Gilead Sciences (NASDAQ: GILD) has reported a stagnant performance for 2023, with product sales remaining flat at USD 26.9 billion. The company’s financials were affected by a widespread downturn in demand for COVID-19 treatments, as its antiviral Veklury (remdesivir) sales offset growth in other areas. HIV sales reached USD 18.2 billion, marking a 6% year-on-year (YOY) increase attributed to higher demand. Oncology sales soared by 37% to USD 2.9 billion, while liver disease sales dipped by 1% to USD 2.8 billion, influenced by pricing dynamics and foreign exchange rates.
Among last year’s top performers were the antiretroviral Biktarvy (bictegravir, emtricitabine, and tenofovir), which generated USD 11.8 billion, Veklury with USD 2.2 billion, and HIV drugs Genvoya (elvitegravir, cobicistat, emtricitabine, and tenofovir) and Descovy (emtricitabine and tenofovir) with USD 2.1 billion and USD 2.0 billion, respectively.
Looking ahead to 2024, Gilead anticipates a further contraction in Veklury sales to USD 1.3 billion, which could negate growth, with total sales expected to remain relatively flat, ranging between USD 27.1 and 27.5 billion.
Adding to the challenges, in Q4 2023, two late-stage trials failed to meet their primary endpoints: one evaluating obeldesivir for severe COVID-19 and the other assessing the antibody-drug conjugate (ADC) Trodelvy (sacituzumab govitecan) in non-small cell lung cancer (NSCLC).- Flcube.com
