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Gilead's Profit Soars on HIV, Liver Drug Strength
11 Feb
Summary
- Gilead reported $2.18 billion profit, up from last year.
- Revenue increased 5% to $7.93 billion in the quarter.
- Company anticipates two cancer therapies and new HIV treatment this year.
Gilead Sciences reported a notable increase in profit for its most recent financial quarter. The biopharmaceutical firm's earnings reached $2.18 billion, or $1.74 per share, surpassing the $1.78 billion, or $1.42 per share, recorded in the same period last year. This financial success was primarily fueled by increased sales of its HIV and liver disease medications.
Total revenue for the quarter climbed by 5% to $7.93 billion. Product sales, the main contributor to Gilead's revenue, grew by 5% to $7.9 billion. While sales of Veklury, a COVID-19 treatment, saw a decline, this was counteracted by strong performance in the liver disease and HIV segments. The company also offered guidance for the full year, projecting adjusted earnings per share between $8.45 and $8.85, and product revenue between $29.6 billion and $30 billion.
Looking toward future expansion, Gilead's Chief Executive Daniel O'Day indicated that the company is on track to potentially introduce two new cancer therapies and an additional HIV treatment option later this year. These planned developments are expected to support continued growth for Gilead Sciences.
