Gilead Q1 Profit Misses View, But Revenues Top; Cuts FY EPS Outlook

(RTTNews) - Gilead Sciences Inc. (GILD) reported that its net income attributable to the company for the first quarter climbed to $1.01 billion or $0.80 per share from last year's $19 million or $0.02 per share, mainly driven by certain items net of their related tax effect: a $2.7 billion in-process research and development or "IPR&D" impairment recorded in the first quarter of 2022, which did not repeat in 2023, partially offset by higher operating expenses, including higher acquired IPR&D expense and lower revenues in 2023.

Non-GAAP earnings per share decreased to $1.37 from $2.12 for the same period in 2022. Analysts polled by Thomson Reuters expected the company to report earnings of $1.54 per share for the first quarter.

Total revenues for the first quarter decreased to $6.35 billion from $6.59 billion in the prior year, due to lower Veklury (remdesivir) sales, partially offset by increased sales in HIV and Oncology. Analysts expected revenue of $6.33 billion for the quarter.

For the fiscal year 2023, Gilead now expects earnings per share to be in the range of $4.75 and $5.15, compared to the prior outlook of $5.30 and $5.70 per share.

The company expects annual non-GAAP earnings per share to be between $6.60 and $7.00, unchanged from prior guidance. Analysts expect annual earnings of $6.84 per share.

The company still expects total product sales for fiscal year 2023 to be between $26.0 billion and $26.5 billion.

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