Q2 2024 Gilead Sciences Inc Earnings Call Transcript
Key Points
- Gilead Sciences Inc (GILD) reported strong commercial execution with growth across HIV, liver disease, and oncology, with BIKTARVY for HIV treatment up 8% year over year.
- The company raised its non-GAAP operating income and EPS guidance for the full year, reflecting strong financial performance.
- The Phase 3 PURPOSE 1 trial for lenacapavir in HIV prevention showed 100% efficacy, generating excitement and potential for a broader population reach.
- Gilead's oncology segment showed strong growth, with TRODELVY sales up 23% year over year, and continued progress in multiple cancer indications.
- The company demonstrated disciplined operating expense management, contributing to exceptional bottom-line growth and a strong operating margin of 47%.
- VEKLURY sales were down 16% year over year and down 61% sequentially, reflecting the expected decline in COVID-19 related treatments.
- The company faces near-term headwinds in the US cell therapy market due to in-class and out-of-class competition.
- There is uncertainty associated with TRODELVY bladder revenue following the TROPiCS-04 trial results.
- Gilead's product gross margin decreased by 84 basis points from the previous year.
- The company anticipates potential incremental FX headwinds in the second half of the year, which could impact financial performance.
Good afternoon, everyone, and welcome to Gilead's second-quarter 2024 earnings conference call. My name is Rebekah, and I'll be your host for today. (Operator Instructions)
I'll now hand the call over to Jacquie Ross, Vice President of Investor Relations and Corporate Strategic Finance.
Thank you, Rebekah. Just after market close today, we issued a press release with earnings results for the second quarter of 2024. The press release, slides, and supplementary data are available on the Investors section of our website at gilead.com.
The speakers on todayâs call will be our Chairman and Chief Executive Officer, Daniel OâDay; our Chief Commercial Officer, Johanna Mercier; our Chief Medical Officer, Merdad Parsey; and our Chief Financial Officer, Andrew Dickinson. After that, weâll open the call to Q&A, where the team will be joined by Cindy Perettie, the Executive Vice President of Kite.
Before we get started, let me remind you
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
