Gilead Sciences has reported a 1% growth in revenue to $6.3bn in the second quarter (Q2) of 2022 as against $6.2bn in the year-ago quarter.

The company attributed the revenue rise to enhanced sales in HIV and oncology products, which was offset partially by reduced sales of Veklury (remdesivir) and hepatitis C virus (HCV) medicines.

For the three months ended on 30 June 2022, diluted earnings per share (EPS) declined to $0.91 from $1.21 in Q2 2021. 

Higher acquired in-process research & development (IPR&D) expenses from a $300m upfront payment linked to the partnership with Dragonfly Therapeutics and elevated net unrealised losses from strategic equity investments led to the drop in diluted EPS. 

In Q2 2022, non-GAAP diluted EPS dropped 13% to $1.58 from $1.81 in the second quarter of 2021.

Total product sales in the second quarter of 2022 were $6.13bn versus $6.15bn in the prior-year quarter. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Furthermore, total product sales excluding Veklury, rose by 2% to $5bn in Q1 2022 as against $4.9bn in Q1 2021, indicating an increased demand for Biktarvy, cell therapy products and Trodelvy. 

For the quarter, a 7% rise in total product sales, excluding Veklury, to $5.7bn was reported versus $5.3bn in Q2 last year.

A 28% year-over-year growth in Biktarvy sales was reported in Q2 2022, chiefly due to increased demand and channel mix.

Gilead Sciences chairman and CEO Daniel O’Day said: “This was a very strong quarter for Gilead, with solid commercial and clinical execution. 

“Excluding Veklury, product sales grew 7% year-over-year. There was continued strong demand for our HIV portfolio with further share growth for Biktarvy, and oncology revenues reached an all-time high, driven by cell therapy and Trodelvy.”

The company has revised the full-year guidance, with total product sales now expected to be $24.5bn-$25bn as against prior guidance of $23.8bn-$24.3bn.

Earnings per share were updated to $2.9-$3.3 from a previous range of $3-$3.50.

In April, the company reported a 3% revenue growth to $6.6bn in Q1 2022.