Gilead slips after cutting 2023 earnings guidance
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Gilead Sciences (NASDAQ:GILD) fell ~2% in the post-market Thursday as its Q1 2023 earnings fell short of forecasts, and the company lowered its full-year earnings outlook amid a sharp drop in its COVID-19 therapy Veklury (remdesivir).
Gilead (GILD) set its full year GAAP earnings outlook at $4.75 - $5.15, compared to $5.30 - $5.70 per diluted share, previously.
However, the management reiterated the non-GAAP earnings outlook at $6.60 â $7.00, in line with $6.84 per share in the consensus, while its non-GAAP product gross margin narrowed to ~86% from ~87% in the prior year period.
Revenue for the quarter fell ~4% YoY to $6.4B, driven by lower Veklury sales which stood below expectations at $573M, implying a ~63% YoY slump.
GILD reported a ~15% YoY increase in product sales excluding Veklury, which, according to CEO Daniel OâDay, indicates âgrowth in each of our core areas.â
âBiktarvy outperformed once again, and Oncology revenue increased 59% year-over-year, driven by Trodelvy and Cell Therapy,â he added.
HIV sales at Gilead (GILD) climbed ~13% YoY to $4.1B as Biktarvy and Genvoya treatments added $2.7B and $501M to the topline with ~24% YoY growth and ~14% YoY decline, respectively.
The oncology business brought $670M in product sales driven by breast cancer therapy Trodelvy which exceeded forecasts to generate $222M with ~52% YoY growth, while cell therapy Yescarta lagged expectations with $359M sales at ~70% YoY growth.
âWe look forward to helping even more people with Trodelvy following the approval for pre-treated HR+/HER2- metastatic breast cancer, making this the third U.S. approval for Trodelvy in three years,â OâDay added.
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