On Thursday, Gilead Sciences, Inc. GILD reported second-quarter revenue of $6.95 billion, beating the consensus of $6.72 billion.Sales increased 5% year over year primarily due to higher product sales in HIV, Liver Disease, and Oncology. Product sales excluding Veklury increased 6% year-over-year to $6.7 billion.Adjusted EPS was $2.01, up from $1.34 a year ago, beating the consensus of $1.60, primarily driven by lower operating expenses and higher revenues.Also Read: Gilead’s $42.5K Priced HIV Drug Could Be ...

Gilead Sciences cites strong growth in its HIV and oncology portfolios during Q2 2024.Key PointsRevenue of $7.0 billion, up 6% excluding Veklury.Non-GAAP diluted EPS of $2.01.Management maintained full-year guidance for product sales.Gilead Sciences (GILD -3.23%), the biopharmaceutical giant known for its HIV, liver disease, and oncology treatments, announced its second quarter 2024 earnings on Aug. 8. The company reported revenue of $7.0 billion, reflecting a solid performance, particularly in its core HIV ...

Gilead Sciences, Inc. (GILD) reported better-than-expected results in the second quarter and raised its annual earnings guidance.Adjusted earnings per share (EPS) of $2.01 comfortably beat the Zacks Consensus Estimate of $1.61. In the year-ago quarter, the company reported adjusted earnings of $1.34 per share.The year-over-year increase was driven by higher revenues and lower operating expenses.Total revenues of $6.9 billion beat the Zacks Consensus Estimate of $6.6, primarily due to high HIV, oncology and ...

Gilead Sciences, Inc. (NASDAQ:GILD) Q2 2024 Earnings Conference Call August 8, 2024 4:30 PM ET Company Participants Jacquie Ross - Vice President, Investor Relations Daniel O'Day - Chairman and Chief Executive Officer Johanna Mercier - Chief Commercial Officer Merdad Parsey - Chief Medical Officer Andrew Dickinson - Chief Financial Officer Cindy Perettie - Executive Vice President, Kite Conference Call Participants Evan Seigerman - BMO Capital Markets Terence Flynn - Morgan Stanley Daina Graybosch - Leerink ...

Gilead Sciences (GILD) reported $6.95 billion in revenue for the quarter ended June 2024, representing a year-over-year increase of 5.4%. EPS of $2.01 for the same period compares to $1.34 a year ago.The reported revenue represents a surprise of +4.71% over the Zacks Consensus Estimate of $6.64 billion. With the consensus EPS estimate being $1.61, the EPS surprise was +24.84%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Stre ...

Gilead Sciences (GILD) came out with quarterly earnings of $2.01 per share, beating the Zacks Consensus Estimate of $1.61 per share. This compares to earnings of $1.34 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 24.84%. A quarter ago, it was expected that this HIV and hepatitis C drugmaker would post a loss of $1.49 per share when it actually produced a loss of $1.32, delivering a surprise of 11.41%.Over the last four quar ...

Financial Performance - Total product sales excluding Veklury increased by 6% year-over-year (YoY) to $6.7 billion[8] - HIV product sales increased by 3% YoY to $4.7 billion[14] - Oncology product sales increased by 15% YoY to $841 million[8] - Biktarvy sales increased by 8% YoY to $3.2 billion[8] - Trodelvy sales increased by 23% YoY[8] - Cell Therapy sales increased by 11% YoY[8] - Veklury sales decreased by 16% YoY to $214 million[14] HIV Pipeline and Prevention - Lenacapavir demonstrated 100% efficacy in HIV prevention in PURPOSE 1 trial[8, 37] - Biktarvy holds over 49% U S market share[20] - Descovy holds over 40% U S market share in PrEP[20] Oncology Pipeline - Anito-cel tech/IND transfer complete, with Ph2 iMMagine-1 update and Ph3 iMMagine-3 trial FPI estimated in 2H24[8] - Updated Ph2 EVOKE-02 data supports Ph3 EVOKE-03 trial in 1L PD-L1 high mNSCLC[8]

Financial Performance - Total revenues for Q2 2024 reached $6,954 million, a 5.4% increase from $6,599 million in Q2 2023[10] - Product sales amounted to $6,912 million in Q2 2024, compared to $6,564 million in the same period last year, reflecting a 5.3% growth[10] - Net income for Q2 2024 was $1,614 million, up from $1,039 million in Q2 2023, representing a 55.2% increase[10] - Basic earnings per share attributable to Gilead for Q2 2024 were $1.29, compared to $0.84 in Q2 2023[10] - The company reported a total of $4,309 million in total costs and expenses for Q2 2024, down from $4,934 million in Q2 2023[10] - Net income for the three months ended June 30, 2024, was $1,614 million[15] - Net income for the three months ended June 30, 2023, was $1,045 million[16] - Net income attributable to Gilead for the three months ended June 30, 2024, was $1,614 million, compared to $1,045 million for the same period in 2023, representing a 54.4% increase[85] - Diluted earnings per share for the three months ended June 30, 2024, was $1.29, compared to $0.83 for the same period in 2023, marking a 55.4% increase[85] Expenses and Costs - Research and development expenses were $1,351 million in Q2 2024, slightly down from $1,407 million in Q2 2023[10] - The company reported a total of $4,309 million in total costs and expenses for Q2 2024, down from $4,934 million in Q2 2023[10] - Stock-based compensation for the quarter amounted to $209 million[15] - Stock-based compensation for the quarter amounted to $198 million[16] - Restructuring charges incurred were $21 million for the three months and $84 million for the six months ended June 30, 2024, primarily related to workforce reductions[68] Assets and Liabilities - Total current assets decreased to $12,317 million as of June 30, 2024, down from $16,085 million at the end of 2023[8] - Total assets decreased to $53,579 million as of June 30, 2024, compared to $62,125 million at the end of 2023[8] - Total liabilities decreased to $35,298 million as of June 30, 2024, down from $39,376 million at the end of 2023[8] - Cash and cash equivalents decreased to $2,772 million as of June 30, 2024, from $6,085 million at the end of 2023[8] - Total debt, net, was reported at $23,349 million as of June 30, 2024, down from $24,987 million as of December 31, 2023[69] Cash Flow - Net cash provided by operating activities was $3,544 million for the six months ended June 30, 2024, compared to $4,082 million in 2023[18] - Total cash used in investing activities was $2,514 million, up from $1,309 million in the same period of 2023[18] - Total cash used in financing activities increased to $4,314 million from $2,507 million in 2023[18] Acquisitions and Investments - The acquisition of CymaBay Therapeutics, Inc. was completed in March 2024 for total consideration of $3.9 billion, with a charge of $3.9 billion recorded for acquired in-process research and development expenses[53] - The acquisition of XinThera, Inc. was completed in May 2023 for approximately $200 million, with a $170 million charge recorded for acquired in-process research and development expenses[54] - The acquisition of Tmunity Therapeutics, Inc. was completed in February 2023 for approximately $300 million, with a $244 million charge recorded for acquired in-process research and development expenses[55] - In January 2024, the company acquired approximately 15.2 million additional shares of Arcus common stock for $320 million, increasing its ownership to 33%[57] Legal and Compliance - The company is involved in litigation regarding the HHS Patents related to pre-exposure prophylaxis, with a trial for damages scheduled for December 2024[73] - The company is defending against multiple patent infringement lawsuits from generic manufacturers, with trials scheduled for February 2025 and October 2025[75] - The company settled claims related to antitrust lawsuits for $525 million in the second half of 2023, without admitting liability[76] - The company is facing approximately 25,000 active plaintiffs in product liability lawsuits related to Viread, Truvada, Atripla, Complera, and Stribild, with a potential settlement of up to $40 million for eligible plaintiffs[79] - The company is cooperating with a government investigation related to its promotional speaker programs for HIV[80] - The company is involved in qui tam litigation alleging violations of the federal False Claims Act, with potential significant monetary damages if claims are successful[81] - The company does not believe that other legal actions will have a material adverse impact on its consolidated financial position[82] Taxation - The effective tax rate for the three months ended June 30, 2024, was 21.4%, significantly lower than the 34.6% rate for the same period in 2023[86] - Income tax expense for the three months ended June 30, 2024, was $438 million, down from $549 million in the same period of 2023[86] - The effective income tax rate for the six months ended June 30, 2024, was (5.1)%, primarily due to non-deductible expenses related to acquisitions[86] - The company is currently under examination by the Internal Revenue Service for tax years 2019 to 2021, which may lead to significant disputes regarding tax deductions[86]

GILEAD SCIENCES ANNOUNCES SECOND QUARTER 2024 FINANCIAL RESULTS Product Sales Excluding Veklury Increased 6% Year-Over-Year to $6.7 billion Biktarvy Sales Increased 8% Year-Over-Year to $3.2 billion Oncology Sales Increased 15% Year-Over-Year to $841 million Foster City, CA, August 8, 2024 - Gilead Sciences, Inc. (Nasdaq: GILD) announced today its second quarter 2024 results of operations. "Gilead has had another strong quarter with 6% year-over-year growth in our base business. This was driven by sales of ...

Biotech giant Gilead Sciences, Inc. (GILD) is scheduled to report second-quarter 2024 results on Aug 8, after market close.The Zacks Consensus Estimate for sales and earnings is pegged at $6.64 billion and $1.61 per share, respectively.Image Source: Zacks Investment ResearchEarnings Surprise HistoryGILD’s earnings missed estimates in two of the trailing four quarters and beat the same in the other two, delivering an average surprise of 3.20%.Image Source: Zacks Investment ResearchWhat Our Model PredictsOur ...