Press release
Gilead Sciences Announces Third Quarter 2023 Financial Results
Product Sales Excluding Veklury Increased 5% Year-Over-Year to $6.4 billion Biktarvy Sales Increased 12% Year-Over-Year to $3.1 billion Oncology Sales
About this update from Gilead Sciences, Inc.
[{"type":"text","content":"\nProduct Sales Excluding Veklury Increased 5% Year-Over-Year to $6.4 billion\n\n\nBiktarvy Sales Increased 12% Year-Over-Year to $3.1 billion\n\n\nOncology Sales Increased 33% Year-Over-Year to $769 million\n\n\n FOSTER CITY, Calif.--(BUSINESS WIRE)--\nGilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the third quarter of 2023.\n\n\n“Gilead has now delivered two years of consistent growth in our base business. In the third quarter, this continued growth was driven by both Virology and Oncology,” said Daniel O’Day, Gilead's Chairman and Chief Executive Officer. “Our clinical momentum also remains strong, and highlights this quarter included new data on Trodelvy with pembrolizumab in first-line metastatic non-small cell lung cancer. In Virology, we completed enrollment for Phase 3 trials of lenacapavir for HIV prevention and oral obeldesivir for COVID-19. We are looking forward to advancing these and other potential new options for patients over the coming months.”\n\n\nThird Quarter 2023 Financial Results\n\n\n\nTotal third quarter 2023 revenue of $7.1 billion was flat compared to the same period in 2022, primarily driven by increased sales in Oncology and HIV, offset by lower Veklury® (remdesivir) and chronic hepatitis C virus (“HCV”) product sales.\n\n\n\nDiluted Earnings Per Share (“EPS”) increased to $1.73 for the third quarter of 2023 compared to $1.42 for the same period in 2022, and non-GAAP diluted EPS increased to $2.29 for the third quarter of 2023 compared to $1.90 for the same period in 2022. The increases in GAAP and non-GAAP diluted EPS were primarily driven by lower tax expense, partially offset by net higher total costs and expenses.\n\n\n\nAs of September 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 third quarter of 2023, Gilead generated $1.8 billion in operating cash flow.\n\n\n\nDuring the third quarter of 2023, Gilead repaid $2.3 billion of debt, paid dividends of $953 million and repurchased $300 million of common stock. Additionally, Gilead issued senior unsecured notes in an aggregate principal amount of $2.0 billion.\n\n\n\nProduct Sales Performance\n\n\nTotal third quarter 2023 product sales of $7.0 billion was flat compared to the same period in 2022, reflectin...