywhere globally and has not been demonstrated to be safe or effective for any use. I'm proud of our teams and the work we've done to offer expertise and resources to help patients and communities fighting coronavirus.

在將發言權交給安迪之前，他將深入探討更詳細的財務分析，我想就冠狀病毒疫情的蔓延談幾句。作為一家企業，吉利德致力於與全球衛生組織合作，支持應對疫情，包括此次疫情。我們的研究化合物瑞德西韋已在動物模型中證明了其對病毒病原體MERS和SARS的體外和體內活性，這些病原體在結構上與目前的冠狀病毒株相似。然而，目前尚無抗病毒藥物數據顯示該病毒株有效。我們正在與政府、非政府組織和監管機構合作，制定一項策略，在沒有任何核准治療方案的情況下，為冠狀病毒患者提供瑞德西韋進行緊急治療，並支持臨床試驗，以確定它是否可以安全有效地用於治療當前的冠狀病毒株。再次提醒，瑞德西韋是一種研究性藥物。它尚未獲得全球任何地區的批准，也未證明其對任何用途安全有效。我為我們的團隊以及我們為幫助對抗新冠病毒的患者和社區提供專業知識和資源所做的工作感到自豪。

In closing, I'm very optimistic about where we are today and the future. Our base business is strong, durable and growing, as demonstrated by our fourth quarter numbers and year-end results. The near-term pipeline provides several important opportunities with readouts expected later this year with filgotinib and Yescarta. And over the long term, we've introduced a new strategy to drive growth by growing our pipeline internally and importantly, also externally through our ongoing BD activities.

最後，我對我們目前的處境和未來都非常樂觀。我們的基礎業務實力雄厚、可持續發展且不斷增長，第四季度業績和年終業績都證明了這一點。近期研發管線提供了幾個重要的機會，預計今年稍後將公佈filgotinib和Yescarta的試驗結果。從長遠來看，我們推出了一項新策略，旨在透過內部拓展產品線，更重要的是，透過我們持續的業務拓展活動，在外部推動成長。

On behalf of the leadership team, I'd like to thank all of our employees and partners around the world for the dedication and hard work that led to the success of 2019 and whose commitment is driving our success in 2020 and beyond. I remain excited about the potential of Gilead as we enter the next chapter.

我謹代表領導團隊，感謝世界各地所有員工和合作夥伴的奉獻和辛勤工作，正是他們的付出成就了 2019 年的成功，也正是他們的投入推動著我們在 2020 年及以後取得成功。我對吉利德公司進入下一個篇章後的潛力依然充滿期待。

With that, I'll turn the call over to Andy.

這樣，我就把電話交給安迪了。

Thank you, Dan. I'm excited to take on the role of CFO, especially during this time as Gilead enters a new chapter. We're pleased to share our financial results for the fourth quarter and the full year 2019 and provide 2020 guidance today.

謝謝你，丹。我很榮幸能夠擔任財務長一職，尤其是在吉利德邁入新篇章的這個時期。我們很高興與大家分享 2019 年第四季和全年的財務業績，並於今日提供 2020 年的業績指引。

I'll first review financials followed by comments from Johanna. Turning to our financials. Total revenue for the fourth quarter was $5.9 billion, with non-GAAP earnings of $1.30 per diluted share. This compares to revenue of $5.8 billion with non-GAAP earnings of $1.44 per diluted share for the same period last year. Our non-GAAP earnings would have been $1.77 and $1.75 in the fourth quarter of 2019 and 2018, respectively, excluding unfavorable cost of goods sold impacts. These impacts were primarily driven by inventory write-downs of $500 million and $410 million, respectively, for slow-moving and excess raw material and work in process inventory, largely due to lower long-term demand for our HCV products.

我將首先回顧財務數據，然後是 Johanna 的評論。接下來來看看我們的財務狀況。第四季總營收為 59 億美元，非 GAAP 每股攤薄收益為 1.30 美元。相比之下，去年同期營收為 58 億美元，非 GAAP 每股攤薄收益為 1.44 美元。不計入不利的銷售成本影響，我們2019年和2018年第四季的非GAAP收益分別為1.77美元和1.75美元。這些影響主要源自於滯銷和過剩原料及在製品庫存分別減記 5 億美元和 4.1 億美元，這主要是由於我們 HCV 產品的長期需求下降所致。

For the full year 2019, total revenues were $22.4 billion, up 1% year-over-year. Non-GAAP diluted earnings were $6.63 per share for the year, down from $6.67 per share for the full year of 2018. Excluding the unfavorable cost of goods impacts I mentioned previously, our non-GAAP earnings would have been $7.14 per share for 2019 and $7.01 per share for the prior year.

2019 年全年總營收為 224 億美元，年增 1%。本年度非GAAP稀釋後每股收益為6.63美元，低於2018年全年的每股6.67美元。如果排除我之前提到的不利商品成本的影響，我們 2019 年的非 GAAP 每股盈餘將為 7.14 美元，上一年為 7.01 美元。

As noted in our earnings press release, our full year 2019 GAAP diluted earnings of $4.22 per share included total unfavorable impact of $3.30 per share from the following items: first, pretax upfront collaboration and licensing expense of $3.9 billion associated with our global research and development collaboration agreement with Galapagos; secondly, pretax impairment charge of $800 million recognized in the fourth quarter of 2019 primarily related to in-process research and development intangible assets for the treatment of indolent non-Hodgkin's lymphoma; and pretax write-downs of $547 million for slow-moving and excess raw materials and work in process inventories. The unfavorable impact was partially offset by a favorable impact of $1.94 per share due to a deferred tax benefit of $1.2 billion related to an intra entity transfer of intangible assets and gains of $1.2 billion from equity securities held for investments.

正如我們在盈利新聞稿中所述，我們 2019 年全年 GAAP 稀釋後每股收益為 4.22 美元，其中包括以下項目造成的每股 3.30 美元的不利影響：首先，與我們和 Galapagos 達成的全球研發合作協議相關的稅前前期合作和許可費用為 39 億美元；其次，2019 年第四季度確認億美元，主要與用於治療惰性非何杰金氏淋巴瘤的在研無形資產有關；以及因滯銷和過剩原料及在製品庫存而產生的稅前減值 5.47 億美元。不利影響被每股 1.94 美元的有利影響部分抵消，這主要歸因於與實體內部無形資產轉移相關的 12 億美元遞延所得稅收益以及持有用於投資的股權證券的 12 億美元收益。

Now turning to our product sales. Product sales for the fourth quarter were $5.8 billion, up 5% sequentially and 2% year-over-year. For the full year, product sales were $22.1 billion, up 2% year-over-year primarily due to the continued revenue growth of our HIV franchise, partially offset by the impact of loss of exclusivity on our cardiopulmonary franchise and market dynamics of our HCV franchise.

現在來說說我們的產品銷售狀況。第四季產品銷售額為 58 億美元，季增 5%，年增 2%。全年產品銷售額為 221 億美元，年增 2%，主要得益於 HIV 產品線的持續收入成長，但部分被心肺產品線獨家經營權的喪失以及 HCV 產品線的市場動態所抵消。

In the U.S., product sales for the quarter were $4.5 billion, up 8% sequentially and 1% year-over-year. Demand for Biktarvy and Descovy for PrEP was the primary driver of the sequential growth. The seasonal inventory purchases also contributed approximately $290 million to the sequential performance. In Europe, product sales for the quarter were $840 million, up 4% sequentially and 3% year-over-year. Recall that both the third quarter of 2019 and the fourth quarter of 2018 were negatively impacted by unfavorable adjustments for statutory rebates.

在美國，該季度產品銷售額為 45 億美元，季增 8%，年增 1%。對用於 PrEP 的 Biktarvy 和 Descovy 的需求是推動銷售持續成長的主要因素。季節性庫存採購也為環比業績貢獻了約 2.9 億美元。在歐洲，該季度產品銷售額為 8.4 億美元，季增 4%，年增 3%。需要注意的是，2019 年第三季和 2018 年第四季都受到了法定退稅不利調整的負面影響。

Turning to cell therapy. Worldwide Yescarta sales for the fourth quarter were $122 million, up 3% sequentially and 51% year-over-year. The year-over-year increase was driven by a higher number of therapies provided to patients and Kite's continued expansion in Europe.

轉向細胞療法。Yescarta 在第四季全球銷售額為 1.22 億美元，季增 3%，較去年同期成長 51%。年成長率主要得益於為患者提供的治療數量增加以及 Kite 在歐洲的持續擴張。

Now turning to expenses for the full year 2019. Non-GAAP cost of goods sold was $3.5 billion, down 1% compared to $3.6 billion in 2018. The decrease was primarily due to lower royalty expenses, partially offset by higher inventory write-downs. During 2019 and 2018, we recorded write-downs of $547 million and $440 million, respectively, for slow-moving and excess raw materials and work in process inventories, primarily due to lower long-term demand for our HCV products.

現在來看2019年全年的各項支出。非GAAP銷售成本為35億美元，比2018年的36億美元下降1%。下降的主要原因是特許權使用費支出減少，但部分被更高的庫存減損所抵消。2019 年和 2018 年，我們分別對滯銷和過剩的原材料和在製品庫存計提了 5.47 億美元和 4.4 億美元的減值準備，這主要是由於我們 HCV 產品的長期需求下降所致。

Non-GAAP R&D expense was $3.8 billion, up 7% compared to $3.5 billion in 2018. The increase was primarily due to higher personnel costs to support our cell therapy business.

非GAAP研發費用為38億美元，比2018年的35億美元成長7%。成長的主要原因是支持細胞治療業務的人員成本增加。

Non-GAAP SG&A expense was $4.1 billion, up 13% compared to $3.6 billion in 2018. The increase was primarily due to higher promotional expenses related to Biktarvy and Descovy for PrEP in the U.S. and expenses associated with the expansion of our business in Japan and China.

非GAAP銷售、一般及行政費用為41億美元，比2018年的36億美元成長了13%。成長的主要原因是與美國PrEP藥物Biktarvy和Descovy相關的推廣費用增加，以及與我們在日本和中國業務擴張相關的費用。

Turning to our balance sheet. We generated $9.1 billion in cash from operations for the full year 2019 and $2.6 billion for the quarter. We ended the year with $25.8 billion in cash and marketable debt securities. During 2019, we paid $5.6 billion in connection with our global research and development collaboration with Galapagos and our equity investments in Galapagos. In addition, we repaid $2.8 billion of debt, we paid cash dividends of $3.2 billion, and we repurchased 26 million shares of stock for $1.7 billion.

接下來來看看我們的資產負債表。2019 年全年，我們的經營活動產生了 91 億美元的現金，而該季度則產生了 26 億美元的現金。年底時，我們持有現金及有價債券258億美元。2019 年，我們為與 Galapagos 的全球研發合作以及對 Galapagos 的股權投資支付了 56 億美元。此外，我們償還了 28 億美元的債務，支付了 32 億美元的現金股息，並以 17 億美元的價格回購了 2,600 萬股股票。

Earlier today, we announced an increase in our quarterly dividend from $0.63 a share to $0.68 a share, which will be effective in the first quarter of 2020. This is our fifth consecutive annual increase in our dividend. In addition, our Board authorized an additional $5 billion share repurchase program in January 2020. We now have over $8 billion of share repurchase authorization available.

今天早些時候，我們宣布將季度股息從每股 0.63 美元提高到每股 0.68 美元，該調整將於 2020 年第一季生效。這是我們連續第五年提高股利。此外，我們的董事會於 2020 年 1 月批准了一項額外的 50 億美元股票回購計畫。我們現在有超過80億美元的股票回購授權可供使用。

In 2020, our capital allocation priorities will remain unchanged. First and foremost, we will focus on investment to augment internal and external research and development, our internal research and external development pipeline. Second, we intend to grow the dividend over time, pointing out, of course, that any dividend is increased is subject -- to the approval of our Board. Finally, our commitment to repurchase shares in excess of dilution from our equity compensation and at a minimum, we expect to repurchase shares in 2020 on par with our 2019 share repurchases.

2020年，我們的資本配置重點將維持不變。首先，我們將專注於加強投資力度，以加強內部和外部研發，並完善我們的內部研發和外部開發管道。其次，我們打算隨著時間的推移提高股息，當然，任何股息的增加都必須經過董事會的批准。最後，我們承諾回購的股份數量將超過股權激勵造成的稀釋，我們預計 2020 年的股份回購量將至少與 2019 年的股份回購量持平。

Turning to guidance. Our 2020 non-GAAP financial guidance is summarized on Slides 23 through 26 in the earnings presentation available on our corporate website.

尋求指導。我們的 2020 年非 GAAP 財務指引總結在公司網站上提供的獲利簡報的第 23 至 26 頁。

Before I start, I'd like to highlight 3 things that are important for you to understand. The first change is that beginning in the first quarter, we will no longer regularly exclude stock-based compensation expense from our non-GAAP financial information. Stock-based compensation has always been an important part of how we reward our employees in a way that aligns their interest with those of our shareholders, and it's an important component of our compensation structure. As such, although it's not a cash expense, we believe it to be a cost that should be included when measuring our financial performance.

在開始之前，我想強調三件對你們來說很重要的事。第一個變化是，從第一季開始，我們將不再定期從非GAAP財務資訊中排除股票選擇權費用。股票選擇權激勵一直是我們獎勵員工的重要方式，它使員工的利益與股東的利益保持一致，也是我們薪酬結構的重要組成部分。因此，雖然這不是現金支出，但我們認為在衡量財務表現時，應該將這筆費用計入其中。

For comparability purposes, full year 2019 non-GAAP operating income and non-GAAP diluted earnings per share would have been $10.4 billion and $6.13 per share, respectively, had stock-based compensation expense not been excluded.

為了方便比較，如果不計入股權激勵費用，2019 年全年非 GAAP 營業收入和非 GAAP 稀釋後每股收益將分別為 104 億美元和 6.13 美元。

Our second change is that we're modifying our guidance metrics for 2020 as we will now be providing guidance for earnings and operating income, in addition to the metrics that we've historically shared. Our guidance is aligned with how the management team and our Board evaluate our financial performance and manage our operations.

我們的第二個變化是，我們將修改 2020 年的績效指引指標，除了我們過去分享的指標外，現在還將提供獲利和營業收入的指引。我們的指導原則與管理團隊和董事會評估財務績效和管理營運的方式一致。

Finally, our guidance excludes the impact of any future significant business development transactions, certain development milestones and any product option exercise fees as they're contingent on various future events, which have a high degree of uncertainty.

最後，我們的指導意見不包括任何未來重大業務發展交易、某些發展里程碑以及任何產品選擇權行使費用的影響，因為這些都取決於各種未來事件，而這些事件具有高度不確定性。

With that background, we expect that our product sales for 2020 will be in the range of $21.8 billion to $22.2 billion. This guidance reflects robust underlying growth in our base business of approximately $800 million to $1 billion, which is expected to offset the full year impact of a loss of exclusivity for our cardiopulmonary products in 2019 and the initial entry of the generic version of Truvada in the U.S. later this year.

基於此背景，我們預計 2020 年產品銷售額將在 218 億美元至 222 億美元之間。該指引反映了我們基礎業務強勁的潛在成長，約為 8 億至 10 億美元，預計這將抵消 2019 年我們的心肺產品失去獨家銷售權以及今年稍後 Truvada 仿製藥在美國首次上市所帶來的全年影響。

I would also like to highlight that as we look towards Q1 of 2020, we anticipate that total product sales will decline sequentially that quarter by a percentage similar to what we've seen over the past 3 years, which has been as high as 12% to 14% primarily driven by U.S. seasonal inventory patterns and buying patterns of public payers that negatively impact our payer mix. We also anticipate that our Q1 2020 product sales will decline in comparison to Q1 2019 primarily due to lower sales of our cardiopulmonary products, Ranexa and Letairis. As a reminder, generic versions of Ranexa and Letairis were launched in the first quarter and second quarter of 2019, respectively.

我還想強調，展望 2020 年第一季度，我們預計該季度產品總銷售額將環比下降，降幅與過去 3 年的降幅類似，最高可達 12% 至 14%，這主要是由於美國季節性庫存模式和公共支付方的購買模式對我們的支付方組合產生了負面影響。我們也預計，由於心肺產品 Ranexa 和 Letairis 的銷售量下降，2020 年第一季的產品銷售額將比 2019 年第一季下降。提醒一下，Ranexa 和 Letairis 的仿製藥分別於 2019 年第一季和第二季上市。

Despite this anticipated sequential decline in total product sales in Q1, I want to underscore our confidence in the health of our worldwide HIV business from which we expect year-on-year growth again in 2020.

儘管預計第一季產品總銷售額將環比下降，但我仍要強調我們對全球 HIV 業務的健康狀況充滿信心，我們預計 2020 年該業務將再次實現同比增長。

Turning to our product gross margins. Our non-GAAP product gross margins are expected to be in the range of 86% to 87% in 2020. We expect that both non-GAAP R&D and SG&A expenses will increase mid-single-digit percentage in support of our continued growth of Biktarvy, our Descovy for PrEP launch, preparation for competitive launches of filgotinib and RA in the U.S., Japan and Europe and continued investment in our pipeline, cell therapy and external partnerships.

接下來我們來看看產品的毛利率。預計 2020 年我們的非 GAAP 產品毛利率將介於 86% 至 87% 之間。我們預計，為支持 Biktarvy 的持續成長、Descovy for PrEP 的上市、為 filgotinib 和 RA 在美國、日本和歐洲的競爭性上市做準備，以及繼續投資於我們的研發管線、細胞療法和外部合作，非 GAAP 研發費用和 SG&A 費用都將增長個百分比。

Non-GAAP operating income is expected to be in the range of $10.1 billion to $10.8 billion. For the full year, our non-GAAP effective tax rate is expected to be approximately 21%. Non-GAAP diluted EPS is expected to be in the range of $6.05 per share to $6.45 per share, which, again, I'll remind you, no longer exclude stock-based compensation. GAAP diluted EPS is expected to be in the range of $5.15 to $5.55. Finally, our diluted EPS guidance includes repurchases largely consistent with 2019.

預計非GAAP營業收入將在101億美元至108億美元之間。預計全年非GAAP有效稅率約為21%。非GAAP稀釋後每股盈餘預計在每股6.05美元至6.45美元之間，再次提醒各位，不再包括股票選擇權費用。GAAP稀釋後每股盈餘預計在5.15美元至5.55美元之間。最後，我們的稀釋後每股盈餘預期包含了與 2019 年基本一致的股票回購。

I'll now turn the call over to Johanna.

現在我將把電話交給喬安娜。

Thank you, Andy, and good afternoon, everyone. I'm really pleased to share the highlights of our excellent Q4 and full year commercial performance. I wanted to begin with the continued strength of our HIV franchise, which was driven by the continued uptake of Biktarvy as well as the successful early launch of Descovy for PrEP. I'll then provide an update on HCV, touch briefly on our cardiopulmonary business and finally, close with a few remarks as we look ahead to the filgotinib launch.

謝謝你，安迪，大家下午好。我非常高興與大家分享我們第四季和全年出色的商業業績亮點。我想先談談我們 HIV 產品線的持續強勁勢頭，這得益於 Biktarvy 的持續普及以及 PrEP 產品 Descovy 的早期成功上市。接下來，我將介紹 HCV 的最新情況，簡要介紹我們的心肺業務，最後，展望 filgotinib 的上市，並發表一些看法。

As Dan mentioned, approximately 80% of people living with HIV who are on therapy in the U.S. are taking at least one Gilead drug, a sign of a sustained and durable strength we see across the franchise. We reached another all-time high with our HIV product sales for both the full year and quarter. For 2019, HIV sales were $16.4 billion, up 12% from 2018. Global HIV sales for Q4 were $4.6 billion, up 9% sequentially and 13% year-over-year. This marks the seventh consecutive quarter of double-digit year-over-year growth for the franchise.

正如丹所提到的，在美國接受治療的 HIV 感染者中，約有 80% 的人至少服用一種吉利德公司的藥物，這表明吉利德公司的產品線具有持續且持久的優勢。我們的愛滋病產品銷售額在全年和季度均創下歷史新高。2019 年，愛滋病毒相關產品的銷售額為 164 億美元，比 2018 年成長了 12%。第四季全球 HIV 銷售額為 46 億美元，季增 9%，年增 13%。這標誌著該特許經營權連續第七個季度實現兩位數同比增長。

U.S. HIV product sales were $3.8 billion in Q4, up 11% sequentially and 12% year-over-year. The year-over-year increase was primarily driven by underlying prescription demand growth of 10%.

美國愛滋病產品第四季銷售額為 38 億美元，季增 11%，年增 12%。年成長主要由處方藥需求成長 10% 所驅動。

Within our prevention market, we're really pleased with the early progress of Descovy for PrEP, which launched in the U.S. in Q4 2019. Approximately 27% of individuals on PrEP are now taking Descovy. And by Q4 2020, we expect that number will have risen to anywhere between 40% and 45%.

在我們的預防市場中，我們對 Descovy for PrEP 的早期進展感到非常滿意，該產品於 2019 年第四季在美國推出。目前約有 27% 的 PrEP 使用者正在服用 Descovy。預計到 2020 年第四季度，這一數字將上升到 40% 到 45% 之間。

Across the prevention market, we saw growth of more than 20% in the number of individuals taking PrEP year-over-year. There are now more than 230,000 people taking one of our HIV prevention medicines in the U.S., and this only represents approximately 20% of those who could actually benefit from it.

在整個預防市場，我們看到服用 PrEP 的人數年增超過 20%。目前美國有超過 23 萬人正在服用我們的一種 HIV 預防藥物，但這僅佔實際可從中受益人數的約 20%。

Turning to the U.S. HIV treatment market. Biktarvy sales were $1.4 billion in Q4, up 23% sequentially. The market is continuing to consolidate around Biktarvy which is the #1 prescribed HIV regimen in the U.S. and as Dan noted, approximately 1 in 2 of every naive and switch patients are now initiated on Biktarvy.

接下來，我們來看看美國愛滋病治療市場。Biktarvy 第四季銷售額為 14 億美元，季增 23%。市場正繼續圍繞 Biktarvy 進行整合，Biktarvy 是美國處方量排名第一的 HIV 治療方案，正如 Dan 指出的那樣，大約每 2 名初治患者和轉診患者中就有 1 名現在開始接受 Biktarvy 治療。

In Europe, Q4 HIV product sales were $562 million, up 1% sequentially and 10% year-over-year. The year-over-year growth was driven by the continued strength of our Biktarvy launches in Europe, declining impact of generic launches and unfavorable nonrecurring pricing adjustments in Q4 of the prior year. Biktarvy is now available in 29 countries in Europe and is #1 in naive and switch in Germany, France, Spain and now Italy as well.

在歐洲，第四季 HIV 產品銷售額為 5.62 億美元，較上季成長 1%，較去年同期成長 10%。年比成長主要得益於我們在歐洲推出的 Biktarvy 的持續強勁表現、仿製藥上市影響的下降以及上年第四季不利的非經常性價格調整。Biktarvy 目前已在歐洲 29 個國家/地區上市，並在德國、法國、西班牙以及現在的義大利，在原生用戶和 Switch 用戶中排名第一。

Turning to our HCV business. Q4 HCV sales were $630 million, down 7% sequentially and 15% year-over-year. 2019 sales were $2.9 billion for the full year, down 20% primarily due to lower average net selling price and declining patient starts.

接下來談談我們的HCV業務。第四季HCV銷售額為6.3億美元，季減7%，較去年同期下降15%。2019 年全年銷售額為 29 億美元，下降 20%，主要原因是平均淨售價降低和病患數量下降。

U.S. revenues for Q4 were $337 million, down 11% sequentially and 18% year-over-year. In the U.S., we now have approximately 60% market share with our Gilead branded and authorized generic partner products and are continuing to sustain revenue.

美國第四季營收為 3.37 億美元，季減 11%，年減 18%。在美國，我們憑藉吉利德品牌產品和授權仿製藥合作夥伴產品，目前擁有約 60% 的市場份額，並且持續維持收入。

In Europe, HCV product sales for Q4 were $151 million, up 36% sequentially and down 20% year-over-year. The sequential performance was impacted by the seasonality of product sales. Overall, the HCV market continues to see a more predictable decline in patient starts and performs in line with our expectations.

在歐洲，第四季 HCV 產品銷售額為 1.51 億美元，季增 36%，年減 20%。連續業績受到產品銷售季節性的影響。整體而言，HCV 市場持續呈現可預測的患者數量下降趨勢，符合我們的預期。

Before turning to filgotinib, I just wanted to make a few comments on the cardiopulmonary business, where we have seen generic competition enter the market early last year. As anticipated, significant volume erosion has occurred. And as of last December, we have seen a 90% erosion of Ranexa and 65% erosion of Letairis, a trend that we expect to continue into this year.

在討論filgotinib之前，我想先就心肺業務發表一些看法，我們已經看到仿製藥競爭從去年年初進入市場。正如預期的那樣，銷量出現了顯著下滑。截至去年 12 月，Ranexa 的面積減少了 90%，Letairis 的面積減少了 65%，我們預計這一趨勢將持續到今年。

So in closing, I'm really excited to share with you a few words about the filgotinib launch. As Dan noted, our teams have now completed regulatory filings for rheumatoid arthritis in the U.S. while filgotinib is under priority review as well as in Europe and Japan.

最後，我非常興奮地想和大家分享一些關於filgotinib上市的資訊。正如丹所指出的，我們的團隊現在已經完成了在美國治療類風濕性關節炎的監管申請，而filgotinib正在歐洲和日本接受優先審查。

In December, we announced a co-promotion agreement in Japan with Eisai. It's estimated that approximately 600,000 to 1 million people in Japan are living with RA, and this agreement allows us to draw on the strengths of both companies with the goal of bringing this important new medicine to those individuals.

去年12月，我們宣布與衛材在日本達成聯合推廣協議。據估計，日本約有 60 萬至 100 萬人患有類風濕性關節炎，這項協議使我們能夠利用兩家公司的優勢，以期將這種重要的新藥帶給這些患者。

As you're aware, despite currently available treatment options, many patients are still living with symptoms of inadequately controlled RA around the world. In fact, only 1 out of 5 patients living with RA achieved complete remission at year 1, which means 4 to 5 do not. Filgotinib has a compelling and differentiated clinical profile that we believe may uniquely address this significant unmet need for patients with RA. We have highly experienced teams preparing for launch later this year and our focus will be on the strength of our data and the compelling risk-benefit profile observed across both tested doses of this oral medicine. I look forward to working with this great team of people to deliver on the promise of these medicines.

如您所知，儘管目前有多種治療方案可供選擇，但世界各地仍有許多患者飽受類風濕關節炎症狀控制不佳的困擾。事實上，只有五分之一的類風濕性關節炎患者在一年內達到完全緩解，這意味著有四到五分之一的患者沒有達到完全緩解。菲戈替尼具有引人注目且與眾不同的臨床特徵，我們相信它能夠獨特地滿足類風濕關節炎患者的這一重大未滿足需求。我們擁有經驗豐富的團隊，正在為今年稍後的上市做準備，我們將重點放在我們數據的優勢以及這種口服藥物兩種測試劑量所觀察到的令人信服的風險收益比上。我期待與這支優秀的團隊合作，實現這些藥物的承諾。

And I'll now turn the call over to Merdad.

現在我將把電話交給梅爾達德。

Thank you, Johanna, and good afternoon, everyone. It's been a pleasure to meet some of you over the past few weeks, and I'm pleased to participate in the first earnings call at Gilead today. I'm excited to join the team to extend the Gilead story and improve the lives of patients around the world. As we implement our new corporate strategy, I'm confident we can leverage our existing pipeline and to expand with internal and external approaches.

謝謝你，喬安娜，大家下午好。過去幾週很高興能與各位見面，今天我也很高興能參加吉利德的首次財報電話會議。我很高興加入這個團隊，繼續寫下吉利德的故事，並改善世界各地患者的生活。隨著我們新公司策略的實施，我相信我們可以利用現有的管道，並透過內部和外部途徑進行擴張。

Building on Gilead's impressive innovation in HIV, including the launch of 11 products in 17 years, our goal is to continue to transform the lives of people affected by HIV. Our next wave of HIV innovation will be driven by long-acting options for treatment and prevention. We listen to what patients want, and we're committed to continuing to pursue and provide more options that meet the needs of people affected by HIV.

吉利德在愛滋病領域取得了令人矚目的創新成就，包括 17 年來推出了 11 款產品，我們的目標是繼續改變受愛滋病影響的人們的生活。我們下一波愛滋病創新浪潮將由長效治療和預防方案推動。我們傾聽患者的需求，並致力於持續尋求和提供更多滿足愛滋病毒感染者需求的治療方案。

We believe our capsid inhibitor has the potential for a truly unique profile, offering both oral and subcutaneous dosing, the potential for self-administration as well as multiple dosing frequencies and options for HIV treatment and prevention. We recently presented data from 2 Phase I studies, demonstrating potent antiviral activity and a potential dosing [and role of] up to every 6 months. We've initiated Phase III studies, including one of the -- one in heavily treatment experienced patients, and we received breakthrough therapy designation for this use. The capsid inhibitor will be the foundation of our long-acting options, and we are exploring multiple partner agents to pair with it.

我們相信，我們的衣殼抑制劑具有真正獨特的特性，可口服和皮下給藥，可自行給藥，並可實現多種給藥頻率和方案，用於 HIV 的治療和預防。我們最近公佈了 2 項 I 期研究的數據，證明了其強大的抗病毒活性，並有可能每 6 個月給藥一次。我們已經啟動了 III 期研究，其中包括一項針對接受過大量治療的患者的研究，並且我們獲得了該用途的突破性療法認定。衣殼抑制劑將是我們長效治療方案的基礎，我們正在探索多種與之搭配的藥物。

As Dan said, we've set the ambitious goal of bringing 10 transformative medicines to patients over the next decade. The first of these 10 transformative medicines will be filgotinib, which has the potential best-in-class profile. I've been impressed with the strength of the filgotinib data. And speaking with key opinion leaders, there's a real appreciation for the results and an excitement for the potential combination of efficacy and safety of the selective oral JAK 1 inhibitor. Across the FINCH studies, we've seen consistently strong efficacy and demonstrate a safety profile that is highly favorable from a benefit/risk standpoint, and this is true, both doses tested.

正如丹所說，我們設定了一個雄心勃勃的目標，在未來十年內為患者帶來 10 種變革性藥物。這 10 種變革性藥物中的第一種將是 filgotinib，它具有成為同類最佳藥物的潛力。filgotinib 的數據強度給我留下了深刻的印象。與關鍵意見領袖交談後，我們發現他們對研究結果非常認可，並對選擇性口服 JAK 1 抑制劑的療效和安全性相結合的潛在前景感到興奮。在整個 FINCH 研究中，我們已經看到其療效始終強勁，並且從收益/風險的角度來看，其安全性也表現出極佳的水平，而且兩種劑量測試的結果都是如此。

We've now filed filgotinib in 3 regions: the U.S., Europe and Japan. And as Johanna mentioned, we are gearing up for the launch. Filgotinib has the potential for 5 new indication launches in the next 4 years, and we look forward to the upcoming ulcerative colitis data this year. This timing could give filgotinib one of the first labels in ulcerative colitis for a JAK inhibitor.

我們目前已在 3 個地區提交了 filgotinib 的上市申請：美國、歐洲和日本。正如喬安娜提到的，我們正在為發表會做準備。Filgotinib 有潛力在未來 4 年內推出 5 個新的適應症，我們期待今年即將公佈的潰瘍性結腸炎數據。這一時機可能使 filgotinib 成為首批獲準用於治療潰瘍性結腸炎的 JAK 抑制劑之一。

We've also had -- I've also had the opportunity to meet the Galapagos team and discuss opportunities that are being pursued beyond filgotinib. This remarkable partnership has the potential to double our research footprint and has a number of programs that could add to our inflammation portfolio.

我也曾有機會與 Galapagos 團隊會面，並討論 filgotinib 以外正在尋求的機會。這項非凡的合作關係有可能使我們的研究規模擴大一倍，並且有許多項目可以豐富我們的發炎研究組合。

Turning to oncology. We have a broad portfolio today, including Kite and have a total of 15 clinical stage programs. Our approach is to build transformative therapies across complementary immuno-oncology platforms, including both cell therapy and noncell therapy. We're actively pursuing and evaluating innovative programs and technologies externally to build our presence in oncology.

轉向腫瘤學。我們目前擁有廣泛的產品組合，包括 Kite，共有 15 個臨床階段項目。我們的目標是在互補的免疫腫瘤學平台上建立變革性療法，包括細胞療法和非細胞療法。我們正在積極尋求和評估外部的創新項目和技術，以擴大我們在腫瘤學領域的影響力。

In total, across our current pipeline, we have 40 clinical stage programs. As Dan mentioned, of these programs, 14 are either being registered right now or in label-enabling trials and 4 of these programs have breakthrough therapy designation. As we pursue external opportunities, we'll continue to build around antiviral therapies, inflammation, fibrosis and immuno-oncology.

目前，我們共有 40 個處於臨床階段的項目。正如丹所提到的，這些項目中，有 14 個目前正在註冊或進行標籤授權試驗，其中 4 個項目獲得了突破性療法認定。在尋求外部機會的同時，我們將繼續圍繞抗病毒療法、發炎、纖維化和免疫腫瘤學領域開展業務。

I'm excited to work with Dan and the entire Gilead team to expand on the great things that have been done to date and go further for people living with HIV and the patients we serve. This work, internal and external, will enable us to grow in the mid to long term.

我很高興能與丹和整個吉利德團隊合作，在迄今為止所取得的偉大成就的基礎上，為愛滋病毒感染者和我們服務的患者做出更大的貢獻。這項工作，包括內部工作和外部工作，將使我們能夠在中長期內發展壯大。

I look forward to sharing more with all of you about our progress on future calls. Thank you very much. And now, we'll open the call for questions. Operator?

我期待在以後的電話會議中與大家分享我們取得的更多進展。非常感謝。現在，我們將開始接受提問。操作員？

(Operator Instructions) Our first question comes from Michael Yee with Jefferies.

（操作說明）我們的第一個問題來自 Jefferies 的 Michael Yee。

I guess I just wanted to ask about your perspective on guidance for 2020. And thinking about both the revenue guidance, which is seemingly flat to down-ish versus '19, and EPS when backing out the stock option seems to be flattish to down-ish. Maybe you can just comment about your perspective of 2020. Is that an investment year? Is there potential to be a growth year both on revenue and EPS? And how do you think about it of 2020 versus, say, what you think about broadly speaking for '21?

我想問您對2020年指導方針的看法。考慮到營收預期（與 2019 年相比似乎持平或略有下降）以及剔除股票選擇權後的每股盈餘（EPS），兩者似乎也持平或略有下降。或許您可以談談您對2020年的看法。這是投資年嗎？今年營收和每股盈餘都有可能成長嗎？那麼，你如何看待 2020 年的情況，以及你對 2021 年的整體看法呢？

Yes. Thanks a lot, Michael, for the question. And I would say, again, based upon the strong results coming off of 2019 that our base business, our HIV business, is really robust and continues to grow. And of course, we need to offset, as Andy mentioned in his comments, the full year effect of the cardiopulmonary franchise and just the beginning of the Truvada expiry. And we feel confident in our ability to be able to do that. Our guidance reflects a revenue that is essentially flat year-on-year. And of course, we'll keep you updated as we go throughout the year based on a variety of events on the commercial side.

是的。非常感謝你的提問，麥可。而且，我想再次強調，根據 2019 年取得的強勁業績，我們的基礎業務，即 HIV 業務，非常穩健，並且持續成長。當然，正如安迪在他的評論中提到的那樣，我們需要抵消心肺特許經營權的全年影響以及 Truvada 到期的開始。我們對自己能夠做到這一點充滿信心。我們的業績預期反映出營收與去年同期基本持平。當然，我們會根據全年商業方面的各種事件，隨時向您報告最新情況。

On the investment side, I would say, yes, absolutely. We feel that we need to invest on the commercial side to make sure that we are preparing ourselves well for the most recent launches that have gone out, and that's Biktarvy and Descovy, but also well prepare ourselves for a very competitive launch for filgotinib, where you've heard us say, we really think we have a unique medicine with a best-in-class profile. And we want to make sure, as we know, there's only one chance to get a launch right. We want to make sure we're well prepared for that.

就投資方面而言，我會說，是的，絕對的。我們認為我們需要在商業方面進行投資，以確保我們為最近推出的 Biktarvy 和 Descovy 做好充分準備，同時也要為競爭激烈的 filgotinib 上市做好充分準備。你們也聽我們說過，我們真的認為我們擁有一種獨特的藥物，具有同類最佳的特性。我們知道，發射只有一次機會，所以我們想確保萬無一失。我們希望確保為此做好充分準備。

Now we have obviously looked hard at our expense base on the commercial side, reallocated resources from cardiopulmonary and are well prepared to put our investments on the growth drivers. And as you can see in our qualitative guidance, feel we need to increase slightly from year-on-year for the SG&A guidance. Likewise, with the investments that we've made, both in our internal pipeline, the expansion of life cycle programs around medicines like filgotinib and others that we need -- and including external innovation that we brought in over the past 2 years, including 33 different collaborations and/or acquisitions. We want to make sure we invest appropriately in those to take them to the next decision point and decide about future investment accordingly, and we'll continue to work on that portfolio as we move forward.

現在，我們顯然已經認真審視了商業方面的支出基礎，重新分配了心肺方面的資源，並已做好充分準備，將投資投入到成長驅動因素上。正如您在我們的定性指導中看到的那樣，我們認為需要比上年略微提高銷售、一般及行政費用指導。同樣，我們在內部研發管線、圍繞filgotinib等藥物及其他所需藥物的生命週期項目擴展方面都進行了投資——包括我們在過去2年中引入的外部創新，包括33項不同的合作和/或收購。我們希望確保對這些股票進行適當的投資，使它們能夠達到下一個決策點，並據此決定未來的投資方向，我們將繼續推進該投資組合的建構。

Andy, do you have some other things you wanted to add there?

安迪，你還有什麼要補充的嗎？

Yes. Thank you. And Michael, thanks for the question. I would just add 2 things. Again, as many of you have heard, our primary focus is on building a predictable, sustainable top line growth profile that you would expect to see of companies like Gilead. So -- and that, at times, requires investment. It has in the history of Gilead, as you go back to the Pharmasset acquisition and the investments that were made following that and it will going forward. So that is our primary focus, as you know. And then I'd also add that we also felt that it was important to provide additional transparency and accuracy in measuring our financial performance, and that's why you're seeing additional guidance that helps give you a fuller picture of how we see the business for the coming year. And I think the guidance speaks for itself, and Dan's points were right on.

是的。謝謝。邁克爾，謝謝你的提問。我只想補充兩點。正如你們許多人所聽說的，我們的主要重點是建立可預測、可持續的營收成長模式，就像你們期望在吉利德這樣的公司看到的那樣。所以——而這有時需要投資。從吉利德收購 Pharmasset 以及之後的投資來看，一直如此，未來也將繼續如此。如您所知，這是我們的主要關注點。此外，我還想補充一點，我們認為提高財務績效衡量的透明度和準確性非常重要，因此您會看到一些額外的指導意見，以幫助您更全面地了解我們對來年業務的看法。我認為指導意見本身已經說明了一切，丹的觀點完全正確。

Our next question comes from Brian Abrahams with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的布萊恩亞伯拉罕。

As you look across your mid-stage portfolio and some new corporate strategy. I was wondering if you could elaborate a little bit more on the areas of most interest to build out or to wind down, where do Gilead's teams stand today to most optimally take advantage of external opportunities? And how do you guys balance potential versus risk as you look at investing in assets, both internally and externally?

當你檢視你的中期投資組合和一些新的公司策略。我想請您詳細說明一下，吉利德目前最感興趣的是哪些領域需要拓展或縮減，以及吉利德的團隊目前處於什麼狀態，才能最有效地利用外部機會？你們在考慮投資資產（包括內部和外部資產）時，是如何平衡潛力和風險的？

Great. Thanks a lot, Brian. I'll start and then I'll ask Merdad to comment on the portfolio because one of the big efforts that we have underway is with Merdad coming to the organization, his breadth of experience in building world-class portfolios. That's exactly what he's involved in right now and really leveraging the strengths accordingly across the portfolio.

偉大的。非常感謝，布萊恩。我先開始，然後我會請 Merdad 對投資組合發表評論，因為我們正在進行的一項重大工作就是 Merdad 加入公司，他擁有豐富的經驗，能夠構建世界一流的投資組合。這正是他目前正在做的事情，並且正在根據投資組合中的優勢進行相應的調整。

So I'd say a couple of things, Brian. I think, as you know, we've kind of elevated the full disclosure and openness on our portfolio. We started that at JPMorgan. You can expect us to continue to be very transparent about the portfolio, the decisions we take and we make. But I think just the very fact that we have 40 clinical stage programs, 14 of which are in registrational trials, is something that I think may be underappreciated as we -- from the outside.

所以，布萊恩，我想說幾點。如您所知，我們已經提高了投資組合的全面揭露和公開程度。我們最初是在摩根大通開始做這件事的。您可以期待我們繼續保持對投資組合、我們所做的決定和採取的行動的高度透明。但我認為，我們擁有 40 個臨床階段項目，其中 14 個正在進行註冊試驗，這一事實本身可能被外界低估了。

Now you asked about what are the things that are most interesting. I'm going to let Merdad give that as well. But I remind you that our strength in viral diseases will continue to be invested in. And that's the discussion around capsid and really truly providing kind of next-generation therapies that we think patients and customers, well we know patients and customers are asking for out there. Having said that, I think the extension of our inflammatory disease portfolio with the Galapagos transaction is something that excites me. I think there's lots of potential shots on goals there. There's ways to think about between Gilead and Galapagos building combination approaches in the future and I think we've really got a strength in inflammatory diseases that is building.

現在你問的是最有趣的事情是什麼。我打算也讓梅爾達德來做這件事。但我提醒各位，我們將持續加大對病毒性疾病的防治投入。這就是圍繞衣殼的討論，以及如何真正提供我們認為患者和客戶（我們知道患者和客戶正在要求的）所期望的下一代療法。話雖如此，我認為透過 Galapagos 交易擴展我們的發炎性疾病產品組合，這令我感到興奮。我認為那裡有很多潛在的射門機會。吉利德和 Galapagos 之間可以考慮在未來建立聯合療法，我認為我們在發炎性疾病領域確實擁有正在增強的優勢。

Fibrotic diseases is something that we have a depth of expertise in and we understand the challenges associated with that disease state. And so as Merdad builds a portfolio, I think he'll comment at it, we have to make sure that we're putting the right level of investment there that makes sense for the big unmet medical need, but also the risk associated with some of the natures of those diseases.

纖維化疾病是我們有深厚專業知識的領域，我們了解與這種疾病狀態相關的挑戰。因此，隨著 Merdad 構建投資組合，我認為他會對此發表評論，我們必須確保我們投入適當的投資水平，以滿足巨大的未滿足醫療需求，同時也要考慮到與這些疾病的某些性質相關的風險。

And then finally, there's been significant effort long before Merdad or I joined on oncology. Of course, the Kite acquisition provides us with an immediate step-up in knowledge and know-how and a breadth of portfolio there. But the non-Kite portfolio is something that's really built up over the past couple of years, both internally and through our collaborations. We know it's early, and we know that we're going to have to continue to pursue those programs and build on it. So that's my two cents. And Merdad, you have a deeper and kind of a refreshed view because you've just entered not too long ago. So it'd be good to hear your reactions.

最後，早在 Merdad 或我加入腫瘤科之前，就已經有人為此付出了巨大的努力。當然，收購 Kite 可以立即提升我們的知識和技術水平，並拓寬我們的產品組合。但非 Kite 產品組合是在過去幾年裡，透過內部努力和合作逐步建立起來的。我們知道現在還處於早期階段，我們也知道我們必須繼續推動這些專案並在此基礎上發展。以上就是我的看法。梅爾達德，因為你加入不久，所以你的視角更深刻、更新穎。所以很想聽聽你們的看法。

Yes, and I won't belabor what Dan said. I think he hit on the main themes, which is sort of making sure -- the capsid molecule looks really interesting, and I think we're pretty excited about that one. And building a partner for that, for both treatment and prevention, is going to be an important goal of ours.

是的，我不會贅述丹說過的話。我認為他抓住了重點，那就是確保——衣殼分子看起來非常有趣，我們對此感到非常興奮。尋找合作夥伴，共同進行治療和預防，將是我們的重要目標。

And then in inflammation, getting the filgo launch right, and then supplementing filgo in our -- filgotinib in our pipeline is going to be an important task for us to focus on as well to build around the inflammation portfolio and to enable broader reach as we develop there.

在發炎領域，確保 filgo 的上市順利進行，並將 filgo 補充到我們的產品線中——filgotinib，這將是我們重點關注的重要任務，以便圍繞炎症產品組合進行構建，並在我們進行開發時實現更廣泛的覆蓋面。

And then oncology, I think that's an area where we are going to spend time building out, looking for opportunities, especially in immuno-oncology and working with our colleagues at Kite to make sure that we're finding the right balance and bringing the noncell therapy portfolio up to complement the cell-based therapy.

至於腫瘤學，我認為我們將在這個領域投入時間去發展，尋找機會，尤其是在免疫腫瘤學領域，並與 Kite 的同事合作，確保我們找到合適的平衡點，並提升非細胞療法組合，以補充細胞療法。

I think more qualitatively, maybe I'd say, I think what you're hearing is this idea about focus for us. Making sure that we're really thoughtful about where we focus and where we build our expertise so that we can build a portfolio around those areas of focus, as you've heard me and Dan layout. And also that we find a balance, to address your other question, around risk, to find balance around how we approach the overall portfolio so that we have a mix in there. Some high-risk, high-reward programs, balanced with some other programs that are less risky and have more -- a higher likelihood of success. And so we are going to approach the portfolio that way and broadly across the entire portfolio, inclusive of oncology, inflammation, fibrosis and HIV.

我覺得從更定性的角度來看，或許可以說，我認為你聽到的是我們關注的重點。正如你剛才聽到我和丹闡述的那樣，我們要認真思考我們的關注點和專業知識的培養方向，以便圍繞這些重點領域構建一個投資組合。另外，為了回答你的另一個問題，關於風險，我們需要找到平衡點，在對待整體投資組合的方式上找到平衡，以便我們能夠進行多元化組合。一些高風險、高回報的項目，與一些風險較低、成功可能性較高的項目相平衡。因此，我們將採用這種方式來管理整個產品組合，包括腫瘤學、發炎、纖維化和 HIV。

Our next question comes from Geoff Meacham with Bank of America.

下一個問題來自美國銀行的傑夫‧米查姆。

Johanna, I want to ask you a couple on HIV. So the Descovy and PrEP targets, what gets you there to 40%, 45%? And how are you dealing so far with generics to grab share? And then when you look at the Biktarvy franchise, obviously, pretty dominating share there. But what populations have you seen of late that are going to continue to add to the switch dynamic? I mean I guess the question is how many of the switches that you've seen thus far in the U.S. are kind of laggards and maybe where are they coming from?

喬安娜，我想問你一對夫婦關於愛滋病毒的問題。那麼，Descovy 和 PrEP 的目標是什麼？如何才能達到 40%、45% 的目標？那麼，你們目前是如何應對仿製藥的衝擊，以搶佔市場份額的呢？然後，當你看看 Biktarvy 品牌時，很明顯，它佔據了相當大的市場份額。但你最近觀察到哪些族群將繼續加劇這種轉變動態？我的意思是，我想問的是，到目前為止，你在美國看到的交換機中有多少是落後的，以及它們可能來自哪裡？

Okay. So maybe I'll hit your Descovy question first and then go to Biktarvy. So we exited the year around 27% with Descovy, and what we're seeing is really nice uptake. But if you recall, there's a real fragmented market, in the prevention market versus the treatment market. In the treatment market, you have 3,000, 4,000 prescribers. In the prevention market, it's much larger than that, like by tenfold. And so therefore, it's really how do we get there is making sure we focus on the higher volume, which is the same folks that actually are prescribing in prevention are also prescribing in the treatment, HIV treatment world, and those are physicians that truly understand the benefits of going from a TDF agent to TAF with all the bone and renal safety that comes with it. And so we believe that we've actually seen that share of that segment increase very rapidly.

好的。那我或許會先回答你關於 Descovy 的問題，再去問 Biktarvy 的問題。今年年底，Descovy 的市佔率約為 27%，我們看到的是非常好的市場接受度。但如果你還記得的話，預防市場和治療市場之間有著非常分散的市場。在治療市場中，有 3000 到 4000 名處方醫生。在預防市場，這個規模大得多，大概是原來的十倍。因此，我們實現這一目標的關鍵在於確保我們專注於更高的用藥量，也就是那些在預防領域開處方的人，他們也在治療領域，也就是 HIV 治療領域開處方，這些醫生真正了解從 TDF 藥物過渡到 TAF 藥物的好處，以及由此帶來的所有骨骼和腎臟安全性。因此，我們認為該細分市場的份額實際上已經迅速增長。

We also have another big piece of the pie that is about 20%, 25% of the volume that are folks that have never prescribed an HIV treatment. And so these are folks that we are visiting, and obviously, using different means of communication to make sure they're educated around the fact of the benefits for a TAF agent like Descovy. And so what we're seeing is that increase month-to-month, and we're very pleased with where we are today after only 3 months of launch. Having said that, we believe that's going to continue with some challenges potentially on the payer side, and that's how we get to the 40%, 45% towards the end of the year, in light of the fact that Truvada is losing its patent later this year in October. And so some payers are already planning ahead of a little bit on that one. So we're working with them very closely to make sure that patients get the best, most appropriate compound for them. And so I guess we believe that that's where we're going to get about 40%, 45% of conversion by October of this year. So that's the Descovy story.

我們還有另一大塊蛋糕，大約佔總量的 20% 到 25%，是那些從未接受過 HIV 治療的人。所以，我們正在拜訪這些人，顯然，我們使用不同的溝通方式，確保他們了解像 Descovy 這樣的 TAF 代理人的好處。因此，我們看到的是月復一月的成長，推出僅 3 個月後，我們對目前的成績非常滿意。話雖如此，我們認為這種情況還會持續下去，支付方可能會面臨一些挑戰，這就是為什麼我們預計到年底時支付方支付率會達到 40% 或 45%，因為 Truvada 的專利將於今年 10 月到期。因此，一些支付方已經開始提前為此做好規劃了。因此，我們與他們密切合作，以確保患者獲得最適合他們的藥物。因此，我們估計到今年 10 月，轉換率將達到 40% 到 45%。這就是 Descovy 的故事。

From a Biktarvy standpoint, I think what you were saying, good quarter, and I think I would say it's an excellent quarter for Biktarvy, if I do say so myself. I'm very proud of the team on that front. And it's been obviously very active, very competitive in the market space, as you well know. The Biktarvy is really being used for the majority of patients, and that's really the profile of Biktarvy and what it brings to the table, in light of the combination of convenience, tolerability, the high barrier to antiviral resistance. And so that's kind of what Biktarvy has to offer. What I would say is as you think about all the ending-the-epidemic initiatives, that's where the rapid start with Biktarvy is becoming a really increasingly point of differentiation and a very important one for physicians. And I think that's really helping the Biktarvy growth as well as you move forward. So the fact that 1 out of 2 patients are actually starting on Biktarvy, whether that's a naive patient or a switch patient, that is really where you're seeing how the market is consolidating around Biktarvy, and we believe that will just continue not only in 2020, but beyond that, just because of what Biktarvy has to offer for patients. Hopefully, that answered your question, Geoff.

從 Biktarvy 的角度來看，我認為你剛才說的沒錯，這是一個不錯的季度，恕我自誇一下，我認為對於 Biktarvy 來說，這是一個非常出色的季度。我為團隊在這方面的表現感到非常自豪。如您所知，這個市場顯然非常活躍，競爭非常激烈。Biktarvy 目前確實被大多數患者使用，而這正是 Biktarvy 的特徵和優勢所在，它兼具便利性、耐受性和抗病毒抗藥性高等優點。這就是 Biktarvy 所能提供的服務。我想說的是，當你思考所有結束疫情的措施時，Biktarvy 的快速啟動正變得越來越具有差異化優勢，對醫生來說也越來越重要。我認為這確實有助於 Biktarvy 的發展，也有助於你們向前邁進。因此，每兩名患者中就有一名開始使用 Biktarvy，無論是初次使用的患者還是轉用其他藥物的患者，這都表明市場正在圍繞 Biktarvy 進行整合，我們相信這種情況不僅會在 2020 年繼續下去，而且會持續下去，因為 Biktarvy 能為患者帶來諸多益處。希望這能解答你的疑問，傑夫。

Our next question comes from Geoffrey Porges with SVB Leerink.

我們的下一個問題來自 SVB Leerink 的 Geoffrey Porges。

I have to ask one about remdesivir, which is, have there been any other anecdotal reports of responses, other than the one that was in the journal over the weekend? And do you have manufacturing capacity that you could scale up quickly?

我必須問一個關於瑞德西韋的問題，那就是，除了週末期刊上刊登的那篇報導之外，還有其他關於療效的軼事報道嗎？你們是否具備可以快速擴大生產規模的能力？

And then I just wondered if Merdad could talk a little bit about fibrotic disease. You're obviously still involved in NASH, but there are a lot of other fibrotic diseases and I just wonder if your ambition span all fibrotic diseases or still pretty much confined to NASH? Sorry about that double up.

然後我就想問問梅爾達德能否談談纖維化疾病。您顯然仍然關注 NASH，但還有很多其他纖維化疾病，我只是想知道您的目標是否涵蓋所有纖維化疾病，還是仍然主要局限於 NASH？抱歉，重複了。

That's all right. That's all right. On remdesivir, we have not had any other anecdotal reports to date. And so we'll obviously keep an eye on that very closely and see how that progresses. In terms of manufacturing, our team has really been working night and day. It's been very impressive to watch this team over the past couple of weeks really ramp up to the extent that we can. Our capacity is going up every day. We're looking at all the options we have expecting to be prepared for what may come. Obviously, we are waiting for data, both in vitro and then in people, to ensure that the drug actually works. And it's important just for everyone to keep that in mind that this is still investigational, and we are still waiting for more data to know. But at risk, we are investing pretty heavily to make sure that we're prepared as best as we can.

沒關係。沒關係。關於瑞德西韋，我們目前還沒有收到其他任何個案報告。因此，我們顯然會密切關注此事，看看事態如何發展。在生產製造方面，我們的團隊真的日夜不停地工作。過去幾週，這支隊伍的狀態迅速提升，達到了我們所能達到的極限，這給我留下了非常深刻的印象。我們的產能每天都在提升。我們正在考慮所有可能的方案，以應對可能發生的情況。顯然，我們正在等待體外實驗和人體實驗的數據，以確保該藥物確實有效。大家需要記住的是，這仍然是一項調查研究，我們仍在等待更多數據才能得出結論。但風險也意味著我們要投入大量資源，確保做好萬全準備。

In terms of fibrotic disease, we think of it fairly broadly. But I guess from my perspective, when I think about fibrotic disease, to your point, we -- NASH, as you know, we've had programs in diabetic kidney disease, we have a program in idiopathic pulmonary fibrosis right now, and those are biologically related. And one of the things that we are -- always have in our mind is to think about where to apply a particular mechanism, which disease to apply a particular mechanism. And so what I would say is as we see the readouts on the IPF study as they come forward, as we have the discussions with the agency about the NASH program and as we see a novel molecules that come through, we'll do those in a gated way. Fibrosis is a challenging area, and we don't underestimate how difficult that's going to be? I hope that address your question, Geoffrey.

就纖維化疾病而言，我們的理解相當廣泛。但我想從我的角度來看，當我想到纖維化疾病時，正如你所說，我們——NASH，正如你所知，我們有糖尿病腎病項目，我們現在有特發性肺纖維化項目，這些在生物學上是相關的。我們始終牢記的一件事是，要考慮在哪裡應用某種特定機制，將某種特定機制應用於哪種疾病。因此，我想說的是，隨著 IPF 研究結果的公佈，隨著我們與相關機構就 NASH 項目進行討論，以及隨著新分子的出現，我們將以分階段的方式進行這些工作。纖維化是一個具有挑戰性的領域，我們絕對不會低估它的難度。希望這能解答你的疑問，傑弗裡。

Our next question comes from Matthew Harrison with Morgan Stanley.

下一個問題來自摩根士丹利的馬修·哈里森。

I was hoping you could address what you see as the opportunity in China? You obviously mentioned that for Vemlidy and then pointed out some of your HCV medicines are approved there. But I don't think you've talked about how big you think that could be or how much a contributor you think that could be over the next couple of years?

希望您能談談您認為中國有哪些機會？您顯然提到了Vemlidy，然後指出您的一些丙型肝炎藥物在那裡獲得了批准。但我認為你還沒有談到你認為它能有多大，或者你認為它在未來幾年能做出多大的貢獻？

We'll have Johanna address that.

我們會讓喬安娜來處理這件事。

Yes. So in China, we're excited about the fact that this is really our first opportunity with reimbursed compounds. So I think Dan mentioned which one. But just to highlight. From a hepatitis C standpoint, it's Harvoni and Epclusa. And the only other product -- this was a tender process in China. And the only other product approved is Zepatier, reimbursed, I should say. And so -- I mean of course, this is more of a volume opportunity than anything else. And this is one that we believe many patients are in need, and we have a real opportunity to help those patients. That's in hepatitis C.

是的。因此，在中國，我們感到非常興奮，因為這確實是我們第一次有機會使用醫療保險報銷的化合物。所以我覺得丹提到了是哪一個。但需要特別說明的是。從C型肝炎的角度來看，是 Harvoni 和 Epclusa。而另一款產品——這是在中國進行的招標過程。唯一獲批的其他產品是 Zepatier，應該說，可以報銷。所以——我的意思是，當然，這更多的是一個銷售機會，而不是其他什麼。我們相信很多患者都需要這種治療，我們也確實有機會幫助這些患者。那是丙型肝炎。

In hepatitis B, Vemlidy also got reimbursement, which, of course, as you know, hepatitis B, the biggest market from a patient standpoint is also in China. And then the last one is Genvoya and HIV, which HIV, it's going to be the first time that actually products will get reimbursed in China in HIV, the class. And so we believe that's also one that we're cautiously optimistic that more patients can really get the treatment that they need.

在乙肝領域，Vemlidy 也獲得了醫保報銷，當然，如你所知，乙肝，從病人的角度來看，最大的市場也是在中國。最後是 Genvoya 和 HIV，HIV 將是中國首次將 HIV 類產品納入健保報銷範圍。因此，我們也謹慎樂觀地認為，更多的患者能夠真正獲得所需的治療。

So we are cautiously optimistic about our China business opportunity. You can appreciate that with everything going on right now in China, the focus is not on some of these new products that got reimbursement, the focus is really on the people and what's going on with the coronavirus. And so we do think that might be a little bit delayed in 2020 as we see kind of that play out. But I do think from a longer-term standpoint, this is how we should be thinking about China and the opportunity moving forward because of the patient pool that is so predominant in the specific disease areas that we offer potential solutions for patients.

因此，我們對在中國的商業機會持謹慎樂觀態度。可以理解，鑑於中國目前的情況，人們的關注點並不在於這些獲得報銷的新產品，而是在於民眾以及冠狀病毒疫情的發展。因此，我們認為在 2020 年，這種情況可能會稍微推遲一些，因為我們會看到事情的發展。但我認為，從長遠來看，我們應該這樣看待中國以及未來的機遇，因為在特定疾病領域，中國患者群體非常龐大，我們可以為患者提供潛在的解決方案。

I think that's great, Matthew. The only other thing I would say, Johanna's captured it really well, is that we kind of put this into the durable base part of our strategic story. And I think that's because it is a volume game. I think there is real opportunity here obviously for patients in China, but also for our business. But it helps us kind of stabilize and navigate that durable base over the course of the years to come, and it's important for patients and also for our business to build that in. And then we have the inflection points on top of that with Yescarta business, with filgotinib. With a variety of things that are in our hands right now and a larger portfolio to inflect for the -- to provide our confidence in the mid- to long-term growth.

我覺得這很棒，馬修。我唯一想補充的是，Johanna 已經很好地概括了這一點，那就是我們把這一點融入了我們策略故事的持久基礎部分。我認為這是因為這是一個成交量大的遊戲。我認為這裡顯然存在著真正的機遇，不僅對中國的患者而言如此，對我們的企業也是如此。但這有助於我們在未來幾年內穩定和鞏固這一持久的基礎，這對患者和我們的業務都很重要。此外，Yescarta 業務和 filgotinib 也迎來了轉捩點。憑藉我們目前掌握的各種資源以及更大的投資組合，我們可以對中長期成長充滿信心。

Our next question comes from the line of Umer Raffat with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Umer Raffat。

Perhaps first one for Johanna. Johanna, I know you worked in -- in your prior role, you headed a commercial organization, which was best-in-class in oncology and a very established organization in primary care with the ELIQUIS. And my question to you is, as you look at Gilead, where it stands today, how prepared is the organization to compete with AbbVie and Pfizer, 2 companies very well entrenched in their -- with their JAKs, respectively. I'm just trying to understand the level of organizational preparedness, especially in light of which I think is probably something like $200 million plus or minus, the year-over-year incremental SG&A expense possibly heading into the filgotinib launch?

或許這是喬安娜的第一個。Johanna，我知道你之前曾領導一家商業機構，該機構在腫瘤學領域是一流的，並且在初級保健領域也擁有非常成熟的 ELIQUIS 產品。我的問題是，以吉利德目前的狀況來看，它是否做好了與艾伯維和輝瑞這兩家在JAK抑制劑領域根基深厚的公司競爭的準備？我只是想了解組織的準備程度，尤其是考慮到，我認為與前一年相比，filgotinib上市可能會增加2億美元左右的銷售、一般及行政費用？

And one for Merdad. I know the filgotinib UC trial selection one is due any day. I also understand that there's inadequate responders to ENTYVIO in there. So those patients, in particular, what percentage is that of the trial? And do you expect filgotinib to be active in ENTYVIO nonresponders?

還有一份給梅爾達德。我知道filgotinib治療UC的臨床試驗篩選結果應該很快就會公佈了。我也了解到，那裡對ENTYVIO的反應者不足。那麼，這些患者，特別是參與試驗的患者，佔總患者人數的百分比是多少？您認為filgotinib對ENTYVIO無反應者有效嗎？

So maybe I'll kick it off, Umer, with your first part of your question. So specific to filgotinib, I think that, you're right. Obviously, we are very well aware that it's going to be a very competitive environment. There's no doubt about that. But I think we're being really smart about it. And what I mean by that is because I think what we're thinking about is making sure where we're going to bring focus to the table. So we are going to be -- we are very clear about where we want to play and where we play, we win. And that's about commercial excellence and medical excellence, to be honest with you, because medical and commercial are going need to partner very closely, and we are already around the clinical data and the profile of this compound and how that really needs to be at the center of everything we do with filgotinib.

那麼，烏默，或許我可以先從你問題的第一部分開始回答。所以就filgotinib而言，我認為你是對的。顯然，我們非常清楚這將會是一個競爭非常激烈的環境。這點毋庸置疑。但我認為我們處理得非常明智。我的意思是，因為我認為我們正在考慮的是確保我們將重點放在哪些方面。所以，我們非常清楚我們想在哪裡比賽，在哪裡比賽，我們就能贏。坦白說，這關乎商業卓越和醫學卓越，因為醫學和商業需要緊密合作，我們已經圍繞著該化合物的臨床數據和概況展開工作，而這確實需要成為我們開展 filgotinib 相關工作的核心。

I would also say that if I take other disease areas, where we had similar competitive dynamics and similar competitors, to be honest, we have done actually quite well in that space. And HCV is a great example of that, where we've regained share, now we're at 60% share in HCV across the marketplace, which I do think shows others, including internally and externally, that we can be very competitive when we need to be. And I think that's exactly what you're going to see with filgotinib. We are preparing the teams. We are making sure that we are hiring the right people with the right level of experiences to making sure that we are absolutely ready for an expected launch later this year. And I think that I'm really excited about it, to be honest with you. I think the team has really come up the line. And I think we brought in some really good external talent, but we already had some very good internal talent as well and putting the 2 together, I think, will make for a very successful launch moving forward.

我還要說，如果以其他疾病領域為例，在這些領域，我們面臨著類似的競爭動態和類似的競爭對手，坦白說，我們實際上在這些領域做得相當不錯。丙肝就是一個很好的例子，我們已經重新奪回了市場份額，現在我們在丙肝市場佔有 60% 的份額，我認為這向包括內部和外部在內的其他人表明，當我們有必要時，我們可以非常有競爭力。我認為這正是你使用filgotinib會看到的效果。我們正在組隊。我們正在確保招募到具備相應經驗水平的合適人才，以確保我們為今年稍後的預期發布做好萬全準備。說實話，我真的非常興奮。我認為球隊的進步非常顯著。我認為我們引進了一些非常優秀的外部人才，但我們內部也已經擁有一些非常優秀的人才，將兩者結合起來，我認為將使我們未來的產品發布會非常成功。

And yes -- and so Umer, this is Merdad. Maybe I'll start by clarifying the timing because I think you may have given my team a heart attack. I don't think it's any day now. I think we've guided to a little bit later in the first half of the year. So please be patient with us, we'll get it out there as quickly as we can.

是的——所以，烏麥爾，這就是梅爾達德。或許我應該先澄清一下時間點，因為我覺得你可能讓我的團隊嚇到心臟病了。我覺得現在還不是時候。我認為我們已經把時間推遲到今年上半年晚些時候了。所以請大家耐心等待，我們會盡快把它發出去。

In terms of the ENTYVIO nonresponders, I won't know the precise proportion until after we see the demography of the study afterwards after the trial is done. So I'm not going to -- I'd be speculating as to sort of where we land on that so I'm going to beg your patience on that one as well. But in terms of expectations of response, I think if you look at this population, as you know, they cycle through a variety of medications. And while the response rate when they cycle to the next medication isn't usually as robust as a naive patient, there are good -- there's good evidence that going from, let's say, ENTYVIO to a TNF inhibitor or vice versa, you have -- you still have a good proportion of patients who respond in that. So I think our expectations are fairly realistic about what the response -- that we'll have responders in there to filgotinib.

至於 ENTYVIO 無反應者，在試驗結束後，我們才能看到研究的人口統計數據，屆時我才能知道確切的比例。所以我不會——我不會去猜測我們最終會得出什麼結論，所以在這方面我也請大家耐心等待。但就預期療效而言，我認為如果你觀察這個群體，正如你所知，他們會輪流服用各種藥物。雖然患者在換用下一種藥物時的反應率通常不如初次用藥的患者那麼高，但有很好的證據表明，從恩替維奧 (ENTYVIO) 換用 TNF 抑製劑或反之亦然，仍然有相當一部分患者會對此產生反應。所以我認為我們對治療效果的預期是相當現實的——我們會有一些患者對filgotinib有反應。

Our next question comes from Cory Kasimov with JPMorgan.

下一個問題來自摩根大通的科里·卡西莫夫。

Wanted to ask you on the corporate strategy front with -- well, everyone's pretty clearly waiting for the company to engage in more substantial business development, but how much of a sense of urgency do you have on this front, given kind of the new management team all coming together now? And how successful do you think Gilead can be without outside help, basically relying on the first 2 pillars of your strategy?

我想問您一些關於公司策略的問題——大家都很顯然在等待公司進行更實質的業務拓展，但考慮到新的管理團隊正在組建中，您在這方面有多大的緊迫感？你認為吉利德在沒有外部幫助的情況下，主要依靠其策略的前兩個支柱，能夠取得多大的成功？

Yes, thanks, Cory. I'll give a start and if Andy wants to add as well. So look, I think first of all, I believe we're coming at this from a position of strength. The position of strength now that we have a complete management team with depth of experience. Of course, we're still building experience in some of our new therapeutic areas, but we have now a team that is accomplished, that understands what good looks like, that understands how to take appropriate risks. And that's relatively recent that we have this team together like this.

是的，謝謝你，科里。我先拋磚引玉，如果安迪也想補充的話。所以你看，我認為首先，我相信我們是站在強勢地位上來應對這件事的。現在我們擁有了一支經驗豐富的完整管理團隊，這使我們處於優勢地位。當然，我們在一些新的治療領域仍在累積經驗，但我們現在擁有一支經驗豐富的團隊，他們了解什麼是好的，也知道如何承擔適當的風險。而我們像這樣組成這個團隊也是最近才發生的。

So it allows us, if you like, when we look at external opportunities in our areas of expertise, which is not unimportant because we've really decided to focus there, I think it allows us to move fast. And we know that moving fast is important, and being first to the table at the right time, in some cases that's more risk, some cases that's less risk, depending on the nature of what we're looking at. But I think we're well prepared to be able to pivot, to be first at the table or close to first at the table and to make things happen.

所以，如果你願意這麼說的話，當我們審視我們專業領域內的外部機會時（這一點非常重要，因為我們已經決定專注於此），我認為這使我們能夠快速行動。我們知道快速行動很重要，在正確的時間搶佔先機在某些情況下風險更大，在某些情況下風險較小，這取決於我們所關注事物的性質。但我認為我們已經做好了充分的準備，能夠迅速調整策略，在談判桌上佔據領先地位或接近領先地位，並促成事情的發生。

So we have a solid pipeline, but we have a sense of urgency, of course, around building this. And I think we've been clear about the areas we intend to build in. We'll also be disciplined. We're not going to -- we're going to take appropriate risks, but I think risk that will help us build the shape of the portfolio, very much like Merdad mentioned before. And we'll take that into account, too. So it's not just about an individual target or asset, it's also about how that fits into the complementary nature of that therapeutic area and/or other therapeutic areas, and that's where we'll pivot and move with. But rest assured, our sense of urgency around this is high. But so is now our expertise, I would say, as well. Andy, do you want to add to that?

所以我們已經有了可靠的管道，但當然，在建立這個管道方面，我們也感到迫切。我認為我們已經明確了我們打算在哪些地區進行建造。我們也會遵守紀律。我們不會——我們會承擔適當的風險，但我認為這種風險將有助於我們建立投資組合的形態，就像 Merdad 之前提到的那樣。我們也會把這一點考慮在內。所以，這不僅關乎某個目標或資產，還關乎它如何融入該治療領域和/或其他治療領域的互補性質，而這正是我們將要轉變和前進的方向。但請放心，我們對此事高度重視，並深感緊迫。但我認為，我們現在的專業知識也是如此。安迪，你想補充什麼嗎？

I mean the only thing I would add, I agree, that there is a sense of urgency, we'll be disciplined. I'd say, to some extent, Cory, the best proxy is just looking at the past couple of years. I mean we've outperformed commercially the last 2 years, we've given very clear guidance for 2020. Obviously, we will work incredibly hard to outperform again. We see opportunities, things that we can potentially do better. We would like to find external assets to supplement our pipeline. But we also feel that the durability of our existing business and our existing pipeline are both underappreciated. So to answer your second question on, can we compete without doing large business development yields? Absolutely. I mean -- and we think that we can continue to build a sustainable business. Would we like to supplement it with outside assets, especially to build our late-stage pipeline? Yes. And we are actively working on that. But to reiterate what Dan said, we're going to be thoughtful and disciplined in how we do it.

我唯一要補充的是，我同意，確實存在緊迫感，我們會保持自律。科里，我覺得在某種程度上，最好的衡量標準就是看看過去幾年的情況。我的意思是，過去兩年我們的商業表現一直優於預期，我們也對 2020 年給出了非常明確的業績指引。顯然，我們會付出巨大的努力，爭取再次取得優異成績。我們看到了機會，看到了我們可以做得更好的地方。我們希望尋找外部資源來補充我們的產品線。但我們也認為，我們現有業務和現有專案儲備的持久性都被低估了。那麼，對於你的第二個問題，即“我們能否在不進行大規模業務拓展的情況下參與競爭？”絕對地。我的意思是——而且我們認為我們可以繼續打造可持續發展的企業。我們是否希望利用外部資源進行補充，特別是建造我們的後期研發管線？是的。我們正在積極努力解決這個問題。但正如丹所說，我們會認真思考、嚴謹行事。

Our next question comes from Mohit Bansal with Citi.

下一個問題來自花旗銀行的莫希特·班薩爾。

And if you could talk a little bit about the market opportunity with the capsid inhibitors, especially in heavily pre-treated patients. Should we think about this as an incremental opportunity? Or you think the portion of it could be from existing Gilead products?

如果您能談談衣殼抑制劑的市場機會，特別是針對接受過大量預先治療的患者，那就太好了。我們是否應該將此視為一個漸進的機會？或者您認為其中一部分可能來自吉利德現有的產品？

Capsid inhibitor?

衣殼抑制劑？

Got it. So I think I can touch on it from a commercial standpoint and then maybe pass it over to Diana to touch a little bit more on its clinical profile and its offerings. From a commercial standpoint, we're thinking about the capsid in 2 ways, one, in prevention and the other one in treatment, obviously. We think there's probably an opportunity we'll see, to see if there's monotherapy in prevention and potentially, obviously, we're looking for a combination in the treatment and Diana can catch on that a little bit more. In prevention, I do think with Descovy right now in prevention and the launch of what's going on, we do think that's probably going to be something that could be very interesting for patients. If you think about that marketplace and thinking potentially up to 6 months, and that's really what patients are looking for, to have something every 6 months. This could be something very interesting and exciting for patients. And that would be with the timing that we're thinking about for this compound, assuming all plays out, then it could be out to play more of a switch in the prevention market from Descovy to the capsid inhibitor.

知道了。所以我想我可以從商業角度談談它，然後也許可以把話題交給戴安娜，讓她更詳細地談談它的臨床概況和產品。從商業角度來看，我們從兩個方面考慮衣殼，一個是預防，另一個顯然是治療。我們認為可能會出現一個機會，看看預防方面是否有單一療法，而且顯然，我們也在尋求治療方面的聯合療法，戴安娜可以稍微領悟到這一點。在預防方面，我認為 Descovy 目前在預防方面以及正在發生的事情，我們認為這可能會對患者來說非常有趣。如果你考慮市場，考慮到可能需要長達 6 個月的時間，而這正是患者真正想要的，他們希望每 6 個月就能得到一次治療。這對患者來說可能是一件非常有趣且令人興奮的事情。如果一切按我們設想的時間進行，那麼這種化合物可能會在預防市場中發揮更大的作用，從 Descovy 轉向衣殼抑制劑。

Having said that, in treatment, that could look very different. And I do think that's potentially a market expansion because it would really be -- if we can find a combination that would really work in the treatment setting, I do think that would offer a long-acting that patients actually really want, and that's the biggest piece of the puzzle. What we're trying to do is making sure that we match up what the patients are telling us with our clinical development plan. And what I mean by that is, as we've done so much market research with our patient pool, what they're telling us is, yes, weekly oral would be interesting and potentially something that they might be interested over a daily compound, but it's not for everyone. And then when you go from weekly oral to potentially, what else would they want? Would they rather an injectable to a subcu, subcu wins out. If they'd rather 3 months than 6 months, 6 months wins out. And so that's really where we have focused our clinical development team to make sure that we're addressing the needs of patients. And maybe with that, I'll turn it over to Diana.

話雖如此，但在治療中，情況可能會大不相同。而且我認為這有可能擴大市場，因為如果我們能找到一種在治療環境中真正有效的組合，我認為這將提供患者真正想要的長效藥物，而這正是最大的難題。我們正在努力確保患者告訴我們的情況與我們的臨床開發計劃相符。我的意思是，我們已經對患者群體進行了大量的市場調查，他們告訴我們，每週口服一次藥物確實很有意思，而且他們可能比每天服用一次的複方製劑更感興趣，但這並不適合所有人。當從每週一次的口服給藥改為可能進行口服給藥時，他們還會想要什麼呢？如果他們更傾向於皮下注射，皮下注射更勝一籌。如果他們寧願選擇 3 個月而不是 6 個月，那就選擇 6 個月。因此，我們的臨床開發團隊真正將精力集中在滿足患者的需求上。或許這樣一來，我就可以把它交給黛安娜了。

Yes, we recognize the bar is very high because Biktarvy has really set the standard. But we also know that within the U.S., for example, only 85% of people with HIV are in treatment. And if we want to end the epidemic, we have to do better. And the capsid inhibitor is going to be one of those tools. And we really see it, as Johanna was saying, as the market expander because one of the reasons that those people aren't in treatment is that the treatments right now are not amenable to their lifestyles, and so a long-acting is a way to make the umbrella a little bit larger. It's a complement to Biktarvy and what we have already.

是的，我們意識到標準非常高，因為 Biktarvy 確實樹立了標竿。但我們也知道，例如在美國，只有 85% 的 HIV 感染者正在接受治療。如果我們想要結束這場疫情，就必須做得更好。衣殼抑制劑將是其中一種工具。正如 Johanna 所說，我們確實認為它能擴大市場，因為這些人沒有接受治療的原因之一是，目前的治療方法不適合他們的生活方式，所以長效藥物可以擴大適用範圍。它是 Biktarvy 和我們現有產品的補充。

Our next question comes from Alethia Young with Cantor Fitzgerald.

下一個問題來自 Cantor Fitzgerald 的 Alethia Young。

I just wanted to ask maybe, perhaps, Dan and Merdad, about the NASH and hep B space? I mean I know it's one that's been pretty tough in the clinical side, but obviously, there's a lot of leverage to your business since you have the sales force in place. So I guess I'm just trying to figure out where you guys kind of think about that going forward over the next 12 months?

我只是想問 Dan 和 Merdad 關於 NASH 和乙肝方面的情況？我知道這在臨床方面相當困難，但顯然，由於你們已經擁有了銷售團隊，你們的業務就擁有很大的優勢。所以我想了解一下，你們對未來12個月的發展有什麼看法？

Sure. Merdad, do want to...

當然。Merdad，你真的想…

Yes, sure, happy to. Yes, thanks, Alethia. Yes, for -- for NASH, I think we definitely are working hard on the results from the ATLAS trial. And we'll be talking with the regulators and looking to see what the path forward is. As you said...

好的，當然可以，我很樂意。是的，謝謝你，阿萊西亞。是的，對於 NASH，我認為我們肯定會根據 ATLAS 試驗的結果努力工作。我們將與監管機構對話，探討未來的發展方向。正如你所說…

The data will be published at EASL.

數據將在EASL上發布。

EASL. Yes, right. Exactly. So in April, we'll show the data to everyone in April at EASL, and we're -- we have plans for a sort of mid-year discussion with the agency to sort of see if there's a path forward and what that might look like and make a decision based on those discussions. Just a reminder that we've been studying more F3 and F4 patients, the more severe patients, than our -- than most of the other competition has, where they're looking at the milder patient population, the F1s to F3s -- F2s and F3s, sorry, primarily. So it does pose some unique challenges.

EASL。沒錯。確切地。所以，在四月份的 EASL 會議上，我們將向所有人展示這些數據，而且我們計劃在年中與該機構進行一次討論，看看是否有前進的方向，以及前進的方向會是什麼樣子，並根據這些討論做出決定。提醒一下，我們研究的 F3 和 F4 患者（病情更嚴重的患者）比我們的大多數競爭對手要多，而他們主要研究的是病情較輕的患者群體，即 F1 到 F3 患者——抱歉，主要是 F2 和 F3 患者。因此，它確實帶來了一些獨特的挑戰。

So we will continue to work there. And I think that I would say the same thing for HBV, right? I think it's a -- HBV is a bit different in that it is a core part of our business. We have therapies, we have a sales force, to your point on that. We're continuing to be committed to that space and working there. Our focus is on a cure. We have ongoing work with a number of programs to try to hit our -- move from where we are today in treatment to moving towards a cure. That's going to be a challenging road, but we're committed to it and we continue to work there.

所以我們會繼續在那裡工作。我覺得對於B肝病毒（HBV）也會有同樣的看法，對吧？我認為HBV有點不同，因為它是我們業務的核心部分。我們有治療方案，也有銷售團隊，你說的這一點我們同意。我們將繼續致力於該領域的發展和建設。我們的目標是找到治療方法。我們正在與多個計畫合作，努力實現我們的目標——從目前的治療現狀向治癒目標邁進。這將是一條充滿挑戰的道路，但我們決心走下去，並將繼續努力。

Yes, I think I couldn't agree more with Merdad's view. And the only thing I'd maybe add to that, Alethia, is just to say, particularly in hep B, we understand that at the end of the day, this is going to take partnerships to say, we have to decide what do we do internally, what do we do with partners. Cure is significantly more difficult than treatment in this area. And so I think that gets back into some of the comments that both Merdad and I had around how much do we invest in ourselves, how much do we do with partnerships, what percentage of our total investment goes into these very, very important unmet medical needs and making sure that we also invest appropriately in other areas that we know have even greater realization potential that also have big unmet medical need. So that balance will continue to play out. The reality is we have very good expertise in both these diseases, and I think we'll be able to make good decisions.

是的，我完全同意梅爾達德的觀點。Alethia，我唯一想補充的是，尤其是在B肝方面，我們明白，歸根結底，這需要夥伴關係來決定，我們必須決定內部該怎麼做，以及與合作夥伴該怎麼做。在這個領域，治癒遠比治療困難得多。所以我認為這又回到了我和 Merdad 之前討論的一些問題，比如我們應該在自身投入多少資金，我們應該在合作夥伴關係方面投入多少資金，我們總投資的百分比有多少用於滿足這些非常重要的未滿足的醫療需求，以及確保我們也對其他我們知道具有更大實現潛力且同樣存在巨大未滿足醫療需求的領域進行適當的投資。因此，這種平衡將繼續維持下去。事實上，我們在這兩種疾病方面都擁有非常豐富的專業知識，我認為我們能夠做出正確的決定。

Our next question comes from Salim Syed with Mizuho.

下一個問題來自瑞穗銀行的Salim Syed。

I appreciate all the color on the guidance, Andy. Just 1 for me on sort of the long-term picture here. And I'm not asking for a long-term guidance. Maybe this is for Dan or Andy. Obviously, you guys provided a lot of color, Johanna, you mentioned Biktarvy, majority of patients through 2033. You guys seem relatively excited about what you have currently in the pipeline with filgotinib, et cetera. But consensus has you modeled at $22 billion sort of flattish for the next 2 years, do you need M&A to grow your top line? Or do you think you can grow your top line without any additional M&A?

安迪，我很欣賞你指導中提供的所有細節。長遠來看，我只看好這一個。我並不是尋求長期的指導。或許這是給丹或安迪的。顯然，你們提供了很多有趣的訊息，Johanna，你提到了 Biktarvy，到 2033 年，大多數患者都會接受治療。你們似乎對目前正在研發的filgotinib等藥物感到相當興奮。但普遍認為，未來兩年你的營收將維持在 220 億美元左右，你需要透過併購來提升營收嗎？或者你認為無需進行任何額外的併購就能實現營收成長嗎？

Yes. Thanks, Salim, and I'll certainly have others comment here as well. But look, I think as we've -- as we try to build the story and as I've come to investigate the story and some of the other colleagues around the table, I think the first answer to your question is, how durable is our base business? Because I think that has a very different -- depending on how durable you feel it is, that has a very different perspective on our confidence around the mid- to long-term growth.

是的。謝謝薩利姆，我肯定也會讓其他人在這裡發表評論。但是，我認為，隨著我們——隨著我們嘗試建立這個故事，隨著我和桌邊的其他同事開始調查這個故事，我認為對你的問題的第一個答案是，我們的基礎業務有多持久？因為我認為這會給我們帶來非常不同的感受——取決於你覺得它有多持久，這會對我們關於中長期增長的信心產生非常不同的影響。

So I think -- and we've talked quite a bit about this. We feel very confident with the durability of our base business. And this is different, by the way, compared to a lot of companies in the industry. Yes, we have, as you know, from our guidance we're issuing today, we've got some patent expiry to deal with this year and some patent expiry to deal with next year in terms of Truvada. But then as you look out in terms of time, we feel well prepared for the Descovy patent expiry in '25, '26, and basically then even have a very durable franchise out until 2033. So that's the first part of the answer into the story.

所以我覺得──我們也討論過很多次這個問題了。我們對核心業務的持續發展非常有信心。順便說一句，這與業內許多公司的情況不同。是的，如您所知，根據我們今天發布的指導意見，關於 Truvada，我們今年需要處理一些專利到期問題，明年還需要處理一些專利到期問題。但從時間上看，我們感覺已經為 Descovy 專利在 2025 年、2026 年到期做好了充分準備，基本上，我們甚至擁有一個非常持久的特許經營權，可以持續到 2033 年。這是故事答案的第一部分。

Then we do feel that we have growth engines internally. And that's exactly why we've tried to highlight them a bit more, give you exposure to them, be transparent about it, but also be very clear about where those inflection points are. Things that we have in our hands today. And of course, some of the obvious ones we have on the plate with things like ulcerative colitis potentially reading out this year, second line DLBCL, capsid inhibitor coming next year. But we didn't talk about a variety of things that are coming to the Galapagos pipeline that also have optionality for us, if you like. And that's osteoarthritis, the Phase 2 will come true this year. And then we'll have an IPF interim next year. So there are a variety of things in our hands, including other collaborations I'm not speaking out here today that are in Phase Is or label-enabling Phase IIs that are going to read out. And we've given you all the exposure to the pipeline of portfolio.

那麼我們確實感覺我們內部擁有成長引擎。正因如此，我們才試圖更加突出它們，讓你們了解它們，保持透明，同時也要非常清楚地說明這些轉折點在哪裡。我們今天手中所擁有的東西。當然，我們還有一些顯而易見的治療方案正在研發中，例如潰瘍性結腸炎的治療可能在今年公佈結果，二線 DLBCL 治療方案和衣殼抑制劑明年即將推出。但是我們沒有談到即將進入加拉巴哥管道的各種事物，這些事物也為我們提供了選擇權。這就是骨關節炎，第二階段將在今年實現。然後明年我們將舉行IPF中期會議。所以我們手頭上有很多事情要做，包括我今天不在這裡提及的其他合作項目，這些項目處於第一階段或即將公佈的標籤啟用第二階段。我們已經向您全面展示了投資組合中的各種項目。

So can we grow based upon what we have in-house? Yes, I'm confident we can. And I also believe that we're going to supplement that and de-risk that over time. But we're going to continue to do it in the way that you've seen us do that, with proper partnerships and proper M&A transactions to get to a portfolio strength that's even more obvious to everybody and even more reliable, and that's going to take some time to build that and to grow it but we're firmly committed to do that and we have the resources to be able to do it. I mean that's what I would say. Andy, would you...

那麼，我們能否依靠公司內部現有資源來成長？是的，我相信我們能做到。而且我相信，隨著時間的推移，我們會對此進行補充，並降低風險。但我們會繼續以你們所看到的這種方式，透過適當的合作和併購交易，打造一個更顯而易見、更可靠的投資組合實力。這需要一些時間來建立和發展，但我們堅定地致力於此，並且我們有能力做到這一點。我的意思是，我也會這麼說。安迪，你願意…

Yes. No, I think that's perfect, Dan. I don't have anything else to add to that.

是的。不，我覺得這樣就完美了，丹。我沒什麼要補充的了。

Okay. Does that help, Salim?

好的。這樣有幫助嗎，薩利姆？

Yes, that's super helpful.

是的，這非常有幫助。

Our last question comes from the line of Phil Nadeau with Cowen and Company.

我們的最後一個問題來自 Cowen and Company 的 Phil Nadeau。

One question for Andy on the 2020 guidance. Just kind of maybe 3 moving parts that weren't mentioned on Slide 25, and I was just curious to get your thoughts on whether these will materially impact revenue in 2020. So positive side first is filgotinib. Any expectations for filgotinib revenue contemplated in your guidance?

關於2020年的指導意見，我有個問題想問Andy。大概有 3 個面向沒有在第 25 張投影片中提到，我很好奇您認為這些面向是否會對 2020 年的收入產生實質影響。首先說說filgotinib的正面。您在指導意見中是否考慮過filgotinib的收入預期？

And then maybe as potential headwinds in HIV, the nucleotides sparing regimens are launching. Any expectation for those to gain share through the course of the year?

然後，對於 HIV 而言，核苷酸替代療法的推出可能構成潛在的阻力。預計這些公司在年內會獲得市佔率嗎？

And on HCV, price has been deteriorating over the last couple of years, any expectations for further declines in price, again, contemplated in the guidance?

至於丙型肝炎，其價格在過去幾年一直在惡化，是否有預期價格會進一步下降，這一點是否也在指導意見中有所考慮？

Yes, at a high level, and Johanna may want to comment on the HIV headwinds. In filgo, there's limited contribution in 2020, as you'd expect, given the projected launch date. So there are potential upside there if that develops. We think and spend a lot of time in the HIV market. So as you might expect, our expectations for the competitive dynamic in the HIV market are built into our guidance.

是的，從宏觀層面來看，Johanna 或許想就愛滋病防治的逆風發表一些看法。正如你所預料的那樣，考慮到預計的發布日期，filgo 在 2020 年的貢獻有限。如果這種情況發展下去，就存在潛在的上漲空間。我們花了很多時間思考和研究愛滋病市場。因此，正如您所預料的那樣，我們對愛滋病毒市場競爭動態的預期已納入我們的指導方針中。

And then in the HCV space, we do expect there to be continued price pressure in the HCV space. If you see from the third quarter to the fourth quarter, if you look at our slides, the number of patients that were treated actually went up. Nonetheless, revenues are down, given kind of the dynamic in that space. So obviously, it's a smaller -- speaking of HCV, it's a smaller piece of our business. But we -- our guidance assumes continued decrease in that business over time, but it's still an important business for us. It generates a lot of cash flow. And on a percentage basis, although the increase is the same on a dollar basis, it's less and less year-over-year. And at some point, it may stabilize. But that's how I would think about it still at a high level. I don't know, Johanna, if you want to add anything to that?

在丙型肝炎領域，我們預期丙型肝炎藥物的價格壓力將持續存在。如果你看一下第三季到第四季的數據，如果你看一下我們的投影片，你會發現接受治療的患者人數實際上增加了。然而，考慮到該領域的現狀，收入有所下降。所以很明顯，就丙型肝炎而言，它在我們業務中所佔的份額較小。但是，我們的業績預期是該業務會隨著時間的推移而持續下滑，但它對我們來說仍然是一項重要的業務。它能產生大量現金流。從百分比來看，雖然以美元計算的成長幅度相同，但年比成長率卻越來越低。或許在某個時候，情況會趨於穩定。但從宏觀層面來說，我還是會這樣思考這個問題。喬安娜，我不知道你是否還有什麼要補充的？

Yes. No, I'm totally aligned with what you said. I would just add from an HCV standpoint, the only thing I would add to that is, it's just so much more predictable today than it was. And so -- and the declines are much, much softer. And so what you're going to see is still continued price erosion across U.S. and Europe, and the patient starts are a little bit less every single quarter. But having said that, it's nothing like what we've seen in the past. So I think much more predictable marketplace for us.

是的。不，我完全同意你的說法。從C型肝炎的角度來看，我只想補充一點，那就是如今的C型肝炎比以前更容易預測了。因此——而且下跌的幅度要小得多。因此，你會看到美國和歐洲的價格繼續下降，而且每個季度患者數量都會略有減少。但即便如此，它與我們過去所見的情況截然不同。所以我認為這對我們來說是一個更可預測的市場。

In HIV, I think we have had some of those, I guess, headwinds, as you say, from a competitor standpoint, mid-last year, I guess, or so when competition came into the marketplace. And we have been able to manage that extremely well and with very limited impact to Biktarvy and its growth trajectory. And so we believe the same will continue throughout 2020.

在愛滋病領域，我認為我們遇到了一些阻力，正如你所說，從競爭對手的角度來看，大概是從去年年中左右，當時競爭對手進入了市場。而且我們已經能夠很好地應對這種情況，對 Biktarvy 及其成長軌蹟的影響非常有限。因此，我們認為這種情況將在2020年繼續下去。

So with that -- good, I think that's the end of our call today.

那麼，就到此為止吧——很好，我想我們今天的通話就到此結束了。

Operator?

操作員？

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program, and you may now disconnect. Everyone, have a great day.

女士們、先生們，感謝各位參加今天的會議。程式到此結束，您可以斷開連線了。祝大家今天過得愉快。

Thank you.

謝謝。

Bye-bye.

再見。