Gilead raises 2022 guidance following growth in HIV, oncology franchises
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Gilead Sciences (NASDAQ:GILD) raised its 2022 EPS and revenue guidance following strong year-over-year sales results in its HIV and oncology franchises.
Q2 product sales of $6.1B were actually flat compared to Q2 2021 due to a decline in sales of sales of Veklury (remdesivir) and the hepatitis C franchise. Veklury sales dropped 46% to $445M. HCV drugs -- Sovaldi, Harvoni, Epclusa, and Vosevi -- revenue fell 18% to $448M.

Gilead (GILD) saw major growth among its cell therapies, which increased 68% to $368M in the quarter compared to the same period in 2021. The biotech markets Yescarta (axicabtagene ciloleucel) for large B-cell lymphoma follicular lymphoma, and Tecartus (brexucabtagene autoleucel) for mantle cell lymphoma and acute lymphoblastic leukemia.
Trodelvy (sacituzumab govitecan) sales of $159 million was a 79% year-over-year increase. It is used for triple-negative breast cancer and advanced bladder cancer.
Revenue in the HIV franchise rose 7% in the quarter to ~$4.2B.
Gilead ended the quarter with cash and cash equivalents of $7B, down from $7.8B on Dec. 31, 2021.
Check out Seeking Alpha contributor Daniel Schonberger's bullish argument for Gilead (GILD).