Gilead Sciences Surpasses Q3 Earnings and Sales Forecasts, Boosts Annual Outlook

Earnings and Sales Performance:

Gilead Sciences reported better-than-expected Q3 earnings and sales, with adjusted EPS of $2.02 and total revenues of $7.5 billion, up 7% year over year12.
The company's shares rose 2% in after-market trading and have increased 13.2% year to date1.

HIV Product Sales:

HIV product sales grew 9% year over year to $5.1 billion, driven by higher average realized price and demand14.
Biktarvy sales increased 13% year over year to $3.5 billion, maintaining its dominant position in the HIV treatment market14.
Descovy sales increased 15% year over year to $586 million14.

Annual Guidance:

Gilead raised its 2024 guidance, projecting product sales between $27.8 billion and $28.1 billion, and adjusted EPS between $4.25 and $4.4513.

Lenacapavir and Future Prospects:

The company announced positive results from the PURPOSE 2 study, showing lenacapavir reduced HIV infections by 96% compared to background HIV incidence14.
Gilead expects to file for approval of lenacapavir for HIV prevention before the end of the year, which could set a new standard for HIV prevention14.

Sources:

1. https://www.zacks.com/stock/news/2366605/gilead-beats-on-q3-earnings-and-sales-raises-annual-outlook

2. https://www.nasdaq.com/articles/gilead-beats-q3-earnings-and-sales-raises-annual-outlook

3. https://www.marketscreener.com/quote/stock/GILEAD-SCIENCES-INC-4876/news/Gilead-Sciences-Post-Higher-3Q-Revenue-Raises-Fiscal-Year-Guidance-48279666/

4. https://www.gilead.com/news/news-details/2024/gilead-sciences-announces-third-quarter-2024-financial-results