The following is a summary of the Gilead Sciences, Inc. (GILD) Q1 2024 Earnings Call Transcript:
Financial Performance:
Gilead's Q1 total product sales, excluding Veklury, grew 6% year-over-year to $6.1 billion, bolstered by an increased demand across HIV, oncology, and liver disease sectors.
Veklury sales for COVID-19 treatments reached a total of 555 million.
1Q non-GAP diluted EPS stood at $1.82, surpassing expectations due to higher product sales.
However, their Q1 2024 haven't met expectations with diluted earnings per share at a negative $1.32, compared to a positive $1.37 for the same period the previous year.
Product gross margin fell to 85.4% due primarily to product mix, and operating expenses decreased by 2%.
Business Progress:
HIV product sales saw a 4% increase year-over-year, and oncology product sales were up by 18%, propelled by Trodelvy.
Gilead completed the acquisition of CymaBay, resulting in a seladelpar drug with the potential to treat significant unmet need in liver disease.
Phase 1b data on the twice-yearly parenteral program of Lenacapavir plus two broadly neutralizing antibodies, potentially the first twice-yearly subcutaneous HIV prevention option, was shared.
Gilead showed enthusiasm for the release of their drug, Trodelvy, for treating diverse segments of the breast cancer population.
Gilead will be particularly focusing on expense management, aiming to drive substantial growth in their business over the next decade while providing good returns to investors.
More details: Gilead Sciences IR
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