Gilead Sciences, Inc (NASDAQ:GILD), in response to excellent year-over-year sales achievements in its HIV and oncology charter, boosted its 2022 outlook for earnings per share and revenue.
The decrease in sales of Veklury (redeliver) and the hepatitis C franchise led to a stagnation in product revenue during the second quarter, which came in at $6.1 billion. This was in comparison to the previous year’s level of $6.1 billion. The final tally for Veklury’s sales was $445 million, down by 46 %. The sales of HCV medications — Sovaldi, Harvoni, Epclusa, and Vosevi — declined 18 % to $448M.
Gilead Sciences, Inc (NASDAQ:GILD) claims Trodelvy, the primary asset in its $21 billion Immunomedics acquisition, is just getting started. After outperforming chemotherapy in the TROPiCS-02 study, the business is engaging with the FDA about a “possible regulatory pathway” in late-stage HR-positive/HER2-negative metastatic breast cancer. However, doubts remain over whether the findings were “clinically relevant.”
Aside from that possible use, Gilead Sciences, Inc (NASDAQ:GILD) is intending to conduct more than a half-dozen more Trodelvy trials in other tumors, either alone or in combination. The rise in sales of Trodelvy (sacituzumab govitecan) to $159 million was a 79% increase year-over-year. It is employed in the treatment of advanced bladder cancer and triple-negative breast cancer.
Compared to the same period in 2021, Gilead Sciences, Inc (NASDAQ:GILD) showed significant growth among its cell treatments, which climbed by 68% to a total of $368 million in revenue during the quarter. Yescarta (axicabtagene ciloleucel) is marketed by the biotechnology company for treating sizable B-cell lymphoma and follicular lymphoma. Tecartus (brexucabtagene autoleucel) is sold to treat mantle cell lymphoma and acute lymphoblastic leukemia.
Naturally, the company’s crown jewel is its HIV division. According to the business, sales in that franchise climbed 7 % yearly to $4.2 billion due to rising demand to treat and prevent HIV. Biktarvy, the market leader, increased sales by 28 % during the quarter, hitting $2.6 billion.
While HIV screening is down 8% from pre-pandemic levels and diagnoses are down roughly 30%, the business believes the industry is rebounding. According to Gilead Sciences, Inc (NASDAQ:GILD)’s chief commercial officer, Johanna Mercier, the market for preexposure prophylaxis treatments has “more than rebounded,” and utilization rates are more significant than ever.
Gilead Sciences, Inc (NASDAQ:GILD) finished the quarter with cash and cash equivalents of $7 billion, a decrease from the $7.8 billion it had on hand after the previous quarter.
Featured Image: Megapixl © Eraxion
