Financial Performance - Total product sales for Q1 2025 decreased 1% to 6.6billioncomparedtoQ12024,whileproductsalesexcludingVekluryincreased46.3 billion[4] - Total revenues for Q1 2025 were 6,667million,aslightdecreaseof0.36,686 million in Q1 2024[27] - Product sales decreased by 1% to 6,613millioninQ12025from6,647 million in Q1 2024, with significant declines in Veklury sales, which dropped 45% to 302million[29]−OperatingincomeforQ12025was2,237 million, a significant recovery from an operating loss of 4,322millioninQ12024[27]−NetincomeattributabletoGileadforQ12025was1,315 million, compared to a net loss of 4,170millioninQ12024[27]−GAAPnetincomeattributabletoGileadforQ12025was1,315 million, compared to a loss of 4,170millioninQ12024[33]−Non−GAAPnetincomeattributabletoGileadforQ12025was2,285 million, while it was a loss of 1,644millioninQ12024[33]−DilutedEPSforQ12025was1.04, a significant increase from (3.34)inQ12024,primarilyduetoprioryearchargesthatdidnotrepeat[6]−Non−GAAPdilutedEPSforQ12025was1.81, compared to (1.32) in the same period in 2024, driven by the prior year IPR&D expense related to the CymaBay acquisition[6] - Gilead expects full-year 2025 product sales to be between 28.2 billion and 28.6billion,unchangedfrompriorguidance[12]−GileadanticipatesdilutedEPSfor2025tobebetween5.65 and 6.05,revisedfromapreviousrangeof5.95 to 6.35[12]SalesPerformancebyProduct−HIVproductsalesincreased64.6 billion in Q1 2025, driven by higher average realized price and demand, with Biktarvy sales rising 7% to 3.1billion[5]−Veklurysalesdecreased45302 million in Q1 2025, primarily due to lower rates of COVID-19 related hospitalizations[8] - Biktarvy sales in the U.S. reached 2,474million,showingasignificantincreasecomparedto2,315 million in the same period last year[40] - Total HIV sales in the U.S. amounted to 3,664million,upfrom3,405 million year-over-year, reflecting a growth of approximately 7.6%[40] - Total HIV sales in Europe were 5,535million,comparedto5,596 million in the previous year, indicating a slight decline of about 1.1%[40] - Genvoya sales in the U.S. were 305million,whileinEurope,theyreached404 million, demonstrating strong performance in both markets[40] - The total sales for liver disease products in the U.S. were 3,353million,withEuropecontributing1,681 million, showcasing robust demand[40] - The company reported a total of 1,993millioninsalesforVekluryintheU.S.,withEuropeansalesat2,270 million, highlighting its continued market presence[40] - The overall revenue from other HIV products in the U.S. was 506million,withEuropeansalesat314 million, indicating stable performance[40] - The total revenue from liver disease products worldwide was 2,562million,reflectingthecompany′sstrongpositioninthistherapeuticarea[40]ResearchandDevelopment−Researchanddevelopmentexpenseswere1.4 billion in Q1 2025, down from 1.5billioninthesameperiodin2024[11]−Acquiredin−processresearchanddevelopmentexpensesweresignificantlyreducedto253 million in Q1 2025 from 4,131millioninQ12024,adecreaseof941.8 billion in operating cash flow during Q1 2025 and paid dividends of 1.0billion[6]−TotalassetsasofMarch31,2025,were56,434 million, down from 58,995millionasofDecember31,2024[36]−Cashandcashequivalentsdecreasedto7,926 million as of March 31, 2025, from 9,991millionattheendof2024[36]−NetcashprovidedbyoperatingactivitiesforQ12025was1,757 million, down from 2,219millioninQ12024[38]−FreecashflowforQ12025was1,653 million, compared to $2,114 million in Q1 2024[38] Taxation - The effective tax rate for Q1 2025 was 20.2%, compared to 7.0% in the same period in 2024[11] - The effective tax rate for Q1 2025 was 20.2%, compared to a negative effective tax rate of 7.0% in Q1 2024[27] - Projected non-GAAP effective tax rate for 2025 is approximately 19%[34] Market Outlook - The company anticipates continued growth in its HIV portfolio, driven by new product launches and market expansion strategies[41] - The company continues to focus on expanding its oncology portfolio and enhancing its cell therapy offerings[43]
Gilead(GILD)2025-04-24 20:03