mohd izzuan Gilead Sciences ( NASDAQ: GILD ) is raising its 2024 non-GAAP EPS guidance following Q2 results that beat on both lines . The biotech now expects non-diluted EPS of $3.60-$3.
90 (midpoint $3.75) compared to $3.45-$3.
85 before. Consensus is $3.71.
Gilead kept its full-year product sales projection unchanged at $27.1B-$27.5B.
Revenue consensus is $27.58B. Through the first two quarters of 2024, $81M in royalty, contract, and other revenues were also reported.
In Q2, the company's liver diseases business saw the biggest year-over-year percentage growth --17% -- to $832M. The cancer treatment segment also did well, up 15.5% YoY to $841M.
Its largest franchise, HIV treatments, grew 2.6% compared to the prior-year period, to ~$4.7B.
Veklury (remdesivir), its antiviral for COVID-19, saw sales drop16.4% YoY to $214M. Gilead ended the quarter (June 30) with $2.
8B in cash, cash equivalents, and marketable debt securities, $8.4B on Dec. 31, 2023.
The decline was due to the company's March acquisition of CymaBay Therapeutics as well as a $1.75B repayment of senior notes. More on Gilead Sciences Gilead's New Anti-Obesity Drug: The Real Reason Behind The 25% Stock Surge? A Look At Gilead Sciences After Its Recent Weakness Gilead Sciences: The Upcycle Is Just Getting Started Gilead Sciences Q2 Earnings Preview: Focus on CAR-T market and oncology ViiV's Dovato as effective as Gilead's Biktarvy for HIV but with less weight gain.
