- Gilead Sciences Inc GILD reported Second quarter revenue of $6.26 billion+1% Y/Y, beating consensus of $5.86 billion, driven by increased sales of HIV and oncology products, partially offset by declines in sales of Veklury (remdesivir) and hepatitis C virus products.
- Second-quarter product sales were $6.1 billion, excluding Veklury, and were up 7% to $5.7 billion.
- Sales of HIV products increased 7% to $4.2 billion, reflecting a higher average realized price and higher demand for treatment and pre-exposure prevention drugs.
- Sales of the hepatitis C virus fell 18% to $448 million.
- Cell therapy product sales rose 68% to $368 million.
- Veklury Revenue fell 46% to $445 million.
- Adjusted earnings per share for the second quarter fell 13% to $1.58, beating the consensus of $1.53.
- dividend: Gilead declared a quarterly dividend of $0.73/share, payable September 29 for the September 15 record date.
- FY22 outlook: Gilead is forecasting FY22 product sales of $24.5 billion to $25 billion compared to the previous guidance of $23.8 billion to $24.3 billion.
- The company expects Veklury sales of approximately $2.5 billion, compared to approximately $2 billion previously expected.
- Adjusted earnings per share are expected to be in the range of $6.35 to $6.75 versus the previous guidance of $6.20 to $6.70 and consensus of $6.57.
- Price promotion: GILD shares are up 1.97% to $60.71 during Wednesday’s premarket session.
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