吉利德科學 (GILD) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Gilead Fourth Quarter and Full Year 2021 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Jacquie Ross, VP of Investor Relations. Please go ahead.

大家好，感謝您的耐心等待。歡迎參加吉利德2021財年第四季及全年財報電話會議。 （操作說明）請注意，本次會議正在錄音。 （操作說明）現在我將會議交給今天的發言人，投資者關係副總裁杰奎·羅斯女士。請開始發言。

Thank you, Gigi, and good afternoon, everyone. Just after market closed today, we issued a press release with earnings results for the fourth quarter and full year 2021. The press release, slides and supplemental data are available on the Investors section of our website at gilead.com. The speakers on today's call will be our Chairman and Chief Executive Officer, Daniel O'Day; our Chief Commercial Officer, Johanna Mercier; our Chief Medical Officer, Merdad Parsey; and our Chief Financial Officer, Andrew Dickinson. After that, we'll open up the call to Q&A where the team will be joined by Christi Shaw, the Chief Executive Officer of Kite.

謝謝Gigi，大家下午好。今天股市收盤後，我們發布了2021年第四季和全年財報。新聞稿、投影片和補充資料可在我們網站gilead.com的投資人關係欄位中查看。今天電話會議的發言人包括：董事長兼執行長Daniel O'Day；商務長Johanna Mercier；首席醫療官Merdad Parsey；以及財務長Andrew Dickinson。之後，我們將進入問答環節，屆時Kite執行長Christi Shaw也將加入。

Before we get started, let me remind you that we will be making forward-looking statements, including those related to the impact of the COVID-19 pandemic on Gilead's business, financial condition and results of operations; plans and expectations with respect to products, product candidates, corporate strategy, business and operations, financial projections and the use of capital; and 2022 financial guidance. All of these involve certain assumptions, risks and uncertainties that are beyond our control and could cause actual results to differ materially from these statements.

在正式開始之前，請允許我提醒各位，我們將做出一些前瞻性陳述，包括與新冠疫情對吉利德業務、財務狀況和經營業績的影響相關的陳述；關於產品、候選產品、公司戰略、業務和運營、財務預測和資本運用方面的計劃和預期；以及2022年的財務指引。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，這些因素可能導致實際結果與這些陳述有重大差異。

A description of these risks can be found in the earnings press release and our latest SEC disclosure documents. All forward-looking statements are based on information currently available to Gilead, and Gilead assumes no obligation to update any such forward-looking statements. Non-GAAP financial measures will be used to help you understand the company's underlying business performance. The GAAP to non-GAAP reconciliations are provided in the earnings press release available on the Gilead website.

這些風險的描述可在獲利新聞稿和我們最新的美國證券交易委員會（SEC）揭露文件中找到。所有前瞻性陳述均基於吉利德目前可獲得的信息，吉利德不承擔更新任何此類前瞻性陳述的義務。我們將使用非GAAP財務指標來幫助您了解公司的基本業務表現。 GAAP與非GAAP的調整表可在吉利德網站上提供的獲利新聞稿中找到。

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

接下來，我會把電話交給丹。

Thank you, Jacquie, and good afternoon, everybody. As we head into 2022, Gilead is coming off a year of positive clinical momentum and strong financial performance, mitigating the impact of the pandemic on some parts of our business. Higher sales of Veklury more than offset the impact of COVID-19 on HIV and HCV.

謝謝Jacquie，大家下午好。展望2022年，吉利德在經歷了積極的臨床進展和強勁的財務表現後，有效緩解了疫情對我們部分業務的影響。 Veklury的銷售額成長完全抵消了新冠疫情對HIV和HCV治療的影響。

Veklury continues to play a critical role in helping to treat people with COVID-19, with continued activity against the Omicron variant. The FDA recently expanded its use beyond the hospital for patients at high risk of disease progression. In addition, we just initiated a Phase I trial of GS-5245, a novel oral COVID-19 nucleoside that once metabolized works in the same way as remdesivir.

Veklury在幫助治療COVID-19患者方面繼續發揮關鍵作用，對Omicron變異株仍有效。 FDA最近批准其在醫院以外的場所使用，用於治療疾病進展高風險患者。此外，我們剛啟動了GS-5245的I期臨床試驗，GS-5245是一種新型口服COVID-19核苷類藥物，其代謝後的作用機制與瑞德西韋相同。

Our full year revenue for 2021 was 11% higher than the midpoint of our initial guidance in February of 2021. It was also an important year for our transformation to becoming a business that is based on diverse sustainable growth. In 2021, we received 7 approvals or accelerated approvals in the U.S. and Europe, and submitted an additional 6 filings. Our approvals included 3 for Trodelvy with the FDA and MAA approval in second-line triple-negative breast cancer as well as an accelerated approval from FDA for metastatic bladder cancer; 2 for cell therapy with Yescarta receiving accelerated approval in relapsed or refractory follicular lymphoma and Tecartus receiving full approval in adult acute lymphoblastic leukemia; and 2 expanded labels in virology, one for a pediatric label for Biktarvy in the U.S. and an expanded label for Veklury in the EU for adults not requiring supplemental oxygen.

我們2021年的全年營收比2021年2月發布的初始預期中位數高出11%。對於我們轉型為多元化永續成長型企業而言，2021年也是至關重要的一年。 2021年，我們在美國和歐洲獲得了7項批准或加速批准，並提交了另外6項申請。核准的藥物包括：Trodelvy獲得FDA和MAA批准用於二線三陰性乳癌治療，以及FDA加速核准用於轉移性膀胱癌治療；細胞療法核准的藥物包括：Yescarta獲得加速核准用於復發或難治性濾泡性淋巴腫瘤治療，Tecartus獲得完全批准用於成人急性淋巴細胞白血病治療；以及病毒學領域獲批的兩項擴展適應症，一項是Biktarvy在美國獲準用於兒童，另一項是Veklury在歐盟獲準用於無需吸氧的成人。

Our 2022 plans include a significant increase in clinical development studies across our novel oncology portfolio. We are planning at least 20 additional trials, including 7 Phase III trials for Trodelvy, and these include the ASCENT-03 trial, which is evaluating Trodelvy in the front-line triple-negative breast cancer in the PD-L1 negative population; the ASCENT-04 trial in collaboration with Merck to evaluate Trodelvy and KEYTRUDA in the front-line triple-negative breast cancer population and the PD-L1 positive population; and the EVOKE-03 trial, which will be led by Merck to evaluate Trodelvy and KEYTRUDA in non-small cell lung cancer.

我們2022年的計畫包括大幅增加我們新型腫瘤產品組合的臨床開發研究。我們計劃至少進行20項新試驗，其中包括7項Trodelvy的III期臨床試驗，例如：ASCENT-03試驗，該試驗旨在評估Trodelvy在PD-L1陰性一線三陰性乳癌患者中的療效；ASCENT-04試驗，該試驗與默克公司合作，旨在評估Trodelvy和KEYTRUDA聯合用藥在PD-L1陽性一線三陰性乳癌患者中的療效；以及EVOKE-03試驗，該試驗將由默克公司牽頭，旨在評估Trodelvy和KEYTRUDA聯合用藥在非小細胞肺癌中的療效。

You will also see ongoing momentum in our virology portfolio as we continue to expand our leadership in antiviral therapies. We are advancing our longer-acting HIV options with lenacapavir as the foundation and look forward to potential regulatory decisions in 2022. If approved, lenacapavir would be the only HIV treatment option administered twice yearly. In addition, we'll continue to drive progress across our broader virology portfolio, including hepatitis, COVID-19 and other emerging viruses.

您將會看到我們在病毒學領域的持續發展勢頭，我們將繼續鞏固在抗病毒療法領域的領先地位。我們以lenacapavir為基礎，推動長效HIV治療方案的研發，並期待2022年監管機構的最終決定。如果獲得批准，lenacapavir將成為唯一一種每年給藥兩次的HIV治療方案。此外，我們將繼續推動更廣泛的病毒學產品組合，包括肝炎、COVID-19和其他新出現的病毒。

This is a really important time in Gilead's transformation journey. After the consistent work to execute on our strategy and expand our portfolio over the last 2 years, you will increasingly start to see this play out in tangible results. We're confident that Gilead has all the elements in place for a strong year and a strong decade.

對吉利德而言，這正處於轉型發展的關鍵時期。過去兩年，我們持續推動策略實施，拓展產品組合，如今，您將會逐漸看到這些努力轉化為實際可見的成果。我們堅信，吉利德已具備所有必要條件，必將迎來強勁的一年，並在未來十年取得輝煌成就。

Johanna, Merdad and Andy will now take you through the details of our progress and our plans. And let me hand first over to Johanna to talk about our commercial performance in the fourth quarter and the full year, and I'll be back to you in the Q&A. Johanna?

接下來，Johanna、Merdad 和 Andy 將為大家詳細介紹我們的進展和計劃。首先，請 Johanna 談談我們第四季和全年的商業表現，稍後我會回到問答環節。 Johanna？

Thanks, Dan. Good afternoon, everyone.

謝謝你，丹。大家下午好。

As you can see on Slide 7, we had a strong end to the year with Q4 total product sales, excluding Veklury, of $5.8 billion, up 7% quarter-over-quarter driven by favorable pricing and inventory dynamics. This also represented 8% growth year-over-year, driven by continued recovery in the HIV treatment market and favorable pricing dynamics. Veklury sales were higher than expected in Q4, reflecting the start of the Omicron surge, but lower than both the prior quarter and prior year and contributing to total product sales of $7.2 billion for the quarter.

如幻燈片7所示，我們以強勁的業績為年末畫上了圓滿的句點。第四季總產品銷售額（不包括Veklury）達到58億美元，季增7%，主要得益於有利的定價和庫存動態。同時，年增8%，主要得益於HIV治療市場的持續復甦和有利的定價動態。第四季Veklury的銷售額高於預期，反映了Omicron銷量激增的開始，但低於上一季和上年同期水平，使該季度總產品銷售額達到72億美元。

Moving to Slide 8. Total fourth quarter Veklury sales were $1.4 billion, bringing total sales for 2021 to $5.6 billion. Gilead is proud of the role that Veklury continues to play in this pandemic. Veklury has demonstrated activity against the Omicron variant and has helped many patients with COVID-19 in the most recent surge. Although symptoms have generally been less severe, the volume of overall cases has meaningfully increased since the emergence of Omicron and we have seen the total number of hospitalizations increase as well.

切換到第8張投影片。第四季Veklury的總銷售額為14億美元，使2021年的總銷售額達到56億美元。吉利德為Veklury在此次疫情中持續發揮的作用感到自豪。 Veklury已證實對Omicron變異株有效，並在最近一波疫情中幫助了許多新冠肺炎患者。儘管症狀整體減輕，但自Omicron出現以來，病例總數已顯著增加，住院總數也隨之增加。

While we would all prefer to put this pandemic behind us, we expect Veklury to continue to play a critical role in '22 and beyond. As you'd expect, hospitalizations remain a key indicator for inpatient Veklury sales, and we're seeing higher hospitalizations in geographies with lower vaccination adoption, including certain parts of the U.S. as well as Eastern Europe.

雖然我們都希望這場疫情早日過去，但我們預計Veklury在2022年及以後仍將發揮關鍵作用。正如您所預料的，住院人數仍然是Veklury住院銷售的關鍵指標，而我們發現，在疫苗接種率較低的地區，包括美國部分地區和東歐，住院人數也較高。

Additionally, I'm very pleased to highlight that the FDA recently approved the sNDA filing for the use of Veklury in the outpatient setting for patients at high risk of disease progression. This approval was based on data generated in the Phase III PINETREE study, further solidifying the credibility, importance and role of Veklury. Now Veklury will be able to help even more patients earlier and reduce risk of hospitalization for COVID-19.

此外，我非常高興地宣布，FDA近期批准了Veklury用於門診治療高風險疾病進展患者的補充新藥申請（sNDA）。此次批准基於III期PIENTREE研究的數據，進一步鞏固了Veklury的可靠性、重要性和作用。現在，Veklury將能夠幫助更多患者更早接受治療，並降低新冠肺炎住院風險。

Next, as shown on Slide 9, total HIV sales were $4.5 billion in the quarter, up 8% sequentially driven by favorable inventory and pricing dynamics as well as changes to our gross to net estimates in Q4 2021. For the full year, total HIV sales were $16.3 billion, down 4% year-over-year, primarily due to the Truvada and Atripla LOE in addition to pandemic-related impacts and pricing dynamics. The expected impact from the LOEs, which amounted to $1.3 billion, was offset by continued Biktarvy growth. Excluding the sizable LOE impact, HIV total product sales for the full year grew 4% compared to 2020 despite the ongoing pandemic headwinds. We now expect the Truvada and Atripla loss of exclusivity impact to be minimal going forward as the headwind dissipates starting in Q2 of this year.

其次，如投影片9所示，本季HIV產品總銷售額為45億美元，季增8%，主要得益於有利的庫存和定價動態，以及我們對2021年第四季毛利淨額預估的調整。全年HIV產品總銷售額為163億美元，較去年同期下降4%，主要原因是Truvada和Atripla的專利到期，以及疫情相關影響和定價動態。專利到期預計造成13億美元的損失，但被Biktarvy的持續成長所抵銷。剔除專利到期帶來的顯著影響後，儘管疫情持續帶來不利影響，全年HIV產品總銷售額仍比2020年增加4%。我們現在預計，隨著疫情不利因素從今年第二季開始逐漸消退，Truvada和Atripla專利到期的影響將微乎其微。

In HIV treatment, we continue to see signs of market recovery, although the U.S. market declined 1% sequentially in Q4, following 2 quarters of sequential growth. On a year-over-year basis, the overall market in Q4 was up 1.5% in both the U.S. as well as EU5 despite screening and diagnosis rates still below pre-pandemic levels. As you know, favorable dynamics play out in the fourth quarter of every year in HIV and 2021 was no different with some year-end inventory stocking and favorable seasonal pricing as well as changes in our gross to net estimates in Q4 2021.

在愛滋病治療領域，我們持續看到市場復甦的跡象，儘管美國市場在經歷了兩個季度的環比增長後，第四季度環比下降了1%。與去年同期相比，美國和歐盟五國（EU5）的整體市場在第四季均成長了1.5%，儘管篩檢和診斷率仍低於疫情前水準。眾所周知，愛滋病治療市場每年第四季都會出現一些有利因素，2021年也不例外，這得益於一些年末庫存積壓、有利的季節性定價以及我們對2021年第四季毛利潤與淨利潤預估的調整。

As you think about 2022, I'll remind you of the normal HIV inventory buildup in Q4 and the new year reset for patient co-pays and donut hole payments. Given these factors, along with the favorable pricing dynamics I just mentioned, we expect the sequential decline in Q1 '22 to be greater than Q1 '21. Nonetheless, we expect a strong year overall in HIV and expect continued growth in subsequent quarters.

展望2022年，我想提醒您，第四季通常會有HIV藥品庫存積壓，而且新年伊始患者的自付費用和「甜甜圈洞」支付方式也會進行調整。考慮到這些因素，以及我剛才提到的有利定價策略，我們預計2022年第一季的環比降幅將大於2021年第一季。儘管如此，我們預計2022年HIV藥品市場整體表現強勁，並預計在接下來的幾季將持續成長。

Back to Q4. Biktarvy had another record quarter with sales of $2.5 billion, up 11% sequentially and 22% year-over-year. On Slide 10, you can see that Biktarvy U.S. treatment market share has increased over 5 share points in 2021, reaching 42%, which is the highest share that any complete regimen has ever achieved in this market. For the full year, Biktarvy sales were $8.6 billion, growing 19% from 2020, and Biktarvy remains the leading prescribed treatment for naive and switch patients in the U.S. as well as #1 in naive in the EU5.

回到第四季。 Biktarvy 再次創下季度新高，銷售額達 25 億美元，季增 11%，年增 22%。如第 10 頁投影片所示，Biktarvy 在美國的治療市佔率在 2021 年成長超過 5 個百分點，達到 42%，這是該市場任何完整治療方案所取得的最高份額。全年來看，Biktarvy 的銷售額為 86 億美元，較 2020 年成長 19%。 Biktarvy 仍然是美國初治患者和轉換治療患者首選的處方藥，同時也是歐盟五國初治患者首選藥物。

DESCOVY revenue for the fourth quarter was $473 million, up 9% quarter-over-quarter, primarily as a result of favorable seasonal pricing and inventory dynamics as well as continued demand. We expect DESCOVY revenue to continue to be driven by PrEP as DESCOVY has maintained about 45% of overall PrEP market prescriptions in the U.S. We'll continue to ensure access to support physician choice and expect growing demand and market expansion to offset the impact of increased commercial contracting.

DESCOVY第四季營收為4.73億美元，季增9%，主要得益於有利的季節性定價和庫存動態以及持續的需求。我們預期PrEP業務將持續推動DESCOVY營收成長，因為DESCOVY在美國PrEP市場處方量中佔約45%的份額。我們將繼續確保患者能夠獲得PrEP，支持醫生的選擇，並預期不斷增長的需求和市場擴張將抵消商業合約增加的影響。

Overall, while near-term growth continues to be impacted by local pandemic-related social restrictions, we're encouraged by the growing PrEP market. In Q4, the overall PrEP market grew 4% quarter-over-quarter and 31% year-over-year. Looking forward, we believe lenacapavir, our investigational longer-acting PReP offering, could potentially catalyze this market well beyond the 25% penetration rate in PrEP that we see today.

總體而言，儘管短期成長仍受到當地疫情相關社交限制的影響，但我們對PrEP市場的成長感到鼓舞。第四季度，PrEP市場整體較上季成長4%，年增31%。展望未來，我們相信，我們正在研發的長效PrEP藥物lenacapavir有望推動該市場遠超過目前25%的滲透率。

Moving to Slide 11. It's clear that HCV continues to be part of our portfolio most impacted by the pandemic. Although there was some slight quarter-over-quarter recovery in market starts in the EU5, U.S. market starts declined, resulting in flat total starts overall. While Gilead market share increased modestly on a sequential basis in both the U.S. and the EU, this was more than offset by unfavorable pricing dynamics resulting in Q4 total sales of $393 million, down 8% sequentially and 7% year-over-year.

切換到第11張投影片。很明顯，C型肝炎疫苗仍然是我們產品組合中受疫情影響最大的部分。儘管歐盟五國（EU5）的上市量較上季略有回升，但美國市場的上市量卻有所下降，導致整體上市量持平。吉利德在美國和歐盟的市佔率較上季均略有成長，但不利的定價策略抵銷了這一成長，導致第四季總銷售額為3.93億美元，季減8%，年減7%。

As you can see on Slide 12, our HBV and HDV franchise reported record quarterly revenues of $265 million, up 7% sequentially due to seasonal inventory and favorable pricing. The 9% year-over-year growth was primarily driven by Vemlidy demand. Total fiscal year sales for this franchise were $969 million, up 13% year-over-year.

如投影片12所示，我們的HBV和HDV特許經營業務季度營收創下2.65億美元的新高，環比成長7%，主要得益於季節性庫存和有利的定價策略。年成長9%主要由Vemlidy的需求推動。該特許經營業務本財年總銷售額為9.69億美元，年增13%。

Hepcludex reported $12 million of sales in Q4 in Europe, with $37 million in '21 sales since our acquisition in late first quarter. Hepcludex is currently available in Germany and France in addition to a number of early access program in countries such as Austria, Italy and Greece.

Hepcludex第四季在歐洲的銷售額為1,200萬美元，自2021年第一季末被我們收購以來，累計銷售額已達3,700萬美元。 Hepcludex目前已在德國和法國上市，並在奧地利、義大利和希臘等多個國家開展了早期試用計畫。

In 2022 and as part of our comprehensive commercialization plan, we expect to finalize reimbursement for launch in a number of major European markets. In the U.S., we filed a BLA in November and FDA granted priority review for accelerated approval with a PDUFA date set for the third quarter as well as an advisory committee meeting that will be scheduled in the coming months.

作為我們全面商業化計畫的一部分，我們預計將在2022年完成多個歐洲主要市場的健保報銷，從而實現產品上市。在美國，我們於11月提交了生物製品許可申請（BLA），FDA已授予我們優先審查資格，加快審批流程，並將在第三季度確定處方藥用戶付費法案（PDUFA）的審批日期，同時還將在未來幾個月內安排一次諮詢委員會會議。

Moving to oncology. First, with Trodelvy on Slide 13. Global sales were $118 million in the fourth quarter, up 17% sequentially and up 84% year-over-year compared to full Q4 2020 sales. This reflects growing adoption of the second-line metastatic TNBC indication, which was noted as a preferred regimen and the NCCN Breast Guidelines updated in September. We're also starting to see stronger unaided brand awareness, which is resulting in continued market share growth.

接下來談談腫瘤領域。首先是幻燈片13中的Trodelvy。第四季全球銷售額為1.18億美元，季增17%，年增84%（與2020年第四季全年銷售額相比）。這反映了二線轉移性三陰性乳癌適應症的日益普及，該適應症被列為首選方案，並在9月更新了NCCN乳癌指南。我們也開始看到品牌知名度的提升，這推動了市場佔有率的持續成長。

In second-line TNBC, Trodelvy now captures approximately 1 in 4 new starts in the U.S. We've expanded our oncology footprint globally, including tripling our U.S. headcount to further accelerate penetration of Trodelvy and prepare for a potential HR+/HER2- launches. Additionally, EU approval for Trodelvy was granted in late November 2021, and we've already seen strong momentum in France and Germany since their launch. We plan to launch in a number of new countries following key reimbursement decisions this year.

在二線三陰性乳癌（TNBC）治療領域，Trodelvy 目前在美國約佔新病例的四分之一。我們已在全球擴大了腫瘤業務佈局，包括將美國員工人數增加兩倍，以進一步加速 Trodelvy 的市場滲透，並為潛在的 HR+/HER2- 標靶治療上市做好準備。此外，Trodelvy 於 2021 年 11 月底獲得歐盟批准，自上市以來，我們在法國和德國已看到強勁的成長勢頭。我們計劃在今年獲得關鍵的健保報銷決定後，在多個新國家推出該藥物。

Now on Slide 14, on behalf of Christi and the Kite team, Cell Therapy Q4 sales of $239 million reflected 47% year-over-year growth and 8% increase sequentially. For the quarter, Yescarta sales of $182 million were up 41% year-over-year, driven by continued demand in relapse or refractory large B cell lymphoma and follicular lymphoma. Tecartus sales of $57 million in the quarter reflected 68% year-over-year growth based on growing global demand for relapsed or refractory mantle cell lymphoma and early contribution for adult acute lymphoblastic leukemia in the U.S. As a reminder, FDA granted Yescarta's approval in adult ALL in October. In just the first few months of launch, there has already been strong demand that we expect to continue in the coming quarters, given the high unmet need.

現在，在第14張投影片中，我代表Christi和Kite團隊介紹，細胞療法第四季銷售額為2.39億美元，年增47%，季增8%。該季度，Yescarta銷售額為1.82億美元，年增41%，主要得益於復發或難治性大B細胞淋巴瘤和濾泡性淋巴瘤治療領域持續成長的需求。 Tecartus該季度銷售額為5,700萬美元，較去年同期成長68%，主要得益於全球復發或難治性套細胞淋巴瘤治療領域需求的成長，以及其在美國成人急性淋巴性白血病治療領域的早期貢獻。需要提醒的是，FDA已於10月批准Yescarta用於治療成人急性淋巴性白血病。上市僅幾個月，市場需求就已十分強勁，鑑於該領域存在巨大的未滿足醫療需求，我們預計未來幾季市場需求將持續成長。

Full year Cell Therapy sales of $871 million reflected 43% year-over-year growth driven by continued LBCL and MCL demand globally as well as the new launches. The strong growth we've seen with these recent launches reinforces our belief that Cell Therapy adoption will continue its positive momentum as more physicians understand the benefits for appropriate patients and, therefore, increase referral rates to treatment centers.

全年細胞療法銷售額達 8.71 億美元，年增 43%，這主要得益於全球大B細胞淋巴瘤 (LBCL) 和套細胞淋巴瘤 (MCL) 患者需求的持續增長以及新產品的上市。近期新產品的強勁成長進一步印證了我們對細胞療法普及的信心：隨著越來越多的醫生了解其對合適患者的益處，並因此提高轉診率，細胞療法的推廣應用將繼續保持積極勢頭。

Merdad will elaborate later, so I'll just quickly mention the impressive data Kite presented at ASH in December, 43% overall survival rate after 5 years in third-line LBCL patients. The Yescarta data at ASH not only highlighted the long-term real-world safety and efficacy profile in third-line LBCL but also in earlier lines of therapy. For ZUMA-7 data in second-line LBCL, FDA has set a PDUFA date of April 1 when we hope Yescarta will be granted approval. In the meantime, the Kite team is ramping up manufacturing capacity to meet the anticipated demand. Kite expects the new Maryland facility to begin commercial operations by Q2.

Merdad稍後會詳細說明，所以我先簡單提一下Kite在12月ASH會議上公佈的令人印象深刻的數據：在三線LBCL患者中，5年後總生存率達到43%。 YEScarta在ASH會議上公佈的數據不僅突顯了其在三線LBCL治療中的長期真實世界安全性和有效性，也展現了其在早期治療中的療效。關於ZUMA-7在二線LBCL治療中的數據，FDA已將PDUFA日期定為4月1日，我們希望屆時YEScarta能夠獲得批准。同時，Kite團隊正在提升產能以滿足預期需求。 Kite預計位於馬裡蘭州的新工廠將於第二季開始商業運作。

Combined with the Amsterdam and El Segundo facilities, we expect to increase operational capacity by up to 50% by the end of this year. Christi's here with the team and available to take questions on Cell Therapy during our Q&A.

加上阿姆斯特丹和埃爾塞貢多的現有設施，我們預計到今年年底，營運能力將提升高達50%。克里斯蒂和團隊成員都在這裡，她將在問答環節解答有關細胞療法的問題。

In closing, our oncology sales were $1.25 billion in 2021, and we expect a robust growth in the coming years. And so with that, I'll hand it over to Merdad for pipeline updates.

最後，我們2021年的腫瘤業務銷售額為12.5億美元，預計未來幾年將維持強勁成長。接下來，我將把發言權交給Merdad，請他介紹產品線的最新進展。

Thanks, Johanna, and good afternoon, everyone. Building out both Johanna and Dan have said, the Gilead team rounded out a very strong 2021 with further progress across our portfolio. In 2021 alone, we began enrolling patients in 13 oncology, 13 virology and 4 inflammation trials. And we have recently shared the initial details of the ambitious development programs we're targeting for 2022. As we look forward, we're confident that we have the foundation to continue to build a robust diverse portfolio across our 3 focused therapeutic areas.

謝謝Johanna，大家下午好。正如Johanna和Dan所說，吉利德團隊在2021年取得了非常強勁的成績，我們的產品組合也取得了進一步進展。光是2021年，我們就啟動了13項腫瘤學、13項病毒學和4項發炎性臨床試驗的患者招募工作。我們最近也公佈了2022年雄心勃勃的研發項目的初步細節。展望未來，我們有信心繼續在我們三大重點治療領域中建立強大而多元化的產品組合。

First, on Slide 16, Veklury continues to play a vital role in the fight against COVID-19. Veklury was the first approved treatment for patients hospitalized with COVID-19. We recently expanded indication labels in the U.S. and EU. In December, the European Commission approved a variation to the conditional marketing authorization for Veklury for the treatment of COVID-19 in adults not on supplemental oxygen. And last month, based on the data from the Phase III PINETREE study, the FDA expanded the approval of Veklury to include non-hospitalized patients at high risk for COVID-19 disease progression.

首先，在第16張投影片中，Veklury在對抗COVID-19疫情中持續發揮至關重要的作用。 Veklury是首個獲準用於治療COVID-19住院病患的藥物。我們近期在美國和歐盟擴大了其適應症範圍。去年12月，歐盟委員會批准了Veklury有條件上市許可的變更，用於治療未接受吸氧治療的COVID-19成人患者。上個月，基於III期PINETREE研究的數據，FDA擴大了Veklury的適應症範圍，將其納入COVID-19疾病進展高風險的非住院患者。

These expanded indications speak to the activity of Veklury against the coronavirus variance we've seen so far, including Omicron. We believe there will continue to be a need for Veklury to be delivered intravenously, especially for higher-risk patients. The potential for continued COVID-19 variants and infections highlight the need for more convenient oral formulations to expand the options for outpatients.

這些擴展適應症表明，Veklury 對我們目前觀察到的冠狀病毒變種（包括 Omicron）具有活性。我們認為，Veklury 仍需靜脈注射給藥，尤其對於高風險患者而言。 COVID-19 變種和感染的持續出現凸顯了開發更便捷的口服製劑以擴大門診患者治療選擇的必要性。

As such, we have just initiated a Phase I trial of GS-5245, a novel oral COVID-19 nucleoside that once metabolized works in the same way as remdesivir. Pending data, the evolving pandemic landscape and discussions with regulatory agencies, we're hoping to initiate a registrational trial before the end of the year.

因此，我們剛啟動了GS-5245的I期臨床試驗。 GS-5245是一種新型口服COVID-19核苷類藥物，其代謝後的作用機轉與瑞德西韋相同。根據數據、疫情情勢的變化以及與監管機構的討論，我們希望在年底前啟動註冊性試驗。

Moving to HIV on Slide 17. We shared an overview of some of our long-acting development activities a few weeks ago to highlight the diversity of our portfolio and how it targets the entire HIV life cycle. We continue to believe that our investigational agent, lenacapavir, is a unique and foundational asset, given its potential for extended dosing in addition to the compelling efficacy and safety profile highlighted in the CAPELLA and CALIBRATE studies.

接下來，我們在第17張投影片中討論HIV相關內容。幾週前，我們概述了一些長效藥物的研發活動，旨在突出我們產品組合的多樣性及其如何針對HIV的整個生命週期。我們仍然認為，鑑於其在CAPELLA和CALIBRATE研究中展現出的卓越療效和安全性，以及延長給藥時間的潛力，我們的在研藥物lenacapavir是一項獨特且基礎性的資產。

Next, on Slide 18, you can see our current clinical efforts with long-acting HIV therapeutics. As previously announced, the Phase II study evaluating the oral combination of lenacapavir with Merck's islatravir is on partial clinical hold, and Merck remains in discussions with the FDA on next steps for islatravir. In the meantime, we at Gilead, continued to develop a number of other potential partner agents for lenacapavir in HIV treatment and look forward to sharing some more detail on these programs at our virology deep dive later this month. We remain confident and excited about lenacapavir future potential to deliver options for people living with HIV or those who could benefit from PrEP.

接下來，在第18張投影片中，您可以看到我們目前在長效HIV治療藥物方面的臨床進展。如同先前所宣布的，評估lenacapavir與默克公司islatravir口服合併用藥的II期臨床試驗目前已部分暫停，默克公司仍在與FDA就islatravir的後續步驟進行磋商。同時，吉利德公司繼續開發lenacapavir在HIV治療中的其他潛在聯合用藥，並期待在本月稍後的病毒學深度研討會上分享這些項目的更多細節。我們對lenacapavir的未來潛力充滿信心和期待，相信它能為HIV感染者或可能受益於暴露前預防（PrEP）的人提供更多選擇。

I want to be very clear that the recent clinical hold for the lenacapavir trials, which the FDA initiated in December, is not associated with lenacapavir molecule itself. Rather, the hold reflects concern about the compatibility of certain vials with lenacapavir solution. We continue to work with the FDA to remediate the concern and to agree on a path to resume these trials. We're hopeful this can be achieved quickly. As such, we continue to expect an FDA decision for lenacapavir in heavily treatment-experienced individuals in the first half of 2022. If successful, lenacapavir will become the first available 6-month long-acting subcutaneous injection for the treatment of HIV.

我想非常明確地說明，FDA於去年12月啟動的lenacapavir臨床試驗暫停，並非針對lenacapavir分子本身。暫停的原因在於FDA對某些lenacapavir藥瓶與lenacapavir溶液的相容性有疑慮。我們正與FDA持續合作，以解決此問題，並就恢復試驗的方案達成協議。我們希望能夠盡快實現這一目標。因此，我們仍然預期FDA將在2022年上半年就lenacapavir用於治療先前接受過大量治療的患者做出決定。如果獲得批准，lenacapavir將成為首個可用於治療HIV的6個月長效皮下注射藥物。

Next, moving to Trodelvy on Slide [19] (corrected by company after the call). I'm pleased to confirm that we now expect to share both top line progression-free survival data as well as the first planned interim analysis of our overall survival from TROPiCS-02 in March. There's been a convergence of events for PFS and OS such that we'll be able to conduct and report a single analysis of these outcomes rather than have 2 analyses separated by a short interval. Gilead remains blinded to the data, and we're excited to be able to share this more complete view later this quarter.

接下來，我們來看投影片[19]中的Trodelvy（公司在電話會議後進行了更正）。我很高興地確認，我們預計在3月份分享TROPiCS-02研究的主要無惡化存活期（PFS）數據以及首次計畫中的總生存期（OS）中期分析結果。 PFS和OS的事件發生率已趨於一致，因此我們可以對這兩個結果進行一次分析並發布報告，而無需像之前那樣在短時間內進行兩次分析。吉利德目前仍對數據不知情，我們很高興能在本季稍後分享更完整的數據。

We are targeting an sBLA filing in the second half of 2022, depending, of course, on the readout. If the data are positive, we believe that Trodelvy could represent a very important treatment option for HR+/HER2- patients who are hormone refractory and have very limited options.

我們計劃在2022年下半年提交補充生物製品許可申請（sBLA），當然，具體時間取決於試驗結果。如果數據積極，我們相信Trodelvy有望成為激素難治性且治療選擇非常有限的HR+/HER2-患者的重要治療選擇。

Reflecting our confidence in Trodelvy overall, we're expanding the number of clinical programs in 2022 to evaluate effectiveness in breast, lung and bladder cancers, with plans to initiate study start-up activities for at least 7 Phase III trials. 3 of these are expected to enroll their first patients in 2022, including 2 in front-line metastatic TNBC and another in frontline non-small cell lung cancer study that will be led by Merck. Going forward, we will separately disclose trial start-up activities versus FPI milestones.

鑑於我們對Trodelvy的整體信心，我們將在2022年擴大臨床計畫數量，以評估其在乳癌、肺癌和膀胱癌中的療效，並計劃啟動至少7項III期臨床試驗。其中3項預計2022年招募首批患者，包括2項第一線轉移性三陰性乳癌（TNBC）研究及1項默克公司主導的第一線非小細胞肺癌研究。未來，我們將分別揭露試驗啟動活動和FPI里程碑事件。

Additionally, in the first half of this year, we plan to add a combination of Trodelvy with other Gilead portfolio assets as a study or an additional cohort in an existing study. We look forward to sharing more details at our upcoming oncology deep dive in April. This is another example of the versatility and tremendous potential that Trodelvy along with the growing oncology portfolio can generate.

此外，今年上半年，我們計劃將Trodelvy與其他吉利德產品組合中的藥物聯合用於一項新研究或現有研究的新增隊列。我們期待在四月即將舉行的腫瘤學深度研討會上分享更多細節。這再次體現了Trodelvy及其不斷成長的腫瘤產品組合所蘊含的多功能性和巨大潛力。

Next slide, on to magrolimab. Early last week, the FDA placed a partial clinical hold pausing enrollment and screening in trials and cohorts in the U.S. The value in magrolimab in combination with azacitidine following a review of a preliminary data set, suggesting an apparent imbalance in investigator-reported SUSARs, or unexpected -- sorry, suspected unexpected serious adverse reactions between treatment groups and our ongoing Phase III trial in high-risk MDS.

下一張投影片，我們來看magrolimab。上週初，FDA對magrolimab聯合阿扎胞苷的臨床試驗實施了部分暫停，暫停了美國境內相關試驗和隊列的入組和篩選。先前，FDA審查了一項初步數據集，發現研究者報告的SUSAR（疑似非預期嚴重不良反應）在治療組和我們正在進行的高風險MDS III期試驗中存在明顯的不平衡。

The subsequent partial clinical hold has been placed on the Phase II multiple myeloma study in the fully enrolled Phase II DLBCL study. Importantly, patients currently enrolled in our magrolimab studies can continue treatment. And our compassionate use programs remain open. We're working with the FDA to take a comprehensive look at the safety data, and we'll share the outcome as quickly as we can. In the meantime, we remain committed to the magrolimab development program and believe that it has the potential to address an important unmet medical need in these seriously ill patients.

隨後，針對多發性骨髓瘤的II期臨床試驗以及已完成入組的瀰漫性大B細胞淋巴瘤（DLBCL）II期臨床試驗均被部分暫停。值得注意的是，目前參與我們magrolimab研究的患者可以繼續接受治療。我們的同情用藥計畫也仍然開放。我們正與FDA合作，對安全性數據進行全面審查，並將盡快公佈結果。同時，我們仍致力於magrolimab的研發，並相信它有潛力滿足這些重症患者的重要未滿足醫療需求。

As you know, the patients in our ENHANCE Phase III trial have a very high unmet need with a median overall survival of only 1 to 3 years on the current standard of care. Separate from and prior to the partial clinical hold, our Phase Ib single-arm study in high-risk MDS no longer has a viable path to submission based on regulatory feedback. As such, we'll remain focused on our Phase III ENHANCE study and look forward to sharing the Ib data at an upcoming scientific meeting.

如您所知，我們ENHANCE III期臨床試驗中的患者存在極高的未滿足醫療需求，目前標準治療方案下患者的中位總生存期僅為1至3年。此外，在部分臨床試驗暫停之前，根據監管機構的回饋，我們針對高風險MDS患者的Ib期單臂研究已不再具備提交上市的可行性。因此，我們將繼續專注於ENHANCE III期臨床試驗，並期待在即將舉行的科學會議上分享Ib期臨床試驗的數據。

Next, moving to Cell Therapy on Slide 21. On behalf of Christi and the Kite team, I'll share a brief update on the impressive data Kite presented at ASH last December. First, as you may recall, in 2020, we shared that Yescarta had a 4-year overall survival rate of 44% in third-line LBCL patients. At ASH in December, we presented 5-year data from ZUMA-1 in third-line LBCL patients showing Yescarta demonstrated a remarkable and durable 43% overall survival rate, stable since our 4-year update. Additionally, 92% of the patients who remained alive at 5 years have not needed any additional cancer treatment since their one-time infusion of Yescarta. It's truly inspiring to see this type of durability for CAR T cell therapies.

接下來，我們來看第21張投影片上的細胞療法部分。我謹代表Christi和Kite團隊，簡單介紹Kite去年12月在ASH會議上公佈的令人矚目的數據。首先，您可能還記得，我們​​在2020年公佈了Yescarta在三線LBCL患者中的4年總存活率為44%。在12月的ASH會議上，我們公佈了ZUMA-1研究中三線LBCL患者的5年數據，結果顯示Yescarta展現了卓越的持久性，總生存率達到43%，與我們4年更新的數據相比保持穩定。此外，5年後仍存活的患者中，92%的患者在接受單次Yescarta輸注後無需任何其他癌症治療。 CAR-T細胞療法能夠達到如此持久的療效，著實令人振奮。

As announced yesterday, the FDA approved a label update for Yescarta to include use of prophylactic corticosteroids across all approved indications. Adding prophylactic steroid use can improve the management of certain side effects without compromising the activity of Yescarta. For example, the FDA label now shows no grade 3 or greater cytokine release syndrome events occurred using the cohort 6 protocol as compared to 13% in the original label. This label update complements data published in 2021 showing 68% of patients had no CRS or neurological events within 72 hours of Yescarta infusion.

正如昨天宣布的那樣，FDA批准了Yescarta的標籤更新，將預防性使用皮質類固醇納入所有已批准適應症的適應症範圍。增加預防性使用類固醇可以改善某些副作用的控制，且不會影響Yescarta的療效。例如，FDA標籤現在顯示，使用第6組方案治療的患者中，未發生3級或更高等級的細胞激素釋放症候群（CRS）事件，而原標籤中該事件的發生率為13%。此標籤更新與2021年公佈的數據相符，數據顯示，68%的患者在Yescarta輸注後72小時內未發生CRS或神經系統事件。

As we look to earlier lines of treatment, the landmark ZUMA-7 trial evaluating Yescarta in second-line relapsed/refractory LBCL demonstrated a greater than four-fold increase in median event-free survival, or EFS, compared to standard of care through 2 years of follow-up. As you can see on the slide, the EFS curve for Yescarta is compelling. The sBLA was filed last quarter, and we expect an FDA decision by April of this year.

當我們展望早期治療方案時，一項里程碑式的ZUMA-7試驗評估了Yescarta在二線復發/難治性大B細胞淋巴瘤（LBCL）中的療效，結果顯示，與標準治療相比，Yescarta在2年的隨訪期內，中位無事件生存期（EFS）提高了四倍以上。正如您在幻燈片中看到的，Yescarta的EFS曲線令人矚目。補充生物製品許可申請（sBLA）已於上季提交，我們預計FDA將於今年4月做出決定。

In terms of the first-line LBCL data, Yescarta demonstrated 89% overall response rate in high-risk patients and 78% complete response with a median follow-up of 15.9 months. Given these encouraging data, the Kite team is in discussions with regulatory authorities on a potential path forward in frontline LBCL.

就第一線LBCL治療數據而言，Yescarta在高風險患者中顯示出89%的總緩解率和78%的完全緩解率，中位追蹤時間為15.9個月。鑑於這些令人鼓舞的數據，Kite團隊正在與監管機構討論第一線LBCL治療的潛在發展路徑。

And finally, on Slide 22, we highlight the key 2022 catalysts across the portfolio, many of which I've just mentioned. I'd also like to take a moment to highlight the 3 Arcus milestones in the second half of this year. Last quarter, Gilead opted into the 3 Arcus programs, which added 4 assets to our portfolio: domvanalimab, an FC silent anti-TIGIT antibody; AB308, an FC active anti-TIGIT antibody; etrumadenant, an adenosine receptor antagonist; and quemliclustat, a small molecule CD73 inhibitor. Together with Arcus, we expect to share ARC7 Phase II PFS data in the second half of 2022, which will include data for the zimberelimab monotherapy, ZIM and Don doublet as well as the Zim, Dom and Atripla triplet arm. We look forward to sharing data when available and are very excited to collaborate more closely with Arcus to accelerate future development plans.

最後，在第22張投影片中，我們重點介紹了2022年產品組合中的關鍵催化劑，其中許多我剛才已經提過。我還想花點時間重點介紹今年下半年Arcus的三個里程碑事件。上個季度，吉利德選擇加入Arcus的三個項目，這為我們的產品組合新增了四項資產：domvanalimab，一種FC沉默型抗TIGIT抗體；AB308，一種FC活性型抗TIGIT抗體；etrumadenant，一種腺苷受體拮抗劑；以及quemliclustat，一種小分子CD73抑制劑。我們預計將與Arcus共同分享ARC7 II期PFS數據，該數據將包括zimberelimab單藥治療、ZIM合併Don雙藥治療以及Zim、Dom和Atripla三藥治療的數據。我們期待在數據可用時分享這些數據，並非常高興能與Arcus更緊密合作，以加速未來的研發計畫。

On Slide 23, you can see that Gilead's portfolio now encompasses 55 clinical stage programs, nearly doubling since 2019. Given the exciting potential of our portfolio across virology, oncology and early-stage inflammation assets, this is just the beginning. Our teams are committed to advancing the most promising programs that will help transform patient outcomes, and we look forward to sharing our progress with you over the coming quarters and years.

如投影片23所示，吉利德目前擁有55個臨床階段項目，較2019年幾乎翻了一番。鑑於我們在病毒學、腫瘤學和早期發炎領域的巨大潛力，這只是個開始。我們的團隊致力於推進最有前景的項目，以幫助改善患者的治療效果。我們期待在未來幾個季度和幾年中與您分享我們的進展。

With that, I'll hand it over to Andy.

這樣，我就把它交給安迪了。

Thank you, Merdad, and good afternoon, everyone. It was a strong close to 2021, driven primarily by strong HIV and Veklury revenue in the fourth quarter.

謝謝Merdad，大家午安。 2021年以強勁的業績收尾，這主要得益於第四季度HIV和Veklury藥物的強勁營收。

For the full year and excluding the impact of the LOEs, HIV grew 4% year-over-year driven by the continued outperformance of Biktarvy, which achieved record U.S. market share of 42% and sales of $8.6 billion, up 19% from 2020. Oncology was another highlight from both a pipeline and a revenue perspective with full year cell therapy sales of $871 million, growing 43% from 2020 and Trodelvy sales of $380 million in its first full year. By 2030, we anticipate our oncology franchise will represent at least a third of our total revenue.

全年來看，剔除研發成果的影響，HIV業務年增4%，主要得益於Biktarvy的持續優異表現。 Biktarvy在美國市佔率創下42%的歷史新高，銷售額達86億美元，較2020年成長19%。腫瘤業務在研發管線和營收方面均表現突出，全年細胞療法銷售額達8.71億美元，較2020年增長43%；Trodelvy上市首個完整年度的銷售額也達到3.8億美元。我們預計，到2030年，腫瘤業務收入將至少佔總收入的三分之一。

Before I get into the normal P&L review and 2022 guidance, I want to address the EPS results for this quarter upfront. Slide 25 highlights 2 sizable expenses that occurred after we gave our last guidance update in October. First, and subsequent to the exercise of Gilead's opt-in to 4 Arcus assets in December, our fourth quarter results reflect a net charge of $625 million recorded in R&D.

在進行常規的損益回顧和2022年業績展望之前，我想先談談本季的每股盈餘（EPS）情況。第25頁投影片重點介紹了我們在10月發布上次業績展望更新後發生的兩項重大支出。首先，由於吉利德在12月行使了對Arcus旗下四項資產的選擇權，我們第四季的研發淨支出為6.25億美元。

This charge reflects our $725 million option payment recognized in Q4, less $100 million that was previously accrued. This impacted our EPS by about $0.38 in Q4 and for the full year.

這項費用反映了我們第四季確認的7.25億美元選擇權付款，減去先前提列的1億美元。這使我們第四季及全年的每股收益減少了約0.38美元。

Second, and as part of a legal settlement with ViiV and related parties, we have agreed to make a one-time $1.25 billion payment in addition to an ongoing 3% royalty for future sales of Biktarvy and the bictegravir component of any bictegravir-containing products in the United States. This royalty extends until October 5 of 2027. The $1.25 billion payment is recorded in our fourth quarter results and reflected in our cost of goods sold.

其次，作為與ViiV及其關聯方達成的法律和解協議的一部分，我們同意一次性支付12.5億美元，此外，我們還將繼續支付Biktarvy以及任何含比克替拉韋產品中比克替拉韋成分在美國未來銷售額的3%特許權使用費。該特許權使用費的支付期限至2027年10月5日。這12.5億美元的款項已計入我們第四季的業績，並反映在我們的銷售成本中。

This charge constituted an approximately 17% impact to gross margin in the fourth quarter and it impacted our EPS by $0.80 for Q4 2021 and the full year. Going forward, we expect the impact of this new royalty to be approximately 1% on our gross margin starting in the first quarter of 2022. Excluding these items and their combined $1.18 impact, our full year non-GAAP EPS would have exceeded the guidance range that we set back in October helped by stronger-than-expected Veklury sales.

這項費用對第四季毛利率造成了約17%的影響，並使2021年第四季及全年每股收益減少了0.80美元。展望未來，我們預計這項新的特許權使用費將從2022年第一季開始對毛利率產生約1%的影響。若剔除這些項目及其總計1.18美元的影響，得益於Veklury銷售額超出預期，我們全年的非GAAP每股收益將超過我們在10月份設定的預期範圍。

Moving back to our quarterly review on Slide 26. Fourth quarter revenue in our base business included HIV product sales growth of 7% year-over-year and 8% sequentially. Veklury sales were higher than expected due to the start of the Omicron surge, non-GAAP product gross margin was 70.5%, impacted by the legal settlement that I referenced earlier, and non-GAAP R&D was impacted by the Arcus opt-in resulting in non-GAAP EPS of $0.69 per share. Our non-GAAP effective tax rate for the fourth quarter was 32.2%, reflecting tax expense related to uncertain tax positions and an increase in valuation allowance as well as the impact of discrete tax benefits related to legal sentiments of tax authorities in 2020 that did not recur this year.

回到投影片26的季度回顧。第四季度，我們基礎業務的營收包括HIV產品銷售額年增7%，較上季成長8%。由於Omicron銷售量激增，Veklury的銷售額高於預期；受我先前提及的法律和解的影響，非GAAP產品毛利率為70.5%；非GAAP研發支出受Arcus選擇加入的影響，導致非GAAP每股盈餘為0.69美元。第四季度非GAAP有效稅率為32.2%，反映了與不確定稅務事項相關的稅項支出、估值準備金的增加，以及2020年與稅務機關法律態度相關的、今年不再出現的一次性稅收優惠的影響。

For the full year, on Slide 27, total product sales of $27 billion grew 11% driven by Veklury. Excluding Veklury, total product sales were roughly flat at $21.4 billion as growth in Biktarvy and oncology offset the $1.3 billion impact of the Truvada and Atripla LOEs in the United States. I touched on the main P&L impacts in the fourth quarter discussion, but I'll highlight that our non-GAAP effective tax rate for 2021 was 20.4% despite the higher effective tax rate in the fourth quarter.

全年來看，如第27頁投影片所示，產品總銷售額為270億美元，成長11%，主要得益於Veklury的強勁表現。若不計入Veklury，產品總銷售額基本持平，為214億美元，原因是Biktarvy和腫瘤業務的成長抵消了Truvada和Atripla在美國的上市許可申請（LOE）13億美元的影響。我在第四季的討論中已經提及了損益表的主要影響，但我想強調的是，儘管第四季實際稅率較高，但我們2021年的非GAAP實際稅率仍為20.4%。

Moving now to Slide 28. Our 2022 guidance assumes that the recent Omicron surge represents the only major COVID-19 wave for 2022 and that our HIV business will continue to recover from the pandemic. With that in mind, we expect product sales in the range of $23.8 billion to $24.3 billion. Excluding Veklury, we expect product sales in the range of $21.8 billion to $22.3 billion, representing growth of 2% to 4% for our base business year-over-year.

現在來看第28張投影片。我們對2022年的業績預測基於以下假設：近期Omicron的銷量激增是2022年唯一一次主要的COVID-19疫情高峰，並且我們的HIV業務將繼續從疫情中復甦。基於此，我們預期產品銷售額將在238億美元至243億美元之間。若不計入Veklury，我們預計產品銷售額將在218億美元至223億美元之間，這意味著我們基礎業務年增2%至4%。

Relative to Q1, I'll remind you to expect HIV revenue to decline sequentially. This is a normal dynamic for HIV due to inventory and seasonal pricing impacts and you'll recall that last year, HIV revenue declined 14% sequentially in Q1 '21 from Q4 of 2020. For Q1 '22, we expect a larger sequential decline given the favorable Q4 '21 changes to gross to net estimates that Johanna mentioned earlier. Nonetheless, we expect a strong year overall for our HIV business and continued growth in the subsequent quarters.

與第一季相比，我提醒各位，預計愛滋病業務收入將季減。這是愛滋病業務的正常波動，受庫存和季節性價格影響。大家可能還記得，去年第一季愛滋病業務收入較2020年第四季較上季下降了14%。鑑於Johanna先前提到的2021年第四季毛利淨利預估的有利調整，我們預計2022年第一季將季降幅更大。儘管如此，我們預期愛滋病業務全年整體表現強勁，並在接下來的幾季繼續保持成長。

Looking beyond Q1, we expect the impact of the Truvada and Atripla LOEs will be largely behind us starting in Q2, and we look forward to accelerating growth in our HIV business during the remainder of the year. For the full year 2022, we expect Veklury sales of approximately $2 billion. This assumes, as I previously indicated, that Omicron will represent the only major surge for the year with Veklury revenue heavily weighted in the first quarter. That said, the pandemic continues to be dynamic, and we will update you on our Veklury expectations on a quarterly basis, consistent with our recent practice.

展望第一季之後，我們預計Truvada和Atripla的長期合約終止的影響將從第二季度開始基本消除，我們期待在今年剩餘時間內加速HIV業務的成長。我們預計2022年全年Veklury的銷售額約為20億美元。正如我之前提到的，這項預測基於Omicron將是全年唯一的主要成長點，而Veklury的營收主要集中在第一季。儘管如此，疫情情勢仍在不斷變化，我們將按照近期慣例，並按季度更新我們對Veklury的預期。

Moving to the rest of the P&L. We expect our non-GAAP product gross margin to be approximately 85% to 86%, consistent with our historic guidance and allowing for the 3% royalty associated with the legal settlement. For non-GAAP operating expenses, we expect R&D to decline -- or to decrease by a mid-single-digit percentage compared to 2021 levels. This decline is driven by the net $625 million charge related to the Arcus opt-in in the fourth quarter of 2021. Excluding this, we expect full year R&D expense to increase by mid to high single-digit percentage compared to 2021 levels.

接下來來看損益表的其他部分。我們預期非GAAP產品毛利率約為85%至86%，與我們以往的預期一致，並已計入與法律和解相關的3%特許權使用費。非GAAP營運費用方面，我們預期研發支出將有所下降，或較2021年水準下降個位數百分比。這一下降主要源自於2021年第四季與Arcus選擇加入相關的6.25億美元淨支出。剔除此項支出後，我們預期全年研發支出將較2021年水準成長個位數百分比。

We expect SG&A expense to be approximately flat on a dollar basis compared to 2021. Our non-GAAP effective tax rate is expected to be approximately 20% this year. Finally, we expect our non-GAAP diluted EPS to be between $6.20 and $6.70 for the full year and GAAP diluted EPS to be between $4.70 and $5.20.

我們預計銷售、管理及行政費用（SG&A）與2021年基本持平。我們預計今年的非GAAP有效稅率約為20%。最後，我們預計全年非GAAP攤薄後每股盈餘（EPS）將在6.20美元至6.70美元之間，GAAP攤薄後每股盈餘將在4.70美元至5.20美元之間。

On capital allocation, our priorities have not changed. We continue to invest in our business, while at the same time, we returned over $4 billion in 2021 to our shareholders through dividends and share repurchases. In addition, we repaid $4.7 billion of debt in 2021. For 2022, we plan to repay $1.5 billion of debt, of which we repaid $500 million this morning.

在資本配置方面，我們的優先事項並沒有改變。我們繼續投資自身業務，同時，在2021年透過股利和股票回購向股東返還了超過40億美元。此外，我們在2021年償還了47億美元的債務。 2022年，我們計劃償還15億美元的債務，其中5億美元已於今天上午償還。

With that, I will invite the operator to begin the Q&A. Thank you.

接下來，我將請接線生開始問答環節。謝謝。

(Operator Instructions) Our first question comes from the line of Geoff Meacham from Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的傑夫·米查姆。

Dan or Andy, maybe a higher level strategic question. I wanted to ask about your comments regarding long-term oncology sales. And the question is, are you comfortable with the aggregate assets in the portfolio? Do you think you'll need to be more aggressive on BD either to drive more near-term growth or looking longer term to have higher impact assets?

丹或安迪，或許我想問一個更高層次的策略問題。我想問你們對腫瘤藥物長期銷售的看法。問題是，你們對目前產品組合中的資產總額是否滿意？你們認為是否需要更積極地拓展業務，以推動短期成長，還是著眼於長期發展，以獲得更具影響力的資產？

Thanks, Geoff. Thanks for the question. We'll team it. I'll start and then hand it over to Andy. So yes, I mean, the guide that we gave at JPMorgan was that we are confident in our ability to grow and to also have oncology by 2030 be at least 1/3 of our overall revenue on top of a solid HIV business and virology business overall. I think the answer to the question, Geoff, is we believe we have everything in-house to be able to fulfill on that commitment today. I mean, the number of options that we have with Trodelvy, with magrolimab, with the Arcus assets and with Cell Therapy as from an oncology base provides tremendous opportunity for us to look alone and in combination of that portfolio in the coming years.

謝謝，傑夫。謝謝你的提問。我們會合作解答。我先開始，然後交給安迪。是的，我的意思是，我們在摩根大通給出的指導方針是，我們有信心實現成長，並且到2030年，腫瘤業務的收入至少占我們總收入的三分之一，這建立在我們穩健的HIV業務和病毒學業務之上。我認為傑夫，問題的答案是，我們相信我們目前擁有履行這項承諾所需的一切內部資源。我的意思是，從腫瘤學的角度來看，我們擁有的Trodelvy、magrolimab、Arcus資產以及細胞療法等多種選擇，為我們未來幾年單獨或組合這些產品組合提供了巨大的機會。

And that specifically leads to the more than 30 clinical trials we have ongoing right now in our oncology portfolio. And our guide that this year will start at least another 20 in the oncology space. So really, that's the armamentarium behind our commitment and our growth. Of course, we'll continue to be opportunistic around business development and look for supplemental options out there that can complement this portfolio as a course of normal business as any healthy company should.

這尤其促成了我們目前在腫瘤領域進行的30多項臨床試驗。我們預計今年也將在腫瘤領域啟動至少20項新的臨床試驗。因此，這實際上是我們致力於發展和壯大的強大後盾。當然，我們將繼續積極尋求業務拓展機會，並像任何一家健康的公司一樣，尋找能夠完善現有產品組合的補充方案。

Having said that, we really do have enough in-house to be able to fill up on that commitment. So with that, Andy, I may have stolen all your thunder, but I'm sure you'll some additional perspectives.

話雖如此，我們公司內部確實有足夠的人手來履行這項承諾。所以，安迪，我可能搶了你的風頭，但我相信你會有一些新的見解。

Yes, Geoff, thank you for the question. I think it's an important question, especially in the context of the magrolimab clinical hold that may be underpinning the question specifically. But the answer is relatively simple. We have a very strong set of assets already. The guidance that we provided at JPMorgan does not actually include all of the assets or all the indications for all the assets. And there's a lot of ways for us to get there. We have complete confidence in where we're going, and we don't expect to change our BD strategy as a result of any of the recent developments.

是的，Geoff，謝謝你的提問。我認為這是一個重要的問題，尤其是在magrolimab臨床試驗暫停的背景下，這可能正是問題的關鍵所在。但答案其實很簡單。我們已經擁有非常強大的資產組合。我們在摩根大通提供的指導意見實際上並未涵蓋所有資產或所有資產的所有適應症。而且我們有很多途徑可以實現目標。我們對未來的發展方向充滿信心，並且預計不會因為最近的任何進展而改變我們的業務拓展策略。

We're actually really excited about where we are. And there's a lot of upside to that of other assets, whether it's some of the earlier Arcus assets or the Tizona or Pioneer assets, as examples, provide additional options for patients. So when you talk about high-impact assets, I would just summarize by saying, we already think that we have a great portfolio of high-impact assets in oncology. We're incredibly pleased with what we've put together, and nothing that's happened recently has changed that in any way. So thanks for the question.

我們對目前的狀況感到非常興奮。其他資產也蘊藏著巨大的發展潛力，例如早期的Arcus資產、Tizona或Pioneer的資產等等，它們為患者提供了更多選擇。所以，說到高影響力資產，我只想總結一下：我們認為我們在腫瘤領域已經擁有一個非常優秀的高影響力資產組合。我們對目前的成果非常滿意，最近發生的任何事情都沒有改變這一點。謝謝你的提問。

Our next question comes from the line of Mohit Bansal from Wells Fargo.

我們的下一個問題來自富國銀行的莫希特·班薩爾。

Maybe a question for Merdad. So in the light of new data that are emerging in HR+/HER2- breast cancer, do you have any updated thoughts on how to think about overall survival in the treatment and control arms for TROPiCS-02 vis-a-vis the expectation or the assumptions in clinical trials, which I think, if I'm not mistaken, 12 months for the control and 16.5 months for the treatment. So how should we think about OS?

或許可以問問Merdad。鑑於HR+/HER2-乳癌領域湧現的新數據，您對TROPiCS-02治療組和對照組的總存活期（OS）有何新的理解？這與臨床試驗中的預期或假設相比如何？我記得，如果沒記錯的話，對照組的OS是12個月，治療組是16.5個月。那我們該如何看待OS呢？

Thanks, Mohit. Directly over to you, Merdad.

謝謝莫希特。接下來交給你，梅爾達德。

Yes. Thanks, Mohit. It's a great question. And I think as I mentioned in my call, I think we're excited that we're going to be able to share the first interim analysis from the OS as well when we do the readout here for the PFS. So I do think we'll look at both at the same time. You're absolutely right that there are developments in the HR+ space, but I continue to believe, and I think that the impact on both PFS -- on PFS in particular here, but also OS continues to be, I think, if we see something in the ballpark of what you just described, we're confident that, that remains incredibly clinically relevant for people suffering with HR+/HER2-.

是的，謝謝 Mohit。這是一個很好的問題。正如我在電話會議中提到的，我們很高興能夠在公佈 PFS 數據的同時，也分享 OS 的首次中期分析結果。所以，我認為我們會同時關注這兩個指標。您所說的完全正確，HR+ 領域確實取得了一些進展，但我仍然相信，而且我認為，如果我們看到與您剛才描述的相近的結果，這對 PFS（尤其是 PFS）以及 OS 仍然具有重要的臨床意義，這對 HR+/HER2- 患者來說仍然意義重大。

It is, as you state, an increasingly competitive area, but we do think that, that remains a key milestone for patients if we can achieve that.

正如您所說，這是一個競爭日益激烈的領域，但我們認為，如果我們能夠實現這一點，對患者來說仍然是一個重要的里程碑。

Our next question comes from the line of Cory Kasimov from JPMorgan.

我們的下一個問題來自摩根大通的科里·卡西莫夫。

I wanted to follow up as well on the TROPiCS-02. And maybe, Merdad, can you talk about how you see the potential significance of this convergence of events that you alluded to when thinking about both progression-free survival and overall survival. Did you see any implications from this? Or is this kind of moving along the lines as you would have expected it to?

我還想跟進TROPiCS-02的研究。 Merdad，您能否談談您之前提到的這些事件的匯聚，以及它們對無惡化生存期和總生存期的潛在意義？您認為這會帶來什麼影響？或者說，這是否符合您的預期？

Yes. Great question, and thanks for asking it. I think I'm very reassured I would not read anything into this other than the fact that we've been, as you can imagine, keeping track of the PFS events and the OS events all along. And we've now gotten to the point where those OS events have occurred in a time frame that allows us to look at both of these events at the same time.

是的，問得好，謝謝。我想我可以放心了，這說明我們一直在追蹤 PFS 事件和作業系統事件，正如您所想。現在，這些作業系統事件發生的時間點正好允許我們同時查看這兩個事件。

I don't think it really says anything about -- I think what you're getting at is does it have any implications for the underlying positive or negative or anything like that. And I really don't think there's any way to interpret that right now. It would be pure speculation to think that there's some underlying driver of bringing those endpoints together. And actually, it's not that unexpected. It's a little bit closer than we thought it would be, but not by that much.

我覺得這其實說明不了什麼——我想你真正想問的是，這是否對潛在的正面或負面影響之類的。而我認為現在根本無法對此做出任何解讀。認為存在某種潛在驅動因素促使這些終點趨於一致，純屬猜測。實際上，這並不出乎意料。它比我們預想的更接近一些，但差距並不大。

So I wouldn't read too much into it. I'm just excited we'll be able to do it. It will be a more robust look. And I think as I've said before, we think the regulators are going to want to see those robust looks at the OS to help them with sort of, in a sense, supporting the PFS endpoint.

所以我覺得不必過度解讀。我只是很高興我們能夠做到這一點。這將是一次更全面的評估。而且我認為，正如我之前所說，監管機構會希望看到對作業系統進行這種全面的評估，以幫助他們在某種程度上支援PFS端點。

Our next question comes from the line of Brian Abrahams from 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。

I wanted to better understand the potential signals from magrolimab. I think you guys have said that you haven't observed any clear AE trend. I was curious, where is the disconnect versus what the FDA and investigator concerns are here? And maybe talk a little bit about the potential path to resolution, what additional safety data would be needed and your level of confidence you will reach a resolution?

我想更深入地了解magrolimab可能帶來的訊號。我記得你們說過沒有觀察到任何明顯的AE趨勢。我很好奇，你們的觀察結果與FDA和研究人員的擔憂究竟有哪些差異？能否談談可能的解決方案，需要哪些額外的安全性數據，以及你們對最終解決問題的信心有多大？

That's great. Thanks, Brian.

太好了。謝謝你，布萊恩。

Thanks, Corey. Yes, I think -- so look, I think the way to think about it is some of -- there have been a couple of events that the agency wants to make sure that they have a chance to look at the overall safety profile. I remain blinded to the safety data. So what is going on is we are gathering the safety data, and we're going to share it with the FDA and with the data monitoring committee. I can tell you that we feel that these are temporary challenges right now and we're going to work through resolving it as quickly as possible.

謝謝，科里。是的，我認為——你看，我認為應該這樣理解：發生了一些事件，監管機構希望確保他們有機會全面了解安全性。我目前還不了解具體的安全資料。所以，我們正在收集安全數據，並將與FDA和數據監測委員會分享。我可以告訴你，我們認為這些只是暫時的挑戰，我們會盡快解決。

I don't think these challenges really shake our confidence for the portfolio overall and our overall strategy hasn't changed. We're really committed to the macro development program, and we think that it really continues to have the potential to really address an important unmet medical need.

我認為這些挑戰並不會真正動搖我們對整體投資組合的信心，我們的整體策略也沒有改變。我們仍然致力於宏觀發展項目，並且相信它確實有潛力真正滿足一項重要的未被滿足的醫療需求。

The other thing I'd add is, remember, these are very generally pretty sick patients. And with that underlying illness, I think it's appropriate to be cautious and make sure that we're striking the right balance as we go forward. But we'll work through it by looking at the overall safety at the overall safety profile, Brian, and make sure that we are able to resolve those issues with the FDA.

我還要補充一點，請記住，這些患者通常病情都很嚴重。考慮到他們本身的疾病，我認為謹慎行事，確保我們在接下來的治療中找到合適的平衡是適當的。布萊恩，我們會從整體安全性的角度出發，仔細評估藥物的安全性，並確保能夠與FDA解決這些問題。

And Brian, we'll keep you informed as that evolves. We have obviously a lot of patients on magrolimab that continue to be served by magrolimab. So we have a sense of urgency in working with the agency around this.

布萊恩，我們會隨時向你報告最新進展。顯然，我們有很多正在接受magrolimab治療的患者，他們仍然需要這種藥物。因此，我們感到與監管機構就此議題進行合作的迫切性。

Our next question comes from the line of Salveen Richter from Goldman Sachs.

我們的下一個問題來自高盛的薩爾文·里希特。

You referred to the Arcus portfolio. Can you just comment on what you're most excited about outside of TIGIT and when you might start the triplet study?

您提到了 Arcus 投資組合。除了 TIGIT 之外，您最感興趣的是什麼？何時啟動三聯體研究？

Sure. Merdad, why don't you start on that?

當然。梅爾達德，你為什麼不開始做這件事？

Sure. I think in addition to the TIGIT asset, as you know, the adenosine portfolio, if you will, the 2 molecules, the 2 inhibitors of adenosine, both in terms of the synthesis inhibitor, CD73, as well as the receptor blocker are really interesting to us. They're early programs, but we think that there is a real potential for those assets to provide significant upside to treatment, both in terms of where -- in lung cancer, where we think there's some -- the trial that's ongoing that is looking at the addition of adenosine inhibition to TIGIT plus PD-1 as well as in some of the indications that Arcus is evaluating with monotherapy in particular, pancreatic cancer.

當然。我認為，除了TIGIT資產之外，正如您所知，腺苷類藥物組合，也就是腺苷的兩種抑制劑——合成抑制劑CD73和受體阻斷劑——對我們來說都非常有吸引力。它們目前還處於早期階段，但我們認為這些資產具有顯著的治療潛力，尤其是在肺癌領域——我們正在進行一項試驗，研究在TIGIT聯合PD-1療法中加入腺苷抑制劑——以及Arcus正在評估的某些適應症（特別是胰腺癌）的單藥治療效果。

So I think for us, there are a number of opportunities there and the broad potential of adenosine inhibitors to add on to immuno-oncology in general and TIGIT plus PD-1 in particular really strike us as a really great opportunity that hopefully as the data mature, we'll be able to share more and really underpin the optimism we have around where those programs are headed.

所以我認為，對我們來說，這其中有很多機會，腺苷抑制劑在免疫腫瘤學領域，特別是TIGIT聯合PD-1療法方面，具有巨大的潛力，這讓我們感到非常振奮。希望隨著數據的成熟，我們能夠分享更多信息，並真正鞏固我們對這些項目未來發展方向的樂觀態度。

Right. And I think there was a question around when to start the...

沒錯。我想當時還有一個問題，就是什麼時候開始…

And then the triplet study, yes, we'll -- we haven't announced that yet. We need to work through some details. Thanks for reminding me, Dan. We're working through some approach. Really, the question here for us is how to go from the doublet, where we're really looking at a TIGIT inhibitor being an unapproved agent, right, and then potentially bringing in a second unapproved agent. So we have to work through in a sense, the regulatory complications of how we have to sequence and stage those studies to allow us to assess the contribution of components such that we can move forward aggressively.

至於三聯療法研究，是的，我們還沒公佈。我們需要敲定一些細節。謝謝你提醒我，丹。我們正在研究一些方案。實際上，我們目前面臨的問題是，如何從雙聯療法過渡到三聯療法。在雙聯療法中，我們主要研究的是一種未經批准的TIGIT抑制劑，對吧？然後可能還會引入第二種未經批准的藥物。因此，在某種程度上，我們必須解決監管方面的複雜問題，例如如何安排這些研究的順序和階段，以便評估各成分的作用，以便積極推進研究。

So we're working really closely with our Arcus colleagues, and we'll work through the regulatory pathways to make sure that we can get to robust base Phase III trials with those. So as we do so, we'll certainly share the timing in the pathway.

因此，我們正與 Arcus 的同事們密切合作，並將努力完成監管審批流程，確保能夠進行穩健的 III 期基礎試驗。在此過程中，我們一定會及時分享審批流程的時間安排。

And Salveen, the only thing I'd add on top of Merdad's very eloquent response is the potential to combine this attractive portfolio from Arcus with other medicines that we have within Gilead, including Trodelvy and possibly magrolimab and others, so this combination of having access to a PD-1, 2 TIGIT compounds, 2 adenosine combined with Trodelvy provides a rich opportunity to look at rational-based combinations. And we'll be getting more into that as we do a deeper dive in oncology as a starting point in April.

薩爾文，除了默達德先生非常精彩的回答之外，我唯一想補充的是，我們可以將Arcus公司提供的這些極具吸引力的產品組合與吉利德公司現有的其他藥物結合起來，包括Trodelvy，以及可能還有magrolimab等其他藥物。這樣一來，我們就能同時擁有PD-1抑制劑、兩種TIGIT抑制劑和兩種腺苷類藥物，再加上Trodelvy，這為我們探索基於合理性聯合療法提供了豐富的機會。我們將在四月深入探討腫瘤學領域時，對此進行更詳細的闡述。

And then obviously, throughout the year, we'll continue to update you on that. And it's one of the major reasons why opting in early was important to us because we can work really fluidly now across a very rich portfolio. And with the additional expertise and colleagues from Arcus, it really expands all of our potential and clinical science and beyond.

當然，我們會持續向您報告最新進展。這也是我們選擇儘早加入的主要原因之一，因為這樣我們現在就能在非常豐富的產品組合中靈活高效地開展工作。此外，借助 Arcus 的專業知識和同事，我們能夠真正拓展在臨床科學及其他領域的潛力。

Our next question comes from the line of Michael Yee from Jefferies.

我們的下一個問題來自傑富瑞集團的邁克爾葉。

Maybe back to Merdad on Trodelvy, appreciating that I know there's a lot of focus on this interim OS. I would love to give you the opportunity to perhaps frame expectations at an interim. Interims have different connotations and there's different interims at different percent of events that have accrued. So could you just explain what percent of events this interim is based on? Do you actually expect to hit stat sig? Or do you just expecting a trend of a few months? Maybe just talk to that a bit because I think there's different implications of just an interim.

或許可以回到Trodelvy論壇上的Merdad話題，我知道大家非常關注這個中期作業系統報告。我很想請您談談對中期報告的預期。中期報告的意義因人而異，不同的中期報告所依據的事件累積百分比也不同。所以，您能否解釋一下這個中期報告是基於多少百分比的事件累積得出的？您真的預期會達到統計顯著水準嗎？還是僅僅預期未來幾個月會呈現某種趨勢？或許您可以就此多談談，因為我認為中期報告的含義因時而異。

Yes. Thanks, Michael. And maybe just a suggestion, as you answer Michael's specific question, it might be helpful for the whole audience to hear again kind of your overall view of the potential success of this indication.

是的，謝謝你，麥可。另外，我有個建議，當你回答麥可的具體問題時，或許可以再聽聽你對這項適應症潛在成功前景的整體看法，這對所有聽眾都會有所幫助。

Yes, Yes. Yes. Michael, it's a great question. And I think -- thank you for asking it. So as a reminder, I think from a PFS standpoint, the primary endpoint of the study, we believe we're really well powered to detect a difference there. And as I'll remind folks, we did redesign the study a year ago in order to power the study adequately for OS as well.

是的，是的，是的。邁克爾，這是一個很好的問題。我想——謝謝你的提問。再次提醒一下，從無惡化存活期（PFS）的角度來看，也就是這項研究的主要終點，我們相信我們有足夠的統計效力來檢測出差異。我還要提醒大家，一年前我們重新設計了這項研究，以確保總存活期（OS）的研究也有足夠的統計效力。

I would -- I think as excited as I am that we will be able to report out that first interim analysis, Michael, you're absolutely right on that. I would not expect statistical significance at this first interim because it is relatively early in the time frame that we're seeing. So my expectation is that again, pending a positive outcome that we are well powered to see a PFS improvement at a statistically significant level. And the OS will be supportive data at that point that will give us directionality as to where we're headed. And then hopefully, subsequent to that, as the events accrue, we'll see where we're headed with OS and down the road. It's a great question.

邁克爾，雖然我很興奮能公佈第一次中期分析結果，但你說的完全正確。我不認為第一次中期分析就能得出統計學意義上的顯著結果，因為目前我們所觀察的時間還比較早。所以我的預期是，如果結果積極，我們將有足夠的統計效力來觀察到具有統計意義的無惡化存活期（PFS）改善。屆時，總生存期（OS）數據將作為輔助數據，為我們指引方向。然後，隨著事件的積累，我們希望能夠進一步了解OS以及未來的發展趨勢。這是一個很好的問題。

Our next question comes from the line of Ronny Gal from Bernstein.

我們的下一個問題來自伯恩斯坦的 Ronny Gal 的台詞。

Switching over to talk a little bit about Yescarta. Can you tell us if there's already impact the use of Yescarta in second line? Or is it still ahead of us? And you've mentioned you're increasing your capacity by 50%. Are you currently capacity-constrained or demand-constrained? Essentially, will all that demand be used if it comes online?

接下來我們來聊聊Yescarta。您能否告訴我們Yescarta在二線醫療的應用是否已經產生了影響？還是說它還有待我們去探索？您曾提到你們的產能將提升50%。目前你們面臨的是產能瓶頸還是需求瓶頸？也就是說，如果這些產能全部投入使用，它們都能被滿足嗎？

Yes. Thanks, Ronny. And as I turn it over to Christi, let me just say how many patients we've been able to impact with cell therapy in 2021, and that being just the beginning, I think, of our promise for the future. We certainly invested in the manufacturing capacity to anticipate demand and success in the second line, and Christi can go into the details with you. Christi, over to you.

是的，謝謝羅尼。現在我把麥克風交給克里斯蒂，我想先說說我們在2021年透過細胞療法幫助了多少患者，我認為這只是我們未來前景的開始。我們當然也投資了生產能力，以應對二線療法的需求和成功，克里斯蒂可以和你詳細說。克里斯蒂，請你發言。

Thanks, Dan. Thanks for the question. Yes, we're very excited about not only the second line, which is the most important to help the most patients. But the continued success of third line plus with the 5-year data that was presented at ASH where year 4, you saw 43% of patients still alive. And at -- 44% of the patients still alive at 4 years and 43% at 5 years, which I think you heard Merdad say.

謝謝，丹。謝謝你的提問。是的，我們不僅對二線治療（這對幫助大多數患者至關重要）感到非常興奮，而且對三線治療的持續成功以及在ASH會議上公佈的五年數據也感到非常興奮。數據顯示，第四年時，43%的患者仍然存活；四年時，44%的患者仍然存活；五年時，43%的患者仍然存活，我想你也聽到了Merdad的說法。

So based on those as well as new indications coming out, we're really seeing an increase in demand. Our capacity, we're well positioned. We have the El Segundo manufacturing site here in California. Amsterdam was approved during COVID and with up to its capacity by the end of last year. And now we have the Maryland site, which will be going online in the first half of this year where you'll see our automation as well. So not only increasing capacity, but also the ability to reduce costs.

基於這些以及不斷湧現的新跡象，我們確實看到了需求的成長。我們的產能也處於有利地位。我們在加州埃爾塞貢多設有生產基地。阿姆斯特丹的生產基地在新冠疫情期間獲得批准，並在去年年底達到產能上限。現在，我們位於馬裡蘭州的工廠將於今年上半年投產，屆時您也將看到我們的自動化生產。因此，我們不僅提高了產能，還能降低成本。

So things are coming along nicely in terms of our ability to deliver. And we still have that reliability of 97% success when we give the cells back, which is so critically important to patients. So not a capacity issue. We had a transparency, a couple of issues last year where we had a scheduling issue where physicians were asking for the exact same slot all at the same time. And we quickly address that and no longer have that concern. So we're doing well and preparing for, hopefully, what we'll see is helping a lot more patients stay alive a lot longer.

所以，就我們的交付能力而言，一切進展順利。我們回輸細胞的成功率仍高達97%，這對患者至關重要。因此，不存在產能問題。去年，我們確實遇到一些透明度方面的問題，例如醫生同時要求預約同一個時段。我們迅速解決了這個問題，現在不再存在此類擔憂。所以，我們一切進展良好，並且正在積極準備，希望能幫助更多患者延長生命。

Thanks so much, Christi. And overall, Ronny, we're expecting about a 50% increase in capacity over the course of 2022, so continued investment there. Thanks, Ronny.

非常感謝，克里斯蒂。羅尼，總的來說，我們預計2022年產能將成長約50%，所以我們會繼續加大投資。謝謝，羅尼。

Our next question comes from the line of Colin Bristow from UBS.

我們的下一個問題來自瑞銀集團的柯林布里斯托。

On magrolimab, maybe could you explain why the multiple myeloma and DLBCL trials are also on hold given they're not in combination with EVA? And then just somewhat related to that, the $1.50 in acquisition-related expenses in the '22 guide, is there any component of that that's related to the Forty Seven acquisition.

關於magrolimab，您能否解釋一下，既然它沒有與EVA聯合用藥，為什麼針對多發性骨髓瘤和瀰漫性大B細胞淋巴瘤的試驗也暫停了？另外，還有一點相關的是，2022年業績指南中提到的1.50美元收購相關費用，其中是否有任何部分與收購Forty Seven有關？

Great. So I'll have Andy answer the second. Maybe you want to touch base on the first, Merdad. I'll sort of telling about the stage of those 2 trials.

好的。那我請安迪回答第二個問題。梅爾達德，或許你想簡單談談第一個問題。我會大致介紹一下這兩個審判的階段。

Yes, it's really important to -- I think this may have not been entirely clear. First of all, I think -- look, I think whenever there's a safety question, the agency is going to err on the side of being cautious. And so we'll work through with them on how to go forward. And I agree in those studies, we are not combining with azacitidine. So again, I think as we share the data and the analysis with the agency, hopefully, we can come to resolution sooner than later.

是的，這一點非常重要──我覺得之前可能沒說清楚。首先，我認為──你看，我認為只要涉及到安全問題，監管機構都會傾向於謹慎行事。所以我們會和他們一起商討下一步的方案。我同意，在這些研究中，我們沒有將藥物與阿札胞苷合併使用。所以，我再次強調，我認為隨著我們與監管機構分享數據和分析結果，希望我們能盡快達成共識。

And it's important to note that for the multiple myeloma study, we actually hadn't really started enrolling patients at that point. So I think that was one consideration. And by contrast for the DLBCL study, that stays completely enrolled. So the partial hold there actually doesn't have much of a practical impact on that study because we're going to continue dosing the patients who are already enrolled in that study.

值得注意的是，在多發性骨髓瘤研究中，我們當時其實還沒有開始招募病患。所以我認為這是需要考慮的一個因素。相較之下，瀰漫性大B細胞淋巴瘤（DLBCL）研究的患者招募工作仍在持續。因此，部分暫停實際上對該研究沒有太大的實際影響，因為我們將繼續為已入組的患者提供治療。

So I think -- remember that the way it works is maybe the context here, the holds are placed on an IND, not on a study-by-study basis generally. So this was a hold to the IND. And so that's sort of the context to think about it. I'll hand it off to Andy to answer the second part of the question.

所以我覺得——記住，這裡的運作方式可能比較特殊，一般來說，暫停令是針對IND（研究性新藥申請）發布的，而不是針對單一研究發布的。所以這次暫停令針對的是IND。這就是需要考慮的背景。接下來我把問題的第二部分交給Andy來回答。

Sure, Colin. I'm not sure that I fully understood the question, but what I can tell you is none of the updates that we provided in terms of the one-time fourth quarter expenses nor none of our 2022 guidance has anything to do with Forty Seven expenses. So you and I can maybe talk separately to understand what your question is specifically, but there's nothing related to the Forty Seven acquisition that was either part of our fourth quarter update, year-end update or part of the 2022 guide specifically.

當然可以，科林。我不太確定我是否完全理解了你的問題，但我可以告訴你的是，我們提供的所有關於第四季度一次性支出的更新信息，以及我們2022年的業績指引，都與Forty Seven的支出無關。所以，或許我們可以單獨溝通，以便更清楚地了解你的問題，但無論如何，無論是第四季度更新、年終更新，還是2022年的業績指引，都沒有涉及Forty Seven收購的任何內容。

Thanks, Colin. I'm happy to take that up separately, too.

謝謝，科林。我也很樂意單獨處理這件事。

Our next question comes from the line of Hartaj Singh from Oppenheimer.

我們的下一個問題來自奧本海默公司的哈塔吉·辛格。

This is just a question on Veklury. You're starting to get a pretty consistent franchise there. I mean, unfortunately, COVID-19 is still out there. Various experts have indicated, and even some of the companies we cover, we're going from a pandemic to an endemic kind of state over this year into next year. How do we -- how do you think of Veklury going forward? I know it's difficult to give guidance there, but you've got 1.5 years worth of data underneath your belt.

這只是關於Veklury的一個問題。你們的業績正在穩步提升。我的意思是，不幸的是，新冠疫情仍在肆虐。許多專家都指出，甚至包括我們關注的一些公司，疫情可能會從全球大流行演變為地方性流行，這種情況可能會持續到明年。你們如何看待Veklury的未來發展？我知道很難給出明確的預測，但你們已經累積了一年半的數據。

How are you thinking of hospitalizations going forward, whether that's through breakthrough infections? Or do you see as unvaccinated individuals get less and less that hospitalization will concomitantly decrease? Any thoughts there? And then assuming the oral program gets approved, how do you see remdesivir IV and then the oral option working together going forward? And again, a really nice quarter.

您如何看待未來的住院狀況，無論是突破性感染導致的住院？還是您認為隨著未接種疫苗的人群感染人數越來越少，住院人數也會隨之減少？對此您有什麼看法？另外，假設口服瑞德西韋方案獲得批准，您認為未來靜脈注射瑞德西韋和口服瑞德西韋合併使用會如何運作？再次感謝您，本季業績非常出色。

Thanks, Hartaj. So I think Johanna can start with some of the pandemic -- endemic and then Merdad could also comment a little bit on the forward portfolio. But please, Johanna, over to you.

謝謝，哈塔伊。我想喬安娜可以先談談疫情——尤其是地方性流行病——然後梅爾達德也可以簡單談談遠期投資組合。不過，喬安娜，現在輪到你了。

Thanks, Hartaj, for the question. Basically, what we've seen since the very beginning is how that Veklury sales truly track to the hospitalizations. And we've seen that most recently, again, with the Omicron surge. What we did see as well is the fact that -- despite the fact that Omicron seemed to may be less severe impact, unfortunately, the number of cases were much greater and therefore, just the pure absolute numbers of hospitalizations went up.

謝謝Hartaj的提問。基本上，我們從一開始就觀察到Veklury的銷售量與住院人數之間有著密切的關聯。最近，隨著Omicron的激增，我們再次看到了這一點。我們也注意到，儘管Omicron的影響似乎較小，但不幸的是，其感染病例數卻高得多，因此，住院人數的絕對值也上升了。

The -- and so we've tracked every single time pretty much in line, parallel to the hospitalization rates. And we assume that will continue. We do think the hospitalizations will get impacted by some of the oral compounds, even some of the outpatient use of Veklury, but also neutralizing antibodies as well as the oral treatments as well like the PI from Pfizer. And so we do think that will decrease hospitalizations over time.

因此，我們每次追蹤的結果都與住院率基本一致，並預計這種情況會持續下去。我們認為，有些口服藥物，甚至包括部分Veklury的門診使用，以及中和抗體和輝瑞公司PI等口服療法，都會對住院率產生影響。因此，我們認為隨著時間的推移，住院率將會下降。

The one thing we had assumed maybe about a year ago is we really thought the vaccination rates would continue to rise and they didn't. They basically stabilize at around the 60%, 65% rate. And of course, there are variances across the country. So what we've seen is the use of different treatments as well as the actions the vaccination rates are really dictating a little bit kind of the hospitalizations and therefore, the Veklury usage.

大約一年前，我們曾以為疫苗接種率會持續上升，但事實並非如此。疫苗接種率基本穩定在60%到65%左右。當然，全國各地的情況也不盡相同。因此，我們看到的是，不同的治療方法以及疫苗接種率在某種程度上影響住院率，進而影響Veklury的使用。

And yet again, in the December-January time frame, we've really seen Veklury play a critical role here for these hospitalizations, also having to do with the fact that many of the other previous agents that were on the market were no longer effective against the Omicron variant. And we haven't seen any of that. We've seen very strong efficacy with Veklury, which has also helped that.

然而，在12月至1月期間，我們再次看到Veklury在這些住院病例中發揮了關鍵作用，這也與先前市面上許多其他藥物對Omicron變異株不再有效有關。而我們沒有看到這種情況。 Veklury的療效非常顯著，這也對此有所幫助。

I think most recently, the outpatient data that's just come out in addition to the indication really plays a critical role when there are surges and hospitals are over capacity so that they really can look at outpatient setting with Veklury. And we think that will just kind of play hand in hand. And I would propose, as I turn it over to Merdad to address the oral piece of the puzzle, I actually think you need both.

我認為，最近公佈的門診數據，加上適應症，在疫情高峰期醫院不堪重負時，確實發揮著至關重要的作用，因為這能讓他們真正考慮在門診使用Veklury。我們認為這兩者會相輔相成。接下來，我將把發言權交給Merdad，讓他談談口服給藥的問題，我認為實際上兩者都需要。

I think you need the oral setting. So more players in the oral setting is critical and you still need hospitalizations because, unfortunately, as this -- if it does become endemic, I do think you'll see a steady rate of hospitalizations as we go through, and that's where it clearly plays a critical role. Merdad?

我認為你需要口試。所以，增加口試參與者至關重要，而且你仍然需要住院治療，因為不幸的是，如果這種情況真的成為地方性流行病，我認為隨著時間的推移，你會看到住院率持續上升，而這顯然是口試發揮關鍵作用的地方。 Merdad？

Yes. Thanks. I guess I'd make 2 points. The first is, is very early days with the oral program. And so I would keep that in mind. We just started Phase I, so a lot of things can happen. And so I would just keep that in mind. Obviously, if things go well, we'll move as aggressively as possible. And I agree with Johanna. I think that there will always be a role for both oral and IV therapies. There will be a -- what we're seeing now, I think, in terms of how folks are approaching it is that as availability of oral therapies becomes broader, they're used relatively early in the course of disease.

是的，謝謝。我想補充兩點。第一，口服藥物項目還處於非常早期的階段，這一點需要牢記。我們剛開始I期臨床試驗，所以很多事情都可能發生。當然，如果進展順利，我們會盡可能積極地推進。我同意Johanna的觀點，我認為口服和靜脈注射療法始終都會發揮作用。目前我們看到的情況是，隨著口服療法的普及，它們會在疾病早期階段就被使用。

Many people may progress and/or not get treated early enough and end up in the hospital. And at that point, I think that's where that hospitalized or per hospitalization, more severe disease is where the role of IV therapies is going to come in and Veklury in particular is going to come in. So I have too much to add to what Johanna said, but I do think there'll be a role for both in the long run.

許多患者病情可能會加重，或是未能及時得到治療，最後住院。我認為，對於病情較重、需要住院治療的患者來說，靜脈輸液療法，尤其是Veklury，將會發揮作用。所以，除了Johanna提到的，我還有很多要補充的，但我確實認為，從長遠來看，這兩種療法都會有其用武之地。

Hartaj, just to complement what Johanna and Merdad said. I think we clearly see that as this becomes endemic that there'll be potentially a need for multiple mechanisms in the outpatient setting. So that's one of the reasons why approaching it from a preliminary standpoint as well as to a protease standpoint, we think could make sense over the long term for resistance patterns. And the last thing I'll say is I think what we've seen this, whether it's pandemic or endemic, remdesivir is going to firmly trench now as a standard of care in the hospital setting. And so as goes hospitalization, so will go remdesivir over time. And we think that's going to be an important part of our ongoing business and our benefit to patients.

Hartaj，我補充Johanna和Merdad的觀點。我認為我們清楚地看到，隨著疫情蔓延，門診治療可能需要多種機制。因此，我們認為從初步研究和蛋白酶標靶治療兩個面向入手，從長遠來看，對抗藥性模式的分析是合理的。最後我想說的是，無論疫情是大流行還是地方性流行，瑞德西韋都將穩固地成為醫院治療的標準療法。隨著時間的推移，住院治療的普及程度也會影響瑞德西韋的使用。我們認為這將是我們持續業務發展和造福患者的重要組成部分。

Our next question comes from the line of Carter Gould from Barclays.

我們的下一個問題來自巴克萊銀行的卡特·古爾德。

I wanted to come back to Trodelvy but a little bit more from the commercial and strategic angle and wanted to -- just sort of the decision to triple the sales force at this point, head of TROPiCS-02, is that decision dependent upon positive data from TROPiCS-02? Or could that potentially be revisited, depending on that outcome?

我想回到Trodelvy，但更多是從商業和戰略角度出發，而且——目前決定將銷售團隊擴大三倍，TROPiCS-02負責人，這個決定是否取決於TROPiCS-02的積極數據？或者，根據結果，這個決定是否有可能重新考慮？

And then specifically around sort of what you're seeing in -- with the sales, it seems like the growth on an absolute basis quarter-on-quarter, it does seem to be sort of slowing a bit. Can you maybe just talk about how the real-world duration of use has maybe evolved and if that's sort of in line with what you saw in the studies -- in the pivotal studies?

具體來說，就您目前看到的銷售情況而言，季度環比成長似乎確實有所放緩。您能否談談實際使用時長的變化情況，以及這是否與您在關鍵研究中觀察到的結果一致？

Thanks, Carter. Right over to Johanna. Please.

謝謝，卡特。接下來請喬安娜來演講。謝謝。

Sure, Carter. Thanks for the question. Just a couple of things. One is the footprint, the geographic footprint that we've just initiated and that ramp-up and the tripling. It has really maybe 3 objectives. One is to further support our initial launches of both metastatic TNBC as well as bladder. So that's definitely #1, and that is here and now. The potential to support a potential indication in HR+, which is what you were referring to. And the third one is also setting up for the future success of our total oncology portfolio.

當然，卡特。謝謝你的提問。有幾點要說明。首先是我們剛啟動的地域擴張計劃，以及隨之而來的產能提升和三倍成長。這實際上有三個目標。第一是進一步支持我們針對轉移性三陰性乳癌和膀胱癌的初始上市。這無疑是首要目標，也是眼下最迫切的目標。第二是支持HR+（荷爾蒙受體陽性）的潛在適應症，這正是你所提到的。第三是為我們整個腫瘤產品組合的未來成功奠定基礎。

So assuming positive data, of course, is what we've decided to go for. But having said that, even if that didn't play out, this is the right team for the future for Gilead Oncology. So that was the first part of your question. The second part of your question about the growth slowing, I actually think we're quite pleased, actually. As we got into Q4, what we've seen is the share really drive up post NCCN breast guidelines update in September. And so we had good data point of share. The last data point we have is October, and that's the 1 in 4 that you heard me talk about earlier. And so that's doubling from where we were in April. So we were at about half of that share in second line. And now we're at about 24%, 25% share in second line.

所以，當然，我們決定以正面的數據為前提。但即便如此，即便數據並非如此，這支球隊對吉利德腫瘤的未來發展也至關重要。這是您問題的第一部分。關於您問題的第二部分——成長放緩，實際上我們相當滿意。進入第四季後，我們看到市佔率在9月NCCN乳癌指引更新後顯著提升。因此，我們獲得了不錯的市場份額數據。我們最新的數據點是10月份，也就是我之前提到的四分之一。比4月翻了一番。當時我們在二線治療領域的市佔率約為4月的一半，而現在約為24%到25%。

So a real nice growth on that front and definitely more to come. I think there's an incredible opportunity for Trodelvy in this patient setting, especially with the high unmet medical need and the incredible OS data that we have with Trodelvy. So more to come on that.

所以這方面進展非常順利，而且肯定還會有更多進展。我認為Trodelvy在這個患者群體中擁有巨大的發展潛力，尤其是在醫療需求尚未得到充分滿足，以及我們掌握的Trodelvy令人矚目的總生存期數據的情況下。所以，後續會有更多相關資訊。

Terrific. We can take one last question, everybody.

太好了。各位，我們還可以回答最後一個問題。

Our last question comes from the line of Matthew Harrison from Morgan Stanley.

最後一個問題來自摩根士丹利的馬修·哈里森。

Just one clarification and one question. So for Merdad, can you just clarify? It was unclear to me from your comments whether the FDA had asked for the OS data, and that's why you were including this interim now for the filing or if that had been your plan all along. So if you could just clarify that would be great. And then second, any comments you can make specifically around the stocking tailwind as well as the gross to net tailwind that you have from HIV in the fourth quarter?

我還有一個問題和一個需要澄清的地方。關於Merdad，您能否澄清一下？從您的評論中，我不太清楚FDA是否要求提供OS數據，所以您才在提交的文件中加入了這份中期報告，還是這本來就是您的計劃。如果您能澄清一下就太好了。其次，您能否具體談談第四季度HIV帶來的庫存利好以及毛利/淨利好？

Thanks a lot, Matthew. We'll go to Merdad and then Johanna.

非常感謝，馬修。我們會先去梅爾達德，然後再去約翰娜。

Yes, very quickly. I think as I mentioned, we did upsize a study last year for OS because we've always believed, especially in HR+, that having OS data are going to be important to support a file. It's not the primary endpoint, and we think it's going to be important supportive data to go. So that didn't really have much to do with this confluence of events here. It's a fortuitous event in terms of timing here that will support our data. So hopefully, that answers...

是的，很快。正如我之前提到的，我們去年確實擴大了一項關於OS的研究規模，因為我們一直認為，尤其是在HR+方面，OS數據對於支持最終結果至關重要。它並非主要終點，但我們認為它將是重要的支持性數據。所以，這與目前發生的一系列事件並沒有太大關係。這只是一個巧合，恰好能為我們的數據提供支援。希望這能解答你的疑問…

The FDA did not ask for it.

美國食品藥物管理局並沒有要求提供這些資訊。

The FDA didn't specifically ask us for it, no. It's always -- we're always going to take a look at OS with the first PFS data cut at this point in order -- instead of doing a look and then an interim, we're just going to do the PFS and the interim at the same time.

FDA並沒有特別要求我們這樣做。我們一直以來的做法是──我們總是會按照目前的順序，在第一個PFS資料截止後再進行OS分析──而不是先進行一次分析，然後再進行中期分析，我們會同時進行PFS和中期分析。

Thanks, Matthew. And Johanna?

謝謝你，馬修。還有喬安娜？

And Matthew, the second part of your question around the Q4 piece of the puzzle. So as you well know, right, as you go into Q4, you usually have a bit of a seasonal inventory build in the subchannel play. And then, of course, that bleeds out in Q1. So that's one piece of the puzzle in Q1. The other difference is, of course, you increased your co-pay support, your donut hole coverage and so all those pieces -- and your payer mix kind of changes in your first quarter.

馬修，關於你問題的第二部分，也就是第四季的情況。你也知道，進入第四季度，通常各子通路的庫存都會增加。當然，這些庫存會在第一季逐漸減少。這是第一季的一個影響因素。另一個不同之處在於，你增加了自付額支援、覆蓋範圍擴大等，所有這些因素都會影響你的支付方組成，第一季你的支付方組合也會改變。

Having said that, in addition to that, there was some favorability in Q4 of 2021 from a gross-to-net standpoint, which will then create an even bigger kind of decline in Q1, and that's what we were referring to. So hopefully, that helps a little bit. It's a one-time thing in Q4. And it's just more around the comparison versus Q1 over Q4 as we get through the first quarter, and that's what I was trying to signal.

話雖如此，除此之外，2021年第四季從毛利潤到淨利潤的比例來看，存在一些有利因素，這將導致第一季出現更大幅度的下滑，而這正是我們所指的。所以，希望這能有所幫助。第四季的情況比較特殊，屬於一次性因素。隨著第一季的推進，第四季與第一季相比的下滑幅度會更大，這正是我想要表達的意思。

Great, Matthew. And I just want to, before I turn it over to Jacquie, thank all of you for joining. From our perspective, we are really excited about the build that we've had at Gilead over the past 2 years and the team and the people that we have on board. We've got a lot to do this year, and we're really teed up for a good strong year and a strong decade ahead with this portfolio. With that, Jacquie, over to you, please.

好的，馬修。在把發言權交給傑奎琳之前，我想感謝各位的到來。就我們而言，我們對吉利德過去兩年的發展以及我們擁有的團隊和人才感到非常興奮。今年我們有很多工作要做，我們已經為未來一年乃至未來十年憑藉現有產品組合取得的佳績做好了充分準備。接下來，杰奎琳，請你發言。

Thank you, Dan, and thanks to our operator, Gigi, for your help today, and indeed to all of you for joining us. We appreciate your continued interest in Gilead and hope that you can join us for our Virology Deep Dive scheduled for Thursday, the 17th of February. Thank you.

謝謝丹，也感謝我們的接線生吉吉今天的幫助，更要感謝各位的參與。我們感謝您一直以來對吉利德的關注，並希望您能參加我們定於2月17日（星期四）舉行的病毒學深度研討會。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您可以斷開連線了。