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    Gilead Sciences Announces Second Quarter 2024 Financial Results

    8/8/24 4:02:00 PM ET
    $GILD
    Biotechnology: Biological Products (No Diagnostic Substances)
    Health Care
    Get the next $GILD alert in real time by email

    Product Sales Excluding Veklury Increased 6% Year-Over-Year to $6.7 billion

    Biktarvy Sales Increased 8% Year-Over-Year to $3.2 billion

    Oncology Sales Increased 15% Year-Over-Year to $841 million

    Gilead Sciences, Inc. (NASDAQ:GILD) announced today its second quarter 2024 results of operations.

    "Gilead has had another strong quarter with 6% year-over-year growth in our base business. This was driven by sales of our therapies for HIV, Oncology and Liver Disease, including 8% growth for Biktarvy," said Daniel O'Day, Gilead's Chairman and Chief Executive Officer. "One of the key highlights of the quarter was interim data from the Phase 3 PURPOSE 1 trial showing 100% efficacy for lenacapavir in HIV prevention for cisgender women. We look forward to additional clinical readouts in the coming months, and to potentially launching seladelpar for primary biliary cholangitis in the United States."

    Second Quarter 2024 Financial Results

    • Total second quarter 2024 revenue increased 5% to $7.0 billion, compared to the same period in 2023, primarily due to higher product sales in HIV, Liver Disease and Oncology.
    • Diluted earnings per share ("EPS") was $1.29 in the second quarter 2024, compared to $0.83 in the same period in 2023. The increase was primarily driven by lower operating expenses, including a 2023 expense of $525 million for settlements with certain plaintiffs in HIV antitrust litigation which did not repeat in 2024, as well as higher revenues and lower income tax expense, partially offset by higher net unrealized losses on equity securities.
    • Non-GAAP diluted EPS was $2.01 in the second quarter 2024, compared to $1.34 in the same period in 2023. The increase was primarily driven by lower operating expenses and higher revenues.
    • As of June 30, 2024, Gilead had $2.8 billion of cash, cash equivalents and marketable debt securities, compared to $8.4 billion as of December 31, 2023. The decrease primarily reflects the $3.9 billion acquisition of CymaBay Therapeutics, Inc. and a $1.75 billion repayment of senior notes.
    • During the second quarter 2024, Gilead generated $1.3 billion in operating cash flow, net of a $1.2 billion transition tax payment associated with the Tax Cuts and Jobs Act of 2017.
    • During the second quarter 2024, Gilead paid dividends of $972 million and repurchased $100 million of common stock.

    Second Quarter 2024 Product Sales

    Total second quarter 2024 product sales increased 5% to $6.9 billion, compared to the same period in 2023. Total product sales, excluding Veklury, increased 6% to $6.7 billion in the second quarter 2024, compared to the same period in 2023, primarily due to higher product sales in HIV, Liver Disease and Oncology.

    HIV product sales increased 3% to $4.7 billion in the second quarter 2024, compared to the same period in 2023, primarily driven by higher demand across treatment and prevention, partially offset by lower average realized price due to channel mix.

    • Biktarvy® (bictegravir 50mg/emtricitabine 200mg ("FTC")/tenofovir alafenamide 25mg ("TAF")) sales increased 8% to $3.2 billion in the second quarter 2024, compared to the same period in 2023, primarily driven by higher demand.
    • Descovy® (FTC 200mg/TAF 25mg) sales decreased 6% to $485 million in the second quarter 2024, compared to the same period in 2023, primarily driven by lower average realized price due to channel mix, partially offset by higher demand.

    The Liver Disease portfolio sales increased 17% to $832 million in the second quarter 2024, compared to the same period in 2023. This was primarily driven by higher average realized price due to channel mix in the United States, as well as higher demand in products for chronic hepatitis C virus ("HCV"), chronic hepatitis B virus ("HBV") and, in Europe, chronic hepatitis D virus ("HDV").

    Veklury sales decreased 16% to $214 million in the second quarter 2024, compared to the same period in 2023, primarily driven by lower rates of COVID-19 related hospitalizations.

    Cell Therapy product sales increased 11% to $521 million in the second quarter 2024, compared to the same period in 2023.

    • Yescarta® (axicabtagene ciloleucel) sales increased 9% to $414 million in the second quarter 2024, compared to the same period in 2023, primarily driven by higher demand in relapsed or refractory ("R/R") large B-cell lymphoma ("LBCL") outside the United States.
    • Tecartus® (brexucabtagene autoleucel) sales increased 21% to $107 million in the second quarter 2024, compared to the same period in 2023, driven by higher demand in R/R mantle cell lymphoma and R/R adult acute lymphoblastic leukemia ("ALL").

    Trodelvy® (sacituzumab govitecan-hziy) sales increased 23% to $320 million in the second quarter 2024, compared to the same period in 2023, primarily driven by higher demand in second-line metastatic triple negative breast cancer and pre-treated HR+/HER2- metastatic breast cancer.

    Second Quarter 2024 Product Gross Margin, Operating Expenses and Effective Tax Rate

    • Product gross margin was 77.7% in the second quarter 2024, compared to 78.0% in the same period in 2023. Non-GAAP product gross margin was 86.0% in the second quarter 2024, compared to 86.9% in the same period in 2023.
    • Research & development ("R&D") expenses were $1.4 billion in the second quarter 2024 and in the same period in 2023. Non-GAAP R&D expenses were $1.3 billion in the second quarter 2024, compared to $1.4 billion in the same period in 2023. The changes were primarily driven by timing of clinical activities, including wind-down of studies.
    • Acquired IPR&D expenses were $38 million in the second quarter 2024.
    • Selling, general and administrative ("SG&A") expenses and non-GAAP SG&A expenses were $1.4 billion in the second quarter 2024, compared to $1.8 billion in the same period in 2023. The decreases in GAAP and non-GAAP SG&A expenses were primarily driven by the 2023 legal settlement expense referenced earlier which did not repeat in 2024.
    • The effective tax rate ("ETR") was 21.4% in the second quarter 2024, compared to 34.6% in the same period in 2023. The decrease in ETR primarily reflects a remeasurement of certain deferred tax liabilities in the prior year and a settlement with a tax authority in the second quarter 2024. Non-GAAP ETR was 17.8% in the second quarter 2024, compared to 21.0% in the same period in 2023. The decrease in non-GAAP ETR primarily reflects a settlement with a tax authority.

    Guidance and Outlook

    For the full-year 2024, Gilead expects:

    (in millions, except per share amounts)

     

    August 8, 2024 Guidance

     

     

    Low End

    High End

    Comparison to April 25, 2024 Guidance

    Product sales

     

    $

    27,100

     

    $

    27,500

     

    Unchanged

    Product sales, excluding Veklury

     

    $

    25,800

     

    $

    26,200

     

    Unchanged

    Veklury

     

    $

    1,300

     

    $

    1,300

     

    Unchanged

    Diluted EPS

     

    $

    0.00

     

    $

    0.30

     

    Previously $0.10 to $0.50

    Non-GAAP diluted EPS

     

    $

    3.60

     

    $

    3.90

     

    Previously $3.45 to $3.85

    Additional information and a reconciliation between GAAP and non-GAAP financial information for the 2024 guidance is provided in the accompanying tables. The financial guidance is subject to a number of risks and uncertainties. See the Forward-Looking Statements section below.

    Key Updates Since Our Last Quarterly Release

    Virology

    • Presented data from the Phase 3 PURPOSE 1 trial evaluating twice-yearly subcutaneous lenacapavir for HIV prevention in cisgender women at the International AIDS Conference ("AIDS 2024"). At the interim analysis, lenacapavir demonstrated 100% efficacy with zero HIV infections and superiority to both background HIV incidence and once-daily oral Truvada® (FTC 200mg and tenofovir disoproxil fumarate 300mg ("TDF")). Lenacapavir was generally well-tolerated and no new safety concerns were identified. The use of lenacapavir for PrEP is investigational.
    • Highlighted long-term, five-year data for Biktarvy at AIDS 2024, demonstrating virologic suppression in Hispanic/Latine people with HIV, as well as older adults with comorbidities. Additionally, presented results from Gilead's investigational treatment pipeline, including 48-week data from the Phase 2 portion of the Phase 2/3 ARTISTRY study of once-daily oral bictegravir plus lenacapavir, once-weekly oral agents GS-1720 and GS-4182, as well as twice-yearly lenacapavir in combination with two broadly neutralizing antibodies, teropavimab and zinlirvimab.
    • Announced U.S. Food and Drug Administration ("FDA") approval of an updated label for Biktarvy to include additional data for the treatment of pregnant adults with HIV-1 with suppressed viral loads.
    • Presented Phase 2b MYR201 data demonstrating potential for the investigational combination of bulevirtide 10 mg with pegylated interferon alfa-2a as finite therapy for people with chronic HDV at the European Association for the Study of the Liver ("EASL") meeting. These data were simultaneously published in the New England Journal of Medicine.
    • Presented 144-week follow-up data from the Phase 3 MYR301 study at EASL that reinforced bulevirtide as an efficacious and generally well-tolerated long-term treatment option as monotherapy in adults with chronic HDV. Bulevirtide 2 mg remains the only approved treatment for HDV in the EU and is not approved in the U.S. Bulevirtide 10 mg is an investigational product and is not approved anywhere globally.

    Oncology

    • Announced Trodelvy did not meet the primary endpoint of improvement in overall survival ("OS") in the intention-to-treat ("ITT") population of the confirmatory Phase 3 TROPiCS-04 study in locally advanced or metastatic urothelial cancer. A numerical improvement in OS favoring Trodelvy was observed, in addition to trends in improvement for select pre-specified non-alpha controlled subgroups analyses and secondary endpoints of progression-free survival and overall response rate. In the ITT population, there was a higher number of deaths due to adverse events with Trodelvy compared to single-agent chemotherapy, which were primarily observed early in treatment and related to neutropenic complications, including infection.
    • Presented detailed results from the Phase 3 EVOKE-01 study evaluating Trodelvy in patients with metastatic or advanced non-small cell lung cancer ("NSCLC") that had progressed on or after platinum-based chemotherapy and anti-PD(L)1 therapy at the American Society of Clinical Oncology ("ASCO") meeting. These data were simultaneously published in the Journal of Clinical Oncology. As announced in January 2024, EVOKE-01 did not meet its primary endpoint of overall survival. The use of Trodelvy for lung cancer is investigational.
    • Provided a longer-term update on Cohort A of the Phase 2 EVOKE-02 study of Trodelvy in combination with pembrolizumab in first-line advanced or metastatic squamous or non-squamous PD-L1-high NSCLC at the ASCO meeting.
    • Announced new data from a pilot study in collaboration with Dana-Farber Cancer Institute that evaluated the safety of Yescarta in patients living with R/R primary or secondary central nervous system lymphoma, an investigational use. This data was presented at the ASCO meeting.
    • Presented updated, four-year OS data from the pivotal Phase 2 ZUMA-3 study evaluating Tecartus in adult patients with R/R B-cell ALL at the ASCO meeting.
    • Presented updated analysis at the ASCO meeting from Arm A1 of the Phase 2 EDGE-Gastric study evaluating domvanalimab, zimberelimab ("zim") and FOLFOX as a potential first-line treatment for upper gastrointestinal cancers, in partnership with Arcus Biosciences, Inc. ("Arcus"). Additionally, presented Phase 1b/2 ARC-9 Cohort B data with our partner Arcus, which is evaluating etrumadenant plus zim, FOLFOX and bevacizumab in third-line metastatic colorectal cancer. These products and uses are investigational.
    • Announced preliminary findings at the European Hematology Association ("EHA") meeting from the Phase 2 ZUMA-24 study suggesting outpatient administration of Yescarta is feasible. Additionally, presented real-world manufacturing experience analysis demonstrating a statistically significant higher number of R/R large B-cell lymphoma patients that received second-line treatment with Yescarta achieved first-pass manufacturing success compared to patients that received treatment with Yescarta in third-line and beyond.
    • Announced key operational updates, together with Arcellx, Inc. ("Arcellx"), for the anitocabtagene autoleucel multiple myeloma development program, including the design of the Phase 3 iMMagine-3 trial as a second- to fourth-line treatment for multiple myeloma, as well as the completion of the technical transfer to Kite.

    Inflammation

    • Presented two-year interim results from the ongoing long-term Phase 3 ASSURE study evaluating seladelpar in people living with primary biliary cholangitis ("PBC") who participated in any prior seladelpar clinical study at the Digestive Diseases Week and EASL meetings. The data demonstrated a sustained and consistent long-term efficacy and safety profile for seladelpar in PBC. Seladelpar is an investigational product and is currently under review by FDA, with a PDUFA date of August 14, 2024.
    • Entered into an amended license agreement featuring the buy-out of global seladelpar royalties from Janssen Pharmaceutica NV for $320 million. This transaction will be reflected in Gilead's third quarter results.

    Corporate

    • Announced Gilead reached a settlement agreement in principle in the federal TDF litigation in the U.S. District Court for the Northern District of California. The agreement, which is subject to certain conditions, provides that Gilead will make a one-time payment of up to $40 million and is expected to resolve the claims of the overwhelming majority of plaintiffs in the federal TDF litigation.
    • Announced Chief Medical Officer Merdad Parsey, MD, PhD, will leave the company in the first quarter of 2025. A search is underway for his successor.
    • The Board declared a quarterly dividend of $0.77 per share of common stock for the third quarter of 2024. The dividend is payable on September 27, 2024, to stock holders of record at the close of business on September 13, 2024. Future dividends will be subject to Board approval.

    Certain amounts and percentages in this press release may not sum or recalculate due to rounding.

    Conference Call

    At 1:30 p.m. Pacific Time today, Gilead will host a conference call to discuss Gilead's results. A live webcast will be available on http://investors.gilead.com and will be archived on www.gilead.com for one year.

    Non-GAAP Financial Information

    The information presented in this document has been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), unless otherwise noted as non-GAAP. Management believes non-GAAP information is useful for investors, when considered in conjunction with Gilead's GAAP financial information, because management uses such information internally for its operating, budgeting and financial planning purposes. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Gilead's operating results as reported under GAAP. Non-GAAP financial information generally excludes acquisition-related expenses including amortization of acquired intangible assets and other items that are considered unusual or not representative of underlying trends of Gilead's business, fair value adjustments of equity securities and discrete and related tax charges or benefits associated with changes in tax related laws and guidelines. Although Gilead consistently excludes the amortization of acquired intangible assets from the non-GAAP financial information, management believes that it is important for investors to understand that such intangible assets were recorded as part of acquisitions and contribute to ongoing revenue generation. Non-GAAP measures may be defined and calculated differently by other companies in the same industry. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the accompanying tables.

    About Gilead Sciences

    Gilead Sciences, Inc. is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. The company is committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, COVID-19 and cancer. Gilead operates in more than 35 countries worldwide, with headquarters in Foster City, California.

    Forward-Looking Statements

    Statements included in this press release that are not historical in nature are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Gilead cautions readers that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include those relating to: Gilead's ability to achieve its anticipated full year 2024 financial results, including as a result of the uncertainty of the amount and timing of Veklury revenues; Gilead's ability to make progress on any of its long-term ambitions or priorities laid out in its corporate strategy; Gilead's ability to accelerate or sustain revenues for its virology, oncology and other programs; Gilead's ability to realize the potential benefits of acquisitions, collaborations or licensing arrangements, including the arrangements with Arcellx and Arcus; patent protection and estimated loss of exclusivity for our products and product candidates; Gilead's ability to initiate, progress or complete clinical trials within currently anticipated timeframes or at all, the possibility of unfavorable results from ongoing and additional clinical trials, including those involving Biktarvy, Trodelvy, Truvada, Yescarta, bevacizumab, bictegravir, bulevirtide, anitocabtagene autoleucel, domvanalimab, etrumadenant, GS-1720, GS-4182, lenacapavir, teropavimab, seladelpar, zimberelimab, and zinlirvimab (such as the ARTISTRY-1, ASSURE, EDGE-Gastric, EVOKE-01, EVOKE-02, iMMagine-3, MYR201, MYR301, PURPOSE-1, TROPiCS-04, ZUMA-3 and ZUMA-24 studies) , and the risk that safety and efficacy data from clinical trials may not warrant further development of Gilead's product candidates or the product candidates of Gilead's strategic partners; Gilead's ability to submit new drug applications for new product candidates or expanded indications in the currently anticipated timelines; Gilead's ability to receive or maintain regulatory approvals in a timely manner or at all, including FDA approval of the New Drug Application for seladelpar, and the risk that any such approvals, if granted, may be subject to significant limitations on use and may be subject to withdrawal or other adverse actions by the applicable regulatory authority (such as the risk that the FDA may not grant full approval or may withdraw its accelerated approval for Trodelvy for the treatment of locally advanced or metastatic urothelial cancer); Gilead's ability to successfully commercialize its products; the risk of potential disruptions to the manufacturing and supply chain of Gilead's products; pricing and reimbursement pressures from government agencies and other third parties, including required rebates and other discounts; a larger than anticipated shift in payer mix to more highly discounted payer segments; market share and price erosion caused by the introduction of generic versions of Gilead products; the risk that physicians and patients may not see advantages of Gilead's products over other therapies and may therefore be reluctant to prescribe the products, including Biktarvy; and other risks identified from time to time in Gilead's reports filed with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, Gilead makes estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. Gilead bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. There may be other factors of which Gilead is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ significantly from these estimates. Further, results for the quarter ended June 30, 2024 are not necessarily indicative of operating results for any future periods. Gilead directs readers to its press releases, annual reports on Form 10-K, quarterly reports on Form 10-Q and other subsequent disclosure documents filed with the SEC. Gilead claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements.

    The reader is cautioned that forward-looking statements are not guarantees of future performance and is cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements are based on information currently available to Gilead and Gilead assumes no obligation to update or supplement any such forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statements.

    Gilead owns or has rights to various trademarks, copyrights and trade names used in its business, including the following: GILEAD®, GILEAD SCIENCES®, KITETM, AMBISOME®, ATRIPLA®, BIKTARVY®, CAYSTON®, COMPLERA®, DESCOVY®, DESCOVY FOR PREP®, EMTRIVA®, EPCLUSA®, EVIPLERA®, GENVOYA®, HARVONI®, HEPCLUDEX®, HEPSERA®, JYSELECA®, LETAIRIS®, ODEFSEY®, SOVALDI®, STRIBILD®, SUNLENCA® , TECARTUS®, TRODELVY®, TRUVADA®, TRUVADA FOR PREP®, TYBOST®, VEKLURY®, VEMLIDY®, VIREAD®, VOSEVI®, YESCARTA® and ZYDELIG®. KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, United States. Other trademarks are the property of their respective owners.

    For more information on Gilead Sciences, Inc., please visit www.gilead.com or call the Gilead Public Affairs Department at 1-800-GILEAD-5 (1-800-445-3235).

     

    GILEAD SCIENCES, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (unaudited)

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 30,

     

    June 30,

    (in millions, except per share amounts)

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Revenues:

     

     

     

     

     

     

     

     

    Product sales

     

    $

    6,912

     

     

    $

    6,564

     

     

    $

    13,559

     

     

    $

    12,870

     

    Royalty, contract and other revenues

     

     

    41

     

     

     

    35

     

     

     

    81

     

     

     

    81

     

    Total revenues

     

     

    6,954

     

     

     

    6,599

     

     

     

    13,640

     

     

     

    12,951

     

    Costs and expenses:

     

     

     

     

     

     

     

     

    Cost of goods sold

     

     

    1,544

     

     

     

    1,442

     

     

     

    3,096

     

     

     

    2,843

     

    Research and development expenses

     

     

    1,351

     

     

     

    1,407

     

     

     

    2,871

     

     

     

    2,854

     

    Acquired in-process research and development expenses

     

     

    38

     

     

     

    236

     

     

     

    4,169

     

     

     

    717

     

    In-process research and development impairment

     

     

    —

     

     

     

    —

     

     

     

    2,430

     

     

     

    —

     

    Selling, general and administrative expenses

     

     

    1,377

     

     

     

    1,849

     

     

     

    2,752

     

     

     

    3,168

     

    Total costs and expenses

     

     

    4,309

     

     

     

    4,934

     

     

     

    15,317

     

     

     

    9,581

     

    Operating income (loss)

     

     

    2,644

     

     

     

    1,665

     

     

     

    (1,678

    )

     

     

    3,370

     

    Interest expense

     

     

    237

     

     

     

    230

     

     

     

    491

     

     

     

    459

     

    Other (income) expense, net

     

     

    355

     

     

     

    (152

    )

     

     

    265

     

     

     

    22

     

    Income (loss) before income taxes

     

     

    2,053

     

     

     

    1,588

     

     

     

    (2,433

    )

     

     

    2,888

     

    Income tax expense

     

     

    438

     

     

     

    549

     

     

     

    123

     

     

     

    865

     

    Net income (loss)

     

     

    1,614

     

     

     

    1,039

     

     

     

    (2,556

    )

     

     

    2,024

     

    Net loss attributable to noncontrolling interest

     

     

    —

     

     

     

    (6

    )

     

     

    —

     

     

     

    (32

    )

    Net income (loss) attributable to Gilead

     

    $

    1,614

     

     

    $

    1,045

     

     

    $

    (2,556

    )

     

    $

    2,055

     

    Basic earnings (loss) per share attributable to Gilead

     

    $

    1.29

     

     

    $

    0.84

     

     

    $

    (2.05

    )

     

    $

    1.65

     

    Shares used in basic earnings (loss) per share attributable to Gilead calculation

     

     

    1,247

     

     

     

    1,249

     

     

     

    1,247

     

     

     

    1,249

     

    Diluted earnings (loss) per share attributable to Gilead

     

    $

    1.29

     

     

    $

    0.83

     

     

    $

    (2.05

    )

     

    $

    1.63

     

    Shares used in diluted earnings (loss) per share attributable to Gilead calculation

     

     

    1,251

     

     

     

    1,258

     

     

     

    1,247

     

     

     

    1,260

     

     

     

     

     

     

     

     

     

     

    Supplemental Information:

     

     

     

     

     

     

     

     

    Cash dividends declared per share

     

    $

    0.77

     

     

    $

    0.75

     

     

    $

    1.54

     

     

    $

    1.50

     

    Product gross margin

     

     

    77.7

    %

     

     

    78.0

    %

     

     

    77.2

    %

     

     

    77.9

    %

    Research and development expenses as a % of revenues

     

     

    19.4

    %

     

     

    21.3

    %

     

     

    21.0

    %

     

     

    22.0

    %

    Selling, general and administrative expenses as a % of revenues

     

     

    19.8

    %

     

     

    28.0

    %

     

     

    20.2

    %

     

     

    24.5

    %

    Operating margin

     

     

    38.0

    %

     

     

    25.2

    %

     

     

    (12.3

    )%

     

     

    26.0

    %

    Effective tax rate

     

     

    21.4

    %

     

     

    34.6

    %

     

     

    (5.1

    )%

     

     

    29.9

    %

     

    GILEAD SCIENCES, INC.

    TOTAL REVENUE SUMMARY

    (unaudited)

     

     

     

    Three Months Ended

     

     

     

    Six Months Ended

     

     

     

     

    June 30,

     

     

     

    June 30,

     

     

    (in millions, except percentages)

     

     

    2024

     

     

    2023

     

    Change

     

     

    2024

     

     

    2023

     

    Change

    Product sales:

     

     

     

     

     

     

     

     

     

     

     

     

    HIV

     

    $

    4,745

     

    $

    4,626

     

    3

    %

     

    $

    9,088

     

    $

    8,816

     

    3

    %

    Liver Disease

     

     

    832

     

     

    711

     

    17

    %

     

     

    1,569

     

     

    1,386

     

    13

    %

    Oncology

     

     

    841

     

     

    728

     

    15

    %

     

     

    1,629

     

     

    1,398

     

    17

    %

    Other

     

     

    280

     

     

    243

     

    15

    %

     

     

    504

     

     

    442

     

    14

    %

    Total product sales excluding Veklury

     

     

    6,698

     

     

    6,308

     

    6

    %

     

     

    12,790

     

     

    12,041

     

    6

    %

    Veklury

     

     

    214

     

     

    256

     

    (16

    )%

     

     

    769

     

     

    829

     

    (7

    )%

    Total product sales

     

     

    6,912

     

     

    6,564

     

    5

    %

     

     

    13,559

     

     

    12,870

     

    5

    %

    Royalty, contract and other revenues

     

     

    41

     

     

    35

     

    18

    %

     

     

    81

     

     

    81

     

    (1

    )%

    Total revenues

     

    $

    6,954

     

    $

    6,599

     

    5

    %

     

    $

    13,640

     

    $

    12,951

     

    5

    %

     

    GILEAD SCIENCES, INC.

    NON-GAAP FINANCIAL INFORMATION(1)

    (unaudited)

     

     

     

    Three Months Ended

     

     

     

    Six Months Ended

     

     

     

     

    June 30,

     

     

     

    June 30,

     

     

    (in millions, except percentages)

     

     

    2024

     

     

     

    2023

     

     

    Change

     

     

    2024

     

     

     

    2023

     

     

    Change

    Non-GAAP:

     

     

     

     

     

     

     

     

     

     

     

     

    Cost of goods sold

     

    $

    965

     

     

    $

    861

     

     

    12%

     

    $

    1,939

     

     

    $

    1,732

     

     

    12%

    Research and development expenses

     

    $

    1,335

     

     

    $

    1,377

     

     

    (3)%

     

    $

    2,738

     

     

    $

    2,816

     

     

    (3)%

    Acquired IPR&D expenses(2)

     

    $

    38

     

     

    $

    236

     

     

    (84)%

     

    $

    4,169

     

     

    $

    717

     

     

    NM

    Selling, general and administrative expenses

     

    $

    1,351

     

     

    $

    1,848

     

     

    (27)%

     

    $

    2,646

     

     

    $

    3,166

     

     

    (16)%

    Other (income) expense, net

     

    $

    (37

    )

     

    $

    (83

    )

     

    (56)%

     

    $

    (141

    )

     

    $

    (165

    )

     

    (15)%

    Diluted earnings per share attributable to Gilead

     

    $

    2.01

     

     

    $

    1.34

     

     

    50%

     

    $

    0.70

     

     

    $

    2.71

     

     

    (74)%

    Shares used in non-GAAP diluted earnings per share attributable to Gilead calculation

     

     

    1,251

     

     

     

    1,258

     

     

    (1)%

     

     

    1,254

     

     

     

    1,260

     

     

    —%

     

     

     

     

     

     

     

     

     

     

     

     

     

    Product gross margin

     

     

    86.0

    %

     

     

    86.9

    %

     

    -84 bps

     

     

    85.7

    %

     

     

    86.5

    %

     

    -84 bps

    Research and development expenses as a % of revenues

     

     

    19.2

    %

     

     

    20.9

    %

     

    -167 bps

     

     

    20.1

    %

     

     

    21.7

    %

     

    -167 bps

    Selling, general and administrative expenses as a % of revenues

     

     

    19.4

    %

     

     

    28.0

    %

     

    -857 bps

     

     

    19.4

    %

     

     

    24.4

    %

     

    -504 bps

    Operating margin

     

     

    47.0

    %

     

     

    34.5

    %

     

    NM

     

     

    15.7

    %

     

     

    34.9

    %

     

    NM

    Effective tax rate

     

     

    17.8

    %

     

     

    21.0

    %

     

    -322 bps

     

     

    51.4

    %

     

     

    20.0

    %

     

    NM

    ________________________________

    NM - Not Meaningful

    (1)

    Refer to Non-GAAP Financial Information section above for further disclosures on non-GAAP financial measures. A reconciliation between GAAP and non-GAAP financial information is provided in the tables below.

    (2)

    Equal to GAAP financial information.

     

    GILEAD SCIENCES, INC.

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION

    (unaudited)

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 30,

     

    June 30,

    (in millions, except percentages and per share amounts)

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Cost of goods sold reconciliation:

     

     

     

     

     

     

     

     

    GAAP cost of goods sold

     

    $

    1,544

     

     

    $

    1,442

     

     

    $

    3,096

     

     

    $

    2,843

     

    Acquisition-related – amortization(1)

     

     

    (579

    )

     

     

    (581

    )

     

     

    (1,158

    )

     

     

    (1,110

    )

    Restructuring

     

     

    —

     

     

     

    —

     

     

     

    1

     

     

     

    —

     

    Non-GAAP cost of goods sold

     

    $

    965

     

     

    $

    861

     

     

    $

    1,939

     

     

    $

    1,732

     

     

     

     

     

     

     

     

     

     

    Product gross margin reconciliation:

     

     

     

     

     

     

     

     

    GAAP product gross margin

     

     

    77.7

    %

     

     

    78.0

    %

     

     

    77.2

    %

     

     

    77.9

    %

    Acquisition-related – amortization(1)

     

     

    8.4

    %

     

     

    8.8

    %

     

     

    8.5

    %

     

     

    8.6

    %

    Restructuring

     

     

    (—

    )%

     

     

    —

    %

     

     

    (—

    )%

     

     

    —

    %

    Non-GAAP product gross margin

     

     

    86.0

    %

     

     

    86.9

    %

     

     

    85.7

    %

     

     

    86.5

    %

     

     

     

     

     

     

     

     

     

    Research and development expenses reconciliation:

     

     

     

     

     

     

     

     

    GAAP research and development expenses

     

    $

    1,351

     

     

    $

    1,407

     

     

    $

    2,871

     

     

    $

    2,854

     

    Acquisition-related – other costs(2)

     

     

    (3

    )

     

     

    (30

    )

     

     

    (70

    )

     

     

    (38

    )

    Restructuring

     

     

    (13

    )

     

     

    —

     

     

     

    (63

    )

     

     

    —

     

    Non-GAAP research and development expenses

     

    $

    1,335

     

     

    $

    1,377

     

     

    $

    2,738

     

     

    $

    2,816

     

     

     

     

     

     

     

     

     

     

    IPR&D impairment reconciliation:

     

     

     

     

     

     

     

     

    GAAP IPR&D impairment

     

    $

    —

     

     

    $

    —

     

     

    $

    2,430

     

     

    $

    —

     

    IPR&D impairment

     

     

    —

     

     

     

    —

     

     

     

    (2,430

    )

     

     

    —

     

    Non-GAAP IPR&D impairment

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

     

     

     

     

     

     

     

     

    Selling, general and administrative expenses reconciliation:

     

     

     

     

     

     

     

     

    GAAP selling, general and administrative expenses

     

    $

    1,377

     

     

    $

    1,849

     

     

    $

    2,752

     

     

    $

    3,168

     

    Acquisition-related – other costs(2)

     

     

    (17

    )

     

     

    (1

    )

     

     

    (84

    )

     

     

    (2

    )

    Restructuring

     

     

    (8

    )

     

     

    —

     

     

     

    (22

    )

     

     

    —

     

    Non-GAAP selling, general and administrative expenses

     

    $

    1,351

     

     

    $

    1,848

     

     

    $

    2,646

     

     

    $

    3,166

     

     

     

     

     

     

     

     

     

     

    Operating income (loss) reconciliation:

     

     

     

     

     

     

     

     

    GAAP operating income (loss)

     

    $

    2,644

     

     

    $

    1,665

     

     

    $

    (1,678

    )

     

    $

    3,370

     

    Acquisition-related – amortization(1)

     

     

    579

     

     

     

    581

     

     

     

    1,158

     

     

     

    1,110

     

    Acquisition-related – other costs(2)

     

     

    21

     

     

     

    31

     

     

     

    153

     

     

     

    40

     

    Restructuring

     

     

    21

     

     

     

    —

     

     

     

    84

     

     

     

    —

     

    IPR&D impairment

     

     

    —

     

     

     

    —

     

     

     

    2,430

     

     

     

    —

     

    Non-GAAP operating income

     

    $

    3,265

     

     

    $

    2,277

     

     

    $

    2,148

     

     

    $

    4,521

     

     

     

     

     

     

     

     

     

     

    Operating margin reconciliation:

     

     

     

     

     

     

     

     

    GAAP operating margin

     

     

    38.0

    %

     

     

    25.2

    %

     

     

    (12.3

    )%

     

     

    26.0

    %

    Acquisition-related – amortization(1)

     

     

    8.3

    %

     

     

    8.8

    %

     

     

    8.5

    %

     

     

    8.6

    %

    Acquisition-related – other costs(2)

     

     

    0.3

    %

     

     

    0.5

    %

     

     

    1.1

    %

     

     

    0.3

    %

    Restructuring

     

     

    0.3

    %

     

     

    —

    %

     

     

    0.6

    %

     

     

    —

    %

    IPR&D impairment

     

     

    —

    %

     

     

    —

    %

     

     

    17.8

    %

     

     

    —

    %

    Non-GAAP operating margin

     

     

    47.0

    %

     

     

    34.5

    %

     

     

    15.7

    %

     

     

    34.9

    %

     

     

     

     

     

     

     

     

     

    Other (income) expense, net reconciliation:

     

     

     

     

     

     

     

     

    GAAP other (income) expense, net

     

    $

    355

     

     

    $

    (152

    )

     

    $

    265

     

     

    $

    22

     

    (Loss) gain from equity securities, net

     

     

    (392

    )

     

     

    69

     

     

     

    (405

    )

     

     

    (187

    )

    Non-GAAP other (income) expense, net

     

    $

    (37

    )

     

    $

    (83

    )

     

    $

    (141

    )

     

    $

    (165

    )

     

     

     

     

     

     

     

     

     

    Income (loss) before income taxes reconciliation:

     

     

     

     

     

     

     

     

    GAAP income (loss) before income taxes

     

    $

    2,053

     

     

    $

    1,588

     

     

    $

    (2,433

    )

     

    $

    2,888

     

    Acquisition-related – amortization(1)

     

     

    579

     

     

     

    581

     

     

     

    1,158

     

     

     

    1,110

     

    Acquisition-related – other costs(2)

     

     

    21

     

     

     

    31

     

     

     

    153

     

     

     

    40

     

    Restructuring

     

     

    21

     

     

     

    —

     

     

     

    84

     

     

     

    —

     

    IPR&D impairment

     

     

    —

     

     

     

    —

     

     

     

    2,430

     

     

     

    —

     

    Loss (gain) from equity securities, net

     

     

    392

     

     

     

    (69

    )

     

     

    405

     

     

     

    187

     

    Non-GAAP income before income taxes

     

    $

    3,065

     

     

    $

    2,131

     

     

    $

    1,798

     

     

    $

    4,226

     

     

    GILEAD SCIENCES, INC.

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION - (Continued)

    (unaudited)

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 30,

     

    June 30,

    (in millions, except percentages and per share amounts)

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Income tax expense reconciliation:

     

     

     

     

     

     

     

     

    GAAP income tax expense

     

    $

    438

     

     

    $

    549

     

     

    $

    123

     

     

    $

    865

     

    Income tax effect of non-GAAP adjustments:

     

     

     

     

     

     

     

     

    Acquisition-related – amortization(1)

     

     

    121

     

     

     

    120

     

     

     

    242

     

     

     

    227

     

    Acquisition-related – other costs(2)

     

     

    7

     

     

     

    5

     

     

     

    37

     

     

     

    8

     

    Restructuring

     

     

    7

     

     

     

    —

     

     

     

    16

     

     

     

    —

     

    IPR&D impairment

     

     

    —

     

     

     

    —

     

     

     

    611

     

     

     

    —

     

    Loss (gain) from equity securities, net

     

     

    33

     

     

     

    1

     

     

     

    (6

    )

     

     

    1

     

    Discrete and related tax charges(3)

     

     

    (60

    )

     

     

    (227

    )

     

     

    (100

    )

     

     

    (256

    )

    Non-GAAP income tax expense

     

    $

    546

     

     

    $

    448

     

     

    $

    923

     

     

    $

    844

     

     

     

     

     

     

     

     

     

     

    Effective tax rate reconciliation:

     

     

     

     

     

     

     

     

    GAAP effective tax rate

     

     

    21.4

    %

     

     

    34.6

    %

     

     

    (5.1

    )%

     

     

    29.9

    %

    Income tax effect of above non-GAAP adjustments and discrete and related tax adjustments(3)

     

     

    (3.5

    )%

     

     

    (13.5

    )%

     

     

    56.4

    %

     

     

    (10.0

    )%

    Non-GAAP effective tax rate

     

     

    17.8

    %

     

     

    21.0

    %

     

     

    51.4

    %

     

     

    20.0

    %

     

     

     

     

     

     

     

     

     

    Net income (loss) attributable to Gilead reconciliation:

     

     

     

     

     

     

     

     

    GAAP net income (loss) attributable to Gilead

     

    $

    1,614

     

     

    $

    1,045

     

     

    $

    (2,556

    )

     

    $

    2,055

     

    Acquisition-related – amortization(1)

     

     

    458

     

     

     

    461

     

     

     

    916

     

     

     

    884

     

    Acquisition-related – other costs(2)

     

     

    14

     

     

     

    26

     

     

     

    117

     

     

     

    32

     

    Restructuring

     

     

    14

     

     

     

    —

     

     

     

    68

     

     

     

    —

     

    IPR&D impairment

     

     

    —

     

     

     

    —

     

     

     

    1,819

     

     

     

    —

     

    Loss (gain) from equity securities, net

     

     

    359

     

     

     

    (70

    )

     

     

    412

     

     

     

    187

     

    Discrete and related tax charges(3)

     

     

    60

     

     

     

    227

     

     

     

    100

     

     

     

    256

     

    Non-GAAP net income attributable to Gilead

     

    $

    2,519

     

     

    $

    1,688

     

     

    $

    874

     

     

    $

    3,414

     

     

     

     

     

     

     

     

     

     

    Diluted earnings (loss) per share reconciliation:

     

     

     

     

     

     

     

     

    GAAP diluted earnings (loss) per share

     

    $

    1.29

     

     

    $

    0.83

     

     

    $

    (2.05

    )

     

    $

    1.63

     

    Acquisition-related – amortization(1)

     

     

    0.37

     

     

     

    0.37

     

     

     

    0.73

     

     

     

    0.70

     

    Acquisition-related – other costs(2)

     

     

    0.01

     

     

     

    0.02

     

     

     

    0.09

     

     

     

    0.03

     

    Restructuring

     

     

    0.01

     

     

     

    —

     

     

     

    0.05

     

     

     

    —

     

    IPR&D impairment

     

     

    —

     

     

     

    —

     

     

     

    1.46

     

     

     

    —

     

    Loss (gain) from equity securities, net

     

     

    0.29

     

     

     

    (0.06

    )

     

     

    0.33

     

     

     

    0.15

     

    Discrete and related tax charges(3)

     

     

    0.05

     

     

     

    0.18

     

     

     

    0.08

     

     

     

    0.20

     

    Non-GAAP diluted earnings per share

     

    $

    2.01

     

     

    $

    1.34

     

     

    $

    0.70

     

     

    $

    2.71

     

     

     

     

     

     

     

     

     

     

    Non-GAAP adjustment summary:

     

     

     

     

     

     

     

     

    Cost of goods sold adjustments

     

    $

    579

     

     

    $

    581

     

     

    $

    1,157

     

     

    $

    1,110

     

    Research and development expenses adjustments

     

     

    16

     

     

     

    30

     

     

     

    133

     

     

     

    38

     

    IPR&D impairment adjustments

     

     

    —

     

     

     

    —

     

     

     

    2,430

     

     

     

    —

     

    Selling, general and administrative expenses adjustments

     

     

    26

     

     

     

    1

     

     

     

    106

     

     

     

    2

     

    Total non-GAAP adjustments to costs and expenses

     

     

    620

     

     

     

    612

     

     

     

    3,826

     

     

     

    1,150

     

    Other (income) expense, net adjustments

     

     

    392

     

     

     

    (69

    )

     

     

    405

     

     

     

    187

     

    Total non-GAAP adjustments before income taxes

     

     

    1,012

     

     

     

    543

     

     

     

    4,231

     

     

     

    1,338

     

    Income tax effect of non-GAAP adjustments above

     

     

    (168

    )

     

     

    (126

    )

     

     

    (900

    )

     

     

    (235

    )

    Discrete and related tax charges(3)

     

     

    60

     

     

     

    227

     

     

     

    100

     

     

     

    256

     

    Total non-GAAP adjustments to net income attributable to Gilead

     

    $

    905

     

     

    $

    644

     

     

    $

    3,431

     

     

    $

    1,358

     

    ______________________________

    (1)

    Relates to amortization of acquired intangibles.

    (2)

    Adjustments include integration expenses, contingent consideration fair value adjustments and other expenses associated with Gilead's acquisitions of MYR GmbH, MiroBio, Ltd., Tmunity Therapeutics, Inc., XinThera, Inc. and CymaBay Therapeutics, Inc.

    (3)

    Represents discrete and related deferred tax charges or benefits primarily associated with acquired intangible assets and transfers of intangible assets from a foreign subsidiary to Ireland and the United States.

    GILEAD SCIENCES, INC.

    RECONCILIATION OF GAAP TO NON-GAAP 2024 FULL-YEAR GUIDANCE(1)

    (unaudited)

     

     

     

     

     

     

     

    (in millions, except percentages and per share amounts)

     

    Provided

    February 6, 2024

     

    Updated

    April 25, 2024

     

    Updated

    August 8, 2024

    Projected product gross margin GAAP to non-GAAP reconciliation:

     

     

     

     

     

     

    GAAP projected product gross margin

     

    76.0% - 77.0%

     

    76.0% - 77.0%

     

    76.0% - 77.0%

    Acquisition-related expenses and restructuring expenses

     

    ~ 9.0%

     

    ~ 9.0%

     

    ~ 9.0%

    Non-GAAP projected product gross margin

     

    85.0% - 86.0%

     

    85.0% - 86.0%

     

    85.0% - 86.0%

     

     

     

     

     

     

     

    Projected operating income GAAP to non-GAAP reconciliation:

     

     

     

     

     

     

    GAAP projected operating income

     

    $8,700 - $9,200

     

    $1,900 - $2,400

     

    $2,100 - $2,500

    IPR&D impairment, acquisition-related and restructuring expenses

     

    ~ 2,500

     

    ~ 5,100

     

    ~ 5,100

    Non-GAAP projected operating income

     

    $11,200 - $11,700

     

    $7,000 - $7,500

     

    $7,200 - $7,600

     

     

     

     

     

     

     

    Projected effective tax rate GAAP to non-GAAP reconciliation:

     

     

     

     

     

     

    GAAP projected effective tax rate

     

    ~ 21%

     

    ~ 65%

     

    ~ 87%

    Income tax effect of above non-GAAP adjustments and fair value adjustments of equity securities, and discrete and related tax adjustments

     

    (~ 2%)

     

    (~ 35%)

     

    (~ 57%)

    Non-GAAP projected effective tax rate

     

    ~ 19%

     

    ~ 30%

     

    ~ 30%

     

     

     

     

     

     

     

    Projected diluted EPS GAAP to non-GAAP reconciliation:

     

     

     

     

     

     

    GAAP projected diluted EPS

     

    $5.15 - $5.55

     

    $0.10 - $0.50

     

    $0.00 - $0.30

    IPR&D impairment, acquisition-related and restructuring expenses, fair value adjustments of equity securities and discrete and related tax adjustments

     

    ~ 1.70

     

    ~ 3.35

     

    ~ 3.60

    Non-GAAP projected diluted EPS

     

    $6.85 - $7.25

     

    $3.45 - $3.85

     

    $3.60 - $3.90

    ________________________________

    (1)

    Our full-year guidance excludes the potential impact of any (i) acquisitions or business development transactions that have not been executed, (ii) future fair value adjustments of equity securities and (iii) discrete tax charges or benefits associated with changes in tax related laws and guidelines that have not been enacted, as Gilead is unable to project such amounts. The non-GAAP full-year guidance includes non-GAAP adjustments to actual current period results as well as adjustments for the known future impact associated with events that have already occurred, such as future amortization of our intangible assets and the future impact of discrete and related deferred tax charges or benefits primarily associated with acquired intangible assets and transfers of intangible assets from a foreign subsidiary to Ireland and the United States.

     

    GILEAD SCIENCES, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (unaudited)

     

     

     

    June 30,

     

    December 31,

    (in millions)

     

     

    2024

     

     

    2023

    Assets

     

     

     

     

    Cash, cash equivalents and marketable debt securities

     

    $

    2,772

     

    $

    8,428

    Accounts receivable, net

     

     

    4,663

     

     

    4,660

    Inventories

     

     

    3,388

     

     

    3,366

    Property, plant and equipment, net

     

     

    5,346

     

     

    5,317

    Intangible assets, net

     

     

    22,832

     

     

    26,454

    Goodwill

     

     

    8,314

     

     

    8,314

    Other assets

     

     

    6,265

     

     

    5,586

    Total assets

     

    $

    53,579

     

    $

    62,125

    Liabilities and Stockholders' Equity

     

     

     

     

    Current liabilities

     

    $

    10,781

     

    $

    11,280

    Long-term liabilities

     

     

    24,602

     

     

    28,096

    Stockholders' equity(1)

     

     

    18,197

     

     

    22,749

    Total liabilities and stockholders' equity

     

    $

    53,579

     

    $

    62,125

    ________________________________

    (1)

    As of June 30, 2024 and December 31, 2023, there were 1,246 shares of common stock issued and outstanding.

    GILEAD SCIENCES, INC.

    SELECTED CASH FLOW INFORMATION

    (unaudited)

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 30,

     

    June 30,

    (in millions)

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net cash provided by operating activities

     

    $

    1,325

     

     

    $

    2,337

     

     

    $

    3,544

     

     

    $

    4,082

     

    Net cash used in investing activities

     

     

    (307

    )

     

     

    (483

    )

     

     

    (2,514

    )

     

     

    (1,309

    )

    Net cash used in financing activities

     

     

    (2,953

    )

     

     

    (1,101

    )

     

     

    (4,314

    )

     

     

    (2,507

    )

    Effect of exchange rate changes on cash and cash equivalents

     

     

    (11

    )

     

     

    14

     

     

     

    (29

    )

     

     

    26

     

    Net change in cash and cash equivalents

     

     

    (1,947

    )

     

     

    768

     

     

     

    (3,313

    )

     

     

    292

     

    Cash and cash equivalents at beginning of period

     

     

    4,718

     

     

     

    4,936

     

     

     

    6,085

     

     

     

    5,412

     

    Cash and cash equivalents at end of period

     

    $

    2,772

     

     

    $

    5,704

     

     

    $

    2,772

     

     

    $

    5,704

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 30,

     

    June 30,

    (in millions)

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net cash provided by operating activities

     

    $

    1,325

     

     

    $

    2,337

     

     

    $

    3,544

     

     

    $

    4,082

     

    Capital expenditures

     

     

    (130

    )

     

     

    (139

    )

     

     

    (235

    )

     

     

    (248

    )

    Free cash flow(1)

     

    $

    1,195

     

     

    $

    2,199

     

     

    $

    3,309

     

     

    $

    3,834

     

    ________________________________

    (1)

    Free cash flow is a non-GAAP liquidity measure. Please refer to our disclosures in the Non-GAAP Financial Information section above.

    GILEAD SCIENCES, INC.

    PRODUCT SALES SUMMARY

    (unaudited)

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 30,

     

    June 30,

    (in millions)

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

    HIV

     

     

     

     

     

     

     

     

    Biktarvy – U.S.

     

    $

    2,585

     

    $

    2,439

     

    $

    4,900

     

    $

    4,600

    Biktarvy – Europe

     

     

    370

     

     

    302

     

     

    735

     

     

    606

    Biktarvy – Rest of World

     

     

    277

     

     

    237

     

     

    542

     

     

    449

     

     

     

    3,232

     

     

    2,979

     

     

    6,177

     

     

    5,656

     

     

     

     

     

     

     

     

     

    Descovy – U.S.

     

     

    434

     

     

    460

     

     

    805

     

     

    855

    Descovy – Europe

     

     

    25

     

     

    25

     

     

    51

     

     

    50

    Descovy – Rest of World

     

     

    26

     

     

    31

     

     

    55

     

     

    60

     

     

     

    485

     

     

    516

     

     

    911

     

     

    965

     

     

     

     

     

     

     

     

     

    Genvoya – U.S.

     

     

    372

     

     

    455

     

     

    704

     

     

    872

    Genvoya – Europe

     

     

    45

     

     

    56

     

     

    95

     

     

    111

    Genvoya – Rest of World

     

     

    23

     

     

    29

     

     

    44

     

     

    58

     

     

     

    440

     

     

    540

     

     

    843

     

     

    1,041

     

     

     

     

     

     

     

     

     

    Odefsey – U.S.

     

     

    233

     

     

    267

     

     

    457

     

     

    497

    Odefsey – Europe

     

     

    72

     

     

    74

     

     

    148

     

     

    149

    Odefsey – Rest of World

     

     

    10

     

     

    11

     

     

    21

     

     

    22

     

     

     

    315

     

     

    351

     

     

    626

     

     

    668

     

     

     

     

     

     

     

     

     

    Symtuza - Revenue share(1) – U.S.

     

     

    131

     

     

    84

     

     

    236

     

     

    182

    Symtuza - Revenue share(1) – Europe

     

     

    34

     

     

    33

     

     

    67

     

     

    70

    Symtuza - Revenue share(1) – Rest of World

     

     

    3

     

     

    3

     

     

    6

     

     

    7

     

     

     

    168

     

     

    120

     

     

    309

     

     

    259

     

     

     

     

     

     

     

     

     

    Other HIV(2) – U.S.

     

     

    65

     

     

    74

     

     

    125

     

     

    136

    Other HIV(2) – Europe

     

     

    25

     

     

    31

     

     

    70

     

     

    63

    Other HIV(2) – Rest of World

     

     

    15

     

     

    15

     

     

    27

     

     

    28

     

     

     

    105

     

     

    120

     

     

    222

     

     

    228

     

     

     

     

     

     

     

     

     

    Total HIV – U.S.

     

     

    3,821

     

     

    3,778

     

     

    7,226

     

     

    7,142

    Total HIV – Europe

     

     

    571

     

     

    521

     

     

    1,167

     

     

    1,049

    Total HIV – Rest of World

     

     

    353

     

     

    326

     

     

    695

     

     

    624

     

     

     

    4,745

     

     

    4,626

     

     

    9,088

     

     

    8,816

    Liver Disease

     

     

     

     

     

     

     

     

    Sofosbuvir / Velpatasvir(3) – U.S.

     

     

    267

     

     

    223

     

     

    515

     

     

    427

    Sofosbuvir / Velpatasvir(3) – Europe

     

     

    84

     

     

    84

     

     

    163

     

     

    174

    Sofosbuvir / Velpatasvir(3) – Rest of World

     

     

    126

     

     

    90

     

     

    203

     

     

    181

     

     

     

    476

     

     

    397

     

     

    881

     

     

    782

     

     

     

     

     

     

     

     

     

    Vemlidy – U.S.

     

     

    117

     

     

    96

     

     

    212

     

     

    183

    Vemlidy – Europe

     

     

    11

     

     

    10

     

     

    22

     

     

    19

    Vemlidy – Rest of World

     

     

    115

     

     

    113

     

     

    233

     

     

    216

     

     

     

    243

     

     

    219

     

     

    467

     

     

    418

     

     

     

     

     

     

     

     

     

    Other Liver Disease(4) – U.S.

     

     

    47

     

     

    37

     

     

    89

     

     

    64

    Other Liver Disease(4) – Europe

     

     

    47

     

     

    37

     

     

    94

     

     

    78

    Other Liver Disease(4) – Rest of World

     

     

    19

     

     

    21

     

     

    38

     

     

    44

     

     

     

    113

     

     

    95

     

     

    221

     

     

    186

     
    Total Liver Disease – U.S.

     

     

    431

     

     

    356

     

     

    816

     

     

    674

    Total Liver Disease – Europe

     

     

    142

     

     

    131

     

     

    279

     

     

    271

    Total Liver Disease – Rest of World

     

     

    259

     

     

    225

     

     

    474

     

     

    441

     

     

     

    832

     

     

    711

     

     

    1,569

     

     

    1,386

     

     

     

     

     

     

     

     

     

    Veklury

     

     

     

     

     

     

     

     

    Veklury – U.S.

     

     

    76

     

     

    97

     

     

    391

     

     

    349

    Veklury – Europe

     

     

    53

     

     

    52

     

     

    123

     

     

    163

    Veklury – Rest of World

     

     

    85

     

     

    107

     

     

    255

     

     

    317

     

     

     

    214

     

     

    256

     

     

    769

     

     

    829

     

     

     

     

     

     

     

     

     

    GILEAD SCIENCES, INC.

    PRODUCT SALES SUMMARY - (Continued)

    (unaudited)

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 30,

     

    June 30,

    (in millions)

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

    Oncology

     

     

     

     

     

     

     

     

    Cell Therapy

     

     

     

     

     

     

     

     

    Tecartus – U.S.

     

     

    63

     

     

    56

     

     

    118

     

     

    114

    Tecartus – Europe

     

     

    37

     

     

    29

     

     

    73

     

     

    56

    Tecartus – Rest of World

     

     

    7

     

     

    4

     

     

    16

     

     

    6

     

     

     

    107

     

     

    88

     

     

    207

     

     

    177

     

     

     

     

     

     

     

     

     

    Yescarta – U.S.

     

     

    186

     

     

    217

     

     

    357

     

     

    427

    Yescarta – Europe

     

     

    169

     

     

    133

     

     

    327

     

     

    254

    Yescarta – Rest of World

     

     

    58

     

     

    30

     

     

    110

     

     

    58

     

     

     

    414

     

     

    380

     

     

    794

     

     

    739

     

     

     

     

     

     

     

     

     

    Total Cell Therapy – U.S.

     

     

    250

     

     

    272

     

     

    475

     

     

    542

    Total Cell Therapy – Europe

     

     

    206

     

     

    162

     

     

    400

     

     

    310

    Total Cell Therapy – Rest of World

     

     

    66

     

     

    34

     

     

    126

     

     

    65

     

     

     

    521

     

     

    469

     

     

    1,001

     

     

    916

    Trodelvy

     

     

     

     

     

     

     

     

    Trodelvy – U.S.

     

     

    224

     

     

    189

     

     

    429

     

     

    351

    Trodelvy – Europe

     

     

    69

     

     

    53

     

     

    137

     

     

    107

    Trodelvy – Rest of World

     

     

    26

     

     

    17

     

     

    62

     

     

    23

     

     

     

    320

     

     

    260

     

     

    628

     

     

    482

     

     

     

     

     

     

     

     

     

    Total Oncology – U.S.

     

     

    474

     

     

    462

     

     

    904

     

     

    893

    Total Oncology – Europe

     

     

    275

     

     

    215

     

     

    537

     

     

    417

    Total Oncology – Rest of World

     

     

    92

     

     

    51

     

     

    188

     

     

    88

     

     

     

    841

     

     

    728

     

     

    1,629

     

     

    1,398

    Other

     

     

     

     

     

     

     

     

    AmBisome – U.S.

     

     

    17

     

     

    20

     

     

    31

     

     

    27

    AmBisome – Europe

     

     

    69

     

     

    69

     

     

    139

     

     

    129

    AmBisome – Rest of World

     

     

    65

     

     

    61

     

     

    124

     

     

    111

     

     

     

    151

     

     

    151

     

     

    294

     

     

    267

     

     

     

     

     

     

     

     

     

    Other(5) – U.S.

     

     

    98

     

     

    64

     

     

    156

     

     

    127

    Other(5) – Europe

     

     

    8

     

     

    10

     

     

    18

     

     

    22

    Other(5) – Rest of World

     

     

    24

     

     

    17

     

     

    36

     

     

    26

     

     

     

    130

     

     

    92

     

     

    209

     

     

    175

     

     

     

     

     

     

     

     

     

    Total Other – U.S.

     

     

    115

     

     

    85

     

     

    188

     

     

    153

    Total Other – Europe

     

     

    77

     

     

    80

     

     

    156

     

     

    152

    Total Other – Rest of World

     

     

    88

     

     

    78

     

     

    160

     

     

    137

     

     

     

    280

     

     

    243

     

     

    504

     

     

    442

     

     

     

     

     

     

     

     

     

    Total product sales – U.S.

     

     

    4,916

     

     

    4,777

     

     

    9,525

     

     

    9,211

    Total product sales – Europe

     

     

    1,118

     

     

    999

     

     

    2,262

     

     

    2,052

    Total product sales – Rest of World

     

     

    878

     

     

    788

     

     

    1,772

     

     

    1,607

     

     

    $

    6,912

     

    $

    6,564

     

    $

    13,559

     

    $

    12,870

    ______________________________

    (1)

    Represents Gilead's revenue from cobicistat ("C"), FTC and TAF in Symtuza (darunavir/C/FTC/TAF), a fixed dose combination product commercialized by Janssen Sciences Ireland Unlimited Company.

    (2)

    Includes Atripla, Complera/Eviplera, Emtriva, Sunlenca, Stribild, Truvada and Tybost.

    (3)

    Includes Epclusa and the authorized generic version of Epclusa sold by Gilead's separate subsidiary, Asegua Therapeutics LLC ("Asegua").

    (4)

    Includes ledipasvir/sofosbuvir (Harvoni and the authorized generic version of Harvoni sold by Asegua), Hepcludex, Hepsera, Sovaldi, Viread and Vosevi.

    (5)

    Includes Cayston, Jyseleca, Letairis, Ranexa and Zydelig.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240807993584/en/

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