Justin Sullivan
- Gilead Sciences (NASDAQ:GILD) on Thursday increased its 2023 sales estimate range, though it also lowered EPS guidance.
- The biotech now expects total sales this year of $26.3B-$26.7B, up from $26B-$26.5B previously. Consensus revenue is $26.66B.
- Non-GAAP diluted EPS is now projected at $6.45-$6.80, down from $6.60-$7.00 before. Consensus is $6.73.
- In Q2, Gilead (GILD) beat on the top line but missed on the bottom.
- The company noted that it was hurt in the quarter by $525M set aside for settlements with plaintiffs in an HIV antitrust litigation that led to an -$0.32 impact to diluted EPS.
- Net income in the quarter fell ~8% to ~$1B compared to the prior-year period ($0.83 per share diluted vs. $0.91).
- Sales of drugs in its HIV franchise rose ~9% in the quarter to ~$4.6B compared Q2 2022.
- Sales in its oncology portfolio rose ~38% year over year to $728M.