Gilead Sciences Inc., (NASDAQ: GILD), a major US-based pharmaceutical company, has released its financial results for the third quarter of 2024, showing a 7% year-on-year (YOY) increase in product sales to USD 7.515 billion. Excluding sales of the COVID-19 drug Veklury (remdesivir), the figure stands at a 7% YOY increase to USD 6.823 billion.
Product Growth and Portfolio Performance
The growth in product sales was primarily driven by HIV therapies, with related sales up 9% YOY to USD 5.073 billion. The Liver Disease portfolio sales increased by 4% to USD 733 million in Q3 2024, while Oncology sales grew by 6% YOY to USD 816 million. Conversely, sales of other products and licensing collaboration business declined by 7% and 46%, respectively, to USD 201 million and USD 30 million.
Key Product Sales Contributions
HIV therapy Biktarvy (bictegravir/emtricitabine/tenofovir alafenamide) led the way with a 13% increase in sales to USD 3.5 billion in Q3 2024, with the US market accounting for 80% of this figure. The COVID-19 drug Remdesivir contributed USD 692 million in sales, showing a continued downward trend. Another HIV therapy, Descovy (emtricitabine/tenofovir alafenamide fumarate), recorded sales of USD 586 million. In oncology, cell therapies Tecartus and Yescarta together generated USD 485 million, though this was flat compared to the same period last year. Antibody drug conjugates (ADCs) achieved sales of USD 332 million, marking a 17% YOY increase.
Company Outlook and Guidance Update
Daniel O’Day, Gilead’s Chairman and Chief Executive Officer, commented, “Based on this very strong topline growth and disciplined operating expense management, we are increasing our full year revenue, operating income, and earnings per share guidance.” He added, “We are excited to further increase our impact for patients and communities in the months ahead. This includes building on the momentum from the U.S. launch of Livdelzi for primary biliary cholangitis and preparing for the potential launch of the first twice-yearly option for HIV prevention, lenacapavir.”-Fineline Info & Tech
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