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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.
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 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