Gilead Q4 Earnings Highlights: Remdesivir Sales Fall 30%, Raises Dividend, FY22 EPS Below Estimates


Gilead Sciences Inc GILD posted Q4 FY21 adjusted EPS of $0.69, sharply below $2.19 posted a year ago.

  • The company said that the earnings included $1.25 billion related to a legal settlement and $625 million related to the Arcus collaboration opt-in, representing an unfavorable impact of $0.80 and $0.38, respectively.
  • 4Q FY21 revenue of $7.2 billion decreased 2% Y/Y, surpassing the consensus of $6.64 billion.
  • Veklury (remdesivir 100 mg for injection) product sales declined 30% Y/Y to $1.4 billion, generally affected by COVID-19 related rates of infections, hospitalizations, and vaccinations.
  • Total product sales excluding Veklury increased 8% to $5.8 billion in Q4 FY21.
  • Related: FDA Approves Gilead's Remdesivir For Non-Hospitalized COVID-19 Patients At High Risk For Disease Progression.
  • HIV product sales increased 7% Y/Y to $4.5 billion, reflecting higher Biktarvy demand and favorable pricing dynamics in HIV, partially offset by the loss of exclusivity of Truvada and Atripla in the U.S.
  • Dividend: Gilead increased the quarterly dividend by 2.8% to $0.73/share, payable on March 30, for a record date of March 15.
  • Guidance: Gilead expects FY22 total product sales of $23.8 billion - $24.3 billion (including Veklury sales).
  • The company anticipates Veklury sales of approximately $2.0 billion, primarily reflecting the recent surge in COVID-19 related hospitalizations and expectations for a step-down in hospitalization rates over the remainder of 2022.
  • It forecasts adjusted EPS of $6.20 - $6.70, below the consensus of $6.91.
  • Also See: FDA Puts Clinical Hold On Gilead's Magrolimab / Azacitidine Combo Trials In Blood Cancer Settings.
  • Price Action: GILD shares are down 2.64% at $66.66 during the premarket session on the last check Wednesday.
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