Press release
Gilead Sciences Announces Second Quarter 2023 Financial Results
Product Sales Excluding Veklury Increased 11% Year-Over-Year to $6.3 billion Biktarvy Sales Increased 17% Year-Over-Year to $3.0 billion Oncology Sales
About this update from Gilead Sciences, Inc.
[{"type":"text","content":"\nProduct Sales Excluding Veklury Increased 11% Year-Over-Year to $6.3 billion\n\n\nBiktarvy Sales Increased 17% Year-Over-Year to $3.0 billion\n\n\nOncology Sales Increased 38% Year-Over-Year to $728 million\n\n\nNet Income Reflects $525 million Legal Settlement Accrual ($0.32 per share)\n\n\n FOSTER CITY, Calif.--(BUSINESS WIRE)--\nGilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the second quarter of 2023.\n\n\n“It was another strong quarter for Gilead, with continued commercial and clinical momentum,” said Daniel O’Day, Gilead's Chairman and Chief Executive Officer. “11% year-over-year growth across our base business was driven by our diverse portfolio of therapies for HIV, Oncology, and Liver Disease. We received positive regulatory updates for six of our therapies and presented a large body of data on our pipeline, reinforcing our growing potential to help more patients and communities worldwide.”\n\n\nSecond Quarter 2023 Financial Results\n\n\n\nTotal second quarter 2023 revenue increased 5% to $6.6 billion compared to the same period in 2022, primarily driven by increased sales in HIV and Oncology, partially offset by lower Veklury® (remdesivir) sales.\n\n\n\nDiluted Earnings Per Share (“EPS”) decreased to $0.83 for the second quarter of 2023 compared to $0.91 for the same period in 2022, mainly driven by a $525 million litigation accrual for settlements with certain plaintiffs in the HIV antitrust litigation, representing an unfavorable $0.32 impact to diluted EPS, as well as other higher operating costs and tax expense, partially offset by higher product revenues and unrealized gains on equity investments compared to unrealized losses in 2022.\n\n\n\nNon-GAAP diluted EPS decreased to $1.34 for the second quarter of 2023 compared to $1.58 for the same period in 2022, primarily driven by the litigation accrual referenced earlier, representing an unfavorable $0.32 impact to non-GAAP diluted EPS, as well as other higher operating costs, partially offset by higher product revenues.\n\n\n\nAs of June 30, 2023, Gilead had $8.0 billion of cash, cash equivalents and marketable debt securities, up from $7.6 billion as of December 31, 2022.\n\n\n\nDuring the second quarter of 2023, Gilead generated $2.3 billion in operating cash flow.\n\n\n\nDuring the second quarter of 2023, Gilead paid dividend...