Gilead Sciences says it uncovered a dangerous drug-counterfeiting operation in which its HIV medications were tampered with and improperly resold before reaching patients.The scheme, allegedly run out of two New York City pharmacies, identified Peter Khaim, a twice-convicted medical fraudster, as the mastermind, according to court documents unsealed this month. The company described Khaim as one of the most brazen and largest manufacturers and sellers of counterfeit Gilead medications in the country.Gilead ...

On Thursday, Gilead Sciences, Inc. GILD reported second-quarter revenue of $6.95 billion, beating the consensus of $6.72 billion.Sales increased 5% year over year primarily due to higher product sales in HIV, Liver Disease, and Oncology. Product sales excluding Veklury increased 6% year-over-year to $6.7 billion.Adjusted EPS was $2.01, up from $1.34 a year ago, beating the consensus of $1.60, primarily driven by lower operating expenses and higher revenues.Also Read: Gilead’s $42.5K Priced HIV Drug Could Be ...

Gilead Sciences cites strong growth in its HIV and oncology portfolios during Q2 2024.Key PointsRevenue of $7.0 billion, up 6% excluding Veklury.Non-GAAP diluted EPS of $2.01.Management maintained full-year guidance for product sales.Gilead Sciences (GILD -3.23%), the biopharmaceutical giant known for its HIV, liver disease, and oncology treatments, announced its second quarter 2024 earnings on Aug. 8. The company reported revenue of $7.0 billion, reflecting a solid performance, particularly in its core HIV ...

Gilead Sciences, Inc. (GILD) reported better-than-expected results in the second quarter and raised its annual earnings guidance.Adjusted earnings per share (EPS) of $2.01 comfortably beat the Zacks Consensus Estimate of $1.61. In the year-ago quarter, the company reported adjusted earnings of $1.34 per share.The year-over-year increase was driven by higher revenues and lower operating expenses.Total revenues of $6.9 billion beat the Zacks Consensus Estimate of $6.6, primarily due to high HIV, oncology and ...

Gilead Sciences, Inc. (NASDAQ:GILD) Q2 2024 Earnings Conference Call August 8, 2024 4:30 PM ET Company Participants Jacquie Ross - Vice President, Investor Relations Daniel O'Day - Chairman and Chief Executive Officer Johanna Mercier - Chief Commercial Officer Merdad Parsey - Chief Medical Officer Andrew Dickinson - Chief Financial Officer Cindy Perettie - Executive Vice President, Kite Conference Call Participants Evan Seigerman - BMO Capital Markets Terence Flynn - Morgan Stanley Daina Graybosch - Leerink ...

Gilead Sciences (GILD) reported $6.95 billion in revenue for the quarter ended June 2024, representing a year-over-year increase of 5.4%. EPS of $2.01 for the same period compares to $1.34 a year ago.The reported revenue represents a surprise of +4.71% over the Zacks Consensus Estimate of $6.64 billion. With the consensus EPS estimate being $1.61, the EPS surprise was +24.84%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Stre ...

Gilead Sciences (GILD) came out with quarterly earnings of $2.01 per share, beating the Zacks Consensus Estimate of $1.61 per share. This compares to earnings of $1.34 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 24.84%. A quarter ago, it was expected that this HIV and hepatitis C drugmaker would post a loss of $1.49 per share when it actually produced a loss of $1.32, delivering a surprise of 11.41%.Over the last four quar ...

Q224 Financial Results August 8, 2024 Forward-Looking Statements Statements included in this presentation that are not historical in nature are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Gilead cautions readers that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include those relating to: Gilead's ability to achieve its anticipated full ye ...

Financial Performance - Total revenues for Q2 2024 reached $6,954 million, a 5.4% increase from $6,599 million in Q2 2023[10] - Product sales amounted to $6,912 million in Q2 2024, compared to $6,564 million in the same period last year, reflecting a 5.3% growth[10] - Net income for Q2 2024 was $1,614 million, up from $1,039 million in Q2 2023, representing a 55.2% increase[10] - Basic earnings per share attributable to Gilead for Q2 2024 were $1.29, compared to $0.84 in Q2 2023[10] - The company reported a total of $4,309 million in total costs and expenses for Q2 2024, down from $4,934 million in Q2 2023[10] - Net income for the three months ended June 30, 2024, was $1,614 million[15] - Net income for the three months ended June 30, 2023, was $1,045 million[16] - Net income attributable to Gilead for the three months ended June 30, 2024, was $1,614 million, compared to $1,045 million for the same period in 2023, representing a 54.4% increase[85] - Diluted earnings per share for the three months ended June 30, 2024, was $1.29, compared to $0.83 for the same period in 2023, marking a 55.4% increase[85] Expenses and Costs - Research and development expenses were $1,351 million in Q2 2024, slightly down from $1,407 million in Q2 2023[10] - The company reported a total of $4,309 million in total costs and expenses for Q2 2024, down from $4,934 million in Q2 2023[10] - Stock-based compensation for the quarter amounted to $209 million[15] - Stock-based compensation for the quarter amounted to $198 million[16] - Restructuring charges incurred were $21 million for the three months and $84 million for the six months ended June 30, 2024, primarily related to workforce reductions[68] Assets and Liabilities - Total current assets decreased to $12,317 million as of June 30, 2024, down from $16,085 million at the end of 2023[8] - Total assets decreased to $53,579 million as of June 30, 2024, compared to $62,125 million at the end of 2023[8] - Total liabilities decreased to $35,298 million as of June 30, 2024, down from $39,376 million at the end of 2023[8] - Cash and cash equivalents decreased to $2,772 million as of June 30, 2024, from $6,085 million at the end of 2023[8] - Total debt, net, was reported at $23,349 million as of June 30, 2024, down from $24,987 million as of December 31, 2023[69] Cash Flow - Net cash provided by operating activities was $3,544 million for the six months ended June 30, 2024, compared to $4,082 million in 2023[18] - Total cash used in investing activities was $2,514 million, up from $1,309 million in the same period of 2023[18] - Total cash used in financing activities increased to $4,314 million from $2,507 million in 2023[18] Acquisitions and Investments - The acquisition of CymaBay Therapeutics, Inc. was completed in March 2024 for total consideration of $3.9 billion, with a charge of $3.9 billion recorded for acquired in-process research and development expenses[53] - The acquisition of XinThera, Inc. was completed in May 2023 for approximately $200 million, with a $170 million charge recorded for acquired in-process research and development expenses[54] - The acquisition of Tmunity Therapeutics, Inc. was completed in February 2023 for approximately $300 million, with a $244 million charge recorded for acquired in-process research and development expenses[55] - In January 2024, the company acquired approximately 15.2 million additional shares of Arcus common stock for $320 million, increasing its ownership to 33%[57] Legal and Compliance - The company is involved in litigation regarding the HHS Patents related to pre-exposure prophylaxis, with a trial for damages scheduled for December 2024[73] - The company is defending against multiple patent infringement lawsuits from generic manufacturers, with trials scheduled for February 2025 and October 2025[75] - The company settled claims related to antitrust lawsuits for $525 million in the second half of 2023, without admitting liability[76] - The company is facing approximately 25,000 active plaintiffs in product liability lawsuits related to Viread, Truvada, Atripla, Complera, and Stribild, with a potential settlement of up to $40 million for eligible plaintiffs[79] - The company is cooperating with a government investigation related to its promotional speaker programs for HIV[80] - The company is involved in qui tam litigation alleging violations of the federal False Claims Act, with potential significant monetary damages if claims are successful[81] - The company does not believe that other legal actions will have a material adverse impact on its consolidated financial position[82] Taxation - The effective tax rate for the three months ended June 30, 2024, was 21.4%, significantly lower than the 34.6% rate for the same period in 2023[86] - Income tax expense for the three months ended June 30, 2024, was $438 million, down from $549 million in the same period of 2023[86] - The effective income tax rate for the six months ended June 30, 2024, was (5.1)%, primarily due to non-deductible expenses related to acquisitions[86] - The company is currently under examination by the Internal Revenue Service for tax years 2019 to 2021, which may lead to significant disputes regarding tax deductions[86]

GILEAD SCIENCES ANNOUNCES SECOND QUARTER 2024 FINANCIAL RESULTS Product Sales Excluding Veklury Increased 6% Year-Over-Year to $6.7 billion Biktarvy Sales Increased 8% Year-Over-Year to $3.2 billion Oncology Sales Increased 15% Year-Over-Year to $841 million Foster City, CA, August 8, 2024 - Gilead Sciences, Inc. (Nasdaq: GILD) announced today its second quarter 2024 results of operations. "Gilead has had another strong quarter with 6% year-over-year growth in our base business. This was driven by sales of ...