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Jun 30, 2023
Gilead Sciences Q2 2023 Earnings Report
Gilead Sciences' Q2 2023 earnings reflect a strong quarter with growth in HIV, Oncology, and Liver Disease, offset by a legal settlement accrual and lower Veklury sales.
Key Takeaways
Gilead Sciences reported a 5% increase in total revenue to $6.6 billion for Q2 2023, driven by growth in HIV and Oncology, which was partially offset by lower Veklury sales and a $525 million litigation accrual. Diluted EPS decreased to $0.83, while non-GAAP diluted EPS decreased to $1.34.
Total second quarter revenue increased 5% year-over-year to $6.6 billion.
Product sales excluding Veklury increased 11% year-over-year to $6.3 billion.
Biktarvy sales increased 17% year-over-year to $3.0 billion.
Oncology sales increased 38% year-over-year to $728 million.
Gilead Sciences
Gilead Sciences
Gilead Sciences Revenue by Segment
Gilead Sciences Revenue by Geographic Location
Forward Guidance
Gilead expects total product sales between $26.3 billion and $26.7 billion and non-GAAP diluted earnings per share between $6.45 and $6.80 for the full year 2023.
Positive Outlook
- Total product sales between $26.3 billion and $26.7 billion, compared to $26.0 billion and $26.5 billion previously.
- Total product sales, excluding Veklury, between $24.6 billion and $25.0 billion, compared to $24.0 billion and $24.5 billion previously.
Challenges Ahead
- Total Veklury sales of approximately $1.7 billion, compared to approximately $2.0 billion previously.
- Diluted earnings per share between $4.50 and $4.85, compared to $4.75 and $5.15 previously.
- Non-GAAP diluted earnings per share between $6.45 and $6.80, compared to $6.60 and $7.00 previously.