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Financial Report: Gilead

HCV product sales down 53% in the quarter; $5.5 billion charge from U.S. Tax Reform results in loss

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By: Kristin Brooks

Managing Editor, Contract Pharma

Gilead
4Q Revenues:  $5.9 billion (-19%)
4Q Loss: $3.8 billion (earnings were $3.1 billion 4Q16)
FY Revenues: $26.1 billion (-14%)
FY Earnings: $4.6 billion (-66%)
Comments: Antiviral product sales, which include HIV, chronic hepatitis B (HBV) and chronic hepatitis C (HCV) products, were $5.2 billion, down 21%. Tenofovir alafenamide (TAF)-based products performed well in the quarter. Genvoya sales were $1.1 billion, up 88%. Descovy sales were $365 million, up 145% and Odefsey sales were $325 million, up 110%. HCV product sales, which consist of Harvoni, Sovaldi, Epclusa and Vosevi, were $1.5 billion in the quarter, down 53% with declines were across all major markets due to competition. Other product sales, which include Letairis, Ranexa and AmBisome, were flat at $624 million in the quarter. Provision for income taxes was $6.0 billion in the compared to $821 million 4Q16. With an estimated charge of $5.5 billion from U.S. Tax Reform. 


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