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Gilead Earnings Beat Estimates As Biotech Awaits Liver Disease Drug Ruling

 
• By Alaric DeArment

The drug maker reported Q2 product sales of $6.9bn, more than analyst consensus for the quarter, and raised its full-year guidance.

• Source: Shutterstock

Gilead Sciences, Inc.’s second quarter 2024 earnings beat expectations, despite declines for some products, during a quarter in which it unveiled positive data for a long-acting drug for pre-exposure prophylaxis (PrEP) of HIV and later revealed that its chief medical officer plans to step down. Looking ahead, the company awaits an “imminent” US Food and Drug Administration ruling on a drug for primary biliary cholangitis (PBC).

The Foster City, CA-based drug maker announced its earnings on 8 August, reporting that total product sales were $6.9bn, up by 5% from the comparable period last year. Excluding the COVID-19 drug Veklury (remdesivir), total product sales were $6.7bn, up 6% from Q2 of 2023

Key Takeaways

  • Gilead reported second quarter earnings of $6.9bn, which was 6% more than in Q2 2023 and beat analyst forecasts.

  • The company saw sales increase across its HIV, oncology and liver disease franchises

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