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 ...

Gilead Sciences (GILD) closed the latest trading day at $76.49, indicating a +0.57% change from the previous session's end. The stock's change was more than the S&P 500's daily loss of 1.37%. Elsewhere, the Dow saw a downswing of 1.21%, while the tech-heavy Nasdaq depreciated by 2.3%.Coming into today, shares of the HIV and hepatitis C drugmaker had gained 14.22% in the past month. In that same time, the Medical sector gained 0.74%, while the S&P 500 gained 1.11%.Analysts and investors alike will be keeping ...

Lubo Ivanko/iStock Editorial via Getty Images Gilead Sciences (NASDAQ:GILD) has dropped 15% YTD substantially underperforming the market. We last discussed the company two months, discussing how it was turning itself around. The company was impacted by tough trial results from Trodelvy, another disappointment given the more than $20 billion acquisition of Immunomedics. Despite that, the company has the ability to utilize its assets to generate strong returns while supporting a >4% yield. Gilead Sciences ...

In the latest market close, Gilead Sciences (GILD) reached $72.41, with a -0.21% movement compared to the previous day. The stock fell short of the S&P 500, which registered a gain of 1.08% for the day. At the same time, the Dow added 0.32%, and the tech-heavy Nasdaq gained 1.58%.Prior to today's trading, shares of the HIV and hepatitis C drugmaker had gained 2.67% over the past month. This has outpaced the Medical sector's gain of 0.31% and the S&P 500's gain of 0.43% in that time.Analysts and investors al ...

Industry Overview - The Nasdaq Biotechnology Index, which includes 215 biotech and pharmaceutical stocks, is up nearly 8% year-to-date, but this performance is less than half of the Nasdaq 100 [1] - The index has historically experienced long upcycles, gaining 341% from August 2011 to July 2015, and it has increased 33% since late October 2023 [1] Company Analysis: Gilead Sciences (GILD) - Gilead Sciences has a market capitalization of $91.6 billion, with shares down over 9% in 2024 and only up 13% over the past five years [2] - The company is known for its Hepatitis C cure and HIV prevention, currently working on over 20 oncology treatments, aiming to be a top 10 oncology company by 2030 [2] - Biktarvy, its leading drug, generated $2.9 billion in Q1 2024, accounting for 43% of total revenue, with a 10% year-over-year increase [2][3] - Other significant drugs include Sofosbuvir and Velpatasvir for Hepatitis C ($405 million) and Veklury for Covid-19 ($555 million), with oncology revenue at $789 million, an 18% increase year-over-year [3] Company Analysis: Jazz Pharmaceuticals (JAZZ) - Jazz Pharmaceuticals has a market cap of $6.86 billion, with shares down 11% in 2024 and 20% over the past five years [4] - The company acquired GW Pharmaceuticals for $7.2 billion in 2021, known for its CBD-based drug Epidiolex, which saw a 5% revenue growth to $198.7 million in Q1 2024 [4] - Xywav, another key product, generated $315.3 million in Q1 2024, with both drugs accounting for 57% of total revenue [4] - Jazz expects 2024 revenues of $4.1 billion and adjusted earnings per share of $18.75, with shares trading at 5.8 times its EPS for 2024 [5] Company Analysis: Supernus Pharmaceuticals (SUPN) - Supernus Pharmaceuticals has a market cap of $1.60 billion, with shares up nearly 5% in 2024 but down 9% over the past five years [6] - The company specializes in CNS drugs, with Qelbree as its top-selling product, generating $45.1 million in Q1 2024, a 75% increase year-over-year [6] - Sales for Trokendi XR, a migraine treatment, fell 54% to $16.0 million due to loss of exclusivity, while Oxtellar XR also saw a 7% decline in sales [7] - Excluding the two drugs that lost exclusivity, Supernus's sales increased by 12% in Q1 to $100.7 million, with three out of four analysts rating the stock as a Buy [7]

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Gilead Sciences (GILD) closed the latest trading day at $71.64, indicating a +1.17% change from the previous session's end. This change outpaced the S&P 500's 0.64% gain on the day. Meanwhile, the Dow gained 1.85%, and the Nasdaq, a tech-heavy index, added 0.2%.Shares of the HIV and hepatitis C drugmaker have appreciated by 10.18% over the course of the past month, outperforming the Medical sector's gain of 0.71% and the S&P 500's gain of 3.82%.Analysts and investors alike will be keeping a close eye on the ...