US major Gilead Sciences, Inc. (NASDAQ: GILD) last week reported Q4 and full-year 2022 financial results. Global Q4 sales reached USD 7.4 billion, up 2% year-on-year (YOY), while full-year revenues topped USD 27.3 billion, flat with the previous year. Gilead issued guidance for 2023 product sales to range from USD 26.0 billion to USD 26.5 billion.
CEO’s Perspective on Performance
CEO Daniel O’Day viewed the year’s performance positively, describing it as “Gilead’s strongest full-year growth … since HCV sales peaked in 2015.” This included growing strength for the firm’s oncology portfolio, which saw sales increase 71% to exceed USD 2.1 billion over the 12 months for the first time.
Oncology Portfolio Highlights
Strong performers in the cancer segment were the two CD19 chimeric antigen receptor (CAR) T cell therapies, Tecartus (brexucabtagene autoleucel) and Yescarta (axicabtagene ciloleucel), generating growth of 68% YOY to USD 1.5 billion in full-year sales. The TROP-2 targeted antibody drug conjugate (ADC) Trodelvy (sacituzumab govitecan) also performed well, generating USD 680 million over the 12 months, up 79% YOY as uptake continued to improve in Europe and the United States for the triple-negative breast cancer indication.
Other Product Performance
Sales of COVID-19 therapy Veklury (remdesivir) fell -30% YOY to USD 3.9 billion. HIV portfolio sales were up 5% to USD 17.2 billion, including USD 10.4 billion for Biktarvy (bictegravir, emtricitabine, tenofovir alafenamide), which saw a 20% YOY increase.
Deal-Making and Strategic Collaborations
Deal-making during the report period saw ongoing efforts to build Gilead’s presence in the oncology field. These included a strategic collaboration between Gilead subsidiary Kite and US-based Arcellx Inc. (Nasdaq: ACLX) to co-develop and co-commercialize a BCMA-targeted CAR-T in late-stage development for multiple myeloma. Gilead is also moving to acquire Tmunity Therapeutics Inc., which will provide Kite with preclinical and clinical programs, including an “armored” CAR-T technology platform that has the potential to improve efficacy and accelerate manufacturing processes. Additionally, Gilead acquired the remaining rights to GS-1811, an anti-CCR8 antibody developed by Jounce for the treatment of solid tumors, and penned a collaboration and licensing agreement with EVOQ Therapeutics, Inc. to advance EVOQ’s proprietary NanoDisc technology for the treatment of rheumatoid arthritis and lupus.-Fineline Info & Tech
