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Sep 30, 2021
Gilead Sciences Q3 2021 Earnings Report
Reported a strong third quarter with positive momentum in commercial performance and pipeline progress.
Key Takeaways
Gilead Sciences announced its Q3 2021 financial results, with total revenue of $7.4 billion, a 13% increase compared to the same period in 2020. Biktarvy sales increased 20% year-over-year to a record $2.3 billion, and Veklury sales were $1.9 billion. The company updated its full-year guidance, expecting total product sales between $26.0 billion and $26.3 billion and non-GAAP earnings per share between $7.90 and $8.10.
Total third quarter 2021 revenue increased 13% to $7.4 billion compared to the same period in 2020.
Diluted Earnings Per Share increased to $2.05 for the third quarter 2021 compared to $0.29 for the same period in 2020.
Non-GAAP diluted EPS increased 26% to $2.65 for the third quarter 2021 compared to $2.11 for the same period in 2020.
Biktarvy sales increased 20% year-over-year in the third quarter 2021 to record $2.3 billion.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Gilead has updated its full-year guidance and now expects total product sales between $26.0 billion and $26.3 billion and non-GAAP earnings per share between $7.90 and $8.10.
Positive Outlook
- Total product sales between $26.0 billion and $26.3 billion, compared to $24.4 billion and $25.0 billion previously.
- Total product sales, excluding Veklury, of approximately $21.5 billion.
- Total Veklury sales between $4.5 billion and $4.8 billion, compared to $2.7 billion and $3.1 billion previously.
- GAAP earnings per share between $5.50 and $5.70, compared to $4.70 and $5.05 previously.
- Non-GAAP earnings per share between $7.90 and $8.10, compared to $6.90 and $7.25 previously.
Challenges Ahead
- Uncertainty around the duration and magnitude of the COVID-19 pandemic.
- Potential adverse revenue impacts from COVID-19.
- Increases in R&D expenses.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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