Gilead Sciences Q3 2023 Earnings Report
Key Takeaways
Gilead Sciences reported flat total revenue of $7.1 billion for Q3 2023 compared to the same period in 2022. Growth in Oncology and HIV sales was offset by lower Veklury and chronic hepatitis C virus (HCV) product sales. Diluted EPS increased to $1.73, and non-GAAP diluted EPS increased to $2.29.
Total revenue was flat at $7.1 billion compared to Q3 2022.
Product sales excluding Veklury increased by 5% year-over-year to $6.4 billion.
Oncology sales increased by 33% year-over-year to $769 million.
Diluted EPS increased to $1.73, and non-GAAP diluted EPS increased to $2.29.
Gilead Sciences
Gilead Sciences
Gilead Sciences Revenue by Segment
Gilead Sciences Revenue by Geographic Location
Forward Guidance
For the full year, Gilead expects total product sales between $26.7 billion and $26.9 billion, diluted earnings per share between $4.55 and $4.75, and non-GAAP diluted earnings per share between $6.65 and $6.85.
Positive Outlook
- Total product sales are expected to be between $26.7 billion and $26.9 billion, compared to the previous guidance of $26.3 billion and $26.7 billion.
- Total product sales, excluding Veklury, are expected to be between $24.8 billion and $25.0 billion, compared to the previous guidance of $24.6 billion and $25.0 billion.
- Total Veklury sales are expected to be approximately $1.9 billion, compared to the previous guidance of approximately $1.7 billion.
- Diluted earnings per share are expected to be between $4.55 and $4.75, compared to the previous guidance of $4.50 and $4.85.
- Non-GAAP diluted earnings per share are expected to be between $6.65 and $6.85, compared to the previous guidance of $6.45 and $6.80.
Challenges Ahead
- Uncertainty around the duration and magnitude of the COVID-19 pandemic.
- Gilead's ability to make progress on any of its long-term ambitions or strategic priorities laid out in its corporate strategy.
- Gilead's ability to accelerate or sustain revenues for its virology, oncology and other programs.
- Gilead’s ability to realize the potential benefits of acquisitions, collaborations or licensing arrangements, including the arrangements with Arcus, Arcellx, Assembly, Epic Bio, and Tentarix
- Patent protection and estimated loss of exclusivity for our products and product candidates.