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Dec 31, 2020
Gilead Sciences Q4 2020 Earnings Report
Gilead Sciences announced its Q4 2020 financial results, with product sales increasing primarily due to Veklury.
Key Takeaways
Gilead Sciences reported a 26% increase in total revenues for Q4 2020, primarily driven by Veklury sales. Non-GAAP diluted EPS increased by 99%, while diluted EPS decreased by 42%. The company provided full year 2021 guidance, including product sales and non-GAAP diluted EPS.
Product sales increased 26% year-over-year to $7.3 billion, primarily due to Veklury.
Diluted EPS was $1.23, a decrease of 42% year-over-year.
Non-GAAP diluted EPS was $2.19, an increase of 99% year-over-year.
Veklury sales contributed $1.9 billion to product sales.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Gilead provided full year 2021 guidance for product sales, product gross margin, R&D and SG&A expenses, operating income, effective tax rate, and diluted EPS.
Positive Outlook
- Product sales excluding Veklury sales are projected to be $21.7 billion to $22.1 billion.
- Veklury sales are projected to be $2.0 billion to $3.0 billion.
- Non-GAAP product gross margin is projected to be 87% to 88%.
- Non-GAAP R&D and SG&A expenses are expected to remain flat to low single-digit percentage decline.
- Non-GAAP diluted EPS is projected to be $6.75 to $7.45.
Challenges Ahead
- Veklury sales are subject to significant volatility and uncertainty due to the dynamic global health environment.
- The financial guidance excludes the effects of any potential future strategic acquisitions, collaborations and investments.
- The guidance is subject to a number of risks and uncertainties.
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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