Gilead Sciences beats revenue estimates but misses profit consensus
Gilead Sciences (NASDAQ:GILD): Q1 Non-GAAP EPS of $1.37  misses by $0.17.
Revenue of $6.35B (-3.6% Y/Y)  beats by $20M.
Total product sales, excluding Veklury, increased 15% to $5.7 billion in the first quarter of 2023 compared to the same period in 2022, primarily due to increased sales related to HIV, Cell Therapy, Trodelvy (sacituzumab govitecan-hziy) and Liver Disease.

HIV product sales increased 13% to $4.2 billion in the first quarter of 2023 compared to the same period in 2022, primarily driven by favorable pricing dynamics, as well as higher demand and lower inventory draw- downs
Veklury sales decreased by 63% to $573 million for the first quarter of 2023 compared to the same period in 2022, primarily driven by lower rates of COVID-19 related hospitalizations in all regions.
For the full-year, Gilead expects:
Total product sales between $26.0 billion and $26.5 billion The total revenue consensus including Royalty, contract and other revenues is $26.73B.
Total product sales, excluding Veklury, between $24.0 billion and $24.5 billion, unchanged from prior guidance.
Total Veklury sales of approximately $2.0 billion, unchanged from prior guidance. Veklury sales are expected to be highly variable, depending on the frequency and severity of surges, and our guidance will continue to be updated on a quarterly basis as necessary.
Diluted earnings per share between $4.75 and $5.15, compared to $5.30 and $5.70 previously.
Non-GAAP diluted earnings per share between $6.60 and $7.00 vs $6.84 consensus.
Press Release