Mixed 2nd-qtr financials from Gilead Sciences

4 August 2023

US biotech major Gilead Sciences (Nasdaq: GILD) late yesterday announced results of operations for the second quarter of 2023, reducing the range for its earnings outlook after posting mixed results for the three months, but its shares managed a small initial 1.2% rise.

Total second quarter 2023 revenue increased 5% to $6.6 billion compared to the same period in 2022, primarily driven by increased sales in HIV and Oncology, partially offset by lower Veklury (remdesivir) sales, and just beating analysts’ $6.44 billion expectations.

Diluted earnings per share (EPS) decreased to $0.83 for the second quarter of 2023 compared to $0.91 for the same period in 2022, mainly driven by a $525 million litigation accrual for settlements with certain plaintiffs in the HIV antitrust litigation, representing an unfavorable $0.32 impact to diluted EPS.

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