share_log

Gilead Sciences | 10-Q: Q2 2024 Earnings Report

SEC ·  Aug 9, 2024 05:20

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.
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.

The information provided by Futu AI is automatically generated by third-party artificial intelligence (AI) software based on news content.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.