Summary by Futu AI
Gilead Sciences reported Q2 2024 total revenues of $7.0 billion, up 5% year-over-year, driven by higher product sales in HIV, Oncology, and Liver Disease. Net income attributable to Gilead rose 55% to $1.6 billion, with diluted EPS increasing to $1.29 from $0.83 in Q2 2023. The growth was primarily due to lower operating expenses and higher revenues.HIV product sales grew 3% to $4.7 billion, with Biktarvy sales up 8%. Oncology sales increased 15%, led by a 23% rise in Trodelvy sales. Liver Disease product sales surged 17% to $832 million. However, Veklury sales declined 16% due to lower COVID-19 hospitalizations.For the first half of 2024, Gilead reported a net loss of $2.6 billion, compared to a $2.1 billion profit in H1 2023. This was largely due to a $3.9 billion acquired IPR&D charge related to the CymaBay acquisition and a $2.4 billion IPR&D impairment charge. The company ended Q2 with $2.8 billion in cash and equivalents, down from $8.4 billion at 2023 year-end, primarily due to the CymaBay acquisition and debt repayments.