Gilead cuts earnings outlook despite return to profit in first quarter
2025-04-24 20:59
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(Alliance News) - Gilead Sciences Inc on Thursday lowered its full-year profit guidance after first quarter sales edged lower.
The Foster City, California-based biopharmaceutical company reported net income of USD1.32 billion in the quarter to March swinging from a loss of USD4.17 billion a year prior. Basic earnings per share totalled USD1.06 compared with LPS of USD3.34.
Revenue edged lower to USD6.61 billion from USD6.65 billion, with lower Veklury (remdesivir) and Oncology sales offset by higher HIV and Liver Disease sales.
"Gilead had a strong start to the year driven by excellent commercial and clinical execution along with disciplined expense management," said Daniel O’Day, Gilead’s chair and chief executive.
However, shares were 3.2% lower at USD102.71 in after-hours trading in New York. They closed 0.2% lower at USD106.15.
HIV product sales increased 6% to USD4.6 billion in the quarter from last year, while Liver Disease portfolio sales increased 3% to USD758 million.
Veklury sales decreased 45% to USD302 million while Cell Therapy product sales decreased 3% to USD464 million.
Product gross margin was 76.7% in the first quarter 2025 compared to 76.6% in the same period in 2024. Non-GAAP product gross margin was 85.5% in the first quarter 2025 compared to 85.4% in the same period in 2024.
Gilead left its full-year revenue guidance unchanged at USD28.20 billion to USD28.60 billion. But it lowered its diluted EPS outlook to USD5.65 to USD6.05 from USD5.95 to USD6.35 before.
By Jeremy Cutler, Alliance News reporter
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