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Mar 31, 2022
Gilead Sciences Q1 2022 Earnings Report
Gilead Sciences' performance reflected the strength and diversity of its business, with both HIV and oncology therapies contributing to year-over-year growth.
Key Takeaways
Gilead Sciences announced its Q1 2022 financial results, with revenue increasing by 3% to $6.6 billion. Biktarvy sales increased 18% year-over-year to $2.2 billion, and oncology sales increased 60% year-over-year to $420 million. Diluted EPS decreased to $0.02, while non-GAAP diluted EPS increased 4% to $2.12.
First quarter 2022 revenue increased 3% to $6.6 billion compared to the same period in 2021.
Biktarvy sales increased 18% year-over-year.
Oncology sales increased 60% year-over-year.
Non-GAAP diluted EPS increased 4% to $2.12.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Gilead updated its EPS guidance to primarily reflect the $2.7 billion IPR&D impairment. The company now expects EPS between $3.00 and $3.50, compared to $4.70 and $5.20 previously. There is no change to other guidance shared on February 1, 2022.
Positive Outlook
- Total product sales between $23.8 billion and $24.3 billion.
- Total product sales, excluding Veklury, between $21.8 billion and $22.3 billion.
- Total Veklury sales of approximately $2.0 billion.
- Non-GAAP earnings per share between $6.20 and $6.70.
- The financial guidance excludes the impact of any expenses related to potential acquisitions or business development transactions that have not been executed, fair value adjustments of equity securities and discrete tax charges or benefits associated with changes in tax related laws and guidelines as Gilead is unable to project such amounts.
Challenges Ahead
- Uncertainty around the duration and magnitude of the COVID-19 pandemic.
- Potential adverse revenue impacts from COVID-19.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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