Johanna Mercier
Chief Commercial Officer at Gilead Sciences
Thanks, Dan, and good afternoon, everyone. 2024 was another exceptional year of commercial execution for Gilead, marking the third consecutive year of high single-digit percentage growth in our base business with sales up 8% year-over-year. Gilead's commercial success underscores the dedication of so many teams across the company. And I'd like to recognize them all for contributing to another outstanding quarter and closing out a very successful year. Beginning on Slide 7, with our 4th-quarter results, total product sales excluding Veklury were $7.2 billion, an increase of 13% year-over-year, driven by higher HIV product sales as well as growth in our oncology and liver disease portfolios.
Including Veklury, total product sales grew 7% year-over-year, reflecting the impact of lower COVID-related hospitalizations on Veklury sales. Turning to the full-year on Slide 8, total product sales, excluding Veklury were $26.8 billion, well-above the high-end of our 5% to 6% gross guidance range, reflecting strong performance in each of our core therapeutic areas. Including Veklury, total product sales were $28.6 billion, a 6% growth rate compared to 2023.
Moving to Slide nine, our HIV business once again delivered very strong results for the 4th-quarter with sales of $5.5 billion, up 16% year-over-year, primarily driven by demand as well as higher average realized price and favorable inventory dynamics. Sequentially, HIV sales were up 7%, reflecting typical seasonal inventory dynamics and higher demand, partially offset by lower average realized price. In treatment, Biktarvy continues to go from strength-to-strength with 21% year-over-year sales growth. Biktarvy now commands over 50% share in the US market and maintains its position as the regimen of choice across other major G9 markets.
Descovy also delivered 21% year-over-year growth and maintained over 40% US market-share in PREP despite the availability of other regimens, including generics. As a reminder, PREP accounts for the majority of Descovy revenues. We're pleased to see payers continue to recognize the benefits of PREP as barriers to Descovy coverage are removed with over 85% of lives now covered without the need for step edits or prior authorizations.
On Slide 10, full-year sales of $19.6 billion were up 8% year-over-year with the majority of the growth driven by higher demand as well as higher average realized price. More broadly, the HIV treatment market grew around 3% in 2024, consistent with our expectations of 2% to 3% market growth annually. In Prevention, market growth accelerated and increased over 16% year-over-year in the 4th-quarter, highlighting growing demand for HIV prevention options, which is particularly exciting to see ahead of our potential launch of lenacapavir for prevention in the summer.
Preparation activities for the US launch are well underway, and we have also recently submitted marketing authorization applications to the European Medicines Agency for lenacapavir for PREP across the EU. We can't wait to make this unique prevention option available as we look to redefine the prep market in the years ahead. On Slide 11, we highlight the impact of the 2025 transition to the new Medicare Part-D model. As a reminder, the changes include, first, the requirement that manufacturers provide discounts towards the cost of drug for Medicare patients during the initial coverage and catastrophic phases.
And second, the introduction of manufacturer discounts for people who qualify for the low-income subsidy program or LIS. This population is disproportionately impacted by HIV, hence, this impact on our business due to the larger cost-sharing obligations. As these changes are implemented, our 2025 revenue will be impacted by approximately $1.1 billion, of which almost $900 million is in HIV. As a result and consistent with prior updates, we expect HIV revenue to be roughly flat in 2025, masking the robust demand-led volume growth that we've seen consistently over the last several years in HIV and expect to continue through 2025 and into 2026 and beyond.
Excluding this Medicare transition and FX headwinds, our expected HIV revenue growth in 2025 would have been at least 5%, reflecting our continued expectations for strong demand-led volume growth, but offset in-part by less favorable pricing assumptions due to channel mix. With regards to the first-quarter of 2025 specifically, we'll remind you to expect the normal HIV seasonal inventory drawdown as well as the impact of the reset of patient co-pays and deductibles on average realized price and market growth. Combined with the projected IRA impact, we expect HIV revenue to decline in the mid-teen percentage range quarter-over-quarter compared to the very strong revenue delivered in the 4th-quarter.
Overall, performance of both Biktarvy and Descovy for both the quarter and full-year highlight Gilead's unparalleled position in the HIV market, both in terms of the clinical profile of our therapies as well as our best-in-class HIV commercialization team. Moving to liver disease on Slide 12, 4th-quarter sales of $719 million were up 4% year-over-year, reflecting our strong launch of in PBC and increased demand for HBV and HDV products, partially offset by lower HCV sales due to fewer patient starts. Sequentially, sales were down 2%, primarily driven by lower HCV sales due to lower average realized price and the timing of purchases, partially offset by higher sales in PBC and HBV.
Full-year sales of $3 billion were up 9% year-over-year, primarily driven by higher demand across our liver disease portfolio. Viral hepatitis remains an important steady contributor to Gilead's revenue with our products maintaining leading share across major markets. I'm also pleased to provide an update on the early launch progress of on Slide 13, which received accelerated approval in the US in August for the treatment of PBC. In its first full-quarter of commercial availability, sales were $30 million with demand outpacing our expectations and strong early brand share.
As the only approved therapy with statistically significant improvements in both ALP and pruritus as well as a demonstrated safety profile, we are excited to see how this positive launch momentum evolves in 2025. Outside of the US, last month, the MHRA in the UK approved Libdelsi for the treatment of PBC, including pruritus. Libdelsi also received a positive CHMP opinion in December, and we expect a final decision from the European Commission later this month. We're excited for these positive steps in development to bring this important treatment to patients globally.
Moving to Slide 14, 4th-quarter sales of $337 million were down 53% year-over-year and 51% sequentially, primarily due to lower rates of COVID-19 hospitalizations and typical of the quarterly variability we've seen with COVID-19. Full-year sales were $1.8 billion, down 18% from 2023 and in-line with our expectations. Moving to oncology on Slide 15, full-year sales of $3.3 billion increased 12% year-over-year, reflecting our growing presence in this area of high unmet need and we're proud to have treated over 80,000 patients to date across Trodelvy and our cell therapies. On Slide 16, 4th-quarter Trodelvy sales of $355 million increased 19% year-over-year and 7% sequentially with full-year sales increasing 24% year-over-year to $1.3 billion.
Year-over-year growth for both periods reflected higher demand in all regions, highlighting the important role of Trodelvy in metastatic breast cancers, including in second-line metastatic triple-negative breast cancer where it's a standard-of-care. In particular, Trodelvy continues to maintain market leadership in the metastatic triple-negative breast cancer setting across both the US and Europe and is approved in 55 markets. Combined with ongoing adoption in the pretreated HR-positive HER2-negative metastatic breast cancer setting, we are pleased to see continued growing demand for Trodelvy.
Moving to cell therapy on Slide 17. And on behalf of Cindy and the Kite team, full-year sales of $2 billion and over 7,000 patients treated in 2024 demonstrate Kite's continued leadership in CAR-T. As expected, the 4th-quarter cell therapy sales of $488 million were flat on a sequential basis and up 5% year-over-year, reflecting the continued challenging competitive dynamics in the US and in Europe. These headwinds include a number of new cell therapy launches across indications both in the US and outside the US in addition to a slower than targeted uptake of cell therapy as a class.
We expect continued competitive headwinds in 2025. We are making progress on our goal to make cell therapies available to large integrated community oncology practices in the US. This involves addressing some of the hurdles for these networks to begin CAR-T treatments, including that CAR-T sites often need to be accredited by the foundation for the accreditation of cellular therapy or FACT, often enabling wider commercial reimbursement. We are working with industry groups and other manufacturers to address barriers through policy reform and exploring accreditation with groups like Fact.
We look-forward to sharing our progress with you in future quarters. Wrapping up 2024, I'm proud of the positive impact of Gilead's compelling portfolio of medicines on millions of people around the world. As we look to 2025, the commercialization teams are invigorated to extend the reach of our potentially transformative medicines to even more patients and we remain focused on launch activities, including for the potential launch of lenacapaphere for PREP this summer. And with that, I'll hand the call over to.
