Press release
Gilead Sciences Announces Second Quarter 2024 Financial Results
Product Sales Excluding Veklury Increased 6% Year-Over-Year to $6.7 billion Biktarvy Sales Increased 8% Year-Over-Year to $3.2 billion Oncology Sales
About this update from Gilead Sciences, Inc.
[{"type":"text","content":"\nProduct Sales Excluding Veklury Increased 6% Year-Over-Year to $6.7 billion\n\n\nBiktarvy Sales Increased 8% Year-Over-Year to $3.2 billion\n\n\nOncology Sales Increased 15% Year-Over-Year to $841 million\n\n\n FOSTER CITY, Calif.--(BUSINESS WIRE)--\nGilead Sciences, Inc. (Nasdaq: GILD) announced today its second quarter 2024 results of operations.\n\n\n“Gilead has had another strong quarter with 6% year-over-year growth in our base business. This was driven by sales of our therapies for HIV, Oncology and Liver Disease, including 8% growth for Biktarvy,” said Daniel O’Day, Gilead’s Chairman and Chief Executive Officer. “One of the key highlights of the quarter was interim data from the Phase 3 PURPOSE 1 trial showing 100% efficacy for lenacapavir in HIV prevention for cisgender women. We look forward to additional clinical readouts in the coming months, and to potentially launching seladelpar for primary biliary cholangitis in the United States.”\n\n\nSecond Quarter 2024 Financial Results\n\n\n\nTotal second quarter 2024 revenue increased 5% to $7.0 billion, compared to the same period in 2023, primarily due to higher product sales in HIV, Liver Disease and Oncology.\n\n\n\nDiluted earnings per share (“EPS”) was $1.29 in the second quarter 2024, compared to $0.83 in the same period in 2023. The increase was primarily driven by lower operating expenses, including a 2023 expense of $525 million for settlements with certain plaintiffs in HIV antitrust litigation which did not repeat in 2024, as well as higher revenues and lower income tax expense, partially offset by higher net unrealized losses on equity securities.\n\n\n\nNon-GAAP diluted EPS was $2.01 in the second quarter 2024, compared to $1.34 in the same period in 2023. The increase was primarily driven by lower operating expenses and higher revenues.\n\n\n\nAs of June 30, 2024, Gilead had $2.8 billion of cash, cash equivalents and marketable debt securities, compared to $8.4 billion as of December 31, 2023. The decrease primarily reflects the $3.9 billion acquisition of CymaBay Therapeutics, Inc. and a $1.75 billion repayment of senior notes.\n\n\n\nDuring the second quarter 2024, Gilead generated $1.3 billion in operating cash flow, net of a $1.2 billion transition tax payment associated with the Tax Cuts and Jobs Act of 2017.\n\n\n\nDuring the second quarter 2024, Gilea...