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Mar 31, 2023
Gilead Sciences Q1 2023 Earnings Report
Gilead Sciences' financial performance was marked by a decrease in total revenue, offset by growth in key product areas.
Key Takeaways
Gilead Sciences reported a 4% decrease in total revenue to $6.4 billion, driven by lower Veklury sales, but experienced growth in HIV and Oncology. Diluted EPS increased to $0.80, while non-GAAP diluted EPS decreased to $1.37. The company maintains a strong cash position with $7.2 billion in cash and cash equivalents.
Total revenue decreased by 4% to $6.4 billion due to lower Veklury sales.
HIV product sales increased by 13% to $4.2 billion, driven by favorable pricing and higher demand.
Oncology sales increased by 59% to $670 million, driven by Trodelvy and Cell Therapy.
Diluted EPS increased to $0.80, while non-GAAP diluted EPS decreased to $1.37.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Gilead anticipates total product sales between $26.0 billion and $26.5 billion, with Veklury sales expected to be approximately $2.0 billion. Diluted earnings per share are projected between $4.75 and $5.15, and non-GAAP diluted earnings per share between $6.60 and $7.00.
Positive Outlook
- Total product sales between $26.0 billion and $26.5 billion, unchanged from prior guidance.
- Total product sales, excluding Veklury, between $24.0 billion and $24.5 billion, unchanged from prior guidance.
- Total Veklury sales of approximately $2.0 billion, unchanged from prior guidance.
- Non-GAAP diluted earnings per share between $6.60 and $7.00, unchanged from prior guidance.
Challenges Ahead
- Diluted earnings per share between $4.75 and $5.15, compared to $5.30 and $5.70 previously.
- Veklury sales are expected to be highly variable, depending on the frequency and severity of surges
- Uncertainty around the duration and magnitude of the COVID-19 pandemic.
- The financial guidance is subject to a number of risks and uncertainties
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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