Gilead’s 4Q Financial Results

Gilead
4Q Revenues: $7.4 billion (+2%)
4Q Earnings: $1.6 billion (earnings were $376 million 4Q21)
FY Revenues: $27.3 billion (flat)
FY Earnings: $4.6 billion (-26%)
Comments: Total fourth quarter revenue of $7.4 billion up 2% primarily due to increased sales in Oncology, HIV and hepatitis C virus (HCV), partially offset by lower Veklury (remdesivir) sales. Total product sales excluding Veklury rose 9% to $6.3 billion.

Veklury sales decreased 26% to $1.0 billion for the quarter and decreased 30% to $3.9 billion for the year, primarily driven by lower rates of COVID-19 related hospitalizations.   

Biktarvy (bictegravir 50mg/emtricitabine (FTC) 200mg/tenofovir alafenamide (TAF) 25mg) sales increased 15% to $2.9 billion in the quarter reflecting higher demand and favorable pricing dynamics. Descovy (FTC 200mg/TAF 25mg) sales increased 13% to $537 million primarily driven by favorable pricing dynamics as well as higher demand, partially offset by lower channel inventory.

HIV sales increased 5% to $4.8 billion reflecting higher demand and favorable pricing dynamics, partially offset by channel inventory dynamics. HCV product sales increased 12% to $439 million, primarily driven by increased patient starts and favorable pricing dynamics in the U.S., partially offset by fewer starts in Europe. Hepatitis B virus (HBV) and hepatitis delta virus (HDV) sales decreased 4% to $255 million. Vemlidy (TAF 25 mg) sales decreased 2% primarily by lower demand and pricing dynamics outside of the U.S. Hepcludex (bulevirtide) contributed $13 million in the fourth quarter as launch activities continued across Europe.

Cell Therapy sales increased 75% to $419 million for the quarter. Yescarta (axicabtagene ciloleucel) sales increased to $337 million, primarily driven by increased demand in relapsed or refractory (R/R) large B-cell lymphoma (LBCL) in the U.S. and Europe. Tecartus (brexucabtagene autoleucel) sales increased to $82 million, driven by increased demand in adult R/R B-cell precursor acute lymphoblastic leukemia (ALL) and mantle cell lymphoma (MCL) in the U.S. and Europe.

Trodelvy (sacituzumab govitecan-hziy) sales increased 65% to $195 million for the quarter and increased 79% to $680 million for the year, reflecting continued adoption in metastatic triple-negative breast cancer (TNBC) in the U.S. and Europe.