Gilead Sciences Q3 2022 Earnings Report
Key Takeaways
Gilead Sciences announced its third quarter 2022 financial results, with product sales excluding Veklury increasing 11% year-over-year to $6.1 billion. Biktarvy sales increased 22% year-over-year to $2.8 billion, and oncology sales increased 79% year-over-year to $578 million. Total revenue decreased 5% to $7.0 billion compared to the same period in 2021, primarily due to lower Veklury sales.
Total third quarter 2022 revenue decreased 5% to $7.0 billion compared to the same period in 2021.
Diluted Earnings Per Share decreased to $1.42 for the third quarter of 2022 compared to $2.05 for the same period in 2021.
Non-GAAP diluted EPS decreased to $1.90 for the third quarter of 2022 compared to $2.65 for the same period in 2021.
As of September 30, 2022, Gilead had $6.9 billion of cash, cash equivalents and marketable debt securities.
Gilead Sciences
Gilead Sciences
Gilead Sciences Revenue by Segment
Gilead Sciences Revenue by Geographic Location
Forward Guidance
For the full-year, Gilead has updated its guidance and now expects: Total product sales between $25.9 billion and $26.2 billion and Non-GAAP earnings per share between $6.95 and $7.15.
Positive Outlook
- Total product sales between $25.9 billion and $26.2 billion, compared to $24.5 billion and $25.0 billion previously.
- Total product sales, excluding Veklury, between $22.5 billion to $22.8 billion, compared to $22.0 billion and $22.5 billion previously.
- Total Veklury sales of approximately $3.4 billion, compared to approximately $2.5 billion previously.
- Non-GAAP earnings per share between $6.95 and $7.15, compared to $6.35 and $6.75 previously.
- Earnings per share between $3.35 and $3.55, compared to $2.90 and $3.30 previously.