Gilead Sciences Inc. (NASDAQ: GILD) has reported a stagnant performance for the year 2023, with total product sales remaining unchanged at USD 26.9 billion. Amid a broad decline in demand for COVID-19 treatments, the company’s antiviral Veklury (remdesivir) sales could not offset the downturn, although HIV sales increased by 6% year-on-year to USD 18.2 billion due to higher demand. Oncology sales surged 37% to USD 2.9 billion, while liver disease sales declined by 1% to USD 2.8 billion, affected by pricing dynamics and foreign exchange rates.
The company’s top-selling products in the last fiscal year were the antiretroviral Biktarvy (bictegravir, emtricitabine, and tenofovir), which generated USD 11.8 billion, Veklury with USD 2.2 billion, and the HIV drugs Genvoya (elvitegravir, cobicistat, emtricitabine, and tenofovir) and Descovy (emtricitabine and tenofovir) with USD 2.1 billion and USD 2.0 billion, respectively.
For 2024, Gilead anticipates a further reduction in Veklury sales to USD 1.3 billion, potentially wiping out all growth and keeping total sales flat within a range of USD 27.1 to 27.5 billion.
Adding to the challenges, two late-stage clinical trials in Q4 2023 failed to meet their primary endpoints: one assessing obeldesivir for severe COVID-19 and the other evaluating the antibody-drug conjugate (ADC) Trodelvy (sacituzumab govitecan) in non-small cell lung cancer (NSCLC).- Flcube.com
