Gilead Sciences Inc. (NASDAQ:GILD) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 04:30 pm ET


Gilead Sciences Inc. (NASDAQ:GILD) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Second Quarter 2020 Gilead Sciences Earnings Conference Call. [Operator Instructions]

I'd now like to hand the conference over to your host today, Mr. Douglas Maffei, Senior Director of Investor Relations. Please go ahead.

Douglas Maffei

Thank you, Liz, and good afternoon, everyone. Just after market close today, we issued a press release with earnings results for the first half and second quarter of 2020. The press release and detailed slides are available on the Investors section of the Gilead website. The speakers on today's call will be Daniel O'Day, Chairman and Chief Executive Officer; Johanna Mercier, Chief Commercial Officer; Merdad Parsey, Chief Medical Officer; and Andrew Dickinson, Chief Financial Officer. Also on the call and available for Q&A will be Christi Shaw, Chief Executive Officer of Kite; and Diana Brainard, SVP and Head of our Virology Therapeutic area.

Before we begin with our prepared remarks, let me remind you that we will be making forward-looking statements, including risks and uncertainties related to the impact of the COVID-19 pandemic on Gilead's business, financial condition and the results of operations, plans and expectations with respect to products, product candidates, corporate strategy, 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. 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 as well as on the Gilead website.

I will now turn the call over to Dan.

Daniel O'Day

Thank you, Doug, and good afternoon, everyone. I'd like to start by thanking our Gilead employees worldwide, who, along with our partners, continue to go above and beyond to meet our many responsibilities at this time. Those responsibilities include advancing Remdesivir, supporting work across our other medicines that are helping patients today and building our pipeline of future therapies. We'll cover each of those during today's call.

I'm pleased to have the team with me here to provide an overview, and we all look forward to answering your questions. I'll start things off with some of my perspectives.

The first thing I want to comment on is the continued strength and durability of our core HIV business. We've grown market share even as we navigated the expected impact of the COVID-19 pandemic, and we're already seeing early signs of recovery from that impact in some markets. We are confident in our long-term leadership in HIV. People living with HIV depend on innovative therapies that meet their needs, and Gilead is and has always been focused on meeting those needs. Biktarvy has become