Gilead Sciences ( (GILD) ) has released its Q3 earnings. Here is a breakdown of the information Gilead Sciences presented to its investors.
Gilead Sciences, Inc. is a biopharmaceutical company that focuses on advancing innovative medicines to prevent and treat life-threatening diseases such as HIV, viral hepatitis, COVID-19, and cancer, operating in over 35 countries worldwide. In its third-quarter 2024 financial results, Gilead reported a 7% increase in total revenue to $7.5 billion, driven by strong HIV product sales, particularly Biktarvy, which saw a 13% year-over-year increase. The company also reported increased sales in its oncology and liver disease portfolios. However, a significant pre-tax in-process research and development impairment related to assets acquired from Immunomedics, Inc. impacted the diluted earnings per share, which decreased to $1.00 from $1.73 in the same period in 2023. Non-GAAP diluted EPS was $2.02, down from $2.29 in the previous year. Operating cash flow was strong at $4.3 billion, while cash reserves decreased largely due to the acquisition of CymaBay Therapeutics for $3.9 billion. Gilead has updated its full-year guidance, reflecting increased expectations for revenue and earnings per share, buoyed by strong product sales and disciplined expense management. The company remains focused on expanding its impact on patients and communities through upcoming product launches and strategic collaborations.
