Summary
Gilead Sciences, Inc. (GILD) reported relatively flat total revenues of $27.3 billion for the fiscal year ended December 31, 2022, compared to the prior year. This stability was driven by growth in key areas like HIV, cell therapy, and Trodelvy, which offset a significant decline in Veklury (remdesivir) sales due to lower COVID-19 hospitalization rates. However, net income saw a substantial decrease of 26% to $4.6 billion, largely impacted by a $2.7 billion impairment charge related to Trodelvy's in-process R&D, higher R&D expenses, and a one-time charge in the prior year for a bictegravir litigation settlement that did not recur. Despite the net income decline, the company continues to invest in its pipeline through strategic acquisitions and collaborations, and returned value to shareholders through dividends and share repurchases.
Financial Highlights
57 data points| Revenue | $27.28B |
| Cost of Revenue | $5.66B |
| Gross Profit | $21.62B |
| SG&A Expenses | $5.67B |
| Operating Expenses | $19.95B |
| Operating Income | $7.33B |
| Interest Expense | $935.00M |
| Net Income | $4.59B |
| EPS (Basic) | $3.66 |
| EPS (Diluted) | $3.64 |
| Shares Outstanding (Basic) | 1.25B |
| Shares Outstanding (Diluted) | 1.26B |
Key Highlights
- 1Total revenues remained stable at $27.3 billion, supported by strong performance in the HIV portfolio and significant growth in oncology (Cell Therapy up 68%, Trodelvy up 79%), but tempered by a 30% decline in Veklury sales.
- 2Net income decreased by 26% to $4.6 billion, primarily due to a $2.7 billion impairment charge related to Trodelvy's in-process R&D.
- 3Gilead continues to expand its oncology offerings with new approvals and strategic collaborations, including acquisitions of MiroBio and Tmunity Therapeutics, and a collaboration with Arcellx.
- 4The HIV portfolio, representing 64% of total product sales, grew 5% driven by Biktarvy, though offset by the loss of exclusivity for Truvada in the U.S.
- 5The company announced the FDA approval of Sunlenca (lenacapavir) for HIV treatment, a first-in-class, twice-yearly injection, marking a significant advancement in long-acting HIV therapy.
- 6Gilead repurchased approximately $1.4 billion of its common stock and paid $3.7 billion in dividends in 2022, demonstrating a commitment to shareholder returns.
- 7The company faces ongoing patent litigation, particularly concerning sofosbuvir and TAF, and is actively defending its intellectual property.