Gilead nails Q1 beat even as net income plummets on R&D impairment charge
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Gilead Sciences' (NASDAQ:GILD) Q1 2022 net income plummeted 99% to just $12M compared to the prior-year period driven by a one-time in-process research and development impairment charge of $2.7B.
Still, the biotech was able to beat on both the top and bottom lines.

Revenue of ~$6.6B was a 2.6% year over year increase.
Sales HIV drugs, the company's largest product segment, increased $3.7B compared to Q1 2021.
Sales of its COVID-19 treatment Veklury (remdesivir) rose 5% to ~1.5B.
Gilead's (GILD) Hepatitis C virus franchise took a hit with revenue down 22% year over year to $399M.
As a result of the R&D impairment charge, the company revised its full-year EPS to $3.00-$3.50 from $4.70-$5.20 previously.
Read why Seeking Alpha contributor Eugenio Catone says that Gilead (GILD) is undervalued.