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Mar 31, 2024
Gilead Sciences Q1 2024 Earnings Report
Gilead Sciences reported a mixed Q1 2024, with revenue growth offset by significant IPR&D charges, impacting EPS negatively.
Key Takeaways
Gilead Sciences announced its Q1 2024 financial results, revealing a 5% increase in total revenue to $6.7 billion. However, the company reported a diluted loss per share of $(3.34), primarily due to a $3.9 billion acquired IPR&D charge related to the CymaBay acquisition and a $2.4 billion IPR&D impairment. Excluding Veklury, product sales increased by 6% year-over-year. The company's non-GAAP diluted EPS was $(1.32).
Total revenue increased by 5% year-over-year to $6.7 billion, driven by higher HIV, Oncology, and Liver Disease sales.
Diluted EPS was $(3.34), impacted by a $3.9 billion acquired IPR&D charge from the CymaBay acquisition and a $2.4 billion IPR&D impairment.
Non-GAAP diluted EPS was $(1.32), primarily driven by the CymaBay acquisition charge.
HIV product sales increased by 4% to $4.3 billion, with Biktarvy sales up 10% to $2.9 billion.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Gilead provided full-year 2024 guidance, expecting product sales between $27.1 billion and $27.5 billion, and product sales excluding Veklury between $25.8 billion and $26.2 billion. Diluted EPS is projected to be between $0.10 and $0.50, and non-GAAP diluted EPS between $3.45 and $3.85.
Positive Outlook
- Product sales are expected to be between $27.1 billion and $27.5 billion.
- Product sales, excluding Veklury, are projected to be between $25.8 billion and $26.2 billion.
- Veklury sales are expected to be $1.3 billion.
- Non-GAAP projected product gross margin 85.0% - 86.0%.
- Non-GAAP projected effective tax rate ~ 30%
Challenges Ahead
- Diluted EPS is projected to be between $0.10 and $0.50, previously $5.15 to $5.55.
- Non-GAAP diluted EPS is projected to be between $3.45 and $3.85, previously $6.85 to $7.25.
- GAAP projected operating income $1,900 - $2,400, previously $8,700 - $9,200.
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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