Gilead Sciences reported strong Q3 2024 results with total revenue increasing 7% to $7.5 billion, driven by HIV product sales growth of 9% to $5.1 billion. Biktarvy sales rose 13% to $3.5 billion, while Oncology sales grew 6% to $816 million. Product sales excluding Veklury increased 7% to $6.8 billion.The company recorded a $1.75 billion IPR&D impairment charge related to Immunomedics assets, resulting in GAAP diluted EPS of $1.00 compared to $1.73 in Q3 2023. Non-GAAP diluted EPS was $2.02. Operating cash flow remained strong at $4.3 billion for the quarter.Based on strong performance, Gilead raised its full-year 2024 guidance, now expecting total product sales of $27.8-28.1 billion, up from previous guidance of $27.1-27.5 billion. The company also increased its non-GAAP EPS guidance to $4.25-4.45 from $3.60-3.90, reflecting strong topline growth and disciplined expense management.

Gilead Sciences reported strong Q3 2024 results with total revenue increasing 7% to $7.5 billion, driven by HIV product sales growth of 9% to $5.1 billion. Biktarvy sales rose 13% to $3.5 billion, while Oncology sales grew 6% to $816 million. Product sales excluding Veklury increased 7% to $6.8 billion.The company recorded a $1.75 billion IPR&D impairment charge related to Immunomedics assets, resulting in GAAP diluted EPS of $1.00 compared to $1.73 in Q3 2023. Non-GAAP diluted EPS was $2.02. Operating cash flow remained strong at $4.3 billion for the quarter.Based on strong performance, Gilead raised its full-year 2024 guidance, now expecting total product sales of $27.8-28.1 billion, up from previous guidance of $27.1-27.5 billion. The company also increased its non-GAAP EPS guidance to $4.25-4.45 from $3.60-3.90, reflecting strong topline growth and disciplined expense management.