So I would remind people that we have a number of early inflammation programs, including a number in Phase 2 that we’re excited about. Merdad highlighted the TROP2 program in his remarks earlier, but that’s just one of the programs that we expect to build out over time. So we’ll follow the science. We’re going to apply capital to each of those areas. If you look back, our capital investment has risen and fallen over time in each of those areas as we’ve looked at different opportunities. And of course, we’re going to continue to invest in cell therapy as part of oncology and more broadly. I should have highlighted that earlier. So the short summary is, we’ll follow the science, but all of the areas will receive additional capital over time. Merdad, you want to add anything?
Merdad Parsey: I would just add that our goal has been to diversify the portfolio. We remain committed and think one of our key competitive advantages is our track record and strength in virology. And I would agree with you, Evan, that’s critical to our continued success and growth. And we also believe that having more diversity in our portfolio, whether its oncology or inflammation, is going to be really important to our long term future. So our capital allocation will happen on where the best data are, and we make those tradeoffs virtually every day.
Jacquie Ross: Nadia, I think we have time for one last question, please.
Operator: Our final question goes to Joe Catanzaro of Piper Sandler. Joe, please go ahead. Your line is open.
Joe Catanzaro: Hi everybody. Appreciate you taking my question. I actually had one on Trodelvy within bladder cancer, and appreciate this is a smaller proportion of Trodelvy sales, but just wanted to ask about the potential impact of Padcev’s EV-302 data and it moving into the front line and what you could potentially see there with Trodelvy, both maybe in the near term and longer term. Thanks.
Johanna Mercier: So maybe I’ll start and then throw it over to Merdad first from a clinical standpoint, what we’re thinking from a commercial standpoint, with the data that we saw, I think the standard of care is going to change in first line, clearly, with that data, and we see that as a potential opportunity to actually move up Trodelvy lines of therapy. So right now in the U.S., we do have accelerated approval in the U.S., and we’re seeing about 15%, 16% share in bladder cancer, but later lines of therapy. So third line plus, I think with the opportunity to have Padcev kind of move up in the first line setting with Pembro. I think it’ll be interesting to see how Trodelvy kind of moves up as we’ve seen a lot of sequencing from ADCs here as well. So that’s in the here and now and maybe Merdad, you want to comment on the clinical development?
Merdad Parsey: Yes, I think it’s great news for patients with the data that’s come out and we think it does change the paradigm for bladder cancer. I think the other thing I would add to what Johanna said is that we were looking with interest. We don’t have data on sequencing, but we’re certainly hearing about sequencing and there were data that were shown at ESMO around combining Padcev and Trodelvy where the tolerability profile looked good and the responses looked good. Small study, but we think there continues to be opportunity there for us and having this clarity will help us design where we’re going to go from here after our confirmatory trial in second line completes.
Operator: Thank you. That’s all the questions that we have time for today. I’ll now hand back to Dan for any closing comments.
Daniel O’Day: Well, just want to thank the team here and all of you for joining and just maybe end with this reflection, which is Gilead. I don’t think we could be more excited about as we wrap up 2023 and head into 2024, about the evolution of our commercial and clinical execution. In particular, 2024 will be a year that’s full of key clinical catalysts across our portfolio, and that’s really been a culmination over the past several years of investing in a robust and diversified portfolio, many of which were Phase 2 studies that led to Phase 3 studies that we’ll be reading out over the course of not only next year, but the years to come. We’ll provide more details on all of our 2024 clinical milestones early next year, but in the meantime, maybe just a couple to highlight in a busy year.
Obviously on Trodelvy, where the clinical data increasingly highlight that all TROP2 ADCs are not alike. We’ll be rolling out data across a variety of disease states in oncology, and we’re excited to share data on lung cancer in the first half of 2024 and then maybe to highlight one other one. Lenacapavir will have a rich year of data on the treatment combination candidates, and we continue to target being first to market with our six month long acting PrEPs, starting with readouts next year on our Phase 3 trials and a commercial launch as early as late 2025. With that, as always, feel free to reach out to the IR team here at Gilead, if you have any questions or feedback for the team and we’ll look forward to updating you again early in the New Year.
Thank you for joining.
Operator: Thank you. This now concludes today’s call. Thank you for joining. You may now disconnect your lines.
