Gilead(US:GILD)2025-04-24 20:03Financial Performance - Total product sales for Q1 2025 decreased 1% to $6.6 billion compared to Q1 2024, while product sales excluding Veklury increased 4% to $6.3 billion[4] - Total revenues for Q1 2025 were $6,667 million, a slight decrease of 0.3% compared to $6,686 million in Q1 2024[27] - Product sales decreased by 1% to $6,613 million in Q1 2025 from $6,647 million in Q1 2024, with significant declines in Veklury sales, which dropped 45% to $302 million[29] - Operating income for Q1 2025 was $2,237 million, a significant recovery from an operating loss of $4,322 million in Q1 2024[27] - Net income attributable to Gilead for Q1 2025 was $1,315 million, compared to a net loss of $4,170 million in Q1 2024[27] - GAAP net income attributable to Gilead for Q1 2025 was $1,315 million, compared to a loss of $4,170 million in Q1 2024[33] - Non-GAAP net income attributable to Gilead for Q1 2025 was $2,285 million, while it was a loss of $1,644 million in Q1 2024[33] - Diluted EPS for Q1 2025 was $1.04, a significant increase from $(3.34) in Q1 2024, primarily due to prior year charges that did not repeat[6] - Non-GAAP diluted EPS for Q1 2025 was $1.81, compared to $(1.32) in the same period in 2024, driven by the prior year IPR&D expense related to the CymaBay acquisition[6] - Gilead expects full-year 2025 product sales to be between $28.2 billion and $28.6 billion, unchanged from prior guidance[12] - Gilead anticipates diluted EPS for 2025 to be between $5.65 and $6.05, revised from a previous range of $5.95 to $6.35[12] Sales Performance by Product - HIV product sales increased 6% to $4.6 billion in Q1 2025, driven by higher average realized price and demand, with Biktarvy sales rising 7% to $3.1 billion[5] - Veklury sales decreased 45% to $302 million in Q1 2025, primarily due to lower rates of COVID-19 related hospitalizations[8] - Biktarvy sales in the U.S. reached $2,474 million, showing a significant increase compared to $2,315 million in the same period last year[40] - Total HIV sales in the U.S. amounted to $3,664 million, up from $3,405 million year-over-year, reflecting a growth of approximately 7.6%[40] - Total HIV sales in Europe were $5,535 million, compared to $5,596 million in the previous year, indicating a slight decline of about 1.1%[40] - Genvoya sales in the U.S. were $305 million, while in Europe, they reached $404 million, demonstrating strong performance in both markets[40] - The total sales for liver disease products in the U.S. were $3,353 million, with Europe contributing $1,681 million, showcasing robust demand[40] - The company reported a total of $1,993 million in sales for Veklury in the U.S., with European sales at $2,270 million, highlighting its continued market presence[40] - The overall revenue from other HIV products in the U.S. was $506 million, with European sales at $314 million, indicating stable performance[40] - The total revenue from liver disease products worldwide was $2,562 million, reflecting the company's strong position in this therapeutic area[40] Research and Development - Research and development expenses were $1.4 billion in Q1 2025, down from $1.5 billion in the same period in 2024[11] - Acquired in-process research and development expenses were significantly reduced to $253 million in Q1 2025 from $4,131 million in Q1 2024, a decrease of 94%[31] - Gilead Sciences is focusing on enhancing its research and development efforts to innovate new therapies and improve patient outcomes[41] Cash Flow and Assets - Gilead generated $1.8 billion in operating cash flow during Q1 2025 and paid dividends of $1.0 billion[6] - Total assets as of March 31, 2025, were $56,434 million, down from $58,995 million as of December 31, 2024[36] - Cash and cash equivalents decreased to $7,926 million as of March 31, 2025, from $9,991 million at the end of 2024[36] - Net cash provided by operating activities for Q1 2025 was $1,757 million, down from $2,219 million in Q1 2024[38] - Free cash flow for Q1 2025 was $1,653 million, compared to $2,114 million in Q1 2024[38] Taxation - The effective tax rate for Q1 2025 was 20.2%, compared to 7.0% in the same period in 2024[11] - The effective tax rate for Q1 2025 was 20.2%, compared to a negative effective tax rate of 7.0% in Q1 2024[27] - Projected non-GAAP effective tax rate for 2025 is approximately 19%[34] Market Outlook - The company anticipates continued growth in its HIV portfolio, driven by new product launches and market expansion strategies[41] - The company continues to focus on expanding its oncology portfolio and enhancing its cell therapy offerings[43]