Gilead Sciences reported third-quarter solid 2024 financial results, with a 7% year-over-year increase in total product sales, reaching $7.5 billion. Excluding Veklury, product sales grew by 7%, totaling $6.8 billion. This growth was primarily attributed to increased sales in HIV, Oncology, and Liver Disease.
HIV product sales reached $5.1 billion, a 9% increase in the same period in 2023. This rise was driven by higher average realized prices due to shifts in channel mix and increased demand, offset partially by inventory dynamics. Biktarvy sales saw a 13% year-over-year increase, reaching $3.5 billion.
Liver Disease portfolio sales experienced a 4% increase, reaching $733 million. This growth was primarily due to higher demand for viral hepatitis medicines, partially offset by unfavorable pricing dynamics. Oncology sales also performed well, with a 6% year-over-year increase, reaching $816 million. Trodelvy sales contributed significantly to this growth, increasing by 17% to $332 million due to higher demand across all regions.
Veklury sales saw a 9% increase, totaling $692 million, primarily driven by rising COVID-19-related hospitalizations, particularly in the United States. Cell Therapy product sales remained relatively flat at $485 million.
Gilead’s robust third-quarter performance raised its full-year 2024 financial guidance. The company now expects product sales to be between $27.8 billion and $28.1 billion, from the previous guidance of $27.1 billion to $27.5 billion. Product sales, excluding Veklury, are now projected to be between $26.0 billion and $26.3 billion, compared to the prior estimate of $25.8 billion to $26.2 billion. Veklury sales projections were also increased to $1.8 billion from the previous $1.3 billion estimate. Diluted earnings per share (EPS) are now expected to be between $0.05 and $0.25, while non-GAAP diluted EPS is projected to be between $4.25 and $4.45, reflecting an upward revision from previous guidance.
These positive results and upwardly revised guidance are attributed to strong topline growth and efficient operating expense management. The company anticipates further impacting patients and communities in the coming months, particularly with the continued U.S. launch of Livdelzi for primary biliary cholangitis and the potential launch of lenacapavir, a twice-yearly HIV prevention option.
Jon Napitupulu is Director of Media Relations at The Clinical Trial Vanguard. Ferry, a computer data scientist, focuses on the latest clinical trial industry news and trends.
