Gilead Sciences financials largely in line with expectations

US biotech major Gilead Sciences (Nasdaq: GILD) announced results of operations for the fourth quarter and full year 2023 after markets closed yesterday that were generally in line with Wall Street expectations.

In the fourth quarter, Gilead earned an adjusted $1.72 per share on $7.12 billion in total revenue. Earnings increased 3% year over year, but lagged expectations by 4 cents per share, according to FactSet. Sales dipped almost 4%, but were narrowly above estimates for $7.1 billion.

Total full year 2023 revenue decreased 1% to $27.1 billion compared to 2022, driven by a reduction of $1.7 billion in covid drug Veklury (remdesivir) sales, largely offset by higher HIV and onology sales, Gilead noted.