Gilead (NASDAQ: GILD) has released its financial results for the third quarter of 2023, showing a 1% year-on-year (YOY) increase in revenues over the first nine months, reaching USD 20.0 billion. This modest performance was influenced by a 50% decrease in demand for the COVID-19 therapy Veklury (remdesivir). Excluding Veklury sales, Gilead’s global turnover saw a 10% YOY increase, primarily driven by its oncology and HIV products.
CEO Commentary and 2023 Sales Outlook Update
CEO Daniel O’Day highlighted the company’s consistent growth in its base business over the past two years and updated Gilead’s 2023 sales outlook to a range of USD 26.7 billion to USD 26.9 billion, up from the previous estimate of USD 26.3 billion to USD 26.7 billion.
Blockbuster Medicines and Therapies
Between Q1 and Q3, Gilead’s blockbuster medicines included HIV drugs such as Biktarvy (bictegravir + emtricitabine + tenofovir) with USD 8.7 billion in sales, Genvoya (elvitegravir + cobicistat + emtricitabine + tenofovir) at USD 1.5 billion, Descovy (emtricitabine + tenofovir) at USD 1.5 billion, and Odefsey (rilpivirine + emtricitabine + tenofovir) at USD 1.0 billion. Veklury also reached blockbuster status with USD 1.5 billion in sales, alongside hepatitis C virus (HCV) therapy Epclusa (sofosbuvir + velpatasvir) at USD 1.2 billion, and oncology cell therapy Yescarta (axicabtagene ciloleucel) at USD 1.1 billion.
Geographical Revenue Distribution
According to the report, during the nine-month period, Gilead generated USD 14.2 billion in the US, USD 3.1 billion in Europe, and USD 2.6 billion in other international markets.-Fineline Info & Tech
