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Gilead’s 3Q Revenues up 7%

Growth in the quarter primarily due to higher sales in HIV as well as in Veklury (remdesivir), Oncology and Liver Disease.

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By: Kristin Brooks

Managing Editor, Contract Pharma

Gilead
3Q Revenues: $7.5 billion (+7%)
3Q Earnings: $1.25 billion (-42%)
YTD Revenues: $21.2 billion (+6%)
YTD Loss: $1.3 billion (earnings were $4.4 billion YTD23)
Comments: Growth in the quarter primarily due to higher sales in HIV as well as in Veklury (remdesivir), Oncology and Liver Disease. Biktarvy sales were up 13% to $3.5 billion in the quarter. Descovy sales were up 15% to $586 million. The Liver Disease portfolio sales increased 4% to $733 million in the quarter primarily driven by higher demand in viral hepatitis medicines. Veklury sales increased 9% to $692 million, primarily driven by increased rates of COVID-19 related hospitalizations, particularly in the U.S. Cell Therapy product sales were flat at $485 million in the quarter with Yescarta sales down 1% to $387 million and Tecartus sales up 2% to $98 million. Trodelvy sales increased 17% to $332 million. Earnings in the quarter were impacted by higher acquired IPR&D of $505 million primarily driven by a $320 million charge related to the buy-out of global Livdelzi royalties from Janssen Pharmaceutica NV, and tax expense with the effective tax rate of 31.1% in the third quarter 2024 compared to 6.3% in the same period in 2023.

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