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.
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.