Release Date: April 25, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Q & A Highlights
Q: Can you discuss the impact of the Medicare redesign on Gilead's HIV franchise and overall financial outlook for 2025?
A: Johanna Mercier, Chief Commercial Officer, noted that the Part D redesign is expected to impact the HIV business significantly, likely resulting in flat year-on-year sales for HIV in 2025. However, she anticipates overall business growth despite this challenge, with momentum building into 2026 and beyond. Andrew Dickinson, CFO, added that Gilead remains committed to disciplined expense management to support margin expansion.
Q: How are the recent ODAC meetings regarding CAR-T therapies and MRD as an endpoint affecting Gilead's strategies, especially for anito-cel in multiple myeloma?
A: Cindy Perettie, EVP of Kite, expressed that the ODAC recommendations are seen positively, potentially accelerating anito-cel's market entry. The company is exploring how the MRD endpoint can be integrated into their regulatory strategies.
Q: What due diligence was conducted regarding the liver pathology seen in CymaBay's trials before Gilead decided to acquire the company?
A: Merdad Parsey, Chief Medical Officer, explained that while Gilead did not use independent pathologists to review the liver pathology data from CymaBay's trials, they conducted thorough diligence and are confident in the beneficial outcomes of seladelpar for liver disease patients.
Q: What are your expectations for the upcoming EVOKE-01 and EVOKE-02 Trodelvy data presentations at ASCO?
A: Merdad Parsey indicated that detailed data on overall survival, progression-free survival, and other efficacy measures will be discussed at ASCO, underlining the potential of Trodelvy in treating lung cancer.
Q: With the recent acquisition of CymaBay, how is Gilead planning its business development strategy, particularly in terms of future acquisitions?
A: Andrew Dickinson noted that while Gilead is open to business development opportunities, significant M&A activities are not anticipated in the near term. The focus remains on integrating and maximizing the current portfolio, including seladelpar.
Q: Can you provide insights into the competitive dynamics expected at the launch of seladelpar, especially with Ipsen's Elafibranor launching around the same time?
A: Johanna Mercier expressed confidence in seladelpar's differentiated profile and Gilead's strong commercial infrastructure in liver disease, which she believes will effectively support its successful launch despite the competition.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.