Gilead Sciences Inc (NASDAQ:GILD) reported Q1 FY23 sales decreased 4% Y/Y to $6.35 billion, slightly above the consensus of $6.33 billion, due to lower Veklury (remdesivir) sales, partially offset by increased sales in HIV and Oncology.
“Biktarvy outperformed once again, and Oncology revenue increased 59% year-over-year, driven by Trodelvy and Cell Therapy,” said Daniel O’Day, Gilead’s Chairman & CEO.
Product sales decreased by 3% to $6.3 billion; excluding Veklury, product sales increased 15% to $5.7 billion.
HIV product sales increased 13% to $4.2 billion, with Biktarvy bringing in $2.7 billion. Cell Therapy product sales increased 64% to $448 million.
Veklury sales decreased by 63% to $573 million, primarily driven by lower rates of COVID-19-related hospitalizations in all regions.
The company reported adjusted EPS of $1.37, down 35% Y/Y, lagging the consensus of $1.54. The product gross margin was 86.2%, down from 87.4% a year ago.
Guidance: Gilead reaffirms FY23 sales guidance of $26-$26.5 billion versus the consensus of $26.73 billion. It forecasts adjusted EPS of $6.60-$7.00 compared to consensus of $6.84.
Price Action: GILD shares are down 2.25% at $81.67 on the last check Friday.
