Welcome to the Gilead Sciences, Inc. 2026 Annual Meeting of Stockholders. I would now like to introduce you to Daniel O'Day.
Good morning, everyone. I'm Dan O'Day, Chairman of the Board and Chief Executive Officer of Gilead Sciences, I'm pleased to welcome you to Gilead's 2026 Annual Meeting of Stockholders. Before I call the meeting to order, I'd like to introduce you to some of the members of the Gilead team. Joining us today are the members of the Board of Directors, Anthony Welters, our Lead Independent Director, Jacqueline Barton, Jeffrey Bluestone, Sandra Horning, Kelly Kramer, Ted Love, Harish Manwani, and Javier Rodriguez. We also have several members of our leadership team here this morning. Andy Dickinson, our Chief Financial Officer, Johanna Mercier, our Chief Commercial and Corporate Affairs Officer, Dietmar Berger, our Chief Medical Officer, Cindy Perettie, our Executive Vice President of Kite, Keeley Cain Wettan, our Executive Vice President and General Counsel, Legal and Compliance, and Secretary, and Jacquie Ross, our Senior Vice President, Treasury and Investor Relations.
Also joining us today are Ray Minland and Sunny Patadia from Ernst & Young, our independent auditor. Keeley Cain Wettan will serve as Secretary for this meeting. We will first conduct the formal business of the meeting as described in our proxy statement. The meeting will run in accordance with the agenda and the procedures set forth in the rules of conduct and procedures posted on the virtual meeting portal. In the event we experience any technical difficulties before the conclusion of the formal business of the meeting, we may temporarily adjourn and reconvene the meeting in accordance with our bylaws. There will be an opportunity to submit questions and comments related to the items of business at the meeting, which will be addressed during the formal portion of the meeting.
After the formal portion of the meeting has concluded, we will provide an overview of Gilead's business activities and address questions relating to the company. In either case, questions or comments may be submitted to the designated field on the virtual meeting portal by stockholders who have logged in with their 16-digit control number. If you experience any technical difficulties during the meeting, please call the technical support number posted on the virtual meeting website. It is now shortly after 10:00 A.M. Pacific Daylight Time on April 30th, 2026, and this meeting is officially called to order. The board of directors has appointed Christina Vico of VICO Group to act as Inspector of Election for this meeting. Ms. Vico has taken and subscribed the customary oath of office to execute her duties with strict impartiality. We will file this oath with the records of the meeting.
Her duties are to determine the qualifications of voters, accept their votes, and when balloting on all matters is completed, tally the ballots cast on each matter. Will the Secretary please report on the stockholders list and the mailing of the meeting notice?
I have a complete list of the stockholders of record of the company's common stock on March 6th, 2026, the record date for this meeting. I also have an affidavit from Broadridge certifying that a notice of annual meeting of stockholders of the company was disseminated to all stockholders of record on the record date.
Will the Secretary please report on the existence of a quorum?
I have been informed by the Inspector of Election that proxies have been received for 1,130,179,690 shares of the 1,241,222,013 shares of common stock outstanding on the record date, which represents approximately 91.1% of the total number of outstanding shares. This constitutes a quorum for the transaction of business.
I hereby declare the polls open for voting.
Only matters for which notice has been given in accordance with our bylaws may be brought before the annual meeting. Those matters are described in the proxy statement relating to this meeting. Any stockholder who has not yet voted or wishes to change their vote may do so by clicking on the voting button on the virtual meeting portal and following the instructions there. Stockholders who have voted prior to the meeting by proxy, telephone or internet and do not want to change their vote do not need to take any further action.
After a presentation of all matters, I will open the floor for questions or comments on those items of business. In order to ensure that the business of the meeting proceeds in an orderly fashion and that stockholders who wish to participate have a fair opportunity to do so, please limit your questions and comments to the items of business listed on the agenda.
The first item of business is the election of nine director nominees named in the proxy statement to serve for the next year until their successors are elected and qualified. The director nominees are Jacqueline K. Barton, Jeffrey A. Bluestone, Sandra J. Horning, Kelly A. Kramer, Ted W. Love, Harish Manwani, Daniel O'Day, Javier J. Rodriguez, and Anthony Welters, each of whom is a current director of the company. The board of directors has recommended a vote in favor of each of these nominees. The second item of business is the ratification of the selection of Ernst & Young LLP by the Audit Committee of the Board of Directors of Gilead's independent registered public accounting firm for the fiscal year ending December 31, 2026.
The board of directors has recommended a vote in favor of this proposal. The third item of business is the approval on an advisory basis of the compensation of our named executive officers as presented in the proxy statement. The board of directors has recommended a vote in favor of this proposal. The fourth item of business is the approval of the amended and restated Gilead Sciences, Inc. 2022 equity incentive plan. The board of directors has recommended a vote in favor of this proposal. The fifth item of business is consideration of a stockholder proposal requesting an independent board chair policy, if properly presented at the annual meeting. The board of directors has recommended a vote against this proposal for the reasons set forth in the proxy statement. Mr. John Chevedden will present this proposal.
Mr. Chevedden, your line is open.
Hello, this is John Chevedden. Proposal 5, independent board chairman. Shareholders request the board of directors adopt an enduring policy, amend the governing documents in order that two separate people hold the office of the chairman and the office of the CEO as soon as possible. The chairman of the board shall be an independent director. A lead director shall not be a substitute for an independent board chairman. The board shall have the discretion to select an interim chairman of the board who is not an independent director to serve while the board is required to seek an independent chairman of the board on an accelerated basis. An independent board chairman at all times improves corporate governance by bringing impartiality, objective oversight, and external expertise to board decisions, mitigating conflicts of interest, enhancing transparency, and boosting shareholder confidence.
This detached perspective allows the chairman to focus on shareholder interests, strengthen management accountability, and provide critical checks and balances, ultimately contributing to the long-term sustainability and profitability. Now could be a good time for a change since Gilead stock was at $123 in 2015 and is at only $128 now in spite of a robust stock market. Please vote yes. Independent board chairman, proposal 5.
Thank you, Mr. Chevedden. The board's opposition statement for the stockholder proposal has been included in the proxy statement for all stockholders to consider. The sixth item of business is consideration of a stockholder proposal requesting a report on the impact of extended patent exclusivities on patient access, if properly presented at the annual meeting. The board of directors has recommended a vote against this policy for the reasons set forth in the proxy statement. Ms. Laura Boudreau will present the proposal on behalf of the proponent.
Ms. Boudreau, your line is open.
Thank you. This is Laura Boudreau. Shareholder AIDS Healthcare Foundation, that's AHF, urges Gilead shareholders to vote for proposal 6, submitted by AHF and co-filer The Academy Group. AHF proposes a board-sponsored independent study of the effects of Gilead's patent extension strategies. The report would cost Gilead virtually nothing. The study would play an important role in protecting shareholders' interest because it would encourage management to confirm they're operating under a long-term view of sustainable and humane profitability.
Right now, some of Gilead's short-term strategies are hurting the company financially and reputationally. They're hurting access to medicines. In the news these days, we read about how Gilead has steadily increased the price of ARV Biktarvy to the point that the Florida Department of Health can't afford it and has removed it from its ADAP formulary.
That's a terrible result, and it's not in the interest of shareholders, and it's certainly not in the interest of the 16,000 people living with HIV in Florida who are enrolled in Florida's ADAP program. I mean, choose your metaphor. It's killing the goose that lays the golden egg, or it's stretching the rubber band too thin. I think that we can all agree, though, that thinking long term is the key to Gilead's success. Gilead has been an innovator in drugs that save hundreds of thousands of lives. That's a wonderful thing. The proposal 6 report would help Gilead course-correct as needed to stay true to the company's vision to create a healthier world for all people and to its mission to discover, develop, and deliver innovative therapeutics for people with life-threatening diseases.
Specifically, proposal 6, it simply asks Gilead's board to produce a report that will provide current shareholders and potential investors with information about how Gilead's patent extension strategies could delay the release of breakthrough drugs. This is important because delay can hurt people's access to more effective treatments, delay can also hurt Gilead's long-term profits, even if it bumps short-term profits. To be clear, there's no misunderstanding, the proposal is focused on Gilead's patent extension strategies. In general, Gilead should patent discoveries to protect their investments. That's not what this proposal is about. This proposal is about extension strategies, which are different because it's well known these extensions can create what are called patent thickets that erect artificial barriers to new and better drugs, even when the drugs are being produced by the same company that erected the thicket.
We know that's happened at Gilead. Specifically, it happened when Gilead delayed the release of Descovy, a safer, more effective treatment, while it extended the patent on Truvada. That delay has already cost the company $40 million in settlements, and there's ongoing litigation that has over 22,000 plaintiffs. This demonstrates how a short-term patent extension strategy can backfire, creating financial harm and, importantly, unmeasurable reputational harm. Here, I'm sorry to say the strategy has made Gilead look like a greedy corporation profiting off of people with a chronic life-threatening disease.
The report we asked for is intended to give information to management about the risks and impacts of patent extension strategies on the current drug pipeline. The report also helps make sure that shareholders are well-informed about drugs in Gilead's pipeline and informed about strategies to either fast-track or delay the drug's release. In short, we urge Gilead shareholders to vote to approve proposal 6.
Thank you, Ms. Boudreau. The board's opposition statement for the stockholder proposal has been included in the proxy statement for all stockholders to consider. The seventh item of business is consideration of a stockholder proposal requesting a report on the risks of ESG and DEI executive compensation metrics, if properly presented at the annual meeting. The board of directors has recommended a vote against this proposal for the reasons set forth in the proxy statement. Mr. David Bahnsen has submitted a pre-recorded presentation of this proposal on behalf of the proponent. Operator, please play the recording.
Hello, my name is David Bahnsen. I am a financial advisor, a proud Gilead shareholder, and an investor. I am not a shareholder activist. I make investment decisions in accordance with my duty to clients to optimize their financial success. I do not invest to use influence to pull companies into various political or social causes, as is so often done by others through their shareholder resolutions. My intention in this proposal is the opposite. It is to further shareholder interests by getting politics out of the company and not by pushing more politics into it. The inherently political nature of infusing executive compensation with non-financial metrics is crystal clear. The question is: Does Gilead's use of inclusion metrics in its compensation plan create confusion around what it expects our executives to prioritize? The clear trend across corporate America makes the answer abundantly clear.
Non-activist shareholders who invest for return expect companies to prioritize fiduciary duty and wealth creation above all else. We are right to, and Gilead is no exception. While ESG and DEI-aligned special interest groups argue for incorporating inclusion metrics into executive compensation, doing so often creates a dual mandate for executives, mudding the waters around what Gilead views as its strategic priorities and creating opportunities for controversy and reputational harm to our company. Gilead does not need to be grabbing headlines or seeking activist plaudits over inclusion initiatives. Its core business, meeting the needs of humanity by combating the world's deadliest diseases, is a noble, commendable, and life-saving model that every investor can and ought to be proud of. Gilead has done it so very well.
The reputational risks of ESG and DEI elements in executive comp are well demonstrated, and the rapidly evolving legal and regulatory landscape around such elements is an additional point in favor of caution and fiduciary duty above all else. That's the point of this proposal. We are asking Gilead to defend and fully commit to its most potent form of inclusion, including every employee, shareholder, and customer as part of its mission of a growing company and a healthier world. Above all, avoiding activism and distractions, and serving customers at a profit for the benefit of us, the owners, the shareholders in Gilead Sciences. Thank you very much.
This concludes the playback.
Thank you, Mr. Bahnsen. The board's opposition statement for this stockholder proposal has been included in the proxy statement for all stockholders to consider.
We will now turn to questions or comments submitted by stockholders through the virtual meeting portal that are related to the items of business listed on the agenda. As a courtesy to the other stockholders present, please limit yourself to one question or a comment of reasonable length.
Thank you, Chairman. Our first question: Why does Gilead grant shares to executives and directors?
This is Anthony Welters, Lead Director and Chairman of the Compensation Committee here at Gilead. Equity awards are a critical component of executive and Director compensation, designed to align interests with those of stockholders, promoting long-term value creation, and reinforce a sustained ownership mindset consistent with strong corporate governance. It also aligns interests with stockholders. Equity directly links a meaningful portion of executive and Director compensation to the company's stock price and long-term performance. It reinforces long-term and retention for our executives. The board believes that equity is a critical market standard tool to attract, retain, and motivate the talent required to execute our strategy and deliver long-term performance. PSUs granted to executives vest at the end of a three-year performance period and are tied to predetermined TSR and adjusted EPS growth targets. In addition, options and RSUs granted vest over a four-year period.
The board believes that this rewards execution against long-term goals and not just annual results. You should know the comp committee provides oversight. Our compensation and talent committee actively oversees equity usage and cost discipline, including an annual review of equity utilization versus peers and approval of projected share usage, including estimated expense and shareholder value transfer.
Chairman, that concludes our questions and comments relating to the proposal.
Thank you. The polls will be closing momentarily. We will pause for a moment here. It is now 10:19 A.M. Pacific Daylight Time, and I hereby declare the polls closed. Will the secretary please provide a preliminary report on voting?
I will now report on the voting of stockholders at this meeting. Each share of common stock is entitled to one vote on each matter to be voted upon at the annual meeting. Voting was conducted by proxy, written ballot, and through our virtual meeting portal. The preliminary report of the Inspector of Election is as follows. The director nominees' names in the proxy statement have been elected, with at least approximately 95.1% of the shares voting in favor of each nominee. The selection of Ernst & Young LLP by the Audit Committee of the Board of Directors as Gilead's independent registered public accounting firm for the fiscal year ending December 31st, 2026 has been ratified, with approximately 92.6% of the shares voting in favor.
The advisory vote to approve the compensation of our named executive officers, as presented in the proxy statement, has been approved, with approximately 92.2% of the shares voting in favor. The approval of the amended and restated Gilead Sciences, Inc. 2022 equity incentive plan has been approved, with approximately 93.7% of the shares voting in favor. The stockholder proposal requesting an independent board chair policy has not been approved, with approximately 27.1% of the shares voting in favor. The stockholder proposal requesting a report on the impact of extended patent exclusivities on patient access has not been approved, with approximately 12.9% of the shares voting in favor.
The stockholder proposal requesting a report on the risks of ESG and DEI executive compensation metrics has not been approved, with approximately 0.7% of the shares voting in favor. The final results of the voting will be reported in the Form 8-K within four business days from today.
This concludes the formal portion of our meeting, and the meeting is now adjourned. I will now provide an update on Gilead's business. Following the presentation, we will take questions and comments from stockholders through the virtual meeting portal. First, I want to remind you that our presentation will include forward-looking statements. Please refer to the disclaimer in the presentation as well as our SEC documents for a full discussion of the risks and uncertainties associated with these statements. Gilead had a remarkable 2025, with clinical, commercial, and operational achievements, followed by the acquisitions of Arcellx, Ouro Medicines, and Tubulis this year, all of which reinforce our position of strength. As a reminder, we expect to share our first quarter 2026 results on May 7th.
On this slide, you'll find some of the key highlights from 2025 across our business, demonstrating the strength of our portfolio across virology, oncology, and inflammation. Gilead has a rich pipeline of 53 clinical programs with five phase III updates expected this year and up to 10 ongoing or potential new launches through 2027, establishing Gilead as a leading company in the sector. Looking first at our commercial execution. Total product sales were up 1% year-over-year. This is after accounting for the expected impact from Medicare Part D redesign and decline in Veklury sales. Our base business, which excludes Veklury, was up 4% year-over-year and excluding the Medicare Part D redesign, was up 8% year-over-year. This impressive growth is largely in line with the growth rate of our base business for the last 4 years.
Having now grown past the expected impact from Medicare Part D redesign in 2025 and with no major loss of exclusivity until 2036, Gilead is well-positioned to continue sustained and robust growth. This growth is anchored in the strong foundation of our HIV business. For full year 2025, HIV sales grew to $20.8 billion, up 6% year-over-year. Excluding the Medicare Part D redesign headwind, our HIV business grew 10% year-over-year, the highest growth recorded for our HIV products since 2019. Biktarvy, the leading regimen for HIV treatment, reported sales of more than $14 billion, up 7% year-over-year. 2025 was a historic year for Gilead with the FDA approval and launch of Descovy, a breakthrough for long-acting HIV prevention.
The result of over 17 years of development, Descovy, the world's first twice-yearly HIV prevention, has shown an unprecedented clinical profile in its phase III studies and won accolades, including Science Breakthrough of the Year and the Prix Galien. We are very pleased with the first months of launch. In 2025, Descovy has recorded $150 million in sales, and combined with a leading branded oral for HIV prevention, Descovy, Gilead's HIV prevention sales reached $2.25 billion in the U.S. This represents 55% growth year-over-year. With up to seven potential launches expected by the end of 2033, Gilead's HIV leadership is positioned to expand within treatment and prevention and extend into the 2040s. Gilead currently has the most robust and differentiated profile in our history, supporting up to 10 ongoing and potential new launches through 2027.
Later in the second quarter of 2026, we expect to launch bulevirtide for people with chronic hepatitis delta infection. In the second half of this year, we expect to launch Trodelvy in first-line metastatic triple-negative breast cancer, anito-cel in fourth-line+ relapsed or refractory multiple myeloma with a PDUFA date of December 23rd, 2026, and bictegravir plus lenacapavir in virologically suppressed people with HIV. We also expect five phase III updates, which could drive additional potential launches across all three of our core therapeutic areas, Livdelzi, Trodelvy, and islatravir plus lenacapavir. We have invested in our longer-term growth profile with a portfolio that included 53 clinical programs across our focus areas at the end of 2025. Our portfolio had already grown 60% since 2019. At the start of this year, our internal pipeline was already the strongest it has ever been.
High-potential targets include our BCMA and CD19, CD20 bicistronic CAR Ts, CCR8, and PARP-1 for oncology, as well as our oral alpha-4 beta-7 and IRAK4 for inflammation. At the same time, we are mindful of the opportunity for thoughtful, strategically aligned business development to ensure that Gilead enters the 2030s with an even more differentiated portfolio that is expected to contribute additional top and bottom-line growth and scale our patient impact. Earlier this year, we announced plans to acquire Tubulis, Ouro Medicines, and Arcellx. As a group, these acquisitions bring potential best-in-disease and first-in-class blockbusters in addition to broader research and development platforms. This includes anito-cel, our BCMA CAR T that has already shown deep and durable efficacy and differentiated safety profile.
TUB-040, a NaPi2b-directed ADC that leverages Tubulis' next-generation ADC platform and has phase I data already demonstrated potentially promising efficacy in ovarian cancer patients. As well as gamgertamig, a BCMA and CD3 T-cell engager with demonstrated proof of concept across several immune-mediated diseases with the potential to accelerate Gilead's entry into the attractive I&I market. As we deliver on our clinical pipeline and commercial execution, our capital allocation priorities largely remain unchanged. We remain focused on continuing to deliver strong operating results while being proactive and disciplined in our business development approach. We are fully committed to dividend growth and have distributed $4 billion in 2025, including a 3.8% increase in our quarterly dividend. Beyond the dividend, we've returned capital to shareholders with $1.9 billion in shares repurchased in full year 2025.
At a minimum, we repurchase shares to offset equity dilution. In 2025, you can see we stepped up our opportunistic share repurchases, which go beyond dilution. All in all, we returned 63% of our free cash flow in 2025. In closing, I'd like to emphasize what a special time this is for Gilead today. Shaped by a strong commercial portfolio with multiple ongoing and potential upcoming launches, a robust and differentiated pipeline with many potentially transformative catalysts, and top quartile operating performance with a commitment to continued disciplined capital deployment. With that, we would like to take questions and comments submitted through the virtual meeting portal. As a courtesy to the other stockholders present, please limit yourself to one question or comment of reasonable length. Questions will be addressed in accordance with the rules of conduct and procedures posted on the virtual meeting portal.
Please note that we will attempt to answer as many questions as time allows.
Thank you, Chairman. Our first question: Has the current U.S. presidential administration facilitated drug development?
Thank you for the question. This is Dietmar Berger, Chief Medical Officer. Gilead has a strong and long track record of successfully working with the Food and Drug Administration across Republican and Democratic administrations to secure the approval of new scientific breakthroughs that have helped transform HIV treatment and prevention, COVID, and a host of other diseases. Today, Gilead has the strongest and most diversified pipeline in our history, with meaningful progress across our virology, oncology, and inflammation programs. We have been extremely pleased with the approval and launch of Yeztugo, the world's first twice-yearly HIV prevention following FDA approval. In addition to Yeztugo, we have up to seven potential HIV treatment and prevention approvals and launches by 2033, which positions us well to extend our HIV leadership into the 2040s.
We also anticipate regulatory decisions later this year on anito-cel, our recently acquired potential best-in-disease BCMA CAR T, as well as Trodelvy in first-line metastatic triple-negative breast cancer. We are also expecting updates from the phase III EVOKE-03 and ASCENT-GYN-01 studies of Trodelvy in first-line metastatic non-small cell lung cancer and second-line metastatic endometrial cancer. The acquisition of Tubulis will be another significant milestone in building our oncology franchise, with Tubulis bringing a clinical-stage candidate, TUB-040, that has the potential to be the leading ADC in ovarian cancer, as well as a next-generation ADC platform with a promising early pipeline. We are also building our inflammation portfolio through institutional partnerships, our own exceptional team of immunologists, as well as strategic acquisitions. The acquisition of Ouro Medicines will add to our portfolio with gamgertamig, a BCMA CD3 T cell engager in multiple B-cell-driven autoimmune diseases.
Our progress to date reflects the success of our corporate strategy. We are excited by what's to come. We anticipate a steady cadence of upcoming phase III readouts and potential near-term regulatory approvals and launches ahead. We look forward to working with the administration on potentially bringing more innovative medicines to patients and communities in the U.S. in coming years.
Our next question: What is Gilead's strategy with respect to use of artificial intelligence? Has Gilead observed any productivity gains from the use of AI in its operations?
This is Dan O'Day, Chairman and CEO. At Gilead, we're actively utilizing AI tools across drug discovery, development, and delivery. With dozens of use cases across the organization, we're excited at the broad potential of new technologies such as generative AI. Our AI/GenAI efforts are grounded in a commitment to patient safety and privacy and ensuring compliance with regulations. We use AI to get better medicines to patients faster and to free people up to focus on the most meaningful, valuable work.
Thank you. Our next question: Can you explain why Gilead has declined to make lenacapavir available to Médecins Sans Frontières, and if Gilead will reconsider that decision?
Thank you for the question. This is Johanna Mercier, Chief Commercial & Corporate Affairs Officer. lenacapavir is one of the most important advancements we've seen in HIV prevention, so I understand why there's a significant interest in how access is being handled. Our focus has been very clear from the beginning. Get this to the people and places with the greatest need as quickly as possible, and then build toward broad, affordable access at scale. We expect to drive generic access across 120 high-incidence, resource-limited countries, and we've worked to accelerate that pathway so large-scale generic rollout can begin in 2027, making our execution unprecedented in both speed and scale. Gilead is not refusing access to lenacapavir. Rather, until generic supply is available, we're pursuing a bridging strategy in close coordination with The Global Fund and PEPFAR.
With a transformative product like this, advanced planning and coordinated forecasting matter. We engaged extensively with governments, community organizations well before lenacapavir was even approved to identify how to best deliver rapid initial uptake. Based on this input, we aligned around a single global delivery model through The Global Fund and PEPFAR for the early rollout phase to ensure efficient forecasting, responsible use of supply, and maximum public health impact. These partners are experts in country delivery and distribution with the reach and infrastructure to ensure early supply gets to the right places quickly and equitably. This procurement model with Global Fund as the main channel for early access enables faster, equitable deployment during the early rollout phase. Our focus is impact, making sure early doses are deployed where they can do the greatest good right now. We're confident that we're on the right path.
Thank you. Our next question: Please provide Gilead's perspective on the $202 million settlement that the company entered into with the U.S. Department of Justice in April 2025.
This is Keeley Cain Wettan, General Counsel and Secretary. In 2017, we received a subpoena from the U.S. Attorney's Office for the Southern District of New York, requesting documents related to our promotional speaker program for HIV. In April 2025, we entered into a settlement agreement to resolve the government's investigation. We believe that our ethics and compliance program, together with our robust risk management processes, are appropriate and sufficient to oversee risks associated with our speaker program. At Gilead, we are committed to adhering to the highest legal and ethical standards. Our ethics and compliance program is central to our ability to ensure we're conducting business in the right way and promoting a culture based on integrity. For more information regarding our ethics and compliance program, including the six elements that underlie our program, please visit our website.
Because we operate in a highly regulated industry and a complex global environment, we routinely look for ways to enhance our controls around our way of doing business with integrity.
Chairman, that concludes our session for questions and comments. Stockholders are reminded that they may contact the company's investor relations team with questions and comments after the conclusion of this meeting. Please see the rules of conduct and procedures posted on the virtual meeting portal for additional information.
On behalf of our board of directors and management team, I want to thank all of our stockholders for joining us for today's annual meeting and for your investment in Gilead. We value your support as we continue to work on your behalf to help improve global health and generate value for all our stakeholders.
This concludes the Gilead Sciences, Inc. 2026 Annual Meeting of Stockholders. Thank you very much