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Mar 31, 2021
Gilead Sciences Q1 2021 Earnings Report
Reported a 16% year-over-year increase in product sales, driven primarily by Veklury.
Key Takeaways
Gilead Sciences reported a strong first quarter in 2021, with total revenue increasing by 16% to $6.4 billion. This growth was primarily driven by sales of Veklury, along with contributions from Cell Therapy products and the U.S. launch of Tecartus. The company also saw growth in its Hepatitis B virus (HBV) segment with Vemlidy.
Total first quarter revenue increased 16% year-over-year to $6.4 billion.
Diluted EPS increased 12% to $1.37, while non-GAAP diluted EPS increased 24% to $2.08.
HIV product sales decreased 12% to $3.7 billion, impacted by loss of exclusivity of Truvada and Atripla in the U.S.
Veklury sales were $1.5 billion, influenced by COVID-19 infection rates, hospitalizations, and vaccinations.
Gilead Sciences
Gilead Sciences
Gilead Sciences Revenue by Segment
Gilead Sciences Revenue by Geographic Location
Revenue by Segment
HIV Revenue
CapyFin.comRevenue by Geographic Location
U.S. Revenue
CapyFin.comEurope Revenue
CapyFin.comRest of World Revenue
CapyFin.com Forward Guidance
Gilead expects the COVID-19 pandemic to continue impacting its business, with a more gradual recovery starting in Q2 2021. Veklury sales will remain volatile and uncertain. Full year 2021 product sales excluding Veklury are expected to be between $21.7 billion and $22.1 billion. Full year Veklury sales are projected to be between $2 billion and $3 billion. Total product sales for 2021 are expected to be between $23.7 billion and $25.1 billion. Non-GAAP earnings per share for 2021 are projected to be between $6.75 and $7.45. GAAP earnings per diluted share for 2021 are now expected to be between $4.75 and $5.45.
Positive Outlook
- Full year product sales excluding Veklury between $21.7 billion and $22.1 billion.
- Full year Veklury sales between $2 billion and $3 billion.
- Total product sales for 2021 between $23.7 billion and $25.1 billion.
- Non-GAAP earnings per share for 2021 between $6.75 and $7.45.
- Collaboration with Merck to develop and commercialize long-acting HIV therapies.
Challenges Ahead
- COVID-19 pandemic continues to impact business and market dynamics.
- Sales of Veklury subject to significant volatility and uncertainty.
- Potential adverse revenue impacts from COVID-19.
- Increases in R&D expenses.
- Uncertainties related to the development, manufacturing, and distribution of Veklury.