Gilead Sciences Inc. pointed the finger at lower realized price due to channel mix as the culprit behind a slight decline in HIV product sales in the fourth quarter of 2023, emphasizing that demand nevertheless remains high and that sales still increased for the full year. Meanwhile, cell therapy faced competition and capacity constraints, the company said, as analysts noted that sales in that segment came in lighter than expected.
The Foster City, CA-based biotech announced its fourth quarter and full year 2023 earnings on 6 February, with product sales for the quarter decreasing 4% from the comparable period in 2022 to $7.1bn, while sales excluding the COVID-19 drug Veklury (remdesivir) were $6.3bn, flat compared with the year before
Key Takeaways
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Gilead’s fourth quarter 2023 sales included a 2% decrease in HIV product sales.
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The company said lower realized price due to channel mix drove the decrease, but pointed to continued demand