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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
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 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.