Gilead
1Q Revenue: $6.4 billion (-4%)
1Q Earnings: $985 million (earnings were $12 million 1Q22)
Comments: Results in the quarter were impacted by lower Veklury (remdesivir) sales, partially offset by increased sales in HIV and Oncology. HIV product sales increased 13% to $4.2 billion in the quarter. Biktarvy sales increased 24% mostly reflecting higher demand. Descovy sales increased 20% primarily driven by higher demand and favorable pricing dynamics. Liver Disease portfolio sales, which includes chronic hepatitis C virus (HCV), chronic hepatitis B virus (HBV) and chronic hepatitis delta virus (HDV), increased 6% to $675 million in the first quarter. Cell Therapy product sales increased 64% to $448 million in the quarter, with Yescarta sales up 70% to $359 million, primarily driven by increased demand in relapsed or refractory (R/R) large B-cell lymphoma (LBCL). Tecartus sales increased 40% to $89 million in quarter, primarily driven by increased demand in R/R mantle cell lymphoma and R/R adult acute lymphoblastic leukemia (ALL).

A $2.7 billion in-process research and development (IPR&D) impairment recorded in the first quarter of 2022, which did not repeat in 2023, partially offset by higher operating expenses, including higher acquired IPR&D expense and lower revenues in 2023.