Gilead Sciences' Q2 Beats Street View On Robust Oncology, HIV Product Sales

Gilead Sciences Inc GILD reported Q2 sales of $6.26 billion, +1% Y/Y, beating the consensus of $5.86 billion, driven by increased sales of HIV and oncology products, partially offset by decreased sales of Veklury (remdesivir) and hepatitis C virus products.
Q2 product sales were $6.1 billion, flat Y/Y and excluding Veklury, increased 7% to $5.7 billion.
HIV product sales increased 7% to $4.2 billion, reflecting a higher average realized price and demand for treatment and pre-exposure prophylaxis medicines.
Hepatitis C virus sales decreased 18% to $448 million.
Cell therapy product sales increased 68% to $368 million.
Veklury sales decreased by 46% to $445 million.
Q2 adjusted EPS decreased 13% to $1.58, beating the consensus of $1.53.
Dividend: Gilead declared a quarterly dividend of $0.73/share payable on September 29 for the record date of September 15.
FY22 Outlook: Gilead forecasts FY22 product sales of $24.5 billion - $25 billion, compared to the previous guidance of $23.8 billion - $24.3 billion.
The company expects Veklury sales of approximately $2.5 billion, compared to ~$2 billion expected earlier.
It expects adjusted EPS of $6.35 - $6.75, up from $6.20 - $6.70 earlier guidance, and a consensus of $6.57.
Price Action: GILD shares are up 1.97% at $60.71 during the pre-market session on Wednesday.

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