Summary
Gilead Sciences, Inc. reported robust financial results for the second quarter and first half of 2021, demonstrating significant revenue growth and a return to profitability compared to the prior year. Total revenues increased by 21% year-over-year for the quarter and 18% for the first half, primarily driven by strong sales of Veklury (remdesivir) for COVID-19 treatment, alongside continued growth in Biktarvy for HIV, and solid performance in Cell Therapy and other product categories. The company has shown a substantial improvement in profitability, with net income attributable to Gilead reaching $1.5 billion for the quarter and $3.3 billion for the first half, a significant turnaround from the net losses reported in the same periods of 2020. This improvement is largely due to strong revenue growth and the absence of significant one-time charges, such as the large acquired IPR&D expense recorded in Q2 2020. Gilead continues to manage its debt effectively and maintain a strong liquidity position, supported by consistent operating cash flow.
Financial Highlights
57 data points| Revenue | $6.22B |
| Cost of Revenue | $1.39B |
| Gross Profit | $4.83B |
| SG&A Expenses | $1.35B |
| Operating Expenses | $3.97B |
| Operating Income | $2.25B |
| Interest Expense | $256.00M |
| Net Income | $1.52B |
| EPS (Basic) | $1.21 |
| EPS (Diluted) | $1.21 |
| Shares Outstanding (Basic) | 1.25B |
| Shares Outstanding (Diluted) | 1.26B |
Key Highlights
- 1Total revenues increased by 21% to $6.2 billion in Q2 2021 and by 18% to $12.6 billion in the first half of 2021, primarily driven by Veklury sales.
- 2Net income attributable to Gilead was $1.5 billion ($1.21 EPS) in Q2 2021, a significant improvement from a net loss of $3.3 billion ($2.66 loss EPS) in Q2 2020.
- 3HIV product sales saw a slight decrease of 2% to $3.9 billion in Q2 2021, impacted by expected generic competition for Truvada and Atripla, but Biktarvy demonstrated strong growth.
- 4Veklury (remdesivir) sales were $829 million in Q2 2021 and $2.3 billion in the first half, with no comparable sales in the prior year.
- 5Cell Therapy product sales increased by 39% to $219 million in Q2 2021, driven by Yescarta and the launch of Tecartus.
- 6The company repurchased approximately 0.7 million shares for $43 million in Q2 2021, with $6.5 billion remaining authorization for stock repurchases.
- 7Cash flow from operations remained strong, totaling $4.9 billion for the first half of 2021.