Summary by Futu AI
Gilead Sciences reported total revenues of $7.0 billion for Q2 2024, up 5% year-over-year, driven by strong performance in HIV, Oncology and Liver Disease portfolios. HIV product sales increased 3% to $4.7 billion, led by Biktarvy's 8% growth to $3.2 billion. Oncology revenues rose 15% to $841 million, with Trodelvy sales growing 23% to $320 million and Cell Therapy sales up 11% to $521 million.Net income increased 55% to $1.6 billion and diluted EPS rose to $1.29, compared to $1.0 billion and $0.83 in Q2 2023. The improvement was driven by lower operating expenses and higher revenues, partially offset by increased unrealized losses on equity securities. Product gross margin remained stable at 77.7%.For the first half of 2024, the company recorded a net loss of $2.6 billion, primarily due to a $3.9 billion charge related to the CymaBay acquisition and a $2.4 billion IPR&D impairment charge for NSCLC assets. The company maintained strong liquidity with $2.8 billion in cash and equivalents, despite significant investments in acquisitions and R&D during the period.
