Press release
Gilead Sciences Announces First Quarter 2024 Financial Results
Product Sales Excluding Veklury Increased 6% Year-Over-Year to $6.1 billion Biktarvy Sales Increased 10% Year-Over-Year to $2.9 billion Oncology Sales
About this update from Gilead Sciences, Inc.
[{"type":"text","content":"\nProduct Sales Excluding Veklury Increased 6% Year-Over-Year to $6.1 billion\n\n\nBiktarvy Sales Increased 10% Year-Over-Year to $2.9 billion\n\n\nOncology Sales Increased 18% Year-Over-Year to $789 million\n\n\nClosed CymaBay Acquisition Resulting in $3.9 billion Acquired IPR&D Charge ($3.14 Diluted EPS Impact)\n\n\n FOSTER CITY, Calif.--(BUSINESS WIRE)--\nGilead Sciences, Inc. (Nasdaq: GILD) announced today its first quarter 2024 results of operations.\n\n\n“Gilead delivered another strong quarter of revenue growth in the first quarter with 6% year-over-year growth in our base business driven by HIV, Oncology and Liver Disease,” said Daniel O’Day, Gilead’s Chairman and Chief Executive Officer. “The acquisition of CymaBay brings us another potentially transformative therapy for people with liver disease, and a regulatory decision on seladelpar is expected in August. New HIV data demonstrates the continued progress in our long-acting HIV pipeline, and we look forward to providing updates on this and our broad Oncology portfolio throughout the rest of 2024.”\n\n\nFirst Quarter 2024 Financial Results\n\n\n\nTotal first quarter 2024 revenue increased 5% to $6.7 billion, compared to the same period in 2023, primarily due to higher HIV, Oncology and Liver Disease sales.\n\n\n\nDiluted (loss) earnings per share (“EPS”) was $(3.34) in the first quarter 2024, compared to $0.80 in the same period in 2023. The decrease was primarily driven by an acquired in-process research and development (“IPR&D”) charge of $3.9 billion, or $3.14 per share, related to the acquisition of CymaBay Therapeutics, Inc. (“CymaBay”), as well as a pre-tax IPR&D impairment of $2.4 billion, or $1.46 per share, related to assets acquired by Gilead from Immunomedics, Inc. (“Immunomedics”) in 2020.\n\n\n\nNon-GAAP diluted (loss) EPS was $(1.32) in the first quarter 2024, compared to $1.37 in the same period in 2023. The decrease was primarily driven by the charge related to the acquisition of CymaBay.\n\n\n\nAs of March 31, 2024, Gilead had $4.7 billion of cash, cash equivalents and marketable debt securities, compared to $8.4 billion as of December 31, 2023.\n\n\n\nDuring the first quarter 2024, Gilead generated $2.2 billion in operating cash flow.\n\n\n\nDuring the first quarter 2024, Gilead paid dividends of $990 million and repurchased $400 million of common sto...