Product Sales Excluding Veklury Increased 6%
Year-Over-Year to $6.1 billion
Biktarvy Sales Increased 10% Year-Over-Year to
$2.9 billion
Oncology Sales Increased 18% Year-Over-Year to
$789 million
Closed CymaBay Acquisition Resulting in $3.9
billion Acquired IPR&D Charge ($3.14 Diluted EPS Impact)
Gilead Sciences, Inc. (Nasdaq: GILD) announced today its first
quarter 2024 results of operations.
“Gilead delivered another strong quarter of revenue growth in
the first quarter with 6% year-over-year growth in our base
business driven by HIV, Oncology and Liver Disease,” said Daniel
O’Day, Gilead’s Chairman and Chief Executive Officer. “The
acquisition of CymaBay brings us another potentially transformative
therapy for people with liver disease, and a regulatory decision on
seladelpar is expected in August. New HIV data demonstrates the
continued progress in our long-acting HIV pipeline, and we look
forward to providing updates on this and our broad Oncology
portfolio throughout the rest of 2024.”
First Quarter 2024 Financial
Results
- Total first quarter 2024 revenue increased 5% to $6.7 billion,
compared to the same period in 2023, primarily due to higher HIV,
Oncology and Liver Disease sales.
- Diluted (loss) earnings per share (“EPS”) was $(3.34) in the
first quarter 2024, compared to $0.80 in the same period in 2023.
The decrease was primarily driven by an acquired in-process
research and development (“IPR&D”) charge of $3.9 billion, or
$3.14 per share, related to the acquisition of CymaBay
Therapeutics, Inc. (“CymaBay”), as well as a pre-tax IPR&D
impairment of $2.4 billion, or $1.46 per share, related to assets
acquired by Gilead from Immunomedics, Inc. (“Immunomedics”) in
2020.
- Non-GAAP diluted (loss) EPS was $(1.32) in the first quarter
2024, compared to $1.37 in the same period in 2023. The decrease
was primarily driven by the charge related to the acquisition of
CymaBay.
- As of March 31, 2024, Gilead had $4.7 billion of cash, cash
equivalents and marketable debt securities, compared to $8.4
billion as of December 31, 2023.
- During the first quarter 2024, Gilead generated $2.2 billion in
operating cash flow.
- During the first quarter 2024, Gilead paid dividends of $990
million and repurchased $400 million of common stock.
First Quarter 2024 Product Sales
Total first quarter 2024 product sales increased 5% to $6.6
billion, compared to the same period in 2023. Total product sales,
excluding Veklury, increased 6% to $6.1 billion in the first
quarter 2024, compared to the same period in 2023, primarily due to
higher sales in HIV, Oncology and Liver Disease.
HIV product sales increased 4% to $4.3 billion in the first
quarter 2024, compared to the same period in 2023, primarily driven
by higher demand.
- Biktarvy® (bictegravir 50mg/emtricitabine 200mg
(“FTC”)/tenofovir alafenamide 25mg (“TAF”)) sales increased 10% to
$2.9 billion in the first quarter 2024, compared to the same period
in 2023, primarily driven by higher demand in the United States,
Europe and other international markets.
- Descovy® (FTC 200mg/TAF 25mg) sales decreased 5% to $426
million in the first quarter 2024, compared to the same period in
2023, primarily driven by lower average realized price due to
channel mix, partially offset by higher demand.
The Liver Disease portfolio sales increased 9% to $737
million in the first quarter 2024, compared to the same period in
2023. This was primarily driven by favorable inventory dynamics,
the timing of chronic hepatitis C virus (“HCV”) purchases by the
Department of Corrections in the United States, as well as higher
demand across chronic hepatitis B virus (“HBV”), HCV and, in the
European Union (“EU”), chronic hepatitis D virus (“HDV”).
Veklury sales decreased 3% to $555 million in the first
quarter 2024, compared to the same period in 2023, primarily driven
by lower rates of COVID-19 related hospitalizations.
Cell Therapy product sales increased 7% to $480 million in the
first quarter 2024, compared to the same period in 2023.
- Yescarta® (axicabtagene ciloleucel) sales increased 6%
to $380 million in the first quarter 2024, compared to the same
period in 2023, primarily driven by strong demand in relapsed or
refractory (“R/R”) large B-cell lymphoma (“LBCL”) outside the
United States.
- Tecartus® (brexucabtagene autoleucel) sales increased
13% to $100 million in the first quarter 2024, compared to the same
period in 2023, with increased demand in R/R adult acute
lymphoblastic leukemia and R/R mantle cell lymphoma.
Trodelvy® (sacituzumab govitecan-hziy) sales increased
39% to $309 million in the first quarter 2024, compared to the same
period in 2023, primarily driven by higher demand.
First Quarter 2024 Product Gross Margin, Operating Expenses
and Effective Tax Rate
- Product gross margin was 76.6% in the first quarter 2024,
compared to 77.8% in the same period in 2023, primarily driven by
product mix and higher intangible asset amortization expenses.
Non-GAAP product gross margin was 85.4% in the first quarter 2024,
compared to 86.2% in the same period in 2023, primarily driven by
product mix.
- Research & development (“R&D”) expenses were $1.5
billion in the first quarter 2024, compared to $1.4 billion in the
same period in 2023, primarily driven by costs related to the
acquisition of CymaBay and restructuring expenses. Non-GAAP R&D
expenses were $1.4 billion in the first quarter 2024, flat with the
same period in 2023.
- Acquired IPR&D expenses were $4.1 billion in the first
quarter 2024, primarily driven by the $3.9 billion charge related
to the acquisition of CymaBay that closed on March 22, 2024.
- IPR&D impairment was $2.4 billion related to the assets
acquired from Immunomedics in 2020 with no similar charges in
2023.
- Selling, general and administrative (“SG&A”) expenses were
$1.4 billion in the first quarter 2024, compared to $1.3 billion in
the same period in 2023. This increase reflects costs related to
the acquisition of CymaBay and restructuring expenses. Non-GAAP
SG&A expenses were $1.3 billion in the first quarter 2024, flat
with the same period in 2023.
- The effective tax rate (“ETR”) was 7.0% in the first quarter
2024, compared to 24.3% in the same period in 2023, and non-GAAP
ETR was (29.8)% in the first quarter 2024, compared to 18.9% in the
same period in 2023. These changes primarily reflect the
non-deductible acquired IPR&D charge for CymaBay.
Guidance and Outlook
For the full-year, Gilead expects:
(in millions, except per share
amounts)
4/25/24 Guidance
Low End
High End
Comparison to Prior
Guidance
Product sales
$
27,100
$
27,500
Unchanged
Product sales, excluding Veklury
$
25,800
$
26,200
Unchanged
Veklury
$
1,300
$
1,300
Unchanged
Diluted EPS
$
0.10
$
0.50
Previously $5.15 to $5.55
Non-GAAP diluted EPS
$
3.45
$
3.85
Previously $6.85 to $7.25
Additional information and a reconciliation between GAAP and
non-GAAP financial information for the 2024 guidance is provided in
the accompanying tables. The financial guidance is subject to a
number of risks and uncertainties. See the Forward-Looking
Statements section below.
Key Updates Since Our Last Quarterly
Release
Virology
- Presented data at the Conference on Retroviruses and
Opportunistic Infections (“CROI”) across Gilead’s HIV long-acting
treatment pipeline. For once-weekly oral dosing, this included
Phase 2 data evaluating lenacapavir in combination with Merck &
Co., Inc.’s islatravir as well as initial Phase 1b data for
GS-1720, Gilead’s novel, investigational integrase inhibitor.
Additionally, updated results were presented from the twice-yearly
injectable Phase 1b study of lenacapavir in combination with
investigational broadly neutralizing antibodies, teropavimab and
zinlirvimab.
- Announced data at CROI evaluating Biktarvy for treatment of
people with HIV and coinfections of HBV or tuberculosis, as well as
results from a Phase 2/3 study evaluating once-daily oral
combination of bictegravir and lenacapavir.
- Presented multiple real-world analyses at CROI supporting the
use of Veklury for people hospitalized with COVID-19, including in
immunocompromised people. Additionally, presented a real-world
analysis evaluating the impact of Veklury on the risk of developing
long-COVID.
- Announced data at CROI evaluating the safety and efficacy of
Hepcludex® (bulevirtide) in people living with coinfections of HIV,
HBV and HDV. In the United States and other areas outside of the EU
and European Economic Area, bulevirtide is an investigational
product and its safety and efficacy have not been established.
- Received approval by the U.S. Food and Drug Administration
(“FDA”) to expand Biktarvy’s label to include treatment of people
with HIV who have suppressed viral loads with known or suspected
M184V/I resistance.
- Received approval from FDA to expand the indication for
Vemlidy® (tenofovir alafenamide) to include treatment of chronic
HBV in children six years and older who weigh at least 25 kg with
compensated liver disease.
Oncology
- Announced a research collaboration, option and license
agreement with Merus N.V. (“Merus”) to discover novel
antibody-based trispecific T-cell engagers in oncology.
- Entered into an exclusive license agreement with Xilio
Therapeutics, Inc. (“Xilio”) to develop and commercialize Xilio’s
tumor-activated IL-12 program, including investigational candidate
XTX301 in advanced solid tumors.
Inflammation
- Completed the acquisition of CymaBay for $4.3 billion in total
equity value, or $3.9 billion net cash paid, adding investigational
candidate seladelpar for the treatment of primary biliary
cholangitis (“PBC”) to Gilead’s Liver Disease portfolio. Seladelpar
is an investigational, oral, selective peroxisome
proliferator-activated receptor delta (PPARδ) agonist, with Orphan
Drug Designation in the United States and Europe. PPARδ has been
shown to regulate critical metabolic and liver disease pathways.
FDA accepted the New Drug Application for seladelpar in February
2024 for priority review, with a Prescription Drug User Fee Act
target action date of August 14, 2024.
Corporate
- Announced that Kevin Lofton is retiring from Gilead’s Board of
Directors (the “Board”), effective at the conclusion of the Annual
Meeting of Stockholders (“Annual Meeting”) on May 8, 2024. Anthony
Welters, if re-elected at the Annual Meeting, will succeed Mr.
Lofton as Lead Independent Director.
- Recognized as one of America’s Most JUST Companies by Just
Capital and CNBC, reflecting Gilead’s longstanding commitment to
operate responsibly.
- The Board declared a quarterly dividend of $0.77 per share of
common stock for the second quarter of 2024. The dividend is
payable on June 27, 2024, to stockholders of record at the close of
business on June 14, 2024. Future dividends will be subject to
Board approval.
Certain amounts and percentages in this press release may not
sum or recalculate due to rounding.
Conference Call
At 1:30 p.m. Pacific Time today, Gilead will host a conference
call to discuss Gilead’s results. A live webcast will be available
on http://investors.gilead.com and will be archived on
www.gilead.com for one year.
Non-GAAP Financial
Information
The information presented in this document has been prepared in
accordance with U.S. generally accepted accounting principles
(“GAAP”), unless otherwise noted as non-GAAP. Management believes
non-GAAP information is useful for investors, when considered in
conjunction with Gilead’s GAAP financial information, because
management uses such information internally for its operating,
budgeting and financial planning purposes. Non-GAAP information is
not prepared under a comprehensive set of accounting rules and
should only be used to supplement an understanding of Gilead’s
operating results as reported under GAAP. Non-GAAP financial
information generally excludes acquisition-related expenses
including amortization of acquired intangible assets and inventory
step-up charges, and other items that are considered unusual or not
representative of underlying trends of Gilead’s business, fair
value adjustments of equity securities and discrete and related tax
charges or benefits associated with changes in tax related laws and
guidelines. Although Gilead consistently excludes the amortization
of acquired intangible assets from the non-GAAP financial
information, management believes that it is important for investors
to understand that such intangible assets were recorded as part of
acquisitions and contribute to ongoing revenue generation. Non-GAAP
measures may be defined and calculated differently by other
companies in the same industry. Reconciliations of the non-GAAP
financial measures to the most directly comparable GAAP financial
measures are provided in the accompanying tables.
About Gilead Sciences
Gilead Sciences, Inc. is a biopharmaceutical company that has
pursued and achieved breakthroughs in medicine for more than three
decades, with the goal of creating a healthier world for all
people. The company is committed to advancing innovative medicines
to prevent and treat life-threatening diseases, including HIV,
viral hepatitis, COVID-19 and cancer. Gilead operates in more than
35 countries worldwide, with headquarters in Foster City,
California.
Forward-Looking
Statements
Statements included in this press release 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 year
2024 financial results, including as a result of the uncertainty of
the amount and timing of Veklury revenues; Gilead’s ability to make
progress on any of its long-term ambitions or priorities laid out
in its corporate strategy; Gilead’s ability to accelerate or
sustain revenues for its virology, oncology and other programs;
Gilead’s ability to realize the potential benefits of acquisitions,
collaborations or licensing arrangements, including the
arrangements with CymaBay, Merus, and Xilio; patent protection and
estimated loss of exclusivity for our products and product
candidates; Gilead’s ability to initiate, progress or complete
clinical trials within currently anticipated timeframes or at all,
the possibility of unfavorable results from ongoing and additional
clinical trials, including those involving Biktarvy, Hepcludex,
Veklury, GS-1720, lenacapavir, seladelpar, teropavimab, XTX301, and
zinlirvimab, and the risk that safety and efficacy data from
clinical trials may not warrant further development of Gilead’s
product candidates or the product candidates of Gilead’s strategic
partners; Gilead’s ability to submit new drug applications for new
product candidates or expanded indications in the currently
anticipated timelines; Gilead’s ability to receive regulatory
approvals in a timely manner or at all, including FDA approval of
the New Drug Application for seladelpar, and the risk that any such
approvals, if granted, may be subject to significant limitations on
use; Gilead’s ability to successfully commercialize its products;
the risk of potential disruptions to the manufacturing and supply
chain of Gilead’s products; pricing and reimbursement pressures
from government agencies and other third parties, including
required rebates and other discounts; a larger than anticipated
shift in payer mix to more highly discounted payer segments; market
share and price erosion caused by the introduction of generic
versions of Gilead products; the risk that physicians and patients
may not see advantages of Gilead’s products over other therapies
and may therefore be reluctant to prescribe the products, including
Biktarvy and Vemlidy; and other risks identified from time to time
in Gilead’s reports filed with the SEC, including annual reports on
Form 10-K, quarterly reports on Form 10-Q and current reports on
Form 8-K. In addition, Gilead makes estimates and judgments that
affect the reported amounts of assets, liabilities, revenues and
expenses and related disclosures. Gilead bases its estimates on
historical experience and on various other market specific and
other relevant assumptions that it believes to be reasonable under
the circumstances, the results of which form the basis for making
judgments about the carrying values of assets and liabilities that
are not readily apparent from other sources. There may be other
factors of which Gilead is not currently aware that may affect
matters discussed in the forward-looking statements and may also
cause actual results to differ significantly from these estimates.
Further, results for the quarter ended March 31, 2024 are not
necessarily indicative of operating results for any future periods.
Gilead directs readers to its press releases, annual reports on
Form 10-K, quarterly reports on Form 10-Q and other subsequent
disclosure documents filed with the SEC. Gilead claims the
protection of the Safe Harbor contained in the Private Securities
Litigation Reform Act of 1995 for forward-looking statements.
The reader is cautioned that forward-looking statements are not
guarantees of future performance and is cautioned not to place
undue reliance on these forward-looking statements. All
forward-looking statements are based on information currently
available to Gilead and Gilead assumes no obligation to update or
supplement any such forward-looking statements other than as
required by law. Any forward-looking statements speak only as of
the date hereof or as of the dates indicated in the statements.
Gilead owns or has rights to various
trademarks, copyrights and trade names used in its business,
including the following: GILEAD®, GILEAD SCIENCES®, KITETM,
AMBISOME®, ATRIPLA®, BIKTARVY®, CAYSTON®, COMPLERA®, DESCOVY®,
DESCOVY FOR PREP®, EMTRIVA®, EPCLUSA®, EVIPLERA®, GENVOYA®,
HARVONI®, HEPCLUDEX®, HEPSERA®, JYSELECA®, LETAIRIS®, ODEFSEY®,
SOVALDI®, STRIBILD®, SUNLENCA® , TECARTUS®, TRODELVY®, TRUVADA®,
TRUVADA FOR PREP®, TYBOST®, VEKLURY®, VEMLIDY®, VIREAD®, VOSEVI®,
YESCARTA® and ZYDELIG®. KEYTRUDA® is a registered trademark of
Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc.,
Rahway, NJ, United States. Other trademarks are the property of
their respective owners.
For more information on Gilead Sciences, Inc.,
please visit www.gilead.com or call the Gilead Public Affairs
Department at 1-800-GILEAD-5 (1-800-445-3235).
GILEAD SCIENCES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended
March 31,
(in millions, except per share
amounts)
2024
2023
Revenues:
Product sales
$
6,647
$
6,306
Royalty, contract and other revenues
39
46
Total revenues
6,686
6,352
Costs and expenses:
Cost of goods sold
1,552
1,401
Research and development expenses
1,520
1,447
Acquired in-process research and
development expenses
4,131
481
In-process research and development
impairment
2,430
—
Selling, general and administrative
expenses
1,375
1,319
Total costs and expenses
11,008
4,647
Operating (loss) income
(4,322
)
1,705
Interest expense
254
230
Other (income) expense, net
(91
)
174
(Loss) income before income taxes
(4,486
)
1,300
Income tax (benefit) expense
(315
)
316
Net (loss) income
(4,170
)
985
Net loss attributable to noncontrolling
interest
—
(26
)
Net (loss) income attributable to
Gilead
$
(4,170
)
$
1,010
Basic (loss) earnings per share
attributable to Gilead
$
(3.34
)
$
0.81
Shares used in basic (loss) earnings per
share attributable to Gilead calculation
1,247
1,248
Diluted (loss) earnings per share
attributable to Gilead
$
(3.34
)
$
0.80
Shares used in diluted (loss) earnings per
share attributable to Gilead calculation
1,247
1,261
Cash dividends declared per share
$
0.77
$
0.75
Research and development expenses as a %
of revenues
22.7
%
22.8
%
Selling, general and administrative
expenses as a % of revenues
20.6
%
20.8
%
Effective tax rate
7.0
%
24.3
%
GILEAD SCIENCES, INC.
TOTAL REVENUE SUMMARY
(unaudited)
Three Months Ended
March 31,
(in millions, except
percentages)
2024
2023
Change
Product sales:
HIV
$
4,342
$
4,190
4
%
Liver Disease
737
675
9
%
Oncology
789
670
18
%
Other
224
199
13
%
Total product sales excluding Veklury
6,092
5,733
6
%
Veklury
555
573
(3
)%
Total product sales
6,647
6,306
5
%
Royalty, contract and other revenues
39
46
(15
)%
Total revenues
$
6,686
$
6,352
5
%
GILEAD SCIENCES, INC.
NON-GAAP FINANCIAL
INFORMATION(1)
(unaudited)
Three Months Ended
March 31,
(in millions, except
percentages)
2024
2023
Change
Non-GAAP:
Cost of goods sold
$
974
$
871
12
%
Research and development expenses
$
1,403
$
1,439
(2
)%
Acquired IPR&D expenses(2)
$
4,131
$
481
NM
Selling, general and administrative
expenses
$
1,295
$
1,318
(2
)%
Other (income) expense, net
$
(104
)
$
(82
)
27
%
Diluted (loss) earnings per share
attributable to Gilead
$
(1.32
)
$
1.37
NM
Product gross margin
85.4
%
86.2
%
-83 bps
Research and development expenses as a %
of revenues
21.0
%
22.6
%
-166 bps
Selling, general and administrative
expenses as a % of revenues
19.4
%
20.7
%
-138 bps
Operating margin
(16.7
)%
35.3
%
NM
Effective tax rate
(29.8
)%
18.9
%
NM
________________________________ NM - Not Meaningful
(1)
Refer to Non-GAAP Financial Information
section above for further disclosures on non-GAAP financial
measures. A reconciliation between GAAP and non-GAAP financial
information is provided in the tables below.
(2)
Equal to GAAP financial information.
GILEAD SCIENCES, INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL INFORMATION
(unaudited)
Three Months Ended
March 31,
(in millions, except percentages and
per share amounts)
2024
2023
Cost of goods sold
reconciliation:
GAAP cost of goods sold
$
1,552
$
1,401
Acquisition-related – amortization(1)
(579
)
(530
)
Non-GAAP cost of goods sold
$
974
$
871
Product gross margin
reconciliation:
GAAP product gross margin
76.6
%
77.8
%
Acquisition-related – amortization(1)
8.7
%
8.4
%
Non-GAAP product gross margin
85.4
%
86.2
%
Research and development expenses
reconciliation:
GAAP research and development expenses
$
1,520
$
1,447
Acquisition-related – other costs(2)
(66
)
(8
)
Restructuring
(50
)
—
Non-GAAP research and development
expenses
$
1,403
$
1,439
IPR&D impairment
reconciliation:
GAAP IPR&D impairment
$
2,430
$
—
IPR&D impairment
(2,430
)
—
Non-GAAP IPR&D impairment
$
—
$
—
Selling, general and administrative
expenses reconciliation:
GAAP selling, general and administrative
expenses
$
1,375
$
1,319
Acquisition-related – other costs(2)
(67
)
(1
)
Restructuring
(13
)
—
Non-GAAP selling, general and
administrative expenses
$
1,295
$
1,318
Operating (loss) income
reconciliation:
GAAP operating (loss) income
$
(4,322
)
$
1,705
Acquisition-related – amortization(1)
579
530
Acquisition-related – other costs(2)
133
9
Restructuring
63
—
IPR&D impairment
2,430
—
Non-GAAP operating (loss) income
$
(1,117
)
$
2,243
Operating margin
reconciliation:
GAAP operating margin
(64.6
)%
26.8
%
Acquisition-related – amortization(1)
8.7
%
8.3
%
Acquisition-related – other costs(2)
2.0
%
0.1
%
Restructuring
0.9
%
—
%
IPR&D impairment
36.3
%
—
%
Non-GAAP operating margin
(16.7
)%
35.3
%
Other (income) expense, net
reconciliation:
GAAP other (income) expense, net
$
(91
)
$
174
Loss from equity securities, net
(14
)
(256
)
Non-GAAP other (income) expense, net
$
(104
)
$
(82
)
GILEAD SCIENCES, INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL INFORMATION - (Continued)
(unaudited)
Three Months Ended
March 31,
(in millions, except percentages and
per share amounts)
2024
2023
Effective tax rate and income tax
(benefit) expense reconciliation:
GAAP effective tax rate
7.0
%
24.3
%
GAAP income tax (benefit) expense
$
(315
)
$
316
Income tax effect of non-GAAP
adjustments:
Acquisition-related – amortization(1)
121
107
Acquisition-related – other costs(2)
30
3
Restructuring
10
—
IPR&D impairment
611
—
Loss from equity securities, net
(39
)
(1
)
Discrete and related tax charges(3)
(39
)
(29
)
Non-GAAP income tax expense
$
379
$
396
Non-GAAP effective tax rate
(29.8
)%
18.9
%
Net (loss) income attributable to
Gilead reconciliation:
GAAP net (loss) income attributable to
Gilead
$
(4,170
)
$
1,010
Acquisition-related – amortization(1)
458
422
Acquisition-related – other costs(2)
103
6
Restructuring
54
—
IPR&D impairment
1,819
—
Loss from equity securities, net
53
257
Discrete and related tax charges(3)
39
29
Non-GAAP net (loss) income attributable to
Gilead
$
(1,644
)
$
1,725
Diluted (loss) earnings per share
reconciliation:
GAAP diluted (loss) earnings per share
$
(3.34
)
$
0.80
Acquisition-related – amortization(1)
0.37
0.33
Acquisition-related – other costs(2)
0.08
0.01
Restructuring
0.04
—
IPR&D impairment
1.46
—
Loss from equity securities, net
0.04
0.20
Discrete and related tax charges(3)
0.03
0.02
Non-GAAP diluted (loss) earnings per
share
$
(1.32
)
$
1.37
Non-GAAP adjustment summary:
Cost of goods sold adjustments
$
579
$
530
Research and development expenses
adjustments
117
8
IPR&D impairment adjustments
2,430
—
Selling, general and administrative
expenses adjustments
80
1
Total non-GAAP adjustments to costs and
expenses
3,205
539
Other (income) expense, net
adjustments
14
256
Total non-GAAP adjustments before income
taxes
3,219
795
Income tax effect of non-GAAP adjustments
above
(732
)
(109
)
Discrete and related tax charges(3)
39
29
Total non-GAAP adjustments to net income
attributable to Gilead
$
2,526
$
715
______________________________
(1)
Relates to amortization of acquired
intangibles and inventory step-up charges.
(2)
Adjustments include integration expenses,
contingent consideration fair value adjustments and other expenses
associated with Gilead’s acquisitions of MYR GmbH, MiroBio, Ltd.,
Tmunity Therapeutics, Inc. and CymaBay Therapeutics, Inc.
(3)
Represents discrete and related deferred
tax charges or benefits primarily associated with acquired
intangible assets and transfers of intangible assets from a foreign
subsidiary to Ireland and the United States.
GILEAD SCIENCES, INC.
RECONCILIATION OF GAAP TO
NON-GAAP 2024 FULL-YEAR GUIDANCE(1)
(unaudited)
(in millions, except percentages and
per share amounts)
Provided
February 6, 2024
Updated
April 25, 2024
Projected product gross margin GAAP to
non-GAAP reconciliation:
GAAP projected product gross margin
76.0% - 77.0%
76.0% - 77.0%
Acquisition-related expenses
~ 9.0%
~ 9.0%
Non-GAAP projected product gross
margin
85.0% - 86.0%
85.0% - 86.0%
Projected operating income GAAP to
non-GAAP reconciliation:
GAAP projected operating income
$8,700 - $9,200
$1,900 - $2,400
IPR&D impairment, acquisition-related
and restructuring expenses
~ 2,500
~ 5,100
Non-GAAP projected operating income
$11,200 - $11,700
$7,000 - $7,500
Projected effective tax rate GAAP to
non-GAAP reconciliation:
GAAP projected effective tax rate
~ 21%
~ 65%
Income tax effect of above non-GAAP
adjustments and fair value adjustments of equity securities, and
discrete and related tax adjustments
(~ 2%)
(~ 35%)
Non-GAAP projected effective tax rate
~ 19%
~ 30%
Projected diluted EPS GAAP to non-GAAP
reconciliation:
GAAP projected diluted EPS
$5.15 - $5.55
$0.10 - $0.50
IPR&D impairment, acquisition-related
and restructuring expenses, fair value adjustments of equity
securities and discrete and related tax adjustments
~ 1.70
~ 3.35
Non-GAAP projected diluted EPS
$6.85 - $7.25
$3.45 - $3.85
________________________________
(1)
Our full-year guidance excludes the
potential impact of any (i) acquisitions or business development
transactions that have not been executed, (ii) future fair value
adjustments of equity securities and (iii) discrete tax charges or
benefits associated with changes in tax related laws and guidelines
that have not been enacted, as Gilead is unable to project such
amounts. The non-GAAP full-year guidance includes non-GAAP
adjustments to actual current period results as well as adjustments
for the known future impact associated with events that have
already occurred, such as future amortization of our intangible
assets and the future impact of discrete and related deferred tax
charges or benefits primarily associated with acquired intangible
assets and transfers of intangible assets from a foreign subsidiary
to Ireland and the United States.
GILEAD SCIENCES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(unaudited)
March 31,
December 31,
(in millions)
2024
2023
Assets
Cash, cash equivalents and marketable debt
securities
$
4,718
$
8,428
Accounts receivable, net
4,669
4,660
Inventories
3,363
3,366
Property, plant and equipment, net
5,321
5,317
Intangible assets, net
23,428
26,454
Goodwill
8,314
8,314
Other assets
6,479
5,586
Total assets
$
56,292
$
62,125
Liabilities and Stockholders’
Equity
Current liabilities
$
13,015
$
11,280
Long-term liabilities
25,822
28,096
Stockholders’ equity(1)
17,455
22,749
Total liabilities and stockholders’
equity
$
56,292
$
62,125
________________________________
(1)
As of March 31, 2024 and December 31,
2023, there were 1,246 shares of common stock issued and
outstanding.
GILEAD SCIENCES, INC.
SELECTED CASH FLOW
INFORMATION
(unaudited)
Three Months Ended
March 31,
(in millions)
2024
2023
Net cash provided by operating
activities
$
2,219
$
1,744
Net cash used in investing activities
(2,207
)
(826
)
Net cash used in financing activities
(1,361
)
(1,406
)
Effect of exchange rate changes on cash
and cash equivalents
(18
)
13
Net change in cash and cash
equivalents
(1,367
)
(476
)
Cash and cash equivalents at beginning of
period
6,085
5,412
Cash and cash equivalents at end of
period
$
4,718
$
4,936
Three Months Ended
March 31,
(in millions)
2024
2023
Net cash provided by operating
activities
$
2,219
$
1,744
Capital expenditures
(105
)
(109
)
Free cash flow(1)
$
2,114
$
1,635
________________________________
(1)
Free cash flow is a non-GAAP liquidity
measure. Please refer to our disclosures in the Non-GAAP Financial
Information section above.
GILEAD SCIENCES, INC.
PRODUCT SALES SUMMARY
(unaudited)
Three Months Ended
March 31,
(in millions)
2024
2023
HIV
Biktarvy – U.S.
$
2,315
$
2,161
Biktarvy – Europe
365
304
Biktarvy – Rest of World
265
212
2,946
2,677
Descovy – U.S.
371
395
Descovy – Europe
26
25
Descovy – Rest of World
29
29
426
449
Genvoya – U.S.
332
417
Genvoya – Europe
49
55
Genvoya – Rest of World
21
29
403
501
Odefsey – U.S.
223
230
Odefsey – Europe
76
76
Odefsey – Rest of World
11
11
310
317
Symtuza - Revenue share(1) – U.S.
104
98
Symtuza - Revenue share(1) – Europe
33
36
Symtuza - Revenue share(1) – Rest of
World
3
4
141
138
Other HIV(2) – U.S.
60
62
Other HIV(2) – Europe
45
32
Other HIV(2) – Rest of World
12
13
117
108
Total HIV – U.S.
3,405
3,364
Total HIV – Europe
596
528
Total HIV – Rest of World
342
298
4,342
4,190
Liver
Disease
Sofosbuvir / Velpatasvir(3) – U.S.
248
204
Sofosbuvir / Velpatasvir(3) – Europe
79
90
Sofosbuvir / Velpatasvir(3) – Rest of
World
78
90
405
385
Vemlidy – U.S.
95
87
Vemlidy – Europe
11
9
Vemlidy – Rest of World
119
103
225
199
Other Liver Disease(4) – U.S.
42
27
Other Liver Disease(4) – Europe
47
41
Other Liver Disease(4) – Rest of World
19
23
107
91
Total Liver Disease – U.S.
385
318
Total Liver Disease – Europe
137
140
Total Liver Disease – Rest of World
215
217
737
675
Veklury
Veklury – U.S.
315
252
Veklury – Europe
70
111
Veklury – Rest of World
169
209
555
573
GILEAD SCIENCES, INC.
PRODUCT SALES SUMMARY -
(Continued)
(unaudited)
Three Months Ended
March 31,
(in millions)
2024
2023
Oncology
Cell Therapy
Tecartus – U.S.
55
59
Tecartus – Europe
36
27
Tecartus – Rest of World
8
3
100
89
Yescarta – U.S.
170
210
Yescarta – Europe
158
121
Yescarta – Rest of World
52
28
380
359
Total Cell Therapy – U.S.
225
269
Total Cell Therapy – Europe
195
148
Total Cell Therapy – Rest of World
60
31
480
448
Trodelvy
Trodelvy – U.S.
206
162
Trodelvy – Europe
68
54
Trodelvy – Rest of World
36
6
309
222
Total Oncology – U.S.
431
431
Total Oncology – Europe
262
202
Total Oncology – Rest of World
96
37
789
670
Other
AmBisome – U.S.
14
6
AmBisome – Europe
70
60
AmBisome – Rest of World
60
49
144
116
Other(5) – U.S.
59
62
Other(5) – Europe
9
12
Other(5) – Rest of World
12
9
80
83
Total Other – U.S.
73
69
Total Other – Europe
79
72
Total Other – Rest of World
71
58
224
199
Total product sales – U.S.
4,609
4,434
Total product sales – Europe
1,144
1,053
Total product sales – Rest of World
894
819
$
6,647
$
6,306
______________________________
(1)
Represents Gilead’s revenue from
cobicistat (“C”), FTC and TAF in Symtuza (darunavir/C/FTC/TAF), a
fixed dose combination product commercialized by Janssen Sciences
Ireland Unlimited Company.
(2)
Includes Atripla, Complera/Eviplera,
Emtriva, Sunlenca, Stribild, Truvada and Tybost.
(3)
Includes Epclusa and the authorized
generic version of Epclusa sold by Gilead’s separate subsidiary,
Asegua Therapeutics LLC (“Asegua”).
(4)
Includes ledipasvir/sofosbuvir (Harvoni
and the authorized generic version of Harvoni sold by Asegua),
Hepcludex, Hepsera, Sovaldi, Viread and Vosevi.
(5)
Includes Cayston, Jyseleca, Letairis,
Ranexa and Zydelig.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240425746971/en/
Investors: Jacquie Ross, CFA
investor_relations@gilead.com Media: Ashleigh Koss
public_affairs@gilead.com
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