NASDAQ$GILD
Gilead Sciences Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Gilead Sciences reported a mixed Q1 2024, with revenue growth offset by significant IPR&D charges, impacting EPS negatively.
Gilead Sciences announced its Q1 2024 financial results, revealing a 5% increase in total revenue to $6.7 billion. However, the company reported a diluted loss per share of $(3.34), primarily due to a $3.9 billion acquired IPR&D charge related to the CymaBay acquisition and a $2.4 billion IPR&D impairment. Excluding Veklury, product sales increased by 6% year-over-year. The company's non-GAAP diluted EPS was $(1.32).
- Total revenue increased by 5% year-over-year to $6.7 billion, driven by higher HIV, Oncology, and Liver Disease sales.
- Diluted EPS was $(3.34), impacted by a $3.9 billion acquired IPR&D charge from the CymaBay acquisition and a $2.4 billion IPR&D impairment.
- Non-GAAP diluted EPS was $(1.32), primarily driven by the CymaBay acquisition charge.
- HIV product sales increased by 4% to $4.3 billion, with Biktarvy sales up 10% to $2.9 billion.
Headline financials
Revenue & EPS history
Gilead Sciences · Revenue · Quarterly
$6.69B
Revenue by segment
Gilead Sciences · $6.14B total across 3 segments · Q3 2023
- HIV$4.67B+4.0%76.0%
- Oncology$769M+327.2%12.5%
- Liver Disease$706M—11.5%
Forward guidance
Gilead provided full-year 2024 guidance, expecting product sales between $27.1 billion and $27.5 billion, and product sales excluding Veklury between $25.8 billion and $26.2 billion. Diluted EPS is projected to be between $0.10 and $0.50, and non-GAAP diluted EPS between $3.45 and $3.85.
Tailwinds
- Product sales are expected to be between $27.1 billion and $27.5 billion.
- Product sales, excluding Veklury, are projected to be between $25.8 billion and $26.2 billion.
- Veklury sales are expected to be $1.3 billion.
- Non-GAAP projected product gross margin 85.0% - 86.0%.
- Non-GAAP projected effective tax rate ~ 30%
Headwinds
- Diluted EPS is projected to be between $0.10 and $0.50, previously $5.15 to $5.55.
- Non-GAAP diluted EPS is projected to be between $3.45 and $3.85, previously $6.85 to $7.25.
- GAAP projected operating income $1,900 - $2,400, previously $8,700 - $9,200.
- IPR&D impairment, acquisition-related and restructuring expenses ~ $5,100, previously ~ $2,500.
- GAAP projected effective tax rate ~ 65%, previously ~ 21%.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+0.2%
Avg return
Earnings day
-0.2%
Avg return
5 days after
-0.4%
Avg return
30 days after
44%
32 / 73 earnings
Positive
+11.9%
Q3 2022
Best reaction
-12.4%
Q1 2016
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.5% | -1.5% | -3.4% | |
| Q4 2025 | +5.8% | +5.3% | -1.5% | |
| Q3 2025 | +3.1% | +3.5% | +6.2% | |
| Q2 2025 | +8.3% | +8.9% | +4.3% | |
| Q1 2025 | -2.8% | +0.4% | +1.1% | |
| Q4 2024 | +7.5% | +8.3% | +15.9% | |
| Q3 2024 | +8.5% | +7.5% | +2.1% | |
| Q2 2024 | -0.5% | -0.0% | +6.4% | |
| Q1 2024 | -2.5% | -2.8% | -2.1% | |
| Q4 2023 | -3.0% | -4.0% | -4.0% | |
| Q3 2023 | -4.0% | -6.4% | -3.8% | |
| Q2 2023 | +4.0% | +5.8% | +1.3% | |
| Q1 2023 | -1.8% | -3.9% | -7.9% | |
| Q4 2022 | +0.6% | +2.4% | -3.5% | |
| Q3 2022 | +11.9% | +12.0% | +21.8% | |
| Q2 2022 | +4.5% | +2.5% | +9.0% | |
| Q1 2022 | -3.7% | -2.0% | +5.2% | |
| Q4 2021 | -4.2% | -7.0% | -10.1% | |
| Q3 2021 | -2.8% | -1.3% | +5.2% | |
| Q2 2021 | -2.5% | -0.3% | +1.7% | |
| Q1 2021 | -1.5% | +1.9% | +2.6% | |
| Q4 2020 | +6.1% | +4.3% | +0.2% | |
| Q3 2020 | -2.5% | -2.5% | +0.0% | |
| Q2 2020 | -4.8% | -2.9% | -10.6% | |
| Q1 2020 | -3.8% | -4.8% | -6.4% | |
| Q4 2019 | -0.7% | +3.8% | +14.7% | |
| Q3 2019 | -4.9% | -4.7% | -2.0% | |
| Q2 2019 | -3.5% | -4.3% | -6.1% | |
| Q1 2019 | +3.5% | +2.4% | -4.0% | |
| Q4 2018 | -3.4% | -3.7% | -10.2% | |
| Q3 2018 | +2.5% | +5.9% | -2.1% | |
| Q2 2018 | +0.7% | -1.7% | -5.2% | |
| Q1 2018 | -7.4% | -9.4% | -6.7% | |
| Q4 2017 | +5.6% | +1.2% | +2.2% | |
| Q3 2017 | -3.5% | -6.2% | -9.3% | |
| Q2 2017 | +1.7% | +3.2% | +0.1% | |
| Q1 2017 | -1.3% | -0.5% | -5.1% | |
| Q4 2016 | -7.7% | -8.3% | -5.5% | |
| Q3 2016 | -1.5% | -1.6% | -1.1% | |
| Q2 2016 | -6.4% | -8.2% | -7.0% | |
| Q1 2016 | -12.4% | — | — | |
| Q4 2015 | +2.8% | — | — | |
| Q3 2015 | -0.5% | — | — | |
| Q2 2015 | +4.7% | — | — | |
| Q1 2015 | +2.6% | — | — | |
| Q4 2014 | -7.3% | — | — | |
| Q3 2014 | -1.7% | — | — | |
| Q2 2014 | +1.4% | — | — | |
| Q1 2014 | +3.2% | — | — | |
| Q4 2013 | -0.9% | — | — | |
| Q3 2013 | +5.7% | — | — | |
| Q2 2013 | +4.5% | — | — | |
| Q1 2013 | +10.0% | — | — | |
| Q4 2012 | -0.0% | — | — | |
| Q3 2012 | +3.0% | — | — | |
| Q2 2012 | +8.4% | — | — | |
| Q1 2012 | -0.8% | — | — | |
| Q4 2011 | +1.6% | — | — | |
| Q3 2011 | +0.4% | — | — | |
| Q2 2011 | -1.6% | — | — | |
| Q1 2011 | +0.4% | — | — | |
| Q4 2010 | -1.1% | — | — | |
| Q3 2010 | -1.2% | — | — | |
| Q2 2010 | -0.1% | — | — | |
| Q1 2009 | +2.3% | — | — | |
| Q1 2010 | +0.0% | — | — | |
| Q4 2007 | -0.2% | — | — | |
| Q4 2009 | -0.2% | — | — | |
| Q3 2009 | +5.4% | — | — | |
| Q3 2008 | +5.4% | — | — | |
| Q4 2008 | -5.0% | — | — | |
| Q2 2008 | -5.0% | — | — | |
| Q2 2009 | -5.0% | — | — |
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