GILD Gilead Sciences Inc

Product Sales Excluding Veklury Increased 8% Year-Over-Year to $26.8 billion for Full Year 2024

Biktarvy Sales Increased 13% Year-Over-Year to $13.4 billion for Full Year 2024

Oncology Sales Increased 12% Year-Over-Year to $3.3 billion for Full Year 2024

Gilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the fourth quarter and full year 2024.

“Gilead delivered another exceptionally strong full year and fourth quarter, with growth in our base business product sales of 8% for 2024 and 13% year-over-year for the fourth quarter,” said Daniel O’Day, Gilead’s Chairman and Chief Executive Officer. “From this foundation of commercial strength, we are planning for the potential launch of lenacapavir for HIV PrEP in Summer 2025, with its unique opportunity to extend the reach of HIV prevention. This potential in HIV, along with our strong and diverse portfolio, and improved operational efficiencies, positions Gilead to deliver increasing patient impact and compelling shareholder returns in the years ahead.”

Fourth Quarter 2024 Financial Results

• Total fourth quarter 2024 revenue increased 6% to $7.6 billion compared to the same period in 2023, primarily due to higher sales in HIV, as well as in Oncology and Liver Disease, partially offset by lower sales of Veklury® (remdesivir).
• Diluted Earnings Per Share (“EPS”) increased to $1.42 in the fourth quarter 2024 compared to $1.14 in the same period in 2023, primarily driven by lower costs of goods sold, higher product sales and lower acquired in-process research and development ("IPR&D") expenses, partially offset by higher operating expenses as well as unrealized losses on equity investments in 2024 compared to gains in 2023.
• Non-GAAP diluted EPS increased to $1.90 in the fourth quarter 2024 compared to $1.72 in the same period in 2023. The increase was primarily driven by higher product sales and lower acquired IPR&D expenses, partially offset by higher operating expenses.
• As of December 31, 2024, Gilead had $10.0 billion of cash, cash equivalents and marketable debt securities compared to $8.4 billion as of December 31, 2023.
• During the fourth quarter 2024, Gilead generated $3.0 billion in operating cash flow.
• During the fourth quarter 2024, Gilead issued senior unsecured notes in an aggregate principal amount of $3.5 billion, paid cash dividends of $973 million and utilized $350 million to repurchase common stock.

Fourth Quarter 2024 Product Sales

Total fourth quarter 2024 product sales increased 7% to $7.5 billion compared to the same period in 2023. Total product sales excluding Veklury increased 13% to $7.2 billion compared to the same period in 2023, primarily due to higher sales in HIV, as well as in Oncology and Liver Disease.

HIV product sales increased 16% to $5.5 billion in the fourth quarter 2024 compared to the same period in 2023, primarily driven by higher demand, higher average realized price and favorable inventory dynamics.

• Biktarvy® (bictegravir 50mg/emtricitabine (“FTC”) 200mg/tenofovir alafenamide (“TAF”) 25mg) sales increased 21% to $3.8 billion in the fourth quarter 2024 compared to the same period in 2023, primarily driven by higher demand, favorable inventory dynamics and higher average realized price.
• Descovy® (FTC 200mg/TAF 25mg) sales increased 21% to $616 million in the fourth quarter 2024 compared to the same period in 2023, primarily driven by higher demand, higher average realized price and favorable inventory dynamics.

The Liver Disease portfolio sales increased 4% to $719 million in the fourth quarter 2024 compared to the same period in 2023. This was primarily driven by the launch of Livdelzi® (seladelpar) in primary biliary cholangitis (“PBC”), and increased demand in products for chronic hepatitis B virus (“HBV”) and chronic hepatitis delta virus (“HDV”), partially offset by lower demand and average realized price in products for chronic hepatitis C virus (“HCV”).

Veklury sales decreased 53% to $337 million in the fourth quarter 2024 compared to the same period in 2023, primarily driven by lower rates of COVID-19 related hospitalizations, particularly in the United States.

Cell Therapy product sales increased 5% to $488 million in the fourth quarter 2024 compared to the same period in 2023.

• Yescarta® (axicabtagene ciloleucel) sales increased 6% to $390 million in the fourth quarter 2024 compared to the same period in 2023, primarily driven by higher average realized price and increased demand outside of the United States, partially offset by lower demand in the United States.
• Tecartus® (brexucabtagene autoleucel) sales of $98 million in the fourth quarter 2024 were flat compared to the same period in 2023, reflecting increased demand outside of the United States, offset by lower demand in the United States.

Trodelvy® (sacituzumab govitecan-hziy) sales increased 19% to $355 million in the fourth quarter 2024 compared to the same period in 2023, primarily driven by increased demand in all regions, as well as higher average realized price.

Fourth Quarter 2024 Product Gross Margin, Operating Expenses and Tax

• Product gross margin was 79.0% in the fourth quarter 2024 compared to 70.4% in the same period in 2023, primarily driven by prior year restructuring expenses related to changes in our manufacturing strategy. Non-GAAP product gross margin was 86.7% in the fourth quarter 2024 compared to 86.1% in the same period in 2023.
• Research and development (“R&D”) expenses were $1.6 billion in the fourth quarter 2024 compared to $1.4 billion in the same period in 2023, primarily due to incremental investments and clinical activities across our portfolio and the impact of a prior year valuation adjustment to the MYR-related contingent consideration that did not repeat. Non-GAAP R&D expenses were $1.6 billion in the fourth quarter 2024 compared to $1.5 billion in the same period in 2023, primarily due to incremental investments and clinical activities across our portfolio.
• Acquired IPR&D expenses were $(11) million in the fourth quarter 2024, reflecting expenses related to the Terray Therapeutics, Inc. (“Terray”) and Tubulis GmbH (“Tubulis”) collaborations, offset by a favorable adjustment related to the CymaBay Therapeutics, Inc. (“CymaBay”) acquisition.
• Selling, general and administrative (“SG&A”) and non-GAAP SG&A expenses were $1.9 billion in the fourth quarter 2024 compared to $1.6 billion in the same period in 2023, primarily driven by a litigation accrual and higher sales and marketing spending, including launch preparation activities for lenacapavir for the investigational use of HIV pre-exposure prophylaxis (“PrEP”) as well as for Livdelzi.
• The effective tax rate (“ETR”) was 17.8% in the fourth quarter 2024 compared to 14.3% in the same period in 2023, primarily due to prior year settlements with tax authorities and non-taxable unrealized gains and losses on equity investments. Non-GAAP ETR was 19.2% in the fourth quarter 2024 compared to 17.1% in the same period in 2023, primarily due to prior year settlements with tax authorities.

Full Year 2024 Financial Results

• Total full year 2024 revenue increased 6% to $28.8 billion compared to 2023, primarily due to higher sales in HIV, Oncology and Liver Disease, partially offset by lower sales of Veklury.
• Diluted EPS decreased to $0.38 in the full year 2024 compared to $4.50 in 2023. The decrease was primarily driven by a pre-tax IPR&D impairment charge of $4.2 billion, or $2.49 per share net of tax impact, related to assets acquired by Gilead from Immunomedics, Inc. (“Immunomedics”) in 2020, and acquired IPR&D charges of $3.9 billion, or $3.14 per share, in the first quarter 2024 related to the acquisition of CymaBay, partially offset by higher product sales.
• Non-GAAP diluted EPS decreased to $4.62 in the full year 2024 compared to $6.72 in 2023. This was primarily driven by higher acquired IPR&D expenses related to the CymaBay acquisition and higher income tax expense, partially offset by higher product sales.

Full Year 2024 Product Sales

Total full year 2024 product sales increased 6% to $28.6 billion compared to 2023. Total product sales excluding Veklury increased 8% to $26.8 billion in the full year 2024 compared to 2023, primarily driven by higher sales in HIV, Oncology and Liver Disease.

HIV product sales increased 8% to $19.6 billion in the full year 2024 compared to 2023, primarily driven by higher demand, as well as the impact of higher average realized price.

• Biktarvy sales increased 13% to $13.4 billion in the full year 2024 compared to 2023, primarily driven by higher demand.
• Descovy sales increased 6% to $2.1 billion in the full year 2024 compared to 2023, primarily driven by higher demand, partially offset by lower average realized price.

The Liver Disease portfolio sales increased 9% to $3.0 billion in the full year 2024 compared to 2023. The increase was primarily due to higher demand across all liver diseases.

Veklury sales decreased 18% to $1.8 billion in the full year 2024 compared to 2023, primarily driven by lower rates of COVID-19 related hospitalizations.

Cell Therapy product sales increased 6% to $2.0 billion in the full year 2024 compared to 2023.

• Yescarta sales increased 5% to $1.6 billion in the full year 2024 compared to 2023, primarily driven by increased demand outside of the United States and higher average realized price, partially offset by lower demand in the United States.
• Tecartus sales increased 9% to $403 million in the full year 2024 compared to 2023, primarily driven by increased demand outside of the United States, partially offset by lower demand in the United States.

Trodelvy sales increased 24% to $1.3 billion in the full year 2024 compared to 2023, primarily driven by increased demand in all regions.

Full Year 2024 Product Gross Margin, Operating Expenses and Tax

• Product gross margin was 78.2% in the full year 2024 compared to 75.9% in 2023, primarily driven by prior year restructuring expenses related to changes in our manufacturing strategy. Non-GAAP product gross margin was 86.2% in the full year 2024 compared to 86.3% in 2023.
• R&D expenses were $5.9 billion in the full year 2024 compared to $5.7 billion in 2023, primarily driven by restructuring costs and integration expenses related to the CymaBay acquisition. Non-GAAP R&D expenses of $5.7 billion in the full year 2024 were flat compared to 2023.
• Acquired IPR&D expenses were $4.7 billion in the full year 2024 compared to $1.2 billion in 2023, primarily reflecting the acquisition of CymaBay.
• SG&A expenses of $6.1 billion in the full year 2024 were flat compared to 2023, reflecting higher sales and marketing spending, including launch preparation activities for lenacapavir for the investigational use of HIV PrEP as well as for Livdelzi, integration costs related to the acquisition of CymaBay, and restructuring expenses, offset by lower expenses related to legal matters. Non-GAAP SG&A expenses were $5.9 billion in the full year 2024 compared to $6.1 billion in 2023, primarily driven by lower expenses related to legal matters, partially offset by higher sales and marketing spending, including launch preparation activities for lenacapavir for the investigational use of HIV PrEP as well as for Livdelzi.
• The ETR was 30.5% in the full year 2024 compared to 18.2% in 2023, primarily driven by the non-deductible acquired IPR&D charge for CymaBay and prior year decrease in tax reserves that did not repeat, partially offset by the tax impact of a legal entity restructuring and Immunomedics IPR&D impairment expense, as well as current year settlements with tax authorities and remeasurement of certain deferred tax liabilities. Non-GAAP ETR was 25.9% in the full year 2024 compared to 15.2% in 2023, primarily due to the non-deductible acquired IPR&D charge for CymaBay and a prior year decrease in tax reserves that did not repeat, partially offset by current year settlements with tax authorities.

Guidance and Outlook

For the full-year 2025, Gilead expects:

(in millions, except per share amounts)

 

February 11, 2025 Guidance

 

Low End

 

High End

Product sales

 

$

28,200

 

$

28,600

Product sales excluding Veklury

 

$

26,800

 

$

27,200

Veklury

 

$

1,400

 

$

1,400

Diluted EPS

 

$

5.95

 

$

6.35

Non-GAAP diluted EPS

 

$

7.70

 

$

8.10

Additional information and a reconciliation between GAAP and non-GAAP financial information for the 2025 guidance is provided in the accompanying tables. The financial guidance is subject to a number of risks and uncertainties. See the Forward-Looking Statements section below.

Key Updates Since Our Last Quarterly Release

Virology

• Presented new HIV data at the International Congress on Drug Therapy in HIV Infection (“HIV Glasgow 2024”). This included full results from the Phase 3 PURPOSE 2 trial evaluating investigational twice-yearly lenacapavir for HIV prevention among cisgender men and gender-diverse people, with data published in the New England Journal of Medicine.
• Additionally at HIV Glasgow 2024, presented new HIV treatment research data from Biktarvy, as well as for investigational regimens with once-daily, once-weekly and twice-yearly dosing frequencies.
• Completed the New Drug Application submissions to U.S. Food and Drug Administration (“FDA”), as well as a marketing authorization application and an EU-Medicines for All application to the European Medicines Agency (“EMA”), for twice-yearly lenacapavir for HIV prevention.
• Lenacapavir named by Science Magazine as its 2024 “Breakthrough of the Year,” based in part on the PURPOSE 1 and PURPOSE 2 trial results.

Oncology

• Our partner, Arcellx, Inc. (“Arcellx”), presented new data evaluating investigational anitocabtagene autoleucel (“anito-cel”) in relapsed or refractory (“R/R”) multiple myeloma at the American Society of Hematology 2024 Annual Meeting (“ASH 2024”). This included preliminary data from the registrational Phase 2 iMMagine-1 trial, as well as updated Phase 1 data.
• Presented new data at ASH 2024 including long-term follow-up of Yescarta in R/R non-Hodgkin’s lymphoma and Tecartus in R/R mantle cell lymphoma, as well as real world data for Yescarta in R/R large B-cell lymphoma and Tecartus in B-cell precursor adult acute lymphoblastic leukemia.
• Granted Breakthrough Therapy Designation by FDA to Trodelvy for the treatment of adult patients with extensive-stage small cell lung cancer (“ES-SCLC”) whose disease has progressed on or after platinum-based chemotherapy. The use of Trodelvy in ES-SCLC is investigational.
• Entered into a single-asset focused collaboration, license, and option agreement with Tubulis to develop an antibody-drug conjugate candidate for a solid tumor target using Tubulis’ Tubutecan and Alco5 platforms.

Inflammation

• Received a positive opinion from the EMA’s Committee for Medicinal Products for Human Use recommending seladelpar for the treatment of PBC in combination with ursodeoxycholic acid (“UDCA”) in adults who have an inadequate response to UDCA alone, or as monotherapy in those unable to tolerate UDCA.
• Received marketing authorization from the Medicines and Healthcare products Regulatory Agency in the UK for seladelpar for treatment of PBC, including pruritus, in adults in combination with UDCA who have an inadequate response to UDCA alone, or as monotherapy in those unable to tolerate UDCA.
• Presented new data evaluating seladelpar in PBC at the American Association for the Study of Liver Diseases’ The Liver Meeting. This included longer-term follow-up data from the ASSURE trial, as well as additional analyses from the RESPONSE trial.
• Announced a strategic partnership to develop and commercialize the pre-clinical oral STAT6 program of LEO Pharma A/S (“LEO Pharma”) for the potential treatment of inflammatory diseases.

Corporate

• Appointed Dietmar Berger, MD, PhD, as Chief Medical Officer effective January 2025.
• Entered into a strategic research collaboration with Terray to discover and develop novel, small molecule therapies across multiple targets using Terray’s artificial intelligence tNOVA platform.
• Reached a final settlement agreement with the U.S. Department of Justice and the U.S. Department of Health and Human Services on patents that the government alleged covered Truvada® (FTC 200mg/tenofovir disoproxil fumarate (“TDF”) 300mg) and Descovy for HIV PrEP.
• Issued $3.5 billion aggregate principal amount of senior unsecured notes in a registered offering.
• The Board declared a quarterly dividend of $0.79 per share of common stock for the first quarter of 2025. The dividend is payable on March 28, 2025, to stockholders of record at the close of business on March 14, 2025. Future dividends will be subject to Board approval.

Certain amounts and percentages in this press release may not sum or recalculate due to rounding.

Conference Call

At 1:30 p.m. Pacific Time today, Gilead will host a conference call to discuss Gilead’s results. A live webcast will be available on http://investors.gilead.com and will be archived on www.gilead.com for one year.

Non-GAAP Financial Information

The information presented in this document has been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), unless otherwise noted as non-GAAP. Management believes non-GAAP information is useful for investors, when considered in conjunction with Gilead’s GAAP financial information, because management uses such information internally for its operating, budgeting and financial planning purposes. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Gilead’s operating results as reported under GAAP. Non-GAAP financial information generally excludes acquisition-related expenses including amortization of acquired intangible assets and other items that are considered unusual or not representative of underlying trends of Gilead’s business, fair value adjustments of equity securities and discrete and related tax charges or benefits associated with such exclusions as well as changes in tax-related laws and guidelines, transfers of intangible assets between certain legal entities, and legal entity restructurings. Although Gilead consistently excludes the amortization of acquired intangible assets from the non-GAAP financial information, management believes that it is important for investors to understand that such intangible assets were recorded as part of acquisitions and contribute to ongoing revenue generation. Non-GAAP measures may be defined and calculated differently by other companies in the same industry. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the accompanying tables.

About Gilead Sciences

Gilead Sciences, Inc. is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. The company is committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, COVID-19, cancer and inflammation. Gilead operates in more than 35 countries worldwide, with headquarters in Foster City, California.

Forward-Looking Statements

Statements included in this press release that are not historical in nature are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Gilead cautions readers that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include those relating to: Gilead’s ability to achieve its full year 2025 financial guidance, including as a result of the uncertainty of the amount and timing of Veklury revenues; Gilead’s ability to make progress on any of its long-term ambitions or priorities laid out in its corporate strategy; Gilead’s ability to accelerate or sustain revenues for its virology, oncology and other programs; Gilead’s ability to realize the potential benefits of acquisitions, collaborations or licensing arrangements, including the arrangements with Arcellx, LEO Pharma, Terray and Tubulis; patent protection and estimated loss of exclusivity for our products and product candidates; Gilead’s ability to initiate, progress or complete clinical trials within currently anticipated timeframes or at all, the possibility of unfavorable results from ongoing and additional clinical trials, including those involving Biktarvy, Tecartus, Trodelvy, Yescarta, anito-cel, lenacapavir and seladelpar (such as the ASSURE, iMMagine-1, PURPOSE 1 and 2, and RESPONSE studies), and the risk that safety and efficacy data from clinical trials may not warrant further development of Gilead’s product candidates or the product candidates of Gilead’s strategic partners; Gilead’s ability to submit new drug applications for new product candidates or expanded indications in the currently anticipated timelines, including for lenacapavir for HIV PrEP and seladelpar for PBC; Gilead’s ability to receive or maintain regulatory approvals in a timely manner or at all, and the risk that any such approvals, if granted, may be subject to significant limitations on use and may be subject to withdrawal or other adverse actions by the applicable regulatory authority; Gilead’s ability to successfully commercialize its products; the risk of potential disruptions to the manufacturing and supply chain of Gilead’s products; pricing and reimbursement pressures from government agencies and other third parties, including required rebates and other discounts; a larger than anticipated shift in payer mix to more highly discounted payer segments; market share and price erosion caused by the introduction of generic versions of Gilead products; the risk that physicians and patients may not see advantages of Gilead’s products over other therapies and may therefore be reluctant to prescribe the products, including Livdelzi; and other risks identified from time to time in Gilead’s reports filed with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, Gilead makes estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. Gilead bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. There may be other factors of which Gilead is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ significantly from these estimates. Further, results for the quarter ended December 31, 2024 are not necessarily indicative of operating results for any future periods. Gilead directs readers to its press releases, annual reports on Form 10-K, quarterly reports on Form 10-Q and other subsequent disclosure documents filed with the SEC. Gilead claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements.

The reader is cautioned that forward-looking statements are not guarantees of future performance and is cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements are based on information currently available to Gilead and Gilead assumes no obligation to update or supplement any such forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statements.

Gilead owns or has rights to various trademarks, copyrights and trade names used in its business, including the following: GILEAD®, GILEAD SCIENCES®, KITETM, AMBISOME®, ATRIPLA®, BIKTARVY®, CAYSTON®, COMPLERA®, DESCOVY®, DESCOVY FOR PREP®, EMTRIVA®, EPCLUSA®, EVIPLERA®, GENVOYA®, HARVONI®, HEPCLUDEX®, HEPSERA®, JYSELECA®, LIVDELZI®, LETAIRIS®, ODEFSEY®, SOVALDI®, STRIBILD®, SUNLENCA® , TECARTUS®, TRODELVY®, TRUVADA®, TRUVADA FOR PREP®, TYBOST®, VEKLURY®, VEMLIDY®, VIREAD®, VOSEVI®, YESCARTA® and ZYDELIG®.

For more information on Gilead Sciences, Inc., please visit www.gilead.com or call the Gilead Public Affairs Department at 1-800-GILEAD-5 (1-800-445-3235).

     

GILEAD SCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,

 

December 31,

(in millions, except per share amounts)

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Revenues:

 

 

 

 

 

 

 

 

Product sales

 

$

7,536

 

 

$

7,070

 

 

$

28,610

 

 

$

26,934

 

Royalty, contract and other revenues

 

 

33

 

 

 

45

 

 

 

144

 

 

 

182

 

Total revenues

 

 

7,569

 

 

 

7,115

 

 

 

28,754

 

 

 

27,116

 

Costs and expenses:

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

1,581

 

 

 

2,090

 

 

 

6,251

 

 

 

6,498

 

Research and development expenses

 

 

1,641

 

 

 

1,408

 

 

 

5,907

 

 

 

5,718

 

Acquired in-process research and development expenses

 

 

(11

)

 

 

347

 

 

 

4,663

 

 

 

1,155

 

In-process research and development impairments

 

 

—

 

 

 

50

 

 

 

4,180

 

 

 

50

 

Selling, general and administrative expenses

 

 

1,906

 

 

 

1,608

 

 

 

6,091

 

 

 

6,090

 

Total costs and expenses

 

 

5,118

 

 

 

5,503

 

 

 

27,092

 

 

 

19,511

 

Operating income

 

 

2,451

 

 

 

1,612

 

 

 

1,662

 

 

 

7,605

 

Interest expense

 

 

248

 

 

 

252

 

 

 

977

 

 

 

944

 

Other (income) expense, net

 

 

35

 

 

 

(293

)

 

 

(6

)

 

 

(198

)

Income before income taxes

 

 

2,168

 

 

 

1,653

 

 

 

690

 

 

 

6,859

 

Income tax expense

 

 

385

 

 

 

236

 

 

 

211

 

 

 

1,247

 

Net income

 

 

1,783

 

 

 

1,417

 

 

 

480

 

 

 

5,613

 

Net loss attributable to noncontrolling interest

 

 

—

 

 

 

(12

)

 

 

—

 

 

 

(52

)

Net income attributable to Gilead

 

$

1,783

 

 

$

1,429

 

 

$

480

 

 

$

5,665

 

Basic earnings per share attributable to Gilead

 

$

1.43

 

 

$

1.15

 

 

$

0.38

 

 

$

4.54

 

Shares used in basic earnings per share attributable to Gilead calculation

 

 

1,248

 

 

 

1,248

 

 

 

1,247

 

 

 

1,248

 

Diluted earnings per share attributable to Gilead

 

$

1.42

 

 

$

1.14

 

 

$

0.38

 

 

$

4.50

 

Shares used in diluted earnings per share attributable to Gilead calculation

 

 

1,259

 

 

 

1,256

 

 

 

1,255

 

 

 

1,258

 

 

 

 

 

 

 

 

 

 

Supplemental Information:

 

 

 

 

 

 

 

 

Cash dividends declared per share

 

$

0.77

 

 

$

0.75

 

 

$

3.08

 

 

$

3.00

 

Product gross margin

 

 

79.0

%

 

 

70.4

%

 

 

78.2

%

 

 

75.9

%

Research and development expenses as a % of revenues

 

 

21.7

%

 

 

19.8

%

 

 

20.5

%

 

 

21.1

%

Selling, general and administrative expenses as a % of revenues

 

 

25.2

%

 

 

22.6

%

 

 

21.2

%

 

 

22.5

%

Operating margin

 

 

32.4

%

 

 

22.7

%

 

 

5.8

%

 

 

28.0

%

Effective tax rate

 

 

17.8

%

 

 

14.3

%

 

 

30.5

%

 

 

18.2

%

     

GILEAD SCIENCES, INC.

TOTAL REVENUE SUMMARY

(unaudited)

 

 

 

 

Three Months Ended

 

 

 

Twelve Months Ended

 

 

 

 

December 31,

 

 

 

December 31,

 

 

(in millions, except percentages)

 

2024

 

2023

 

Change

 

2024

 

2023

 

Change

Product sales:

 

 

 

 

 

 

 

 

 

 

 

 

HIV

 

$

5,452

 

$

4,693

 

16%

 

$

19,612

 

$

18,175

 

8%

Liver Disease

 

 

719

 

 

691

 

4%

 

 

3,021

 

 

2,784

 

9%

Oncology

 

 

843

 

 

765

 

10%

 

 

3,289

 

 

2,932

 

12%

Other

 

 

184

 

 

201

 

(8)%

 

 

889

 

 

859

 

3%

Total product sales excluding Veklury

 

 

7,198

 

 

6,350

 

13%

 

 

26,811

 

 

24,750

 

8%

Veklury

 

 

337

 

 

720

 

(53)%

 

 

1,799

 

 

2,184

 

(18)%

Total product sales

 

 

7,536

 

 

7,070

 

7%

 

 

28,610

 

 

26,934

 

6%

Royalty, contract and other revenues

 

 

33

 

 

45

 

(26)%

 

 

144

 

 

182

 

(21)%

Total revenues

 

$

7,569

 

$

7,115

 

6%

 

$

28,754

 

$

27,116

 

6%

     

GILEAD SCIENCES, INC.

NON-GAAP FINANCIAL INFORMATION(1)

(unaudited)

 

 

 

 

Three Months Ended

 

 

 

Twelve Months Ended

 

 

 

 

December 31,

 

 

 

December 31,

 

 

(in millions, except percentages)

 

 

2024

 

 

 

2023

 

 

Change

 

 

2024

 

 

 

2023

 

 

Change

Non-GAAP:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

$

1,002

 

 

$

980

 

 

2%

 

$

3,936

 

 

$

3,697

 

 

6%

Research and development expenses

 

$

1,612

 

 

$

1,452

 

 

11%

 

$

5,732

 

 

$

5,720

 

 

—%

Acquired IPR&D expenses(2)

 

$

(11

)

 

$

347

 

 

NM

 

$

4,663

 

 

$

1,155

 

 

NM

Selling, general and administrative expenses

 

$

1,852

 

 

$

1,597

 

 

16%

 

$

5,903

 

 

$

6,060

 

 

(3)%

Other (income) expense, net

 

$

(91

)

 

$

(104

)

 

(13)%

 

$

(279

)

 

$

(365

)

 

(24)%

Diluted EPS

 

$

1.90

 

 

$

1.72

 

 

10%

 

$

4.62

 

 

$

6.72

 

 

(31)%

Shares used in non-GAAP diluted earnings per share attributable to Gilead calculation

 

 

1,259

 

 

 

1,256

 

 

—%

 

 

1,255

 

 

 

1,258

 

 

—%

 

 

 

 

 

 

 

 

 

 

 

 

 

Product gross margin

 

 

86.7

%

 

 

86.1

%

 

56 bps

 

 

86.2

%

 

 

86.3

%

 

-3 bps

Research and development expenses as a % of revenues

 

 

21.3

%

 

 

20.4

%

 

89 bps

 

 

19.9

%

 

 

21.1

%

 

-116 bps

Selling, general and administrative expenses as a % of revenues

 

 

24.5

%

 

 

22.4

%

 

203 bps

 

 

20.5

%

 

 

22.3

%

 

-182 bps

Operating margin

 

 

41.1

%

 

 

38.5

%

 

265 bps

 

 

29.6

%

 

 

38.7

%

 

-903 bps

Effective tax rate

 

 

19.2

%

 

 

17.1

%

 

210 bps

 

 

25.9

%

 

 

15.2

%

 

1075 bps

________________________________

NM - Not Meaningful

(1)

Refer to Non-GAAP Financial Information section above for further disclosures on non-GAAP financial measures. A reconciliation between GAAP and non-GAAP financial information is provided in the tables below.

(2)

Equal to GAAP financial information.

     

GILEAD SCIENCES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION

(unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,

 

December 31,

(in millions, except percentages and per share amounts)

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Cost of goods sold reconciliation:

 

 

 

 

 

 

 

 

GAAP cost of goods sold

 

$

1,581

 

 

$

2,090

 

 

$

6,251

 

 

$

6,498

 

Acquisition-related – amortization(1)

 

 

(579

)

 

 

(580

)

 

 

(2,316

)

 

 

(2,271

)

Restructuring

 

 

—

 

 

 

(479

)

 

 

—

 

 

 

(479

)

Other(2)

 

 

—

 

 

 

(51

)

 

 

—

 

 

 

(51

)

Non-GAAP cost of goods sold

 

$

1,002

 

 

$

980

 

 

$

3,936

 

 

$

3,697

 

 

 

 

 

 

 

 

 

 

Product gross margin reconciliation:

 

 

 

 

 

 

 

 

GAAP product gross margin

 

 

79.0

%

 

 

70.4

%

 

 

78.2

%

 

 

75.9

%

Acquisition-related – amortization(1)

 

 

7.7

%

 

 

8.2

%

 

 

8.1

%

 

 

8.4

%

Restructuring

 

 

—

%

 

 

6.8

%

 

 

(—

)%

 

 

1.8

%

Other(2)

 

 

—

%

 

 

0.7

%

 

 

—

%

 

 

0.2

%

Non-GAAP product gross margin

 

 

86.7

%

 

 

86.1

%

 

 

86.2

%

 

 

86.3

%

 

 

 

 

 

 

 

 

 

Research and development expenses reconciliation:

 

 

 

 

 

 

 

 

GAAP research and development expenses

 

$

1,641

 

 

$

1,408

 

 

$

5,907

 

 

$

5,718

 

Acquisition-related – other costs(3)

 

 

—

 

 

 

59

 

 

 

(78

)

 

 

22

 

Restructuring

 

 

(30

)

 

 

(15

)

 

 

(98

)

 

 

(20

)

Non-GAAP research and development expenses

 

$

1,612

 

 

$

1,452

 

 

$

5,732

 

 

$

5,720

 

 

 

 

 

 

 

 

 

 

IPR&D impairment reconciliation:

 

 

 

 

 

 

 

 

GAAP IPR&D impairment

 

$

—

 

 

$

50

 

 

$

4,180

 

 

$

50

 

IPR&D impairment

 

 

—

 

 

 

(50

)

 

 

(4,180

)

 

 

(50

)

Non-GAAP IPR&D impairment

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses reconciliation:

 

 

 

 

 

 

 

 

GAAP selling, general and administrative expenses

 

$

1,906

 

 

$

1,608

 

 

$

6,091

 

 

$

6,090

 

Acquisition-related – other costs(3)

 

 

(8

)

 

 

—

 

 

 

(97

)

 

 

(2

)

Restructuring

 

 

(46

)

 

 

(11

)

 

 

(91

)

 

 

(28

)

Non-GAAP selling, general and administrative expenses

 

$

1,852

 

 

$

1,597

 

 

$

5,903

 

 

$

6,060

 

 

 

 

 

 

 

 

 

 

Operating income reconciliation:

 

 

 

 

 

 

 

 

GAAP operating income

 

$

2,451

 

 

$

1,612

 

 

$

1,662

 

 

$

7,605

 

Acquisition-related – amortization(1)

 

 

579

 

 

 

580

 

 

 

2,316

 

 

 

2,271

 

Acquisition-related – other costs(3)

 

 

8

 

 

 

(59

)

 

 

174

 

 

 

(20

)

Restructuring

 

 

76

 

 

 

505

 

 

 

188

 

 

 

527

 

IPR&D impairment

 

 

—

 

 

 

50

 

 

 

4,180

 

 

 

50

 

Other(2)

 

 

—

 

 

 

51

 

 

 

—

 

 

 

51

 

Non-GAAP operating income

 

$

3,114

 

 

$

2,739

 

 

$

8,520

 

 

$

10,484

 

 

 

 

 

 

 

 

 

 

Operating margin reconciliation:

 

 

 

 

 

 

 

 

GAAP operating margin

 

 

32.4

%

 

 

22.7

%

 

 

5.8

%

 

 

28.0

%

Acquisition-related – amortization(1)

 

 

7.6

%

 

 

8.1

%

 

 

8.1

%

 

 

8.4

%

Acquisition-related – other costs(3)

 

 

0.1

%

 

 

(0.8

)%

 

 

0.6

%

 

 

(0.1

)%

Restructuring

 

 

1.0

%

 

 

7.1

%

 

 

0.7

%

 

 

1.9

%

IPR&D impairment

 

 

—

%

 

 

0.7

%

 

 

14.5

%

 

 

0.2

%

Other(2)

 

 

—

%

 

 

0.7

%

 

 

—

%

 

 

0.2

%

Non-GAAP operating margin

 

 

41.1

%

 

 

38.5

%

 

 

29.6

%

 

 

38.7

%

 

 

 

 

 

 

 

 

 

Other (income) expense, net reconciliation:

 

 

 

 

 

 

 

 

GAAP other (income) expense, net

 

$

35

 

 

$

(293

)

 

$

(6

)

 

$

(198

)

(Loss) gain from equity securities, net

 

 

(126

)

 

 

189

 

 

 

(274

)

 

 

(167

)

Non-GAAP other (income) expense, net

 

$

(91

)

 

$

(104

)

 

$

(279

)

 

$

(365

)

     

GILEAD SCIENCES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION - (Continued)

(unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,

 

December 31,

(in millions, except percentages and per share amounts)

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Income before income taxes reconciliation:

 

 

 

 

 

 

 

 

GAAP income before income taxes

 

$

2,168

 

 

$

1,653

 

 

$

690

 

 

$

6,859

 

Acquisition-related – amortization(1)

 

 

579

 

 

 

580

 

 

 

2,316

 

 

 

2,271

 

Acquisition-related – other costs(3)

 

 

8

 

 

 

(59

)

 

 

174

 

 

 

(20

)

Restructuring

 

 

76

 

 

 

505

 

 

 

188

 

 

 

527

 

IPR&D impairment

 

 

—

 

 

 

50

 

 

 

4,180

 

 

 

50

 

Loss (gain) from equity securities, net

 

 

126

 

 

 

(189

)

 

 

274

 

 

 

167

 

Other(2)

 

 

—

 

 

 

51

 

 

 

—

 

 

 

51

 

Non-GAAP income before income taxes

 

$

2,956

 

 

$

2,591

 

 

$

7,822

 

 

$

9,905

 

 

 

 

 

 

 

 

 

 

Income tax expense reconciliation:

 

 

 

 

 

 

 

 

GAAP income tax (benefit) expense

 

$

385

 

 

$

236

 

 

$

211

 

 

$

1,247

 

Income tax effect of non-GAAP adjustments:

 

 

 

 

 

 

 

 

Acquisition-related – amortization(1)

 

 

121

 

 

 

119

 

 

 

484

 

 

 

466

 

Acquisition-related – other costs(3)

 

 

2

 

 

 

1

 

 

 

41

 

 

 

9

 

Restructuring

 

 

16

 

 

 

90

 

 

 

37

 

 

 

95

 

IPR&D impairment

 

 

—

 

 

 

15

 

 

 

1,051

 

 

 

15

 

Loss (gain) from equity securities, net

 

 

13

 

 

 

(18

)

 

 

(39

)

 

 

(14

)

Discrete and related tax charges(4)

 

 

29

 

 

 

(12

)

 

 

243

 

 

 

(326

)

Other(2)

 

 

—

 

 

 

11

 

 

 

—

 

 

 

11

 

Non-GAAP income tax expense

 

$

566

 

 

$

442

 

 

$

2,028

 

 

$

1,503

 

 

 

 

 

 

 

 

 

 

Effective tax rate reconciliation:

 

 

 

 

 

 

 

 

GAAP effective tax rate

 

 

17.8

%

 

 

14.3

%

 

 

30.5

%

 

 

18.2

%

Income tax effect of above non-GAAP adjustments and discrete and related tax adjustments(4)

 

 

1.4

%

 

 

2.8

%

 

 

(4.6

)%

 

 

(3.0

)%

Non-GAAP effective tax rate

 

 

19.2

%

 

 

17.1

%

 

 

25.9

%

 

 

15.2

%

 

 

 

 

 

 

 

 

 

Net income attributable to Gilead reconciliation:

 

 

 

 

 

 

 

 

GAAP net income attributable to Gilead

 

$

1,783

 

 

$

1,429

 

 

$

480

 

 

$

5,665

 

Acquisition-related – amortization(1)

 

 

458

 

 

 

460

 

 

 

1,832

 

 

 

1,805

 

Acquisition-related – other costs(3)

 

 

6

 

 

 

(59

)

 

 

134

 

 

 

(29

)

Restructuring

 

 

59

 

 

 

414

 

 

 

151

 

 

 

431

 

IPR&D impairment

 

 

—

 

 

 

35

 

 

 

3,129

 

 

 

35

 

Loss (gain) from equity securities, net

 

 

113

 

 

 

(171

)

 

 

313

 

 

 

180

 

Discrete and related tax charges(4)

 

 

(29

)

 

 

12

 

 

 

(243

)

 

 

326

 

Other(2)

 

 

—

 

 

 

40

 

 

 

—

 

 

 

40

 

Non-GAAP net income attributable to Gilead

 

$

2,390

 

 

$

2,161

 

 

$

5,795

 

 

$

8,454

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share reconciliation:

 

 

 

 

 

 

 

 

GAAP diluted earnings per share

 

$

1.42

 

 

$

1.14

 

 

$

0.38

 

 

$

4.50

 

Acquisition-related – amortization(1)

 

 

0.36

 

 

 

0.37

 

 

 

1.46

 

 

 

1.43

 

Acquisition-related – other costs(3)

 

 

—

 

 

 

(0.05

)

 

 

0.11

 

 

 

(0.02

)

Restructuring

 

 

0.05

 

 

 

0.33

 

 

 

0.12

 

 

 

0.34

 

IPR&D impairment

 

 

—

 

 

 

0.03

 

 

 

2.49

 

 

 

0.03

 

Loss (gain) from equity securities, net

 

 

0.09

 

 

 

(0.14

)

 

 

0.25

 

 

 

0.14

 

Discrete and related tax charges(4)

 

 

(0.02

)

 

 

0.01

 

 

 

(0.19

)

 

 

0.26

 

Other(2)

 

 

—

 

 

 

0.03

 

 

 

—

 

 

 

0.03

 

Non-GAAP diluted earnings per share

 

$

1.90

 

 

$

1.72

 

 

$

4.62

 

 

$

6.72

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,

 

December 31,

(in millions, except percentages and per share amounts)

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Non-GAAP adjustment summary:

 

 

 

 

 

 

 

 

Cost of goods sold adjustments

 

$

579

 

 

$

1,110

 

 

$

2,315

 

 

$

2,801

 

Research and development expenses adjustments

 

 

29

 

 

 

(44

)

 

 

176

 

 

 

(2

)

IPR&D impairment adjustments

 

 

—

 

 

 

50

 

 

 

4,180

 

 

 

50

 

Selling, general and administrative expenses adjustments

 

 

54

 

 

 

11

 

 

 

188

 

 

 

30

 

Total non-GAAP adjustments to costs and expenses

 

 

663

 

 

 

1,127

 

 

 

6,858

 

 

 

2,879

 

Other (income) expense, net, adjustments

 

 

126

 

 

 

(189

)

 

 

274

 

 

 

167

 

Total non-GAAP adjustments before income taxes

 

 

789

 

 

 

938

 

 

 

7,132

 

 

 

3,046

 

Income tax effect of non-GAAP adjustments above

 

 

(152

)

 

 

(218

)

 

 

(1,574

)

 

 

(583

)

Discrete and related tax charges(4)

 

 

(29

)

 

 

12

 

 

 

(243

)

 

 

326

 

Total non-GAAP adjustments to net income attributable to Gilead

 

$

607

 

 

$

732

 

 

$

5,315

 

 

$

2,789

 

________________________________

(1)

Relates to amortization of acquired intangibles.

(2)

Relates to a write-off of an intangible asset related to the restructuring of our collaboration with Galapagos NV during the fourth quarter of 2023.

(3)

Adjustments include integration expenses, contingent consideration fair value adjustments and other expenses associated with Gilead’s recent acquisitions.

(4)

Represents discrete and related deferred tax charges or benefits primarily associated with acquired intangible assets and in-process research and development, transfers of intangible assets from a foreign subsidiary to Ireland and the United States, and legal entity restructurings.

     

GILEAD SCIENCES, INC.

RECONCILIATION OF GAAP TO NON-GAAP 2025 FULL YEAR GUIDANCE(1)

(unaudited)

 

 

 

(in millions, except percentages and per share amounts)

 

Provided

February 11, 2025

Projected product gross margin GAAP to non-GAAP reconciliation:

 

 

GAAP projected product gross margin

 

77.0% - 78.0%

Acquisition-related expenses

 

~ 8.0%

Non-GAAP projected product gross margin

 

85.0% - 86.0%

 

 

 

Projected operating income GAAP to non-GAAP reconciliation:

 

 

GAAP projected operating income

 

$10,200 - $10,700

Acquisition-related and restructuring expenses

 

~ 2,500

Non-GAAP projected operating income

 

$12,700 - $13,200

 

 

 

Projected effective tax rate GAAP to non-GAAP reconciliation:

 

 

GAAP projected effective tax rate

 

~ 20%

Income tax effect of above non-GAAP adjustments, and discrete and related tax adjustments

 

(~ 1%)

Non-GAAP projected effective tax rate

 

~ 19%

 

 

 

Projected diluted EPS GAAP to non-GAAP reconciliation:

 

 

GAAP projected diluted EPS

 

$5.95 - $6.35

Acquisition-related and restructuring expenses, and discrete and related tax adjustments

 

~ 1.75

Non-GAAP projected diluted EPS

 

$7.70 - $8.10

________________________________

(1)

Our full-year guidance excludes the potential impact of any (i) acquisitions or business development transactions that have not been executed, (ii) future fair value adjustments of equity securities and (iii) discrete tax charges or benefits associated with changes in tax related laws and guidelines that have not been enacted, as Gilead is unable to project such amounts. The non-GAAP full-year guidance includes non-GAAP adjustments to actual current period results as well as adjustments for the known future impact associated with events that have already occurred, such as future amortization of our intangible assets and the future impact of discrete and related deferred tax charges or benefits primarily associated with acquired intangible assets and in-process research and development, transfers of intangible assets from a foreign subsidiary to Ireland and the United States, and legal entity restructurings.

     

GILEAD SCIENCES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

 

 

 

December 31,

(in millions)

 

2024

 

2023

Assets

 

 

 

 

Cash, cash equivalents and marketable debt securities

 

$

9,991

 

$

8,428

Accounts receivable, net

 

 

4,420

 

 

4,660

Inventories

 

 

3,589

 

 

3,366

Property, plant and equipment, net

 

 

5,414

 

 

5,317

Intangible assets, net

 

 

19,948

 

 

26,454

Goodwill

 

 

8,314

 

 

8,314

Other assets

 

 

7,319

 

 

5,586

Total assets

 

$

58,995

 

$

62,125

Liabilities and Stockholders’ Equity

 

 

 

 

Current liabilities

 

$

12,004

 

$

11,280

Long-term liabilities

 

 

27,744

 

 

28,096

Stockholders’ equity(1)

 

 

19,246

 

 

22,749

Total liabilities and stockholders’ equity

 

$

58,995

 

$

62,125

________________________________

(1)

As of December 31, 2024 and 2023, there were 1,246 shares of common stock issued and outstanding.

     

GILEAD SCIENCES, INC.

SELECTED CASH FLOW INFORMATION

(unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,

 

December 31,

(in millions)

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net cash provided by operating activities

 

$

2,975

 

 

$

2,168

 

 

$

10,828

 

 

$

8,006

 

Net cash used in investing activities

 

 

(225

)

 

 

(726

)

 

 

(3,449

)

 

 

(2,265

)

Net cash used in financing activities

 

 

2,260

 

 

 

(1,100

)

 

 

(3,433

)

 

 

(5,125

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(55

)

 

 

37

 

 

 

(40

)

 

 

57

 

Net change in cash and cash equivalents

 

 

4,954

 

 

 

380

 

 

 

3,906

 

 

 

673

 

Cash and cash equivalents at beginning of period

 

 

5,037

 

 

 

5,705

 

 

 

6,085

 

 

 

5,412

 

Cash and cash equivalents at end of period

 

$

9,991

 

 

$

6,085

 

 

$

9,991

 

 

$

6,085

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,

 

December 31,

(in millions)

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net cash provided by operating activities

 

$

2,975

 

 

$

2,168

 

 

$

10,828

 

 

$

8,006

 

Capital expenditures

 

 

(147

)

 

 

(214

)

 

 

(523

)

 

 

(585

)

Free cash flow(1)

 

$

2,828

 

 

$

1,954

 

 

$

10,305

 

 

$

7,421

 

________________________________

(1)

Free cash flow is a non-GAAP liquidity measure. Please refer to our disclosures in the Non-GAAP Financial Information section above.

     

GILEAD SCIENCES, INC.

PRODUCT SALES SUMMARY

(unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,

 

December 31,

(in millions)

 

2024

 

2023

 

2024

 

2023

HIV

 

 

 

 

 

 

 

 

Biktarvy – U.S.

 

$

3,129

 

$

2,588

 

$

10,855

 

$

9,692

Biktarvy – Europe

 

 

400

 

 

333

 

 

1,509

 

 

1,253

Biktarvy – Rest of World

 

 

246

 

 

188

 

 

1,060

 

 

905

 

 

 

3,774

 

 

3,109

 

 

13,423

 

 

11,850

 

 

 

 

 

 

 

 

 

Descovy – U.S.

 

 

563

 

 

457

 

 

1,902

 

 

1,771

Descovy – Europe

 

 

25

 

 

25

 

 

100

 

 

100

Descovy – Rest of World

 

 

28

 

 

28

 

 

110

 

 

114

 

 

 

616

 

 

509

 

 

2,113

 

 

1,985

 

 

 

 

 

 

 

 

 

Genvoya – U.S.

 

 

410

 

 

447

 

 

1,498

 

 

1,752

Genvoya – Europe

 

 

42

 

 

48

 

 

180

 

 

205

Genvoya – Rest of World

 

 

18

 

 

22

 

 

84

 

 

103

 

 

 

470

 

 

517

 

 

1,762

 

 

2,060

 

 

 

 

 

 

 

 

 

Odefsey – U.S.

 

 

252

 

 

258

 

 

957

 

 

1,012

Odefsey – Europe

 

 

74

 

 

71

 

 

290

 

 

294

Odefsey – Rest of World

 

 

11

 

 

11

 

 

41

 

 

44

 

 

 

336

 

 

340

 

 

1,288

 

 

1,350

 

 

 

 

 

 

 

 

 

Symtuza - Revenue share(1) – U.S.

 

 

112

 

 

104

 

 

450

 

 

382

Symtuza - Revenue share(1) – Europe

 

 

30

 

 

32

 

 

130

 

 

133

Symtuza - Revenue share(1) – Rest of World

 

 

3

 

 

3

 

 

12

 

 

13

 

 

 

144

 

 

139

 

 

592

 

 

529

 

 

 

 

 

 

 

 

 

Other HIV(2) – U.S.

 

 

67

 

 

46

 

 

257

 

 

238

Other HIV(2) – Europe

 

 

33

 

 

25

 

 

129

 

 

116

Other HIV(2) – Rest of World

 

 

11

 

 

9

 

 

48

 

 

47

 

 

 

111

 

 

79

 

 

434

 

 

401

 

 

 

 

 

 

 

 

 

Total HIV – U.S.

 

 

4,532

 

 

3,899

 

 

15,918

 

 

14,848

Total HIV – Europe

 

 

603

 

 

533

 

 

2,339

 

 

2,102

Total HIV – Rest of World

 

 

317

 

 

261

 

 

1,355

 

 

1,226

 

 

 

5,452

 

 

4,693

 

 

19,612

 

 

18,175

Liver Disease

 

 

 

 

 

 

 

 

Sofosbuvir / Velpatasvir(3) – U.S.

 

 

185

 

 

216

 

 

922

 

 

859

Sofosbuvir / Velpatasvir(3) – Europe

 

 

69

 

 

74

 

 

299

 

 

323

Sofosbuvir / Velpatasvir(3) – Rest of World

 

 

75

 

 

89

 

 

374

 

 

355

 

 

 

330

 

 

378

 

 

1,596

 

 

1,537

 

 

 

 

 

 

 

 

 

Vemlidy – U.S.

 

 

148

 

 

115

 

 

486

 

 

410

Vemlidy – Europe

 

 

11

 

 

10

 

 

44

 

 

38

Vemlidy – Rest of World

 

 

100

 

 

92

 

 

428

 

 

414

 

 

 

260

 

 

217

 

 

959

 

 

862

 

 

 

 

 

 

 

 

 

Other Liver Disease(4) – U.S.

 

 

58

 

 

39

 

 

192

 

 

152

Other Liver Disease(4) – Europe

 

 

54

 

 

38

 

 

202

 

 

150

Other Liver Disease(4) – Rest of World

 

 

18

 

 

19

 

 

73

 

 

83

 

 

 

130

 

 

96

 

 

467

 

 

385

 

 

 

 

 

 

 

 

 

Total Liver Disease – U.S.

 

 

391

 

 

370

 

 

1,601

 

 

1,421

Total Liver Disease – Europe

 

 

134

 

 

121

 

 

545

 

 

511

Total Liver Disease – Rest of World

 

 

194

 

 

200

 

 

876

 

 

852

 

 

 

719

 

 

691

 

 

3,021

 

 

2,784

 

 

 

 

 

 

 

 

 

Veklury

 

 

 

 

 

 

 

 

Veklury – U.S.

 

 

108

 

 

364

 

 

892

 

 

972

Veklury – Europe

 

 

80

 

 

181

 

 

284

 

 

408

Veklury – Rest of World

 

 

150

 

 

175

 

 

623

 

 

805

 

 

 

337

 

 

720

 

 

1,799

 

 

2,184

     

GILEAD SCIENCES, INC.

PRODUCT SALES SUMMARY - (Continued)

(unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,

 

December 31,

(in millions)

 

2024

 

2023

 

2024

 

2023

Oncology

 

 

 

 

 

 

 

 

Cell Therapy

 

 

 

 

 

 

 

 

Tecartus – U.S.

 

 

53

 

 

66

 

 

234

 

 

245

Tecartus – Europe

 

 

36

 

 

27

 

 

138

 

 

110

Tecartus – Rest of World

 

 

10

 

 

5

 

 

31

 

 

15

 

 

 

98

 

 

98

 

 

403

 

 

370

 

 

 

 

 

 

 

 

 

Yescarta – U.S.

 

 

161

 

 

187

 

 

662

 

 

811

Yescarta – Europe

 

 

156

 

 

140

 

 

666

 

 

547

Yescarta – Rest of World

 

 

72

 

 

42

 

 

242

 

 

140

 

 

 

390

 

 

368

 

 

1,570

 

 

1,498

 

 

 

 

 

 

 

 

 

Total Cell Therapy – U.S.

 

 

213

 

 

253

 

 

896

 

 

1,055

Total Cell Therapy – Europe

 

 

193

 

 

167

 

 

804

 

 

658

Total Cell Therapy – Rest of World

 

 

82

 

 

46

 

 

274

 

 

156

 

 

 

488

 

 

466

 

 

1,973

 

 

1,869

 

 

 

 

 

 

 

 

 

Trodelvy

 

 

 

 

 

 

 

 

Trodelvy – U.S.

 

 

247

 

 

226

 

 

902

 

 

777

Trodelvy – Europe

 

 

77

 

 

48

 

 

294

 

 

217

Trodelvy – Rest of World

 

 

31

 

 

24

 

 

119

 

 

68

 

 

 

355

 

 

299

 

 

1,315

 

 

1,063

 

 

 

 

 

 

 

 

 

Total Oncology – U.S.

 

 

461

 

 

479

 

 

1,798

 

 

1,833

Total Oncology – Europe

 

 

269

 

 

216

 

 

1,098

 

 

875

Total Oncology – Rest of World

 

 

113

 

 

70

 

 

393

 

 

224

 

 

 

843

 

 

765

 

 

3,289

 

 

2,932

Other

 

 

 

 

 

 

 

 

AmBisome – U.S.

 

 

7

 

 

4

 

 

44

 

 

43

AmBisome – Europe

 

 

66

 

 

68

 

 

276

 

 

260

AmBisome – Rest of World

 

 

36

 

 

39

 

 

212

 

 

189

 

 

 

109

 

 

111

 

 

533

 

 

492

 

 

 

 

 

 

 

 

 

Other(5) – U.S.

 

 

51

 

 

64

 

 

255

 

 

261

Other(5) – Europe

 

 

8

 

 

9

 

 

34

 

 

40

Other(5) – Rest of World

 

 

16

 

 

17

 

 

68

 

 

66

 

 

 

76

 

 

90

 

 

356

 

 

367

 

 

 

 

 

 

 

 

 

Total Other – U.S.

 

 

59

 

 

68

 

 

299

 

 

304

Total Other – Europe

 

 

74

 

 

77

 

 

310

 

 

301

Total Other – Rest of World

 

 

52

 

 

56

 

 

280

 

 

255

 

 

 

184

 

 

201

 

 

889

 

 

859

 

 

 

 

 

 

 

 

 

Total product sales – U.S.

 

 

5,550

 

 

5,180

 

 

20,508

 

 

19,377

Total product sales – Europe

 

 

1,160

 

 

1,128

 

 

4,576

 

 

4,197

Total product sales – Rest of World

 

 

826

 

 

762

 

 

3,526

 

 

3,361

 

 

$

7,536

 

$

7,070

 

$

28,610

 

$

26,934

________________________________

(1)

Represents Gilead’s revenue from cobicistat (“C”), FTC and TAF in Symtuza (darunavir/C/FTC/TAF), a fixed dose combination product commercialized by Janssen Sciences Ireland Unlimited Company.

(2)

Includes Atripla, Complera/Eviplera, Emtriva, Stribild, Sunlenca, Truvada and Tybost.

(3)

Includes Epclusa and the authorized generic version of Epclusa sold by Gilead’s separate subsidiary, Asegua Therapeutics LLC (“Asegua”).

(4)

Includes ledipasvir/sofosbuvir (Harvoni and the authorized generic version of Harvoni sold by Asegua), Hepcludex, Hepsera, Livdelzi, Sovaldi, Viread and Vosevi.

(5)

Includes Cayston, Jyseleca, Letairis, Ranexa and Zydelig.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250211220195/en/

Investors: Jacquie Ross, CFA investor_relations@gilead.com

Media: Ashleigh Koss public_affairs@gilead.com